Debtors on 1.4.2018 was Rs. 1,00,000 and on 31.3.2019 was Rs. 80,000 cash received from debtors during the year is Rs. 1,60,000. Then the credit sales during the year is ___________

(a)

Rs. 3,40,000

(b)

Rs. 2,40,000

(c)

Rs. 1,40,000

(d)

Rs. 1,60,000

Following are the limitations of incomplete records except _________________

(a)

Lack of proper maintenance of records

(b)

Difficulty in preparing trial balance

(c)

Difficulty in ascertaining true profitability of the business

(d)

Suitability

The maximum number of partners in a partnership firm is ________

(a)

25

(b)

10

(c)

30

(d)

50

The total capitalised value of the business is calculated by capitalising the average profits on the basis of __________

(a)

average profit

(b)

normal rate of return

(c)

actual capital employed

(d)

none of these

Goodwill is _________.

(a)

an intangible asset

(b)

a fixed asset

(c)

realisable

(d)

all of the above

In admission undistributed profit or loss is transferred to _________

(a)

New partner's capital A/c only

(b)

Old partner's capital A/c only

(c)

All the partner's capital accounts

(d)

None of these

In the event of admission of a new partner, legally there is ______ of old partnership.

(a)

dissolution

(b)

indeed

(c)

both

(d)

none of these

In partnership accounting, capital accounts are prepared under following method __________

(a)

Fluctuating

(b)

Fixed

(c)

Both (a) & (b)

(d)

None of these

At the time of dissolution all the assets of firm are transferred to the realization A/c _________

(a)

Market Value

(b)

Book Value

(c)

Cost Value

(d)

Bale Value

Equity shares may be issued for cash at ___________

(a)

premium

(b)

discount

(c)

dividend

(d)

none of these