#### One Mark Important Questions

12th Standard

Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 60

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#### Multiple Choice Question

270 x 1 = 270
1. Statement of affairs is a

(a)

Statement of income and expenditure

(b)

Statement of assets and liabilities

(c)

Summary of cash transactions

(d)

Summary of credit transactions

2. Opening statement of affairs is usually prepared to find out the

(a)

Capital in the beginning of the year

(b)

Capital at the end of the year

(c)

(d)

Loss occurred during the year

3. Which one of the following statements is not true in relation to incomplete records?

(a)

It is an unscientific method of recording transactions

(b)

Records are maintained only for cash and personal accounts

(c)

It is suitable for all types of organisations

(d)

Tax authorities do not accept

4. What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

(a)

Rs.85,000

(b)

Rs.1,06,000

(c)

Rs.21,000

(d)

Rs.64,000

5. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit made during the year is Rs 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

(a)

9,000

(b)

11,000

(c)

21,000

(d)

3,000

6. The different between the total of assets and total of liabilities is taken as

(a)

drawings

(b)

capital

(c)

profit

(d)

loss

7. A firm has assets worth Rs.60,000 and capital Rs.45,000.Then it's liabilities is

(a)

Rs.45,000

(b)

Rs.1,05,000

(c)

Rs.60,000

(d)

Rs.15,000

8. Credit purchase is obtained from

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

9. A firm has assets worth Rs.47,500 and liabilities Rs.17,700. Then its capital is

(a)

Rs.29,800

(b)

Rs.65,200

(c)

Rs.35,400

(d)

Rs.17,700

10. Companies cannot keep books on single entry system because of

(a)

tax properties

(b)

legal provisions

(c)

both (a) and (b)

(d)

None of these

11. Match List I with List II and Select the Correct Answer using the Codes given below.

 List I List II (i) Nature 1. Needs and conveniences (ii) Types of accounts 2. No legal obligations (iii) Lack of uniformity 3. Real account and nominal accounts (iv) Suitability 4. Unsystematic way of transactions
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 2 3 4 1
(c)
 (i) (ii) (iii) (iv) 4 3 1 2
(d)
 (i) (ii) (iii) (iv) 3 4 2 1
12. Incomplete records are those records which are not kept under ____ system

(a)

Single entry

(b)

Double entry

(c)

Book keeping

(d)

none of these

13. Statement of affairs method is also called as _____ method.

(a)

Net profit

(b)

Net loss

(c)

Net worth/capital comparison

(d)

None of these

14. _____ is suitable only for sole traders and partnership firms.

(a)

Double entry system

(b)

Single entry system

(c)

Both (a) and (b)

(d)

None of these

15. Single entry system keeps one cash book which mixes up business as well as ____ transactions.

(a)

Private

(b)

Own

(c)

Public

(d)

Capital

16. True financial position cannot be ascertained as _____ is not prepared due to the absence of nominal and real accounts.

(a)

(b)

Profit and loss account

(c)

Balance sheet

(d)

Trail balance

17. If it is desired to calculate profit by preparing trading and profit and loss account under single entry then it is called ______ method.

(a)

Networth

(b)

Statement of affairs

(c)

Conversion

(d)

None of these

18. In which of the following system of recording the financial statements reflect true and fair view of an entity and accounting records are considered to be more accurate?

(a)

Single entry system

(b)

Double entry system

(c)

Cash based system

(d)

All of them

19. Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business

(a)

Rs 10,000

(b)

Rs 5,000

(c)

Rs 15,000

(d)

Rs 50,00,000

20. Single entry system has effect

(a)

One effect

(b)

Two effect

(c)

Three effect

(d)

None of the above

21. In single entry system must suited where:

(a)

Cash transactions are many

(b)

Cash transactions are many

(c)

Cash & Credit transactions are many

(d)

None of the above

22. Capital can be obtained by preparing

(a)

Cash Book

(b)

Statement of Affairs

(c)

Debtors Account

(d)

Creditors account

23. Statement of assets & liabilities prepared under Single entry system is called:

(a)

Balance sheet

(b)

Profit & Loss Statement

(c)

Statement of affairs

(d)

