Question : Which of the following claims concerning the cost of education is true?

Option 1: In India, the majority of total educational spending is spent at the elementary level.

Option 2: In India, tertiary education accounts for the majority of all educational spending.

Option 3: In India, secondary schooling accounts for the majority of all educational spending.

Option 4: The majority of India's total educational spending is spent at higher levels.

Question :  When interpreting travel accounts from the medieval period, it is important to consider:  

Option 1: The age of the traveler  

Option 2: The traveler's personal biases and perspectives 

Option 3: The color of the traveler's clothing

Option 4: The traveler's favorite foods

Question : A, B, C and D are partners sharing profits in the ratio of 1:4:3:2. D died on 15th December 2021 and the goodwill is valued at Rs.2,00,000. D's share of goodwill is to be adjusted into the capital accounts of A, B and C who decide to share future profits in the ratio of 4:3:3. Choose the correct journal entry.

Option 1: A debited by Rs 60,000 and debited B by Rs 20,000 and credited D by Rs 80,000

Option 2: Debited A by Rs 60,000 and credited B by Rs 20,000 and credited D by Rs 40,000

Option 3: Debited A by Rs 40,000 and B debited by Rs 40,000 and Credited D by Rs 80,000

Option 4: None of the above

Question : There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000 when the firm has been dissolved. Choose the Correct Journal entry :

Option 1: Nitin’s Capital A/c     Dr.   3,000

To Realisation A/c                        3,000

(Being unrecorded old computer taken over by the partner Nitin)

Option 2: Bank A/c     Dr.   3,000

To Realisation A/c         3,000

(Being unrecorded old computer taken over by the Partner)

Option 3:  Realisation A/c    Dr.  3,000

  To Nitin’s Capital A/c           3,000

(Being unrecorded old computer taken over by the partner Nitin)

Option 4: None of the Above

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.

Option 1: Rs. 28,000 Debited to the Partner's capital Accounts. 

Option 2: Rs. 2,000 Debited to Revaluation Account.

Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.

Option 4:  Rs. 20,000 to Debited Revaluation Account