Important Question Answer Series For HPSSC JOA Accounts (Post Code -932) Set-3

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30. On the admission of a new partner the decrease in the value of Assets is debited toÂ

(a) Revaluation Account.

Â (b) Old partnerâ€™s capital Account.Â

(c) New partnerâ€™s capital Account.Â

(d) Assets Account.Â

31. X, Y and Z are partners in the ratio of 1/2: 2/5: 1/10, what will be the new ratio of the remaining partners if X retires?Â

(a) 2: 1Â

(b) 4: 1Â

(c) 5: 1Â

(d) 3: 1Â

32. Goodwill of a firm of A and B is valued at Rs. 30,000. It is appearing in the books at Rs. 12,000 C is admitted for 1/4 share. What amount he is supposed to bring for goodwill?Â

(a) Rs. 3,000Â

(b) Rs. 4,500

Â (c) Rs. 7,500

Â (d) Rs. 10,500Â

33. A and B are partners in the ratio of 2:1. They admit C for 1/4 share who contributes for Rs. 3,000 for his share of goodwill. The total value of good will of the firm isÂ

(a) Rs. 3,000

Â (b) Rs. 9,000Â

(c) Rs. 12,000Â

(d) Rs. 15,000Â

34. When a firm is dissolved, profit or loss on realisation is shared by the partnersÂ

(a) EqualÂ

(b) In the ratio of their capital balances.

Â (c) In the profit sharing ratio.Â

(d) In the ratio laid down in Garner V. Murray.Â

35. C and D are equal partners. Their capital balances on dissolution of the firm are Câ€“Rs. 25000 and Dâ€“Rs. 15,000 Total cash available is Rs. 30,000 How should this cash be distributed between C and D?Â

(a) Rs. 15,000 each.Â

(b) Rs. 20,000 to C and Rs. 10,000 to D.

Â (c) Rs. 18,750 to C and 11,250 to D.Â

(d) According to decision in Garner V. Murray.Â

36. At the time of dissolution, an unrecorded asset taken by Mr. X, a partner should be debited toÂ

(a) Mr. Xâ€™s capital A/c.Â

(b) Realisation A/c.

Â (c) Assets A/c.Â

(d) None of these.

Â 37. The term fixed assets includeÂ

(a) Bank balance.

Â (b) Stock of finished goods.

Â (c) Goodwill.Â

(d) Loose tools.Â

38. Secret reserves serve the purpose ofÂ

(a) Enabling the directors to tide over unfavourable times.Â

(b) Meeting exceptional losses.

Â (c) Increasing the working capital.Â

(d) None of these.Â

39. In Garner V. Murray the deficiency of the insolvent partners is borne by other partner in the

Â (a) Profit sharing ratio.Â

(b) Ratio of their capitals.

Â (c) Equal share by each.Â

(d) None of these.Â

40. The remuneration payable to a whole-time director of the company should not exceedÂ

(a) 5% of the net profits.

Â (b) 6% of the net profits.Â

(c) 7% of the net profits.Â

(d) 10% of the net profits.

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