General
Question : Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at Rs. 2,00,000, Rs.1,00,000 and Rs. 50,000 respectively. On Girdhari's retirement, goodwill of the firm was valued at Rs. 1,14,000. Revaluation of assets and reassessment of liabilities resulted in a profit of Rs. 6,000. General Reserve stood in the books of the firm at Rs. 30,000 .
The amount payable to Girdhari was transferred to his Loan Account. Banwari and Murari agreed to pay Girdhari two yearly instalments of Rs. 75,000 each including interest @ 10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year. Question: Amount Transferred to his loan Account will be .....
Option 1: Rs 1,30,000
Option 2: Rs 1,20,000
Option 3: Rs 1,50,000
Option 4: None of the above
Correct Answer: Rs 1,50,000
Solution : Answer = Rs 1,50,000
Amount due to Girdhari
Capital Balance = 1,00,000
Revaluation Profit ($60000\times\frac{5}{15}$) = 2000
⇒ General Reserve ($30000\times\frac{1}{2}$) = 10,000
⇒Goodwill (($114000\times\frac{1}{3}$) = 38000
Amount transfer to loan account = 1,50,000 Hence, the correct option is 3.
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Question : The application of principals of management is depend upon the prevailing situation at a particular point of time. The given statement tell us about which nature of the principal of management?
Option 1: Contingent
Option 2: Cause and effect relationships
Option 3: Flexible
Option 4: General guidelines
Correct Answer: Contingent
Solution : The applications of management principle dependent or contingent up on the prevailing conditions at a particular point of time.They have to be suitablely amended as per the situations.
Hence, Option A is correct.
Question : What was a significant outcome of the first three general elections in India?
Option 1: Formation of coalition governments
Option 2: Emergence of a multi-party system
Option 3: Dominance of the Indian National Congress
Option 4: Introduction of the electronic voting system
Correct Answer: Dominance of the Indian National Congress
Solution : The first three general elections in India resulted in the dominance of the Indian National Congress, which established a strong political presence at both the national and state levels.
Question : Who is the highest law officer in India?
Option 1: Vice President of India
Option 2: Chief Justice of India
Option 3: Attorney General of India
Option 4: Solicitor General of India
Correct Answer: Attorney General of India
Solution : The correct answer is Attorney General of India.
In India, the highest-ranking law authority is the Attorney General. The attorney general is identified as India's top legal authority under Article 76 of Part V of the Constitution. He advises the union
Question : In January 2023_____was appointed as the next Director General in the Directorate General of Civil Aviation (DGCA).
Option 1: Arvind Singh
Option 2: Mebanshailang Rynjah Synrem
Option 3: Vikram Dev Dutt
Option 4: V. Vidyavathi
Correct Answer: Vikram Dev Dutt
Solution : The correct answer is Vikram Dev Dutt.
The Directorate General of Civil Aviation (DGCA) appointed Vikram Dev Dutt as its new Director General in January 2023. On February 28, 2023, he assumed leadership of the aviation regulatory body.
Question : What role did the Congress party's grassroots organizational network play in the first three general elections?
Option 1: It helped in the distribution of economic resources
Option 2: It facilitated communication with foreign governments
Option 3: It mobilized voter support and facilitated election campaigning
Option 4: It focused on urban development initiatives
Correct Answer: It mobilized voter support and facilitated election campaigning
Solution : The Congress party's grassroots organizational network played a crucial role in mobilizing voter support and facilitating election campaigning, which contributed to its success in the first three general elections.
Question : The principles of management are not rigid prescriptions which have to be followed absolutely. The given statement about which nature of principles of management?
Option 1: Flexible
Option 2: General guidelines
Option 3: Universal applicability
Option 4: Contingent
Correct Answer: Flexible
Solution : Principles of management do not provide any hard and fast tools and they have to modified as per changes in the business environment.
Hence, Option 1 is correct.
Question : Assertion: Policies provide guidelines for decision-making in specific situations.
Reason: Policies are general and do not cover specific situations.
Option 1:
Both assertion and reason are correct, and the reason is a correct explanation.
Option 2: Both assertion and reason are correct, and the reason is not correct explanation.
Option 3: Assertion is false, but the reason is correct.
Option 4: Assertion is correct, but the reason is false.
Correct Answer: Both assertion and reason are correct, and the reason is not correct explanation.
Solution : The correct answer is: (b) Both assertion and reason are correct, and the reason is not a correct explanation.
The assertion that policies provide guidelines for decision-making in specific situations is correct. Policies
Question : What is one of the proposed reforms for the restructuring of the United Nations (UN)?
Option 1: Increasing the number of official languages
Option 2: Abolishing the General Assembly
Option 3: Expanding the Security Council membership
Option 4: Eliminating peacekeeping operations
Correct Answer: Expanding the Security Council membership
Solution : Correct Option: Option 3 Explanation: One of the proposed reforms for the restructuring of the UN is the expansion of the Security Council membership to better reflect the current global power distribution and ensure more inclusive decision-making.
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