Accounts – TEST 3 (MCQ Maharashtra-12th Board)

Accounts – TEST 3 (MCQ Maharashtra-12th Board)

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#1. X, Y and Z are partners sharing profits in the ratio of 5: 3: 2 , if Y retires then new ratio will be ________

1:1

1:1

3:2

3:2

5:3

5:3

5:2

5:2

#2. When goodwill is withdrawn by old partner’s ________________ a/c is credited.

Capital

Capital

Revaluation

Revaluation

Profit and Loss Adjustment A.c

Profit and Loss Adjustment A.c

Cash/ Bank

Cash/ Bank

#3. The issue of debenture at its face value is called the issue __________

none of these

none of these

at discount

at discount

at par

at par

at premium

at premium

#4. Paid up value of shares allotted is called ______ capital

issued

issued

subscribed

subscribed

uncalled

uncalled

nominal

nominal

#5. The acceptor is allowed _______ days of grace to meet the bill in time.

2

2

4

4

no

no

3

3

#6. The party which is ordered to pay the amount of bill is known as ______

payee

payee

drawee

drawee

drawer

drawer

endorser

endorser

#7. The capital in the beginning of the accounting year is ascertained by preparing _____

Opening Statement of Affairs

Opening Statement of Affairs

Cash Account

Cash Account

Receipt and Payment Account

Receipt and Payment Account

Statement of Profit or Loss

Statement of Profit or Loss

#8. Excess of income over expenditure is termed as ______

loss

loss

deficit

deficit

surplus

surplus

profit

profit

#9. Deficiency of Insolvent partner will be shared by solvent partners in their _______ ratio.

profit – sharing ratio

profit – sharing ratio

liquidity ratio

liquidity ratio

sale ratio

sale ratio

capital ratio

capital ratio

#10. Share of profit of a deceased partner till the date of death is _________

debited to P/L Adjustment A/c

debited to P/L Adjustment A/c

debited to P/L Suspense A/c

debited to P/L Suspense A/c

credited to P/L Adjustment A/c

credited to P/L Adjustment A/c

Credited to P/L Suspense a/c

Credited to P/L Suspense a/c

Finish