Question # 1

On the admission of a new partneer the decreasein the value of assets is debited to.

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Revaluation account

Assets account

Old parner's capital account

New partner capital account

A new partner may be admitted to a partnership.

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With the consent of all the partners

With the consent of any one of the partners

With consent of two third the old partners

Without the consent of old partners

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

Joint stock company is an Artificaial person created by

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Law

Federal Govt

Registrar

Employees

The opening and closing balance of bills Receivable can be calculated by preparing the.

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Total debtors accounts

Total creditors account

Bills Recivable accounts

Salaes accounts

In case of los on revaluation of assets and liabilities should be debited to.

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Retiring partners capital accounts

All partners capital accounts

Remaining patners capitala account

None of these

Registraion of the firm.

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It is legally necessary

It is optional

It depends on the will of the partners

It depends uopon the will of theemployee

The which is calculated at the time of retirment of partner is

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Gaining ratio

Serching ratio

Capita ratio

New ratio

For the firm, interest on drawing is.

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Expense

Income

Liability

None of these

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

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.

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Oversubscription

Udner subscription

No subscripition

None of these

Purchase of sports material for the club should be treated as.

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Expense

Assets

Income

Liability

The amount of share capital which a company is authroxzed to raise is called.

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Subscribed capital

Issued capital

Authorized capital

Paid up capital

Receipt and payment account includes.

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Revenue items

Capital items

Both capital and Revenue items

None of the above

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