Incomplete records are generally maintained by

(a)

A company

(b)

Government

(c)

Small sized sole trader business

(d)

Multinational enterprises

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

(a)

5.5 months

(b)

6 months

(c)

12 months

(d)

6.5 months

Book profit of 2017 is Rs. 35,000; non-recurring income included in the profit is Rs. 1,000 and abnormal loss charged in the year 2017 was Rs. 2,000, then the adjusted profit is __________

(a)

Rs. 36,000

(b)

Rs. 35,000

(c)

Rs. 38,000

(d)

Rs. 34,000

Which of the following statements is not true in relation to admission of a part _________.

(a)

Generally mutual rights of the partners change

(b)

The profits and losses of the previous years are distributed to the old partners

(c)

The firm is reconstituted under a new agreement

(d)

The existing agreement does not come to an end

A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

(a)

Rs. 20,000 and Rs. 10,000

(b)

Rs. 8,000 and Rs. 4,000

(c)

Rs. 10,000 and Rs. 20,000

(d)

Rs. 15,000 and Rs. 15,000

After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

(a)

General reserve account

(b)

Capital reserve account

(c)

Securities premium account

(d)

Surplus account

Which of the following is not a tool of financial statement analysis?

(a)

Trend analysis

(b)

Common size statement

(c)

Comparative statement

(d)

Standard costing

Which one of the following is not correctly matched?

(a)

Liquid ratio – Proportion

(b)

Gross profit ratio – Percentage

(c)

Fixed assets turnover ratio – Percentage

(d)

Debt-equity ratio – Proportion

Contra voucher is used for

(a)

Master entry

(b)

Withdrawal of cash from bank for office use

(c)

Reports

(d)

Credit purchase of assets