_____ is a statement showing the balances of assets and liabilities on a particular date.

(a)

Statement of affairs

(b)

Trading account

(c)

Profit and loss account

(d)

Balance sheet

If it is desired to calculate profit by preparing trading and profit and loss account under single entry then it is called ______ method.

(a)

Networth

(b)

Statement of affairs

(c)

Conversion

(d)

None of these

A firm has liabilities is Rs. 50,000 and Capital is Rs. 25,000. Then its assets is ______________

(a)

Rs. 1,00,000

(b)

Rs. 25,000

(c)

Rs. 50,000

(d)

Rs. 75,000

List I		List II
(i)	Subscription	1.	Balls, bats
(ii)	Investments	2.	Time of admission
(iii)	Old sports materials	3.	Receive interest
(iv)	Admission fee	4.	Tennis or billiards

(a)

(i)	(ii)	(iii)	(iv)
1	2	3	4

(b)

(i)	(ii)	(iii)	(iv)
4	3	1	2

(c)

(i)	(ii)	(iii)	(iv)
2	3	4	1

(d)

(i)	(ii)	(iii)	(iv)
2	3	4	1

If a firm is maintaining both 'capital accounts' and 'current accounts' of the partners A and B. Additional capital introduced by B will be recorded in _________

(a)

B's Current Account

(b)

B's Capital Account

(c)

A'sCapital Account

(d)

A'sCurrent Account

Super profit is ___________

(a)

excess of average profit over normal profit

(b)

extra profit earned

(c)

average profit earned by similar companies

(d)

none of the above

In order to maintain fair dealings, at the time of admission, it is necessary to revalue assets and liabilities of the firm to their _______

(a)

Cost price

(b)

True value

(c)

Selling price

(d)

None of these

In the revaluation account a decrease in the value of plant and machinery __________

(a)

Debit side

(b)

Credit side

(c)

Debit side of goodwill A/c

(d)

Does not appear at all

Revaluation account is operated to find out gain or loss at the time of ____________

(a)

Admission of a partner

(b)

Retirement of a partner

(c)

Death of a partner

(d)

All of these

The last installment called __________

(a)

first call money

(b)

allotment money

(c)

application money

(d)

final call money