Question # 1

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

If the goods will raised at the tim e of admissionof a new partner will be written off in.

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Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

Normaly the discount on the shares should not exceed from

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Five percent

Eight percent

Twenty percent

Ten percent

Double entry system means

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The recording of same things twice

Double accounting

The two sides of every transaction are recorded

Entry at two dates

Income and expenditure account shows.

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Surplus or deficit

Not profit or net loss

Capital account

Cash in hand

Interest is debited to assets account uder the.

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Annuity method

Depreciation fund method

Insurance policy method

Depletion method

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

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Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Depreciation is

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An Income

An expense

A loss

A liability

Maximum numebr of the partners in an ordinary Partinership.

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Ten partners

Twentry partners

Thirty partners

Fourth partners

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.

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Consignor

purchaser

Consignee

None of these

The amount paid to person who was invited to deliver a lecture in a club is known as.

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Hoorarium

Salary

Wages

None of these

The credit balacne of the retained earnings statement represents.

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Undisturbed Profit

Divided declared

Profit distributed

None of these

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

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Cash account

Consignor 's personal account

Consignment account

None of these

The debentures which does not carry any charges o the assets of the company.

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Simple debentures

Mortagage debentures

Redeemable debentures

None of these

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