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


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Commerce
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Question-1
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-2 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-3 _______ 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-4 ________ is calculated to determine the amount of compensation to be paid by each of the continuing partners to the outgoing partners.

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

Question-5 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-6 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-7
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

Question-8 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

Question-9 On retirement of a partner goodwill account is credited to the account of

(A) Only retiring partner	(B)All partners including retiring partner
(C)Only remaining partner	(D)None of these

Question-10
_____ debentures are those which can be transferred by mere delivery.

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

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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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