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Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided:
Question:
A bill receivable of Rs. 3,000 under discount was dishonoured as the acceptor had become insolvent and hence the bill had to be met by the firm. The Journal entry will be

Option 1: Bill receivable account debited and bank account credited Rs 3,000

Option 2: Realisation account debited Rs 3,000 and credited B/R account Rs 3,000

Option 3: Realisation account debited Rs 3,000 and credited bank account Rs 3,000

Option 4: None of the above


Team Careers360 8th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Realisation account debited Rs 3,000 and credited bank account Rs 3,000


Solution : Answer = Realization account debited Rs 3000 and credited bank account Rs 3000

When BIR under-discounted and dishonoured as an acceptor became insolvent, the Bill had to be met by the firm.

Realisation Alc Dr. 3000
To Bank A/c 3000
Hence, the correct option is 3.

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Question : Comprehension:
Read the given passage and answer the questions that follow.

Ghana was the first true African state. The reason why we are saying this is that most African states lived in tribal villages but Ghana was the centre of the gold trade. This gold trade opened new possibilities for the Ghanaians. The gold trade roots back to the 4th century, when African Soninke tribes were under the rule of the Maga, a Berber clan originating from Morocco. This clan has mastered trans-Saharan camel travel. They were known for trading salt for gold from the Soninke.

When the Arabs invaded North Africa, there was an upsurge in the trade in gold. Ghana became rich and soon after, the Soninke ousted the Maga and built their own nation under Kaya Magan Cisse, who became the Soninke king around 790.

Ghana’s ancient capital, Koumbi Salah, was the city where Africans and Berbers met and traded. Arab traders in the 9th century described Ghana as ‘the land of gold.’ The gold came from Asante and Senegal to the south and west. The trade routes led north and east to Morocco, Libya Aksum and so on to Europe and Asia.

Ghana had reached its peak in the 10th century. This was the country which controlled both the gold and salt trades. Other trading goods included woollen clothes, luxury items, leather goods and slaves. Traders transported goods hundreds of kilometres across the Sahara desert with camel caravans.

Question:
Maga, a Berber clan originated from:

Option 1: Morocco

Option 2: Senegal

Option 3: Aksum

Option 4: Libya

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Question : Comprehension:
Read the given passage and answer the questions that follow.

Ghana was the first true African state. The reason why we are saying this is that most African states lived in tribal villages but Ghana was the centre of the gold trade. This gold trade opened new possibilities for the Ghanaians. The gold trade roots back to the 4th century, when African Soninke tribes were under the rule of the Maga, a Berber clan originating from Morocco. This clan has mastered trans-Saharan camel travel. They were known for trading salt for gold from the Soninke.

When the Arabs invaded North Africa, there was an upsurge in the trade in gold. Ghana became rich and soon after, the Soninke ousted the Maga and built their own nation under Kaya Magan Cisse, who became the Soninke king around 790.

Ghana’s ancient capital, Koumbi Salah, was the city where Africans and Berbers met and traded. Arab traders in the 9th century described Ghana as ‘the land of gold.’ The gold came from Asante and Senegal to the south and west. The trade routes led north and east to Morocco, Libya Aksum and so on to Europe and Asia.

Ghana had reached its peak in the 10th century. This was the country which controlled both the gold and salt trades. Other trading goods included woollen clothes, luxury items, leather goods and slaves. Traders transported goods hundreds of kilometres across the Sahara desert with camel caravans.

Question:
Select the most appropriate ANTONYM of the given word.
Controlled

Option 1: Profuse

Option 2: Promise

Option 3: Practicality

Option 4: Agitated

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