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 _______ 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-2
At the time of retirement the revaluation profits of business will be shared by _____ partners.

(A) All	(B) Retiring
(C) Remaining	(D) None of these

Question-3 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-4
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-5
Both total assets and owners capital are increased by

(A) Credit Purchase	(B) Retained Earning
(C) Bank Loan	(D) Drawings

Question-6
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-7 ________ 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-8
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-9 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-10
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

Click here to see your answersheet and detailed track records.

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