Tamil Nadu (English Medium) Plus 2 Commerce Study Materials, Online Learning, Question Papers, Classnotes, Practice Test, MCQ | Smartindia Educational Program : www.smartindia.net.in


Accountancy
Commerce
Economics
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Question-1 At the time of retirement Balance Sheet items like Profit and Loss account and General Reserve must be transferred to

(A) Revaluation A/c	(B)Partner's Capital A/c
(C)Cash Account	(D)Trading Account

Question-2
At the time of retirement of a partner, calculation of new profit ratio is

(A) Not necessary	(B) Necessary
(C) Optional	(D) None of these

Question-3
The retiring partner should be paid off or the amount due to him, will be treated as his ____ to the firm.

(A) Capital	(B) Loan
(C) Goodwill	(D) None of these

Question-4 Undistributed profits and losses _____ transferred to all the partners account at the time of retirement of a partner.

(A) Should be	(B)Should not be
(C)May be	(D)None of these

Question-5
Arrangement of balance sheet in a paper way is known as

(A) Marshalling of Balance sheet	(B) Formatting of Balance sheet
(C) Finalization of Balance sheet	(D) Grouping of Balance sheet

Question-6
_____ debentures are those which can be transferred by mere delivery.

(A) Naked	(B) Registered
(C) Bearer	(D) Floating

Question-7
A,B,C Ltd sharing profits in 5 : 3 : 2 ratio, B retires and remaining partners share future profits in 3:2 ratio, their gaining ratio is

(A) 3 : 2	(B) 5 : 2
(C) 1 : 2	(D) 2 : 5

Question-8 When the amount due to an outgoing partner is not paid immediately, then it is transferred to

(A) Capital A/c	(B)Loan A/c
(C)Cash A/c	(D)Profit and Loss A/c

Question-9 If the goodwill account is raised for Rs.30,000, the account is debited to

(A) The capital accounts of partners	(B)Goodwill Account
(C)Cash Account	(D)Profit and Loss Account

Question-10 PQR Ltd held an average inventory of finished goods of Rs 40,000 with an inventory turnover ratio of 5. If the gross profit is 25% on the cost of goods sold. What is the total sales during the year?

(A) Rs 2,00,000	(B)Rs 2,50,000
(C)Rs 1,25,000	(D)Rs 2,40,000

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Plus 2 Commerce

Tamil Nadu (English Medium)

Practice in Related Chapters
Financial Accounts- Adjustments
Partnership Accounts-Retirement
Accounts From Incomplete Records(Single Entry)
Cash Budget
Depreciation Accounting
Financial Statement Analysis - Ratio Analysis
Partnership Accounts - Basic Concepts
Partnership Addmission
Company Accounts

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