Question # 1

Non-profit making organizations are established for

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Profit

Charitable or religious purpose

To manufacture goods

To help the rich people

Value of the good will is calculated under capitalization formula.

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Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

The loss prior to the date of incorporation of a company is.

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Revenue loss

Capital loss

Liability

None of these

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

Interest is debited to assets account uder the.

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Annuity method

Depreciation fund method

Insurance policy method

Depletion method

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

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Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

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All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

The maximum number of memebr in case of private limited comapny can be.

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Forty

Fifty

Sixty

No restriction on maximum number

The Receipt and payment account is the summery of the

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Cash book

Balance sheet

Trqail balance

Proft and loss account

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Cash book is prepared to find out the figure of.

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Opening capital

Crosing cash balance

Net profit

Finaincial position

Income and expenditure accout is usually accompanied by.

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Trail balance

Balance sheet

Income and gains

Liabilities

In cash book

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Each entry is followed by narration

Ledger reference is recorded

Each transaction is recorded in chronological order

All of the above

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

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