Question # 1

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

The Closing Capital is worked out by preparing the.

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Opening statement of affair

Closing statement of affiar

Cash book

Balance sheet

In single entry it is not possible to prepare

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Trial balance

Trading account

Profit and loss account

Balance sheet

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

On the addimissionof a new partner the increase int he value of assets is debited

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Revaluation account

Assets account

Old partners capital account

New partners capital account

Under single entry system sometimes,

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Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

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

A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.

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Senior partner

Junior partner

quast partner

Nominal patner

Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.

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Realization account

Revalution account

Debtors account

None of these

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

In the absence of an agreement partners shall

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Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

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

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

In single entry system ledger contains the accounts of,

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Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

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