CS
Hello aspirant,
Yes, since graduation is the minimal need, you are qualified to register for the CS Executive Programme after passing your final year of B.Com. Candidates who have finished their BCom coursework are eligible to enrol directly in the CS Executive programme.
Twice a year, the CS entrance exam
Question : Directions: Select the term from the given options that can replace the question mark (?) in the given series to make it logically complete. BP 74, ?, FT 64, HV 59, JX 54
Option 1: CS 70
Option 2: DR 69
Option 3: ET 68
Option 4: ES 70
Correct Answer: DR 69
Solution : Given: BP 74, ?, FT 64, HV 59, JX 54
Add 2 to both the letters and subtract 5 from the number to get the next term of the series – BP 74→B + 2 = D; P + 2 = R; 74 –
Question : Marshall established the law of Equimarginal Utility:
Option 1: Related to money
Option 2: Related to goods
Option 3: Both of the above
Option 4: All of the above
Correct Answer: Related to goods
Solution : It is related to goods only. Alfred Marshall proposes the law of equi-marginal utility. 'If a person has a goods that can be put to several uses, he will distribute it among these uses in such a way that it has the same
Question : A and B are partners in a firm. Their balance sheet as at 31 st March, 2018 was as follows:
C was taken into partnership as from 1st April, 2018. C brought Rs.40,000 as his capital but he is unable to bring any amount for goodwill. New profit sharing ratio is 3: 2: 1. Following terms were agreed upon : 1. Claim on account of Workmen's Compensation is Rs.3,000. 2. To write off Bad Debts amounting to Rs.6,000. 3. Creditors are to be paid Rs.2,000 more. 4. Rs.2,000 be provided for an unforeseen liability. 5. Outstanding expenses be brought down to Rs. 1,200. 6. Goodwill is valued at $1 \frac{1}{2}$ year's purchase of the average profits of last three years. Profits of 3 years amounted to Rs.8,000; Rs. 10,000 and Rs. 18,000 . Question: Which account will be debited and crediting in Respect of treatment of goodwill.
Option 1: premium for goodwill debiting Rs 3,000 and Crediting B's capital account by Rs 3,000
Option 2: debiting C's current account Rs 3,000 and crediting B's capital account with Rs 3,000
Option 3: debiting Cs current account Rs 3,000 and crediting B and A Rs 1,500 each
Option 4: None of the above
Correct Answer: debiting C's current account Rs 3,000 and crediting B's capital account with Rs 3,000
Solution : Answer = debiting C's current account Rs 3,000 and crediting B's capital account with Rs 3,000
Partner's Capital Account
Question : What journal entry will be made to write off the goodwill that was already present in the balance sheet at the time of partner retired?
Option 1: Retiring Partner’s Capital A/c Dr.
To Goodwill A/c
Option 2: All Partner’s Capital A/cs (including retiring) Dr. (in old ratio)
Option 3: Remaining Partner’s Capital A/cs Dr. (in gaining ratio)
Option 4: Remaining Partner’s Capital A/cs Dr. (in new ratio)
Correct Answer: All Partner’s Capital A/cs (including retiring) Dr. (in old ratio)
Solution : Correct answer is Option 2
All Partner’s Capital A/cs (including retiring) Dr. (in old ratio)
Hence the correct answer is option 2.
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Question : When a new partner brings his share of goodwill in cash, the amount is debited to -
Option 1: Capital A/c of the new partner
Option 2: Cash A/c
Option 3: Goodwill A/c
Option 4: Capital A/cs of the old partners
Correct Answer: Cash A/c
Solution : Cash/Bank According to the maxim "Debit what comes in," the account is debited when the new partner pays their portion of the goodwill in cash. According to the sacrifice ratio of the previous partners, this quantity of goodwill (premium) is transferred to the capital
Question : Which of the following accounts are opened when partners have fluctuating capital?
Option 1: Capital A/cs
Option 2: Current A/cs
Option 3: Both Capital A/cs and Current A/cs
Option 4: Either Capital of Current A/cs
Correct Answer: Capital A/cs
Solution : Only Capital A/c is opened when partners have fluctuating capital. Hence, the correct option is 1.
Question : Nehru's approach to nation-building aimed to create a balance between which two aspects of society?
Option 1: Urban and rural development
Option 2: Tradition and modernity
Option 3: Centralization and decentralization
Option 4: Rich and poor
Correct Answer: Tradition and modernity
Solution : Nehru's approach to nation-building aimed to create a balance between tradition and modernity, ensuring that India's cultural heritage was preserved while embracing modern scientific and technological advancements.
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