Inter PN-6 Financial Accounting Quiz 5

1. A, B and C are partners sharing profits and losses in the ratio 2:2;1. C died on 31st March 2022. The profits of the financial year ending 31st March 2022 is ₹64,000. The share of Deceased partner in the profits will be –

2. When goodwill is withdrawn by the partners                        account is credited.

3. When Goodwill is to be written off after admission of a partner in which ratio it is transferred to Capital A/c of the Partners?

4. Section 32 of the Indian Partnership Act, 1932 a partner may retire         .

5. Advertisement expenses are apportioned among departments in the proportion of           .

6. Which one is/ are the method/s of Accounting for Branches ?

7. Bad debts are apportioned among departments in the proportion of                 .

8. Goods are transferred from Department X to Department Y at a price so as to include a profit of 33.33% on cost. If the value of closing stock of Department Y is ₹ 48,000, then the amount of stock reserve on closing stock will be           .

9. Goods are sent to the Branch at cost plus 25%. The loading on invoice price is        .

10. In Hire Purchase system cash price plus interest is known as

11. Excess of hire purchase price over cash price is known as

12. KCS purchased a machine from JPS on hire purchase system, whose cash price was ₹8,64,000.₹ 2,16,000 being paid on delivery and balance in three annual instalments of ₹2,88,000 each. The amount of interest included in first installment would be            .

13. Head office invoiced goods to its branch at 10% less than the catalogue price which is cost plus 20%. If the total invoiced goods during the year is ₹4,32,000, then the cost of such goods is             .

14. Goods are sent to branch at cost plus 50%. The loading on the invoice price is        .

15. The head office of a company sends goods to its branch at 150% of its cost price. lf the value of goods received by branch is ₹7,50,000, then the cost of goods will be                .

16. Goods costing ₹2,00,000 wew insured for ₹1,00,000. out of which 3/4th were destroyed by fire. Calculate the amount of claim with average clause.

17. A plant worth ₹80,000 has been insured for ₹60,000, the loss on account of fire is ₹50,000. The insurance company will bear the loss to the extent of             .

18. Standard turnover is                .

19. Departmental accounting helps in            .

20. Branches not keeping full system of accounting are called                 .

21. Under Debtors System of maintaining branch accounts, which of the following appears in Branch Account?

22. While treating the abnormal loss under Stock and Debtors system of maintaining Branch accounts, loading on abnormal loss is transferred to          

23. Depreciation on hire purchased asset is claimed by

24. The hire purchaser records the assets at its             

25. If Department M transfers goods to Department N at a price of 50% above cost, what well be the amount of stock reserve on unsold stock worth ₹9,000 of Department N?