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    Advance Accounting

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    Sivakumar Koppula

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    © All Rights Reserved
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    Advance Accounting

    Uploaded by

    Sivakumar Koppula
    6 views1 page

    Original Title

    ADVANCE ACCOUNTING

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    6 views1 page

    Advance Accounting

    Uploaded by

    Sivakumar Koppula

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    INTERNATIONALDEGREECOLLEGE

    B.com 3rd sem Advance Accounting Marks 15

    1.MULTIPLE CHOICE QUESTIONS


    1.in the absence of an agreement profits are divided among the partners in the ratio of [ ]
    a.capital b.equally c.none of these
    2.in the absence of an agreement interest of partners loan is paid in the ratio of [ ]
    a.4% b.5% c.6%
    3.in the absence of agreement, partners are not entitles to receive [ ]
    a.salary b.commission c.all the above
    4.partners current accounts are opened when capitals are [ ]
    a.fixed b.fluctuating c.all the abovec.
    5.when dates of withdrawals are not given, interest on drawings is charged for [ ]
    a.2months b.6months c.5months
    6.realisation account is a [ ]
    a.personal account b.realaccount c.nominal account
    7.on dissolution all assets are transferred to realization A/c at their [ ]
    a book value b.market value c.realised value
    8.provision for bad debts appearing in the books at the time of dissolution of firm in transferred to[ ]
    a.debetors account b.bad debts c.realisation account
    9.on dissolution , goodwill account is transferred to [ ]
    a.revaluation account b.realisation accountc.partners capital account
    10.on dissolution of afirm,bank overdraft is transferred to [ ]
    a. cash account b.bank account c.realisation account
    FILL IN THE BLANKS
    1.Partners Current Account aare prepared, when capital Accounts are _______________
    2.In the absence of agreement, partners are _________________ entitled to receive salary.
    3.X,Y and Z share profits & losses in the ration of 4:3:2 Y retires, X and Z decide to share future profits in the ration of
    5:3.Gaining ratio will be ________________
    4.A and B and partners sharing profits and losses in the ratio of 5:3:2.They agreed to calculate deeased partners share
    of profit till his death on the basis of last three years profits C died on 30th April 2014. The profits for the years
    2011,2012 and 2013 are 20,000, 25,000 and 27,000. C share of profit will be ________________
    5.The Profit of a firm for the year end 31st December for last five years were as follows. 1st year is 20,000, 2nd year
    30,000 ,3rd year 40,000, 4th year 50,000 and 5th year 55,000.Goodwill is to be valued on the basis of three years
    purchase of weighted average profits after weight 1,2,3,4 & 5 are given respectively to profits of 1st year, 2nd year, 3rd
    year,4th year & 5th year the goodwill of the firm is _____________
    6.Govt. company means _____________
    7.Foreign company means _____________
    8.`One Person Company means a company ______________
    9.`Listed Company’ means a company ____________
    10.A Private Company is prohibited from ______________
    VERY SHORT QUESTIONS
    1.Define Partnership & give three important features
    2. What is goodwill?
    3. Explain Partnership deed
    4.Define Company & give three characteristic features of company
    5.Public and Private companies

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