The amount of credit sales can be computed from

(a)

Total debtors account

(b)

Total creditors account

(c)

Bills receivable account 

(d)

Bills payable account

Donations received for a specific purpose is

(a)

Revenue receipt

(b)

Capital receipt

(c)

Revenue expenditure

(d)

Capital expenditure

In the absence of an agreement, partners are entitled to 

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

The total capitalised value of a business is Rs. 1,00,000; assets are Rs. 1,50,000 and liabilities are Rs. 80,000. The value of goodwill as per the capitalisation method will be

(a)

Rs. 40,000

(b)

Rs. 70,000

(c)

Rs. 1,00,000

(d)

Rs. 30,000

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

On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

When shares are issued for purchase of assets, the amount should be credited to

(a)

Vendor’s A/c

(b)

Sundry assets A/c

(c)

Share capital A/c

(d)

Bank A/c

In a common-size balance sheet, if the percentage of non-current assets is 75, what would be the percentage of current assets?

(a)

175

(b)

125

(c)

25

(d)

100

Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is

(a)

1:1

(b)

2.5:1

(c)

2:1

(d)

1:2

Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded?

(a)

Contra Voucher

(b)

Receipt Voucher

(c)

Payment Voucher

(d)

Sales Voucher