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

Question-1 Total assets of a firm is Rs1,20,000, outside liability amounted to Rs60,000, total capital contributed by the partners would be

(A) Rs 60,000	(B)Rs 40,000
(C)Rs 1,00,000	(D)Rs 20,000

Question-2 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-3 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-4 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-5
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-6 The accumulated reserves will be transferred to the old partners capital account in the ________ ratio at the time of his retirement.

(A) Sacrificing ratio	(B)Capital ratio
(C)Old profit sharing ratio	(D)Gaining ratio

Question-7
ABC Ltd issued 1,00,000 14% debenture of Rs 100 each. The total amount of interest payable on the debentures will be

(A) Rs 14,00,000	(B) Rs 14,000
(C) Rs 100,00,000	(D) Rs 1,40,000

Question-8 _______ ratio is calculated by taking out the difference between new profit sharing ratio and old profit sharing ratio.

(A) Gaining	(B)Capital
(C)Sacrifice	(D)Old

Question-9
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-10
Which of the following item of cost is not a part of inventory

(A) Storage expenses	(B) Normal Wastage's
(C) Inward freight	(D) Customs duties

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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