Question # 1

In increased net worth method, profit or loss is calculated by preparing,

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Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

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

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

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Capital ratios

Profit sharing ratios

Equal ratios

None of these

The assets which have not got physical existence are called.

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Intangible assets

Intangible fixed assets

Current assets

Tangible fixed assets

According to companies ordinance, single entry system cannot be adopted by,

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Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

The extra amount charged fromt he new partner over and above the capital is for.

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Purchase of Machinery

Good will

Purchaser of furniture

Payment of liabilities

A paartner who have a major investment in the firm and receive a relatively more profit is called.

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Sleeping partner

Darment partner

Senior partner

Estoppels partner

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

Consignment account is in the nature of.

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Profit and loss account

Real account

Personal Account

None of these

The term Depletion is used with reference to.

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Tangible assets

Intangible assets

Current assets

Fixex assets

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

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

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

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

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