Income Statement

24. If opening capital is Rs.10,000 & Closing capital is Rs.15,000 then profit or loss

(a)

Loss of Rs.5,000

(b)

Profit of Rs.2,500

(c)

Profit of Rs.5,000

(d)

None of these

25. Single entry system is not possible for:

(a)

(b)

Partnership

(c)

Joint Stock Company

(d)

None of these

26. Balance sheet is prepared under

(a)

Single entry system

(b)

Double entry system

(c)

Both (a) & (b)

(d)

None of these

27. Closing capital can be found by preparing a statement of affairs at the __________ of the year

(a)

Opening

(b)

End

(c)

Centre

(d)

All of these

28. Trial balance shows machinery of Rs.2,00,000. Depreciation is provided at 10%. The depreciation on machinery will be____________

(a)

Rs.20,000

(b)

Rs.1,80,000

(c)

Rs.2,20,000

(d)

Rs.1,50,000

29. Creditors on 1.1.2014 is Rs.1,21,000 and on 31.12.2014 Rs.1,30,000. Cash paid to creditors during the year is Rs.2,09,000. Then the credit purchase during the year is -

(a)

Rs.2,00,000

(b)

Rs.2,09,000

(c)

Rs.2,18,000

(d)

Rs.2,08,000

30. If adjusted closing capital is more than the opening capital, it denotes ____________

(a)

Profit

(b)

Loss

(c)

Opening Capital

(d)

Expenses

31. Receipts and payments account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

32. Receipts and payments account records receipts and payments of

(a)

Revenue nature only

(b)

Capital nature only

(c)

Both revenue and capital nature

(d)

None of the above

33. Balance of receipts and payments account indicates the

(a)

Loss incurred during the period

(b)

Excess of income over expenditure of the period

(c)

Total cash payments during the period

(d)

Cash and bank balance as on the date

34. Income and Expenditure Account is prepared to find out

(a)

Profit or loss

(b)

Cash and bank balance

(c)

Surplus or deficit

(d)

Financial position

35. Which of the following should not be recorded in the income and expenditure account?

(a)

Sale of old news papers

(b)

Loss on sale of asset

(c)

Honorarium paid to the secretary

(d)

Sale proceeds of furniture

36. An advance receipt of subscription from a member of the non - profit organization is considered as alan

(a)

Expense

(b)

Liability

(c)

Equity

(d)

Asset

37. Income and Expenditure account is based on

(a)

Cash accounting

(b)

Government accounting

(c)

Management accounting

(d)

Accrual accounting

38. Which of the following is to be recorded in an income and expenditure account?

(a)

Prchase of a fixed asset

(b)

Capital expenditure incurred on a fixed asset

(c)

Profit on the sale of a fixed asset

(d)

Sale of a fixed a

39. Subscription received but not yet earned is considered as a /an

(a)

Asset

(b)

Liability

(c)

Income

(d)

Expenditure

40. On what basis the receipts and payments account is prepared?

(a)

Cash basis

(b)

Credit basis

(c)

Both

(d)

None of these

41. Some organisations are established for the purpose of rending services to the public without

(a)

any profit motive

(b)

any service motive

(c)

both

(d)

none of these

42. The receipts and payments account of a nonprofit organisation is a

(a)

Nominal account

(b)

Real account

(c)

Income statement account

(d)

Financial statement

43. Rent expenses of a non-profit organization paid in advance. Which of the following is the correct classification of rent

(a)

Expense

(b)

Liabilities

(c)

Equity

(d)

Asset

44. Receipts and Payment accounts is a_________ account in nature.

(a)

real

(b)

personal

(c)

nominal

(d)

all of these

45. _______items will be recorded in income and expenditure account

(a)

Capital

(b)

Nominal

(c)

Expense

(d)

Revenue

46. _______are the amounts received by not for- profit organisations as a gift

(a)

Legacy

(b)

Donations

(c)

Subscription

(d)

Entrance fee

47. A gift made to a not-for-profit organization by a will, is called________

(a)

Subscription

(b)

Life membership fee

(c)

Legacy

(d)

Donations

48. ________is a revenue expenditure

(a)

Specific donation

(b)

Honararium

(c)

Legacy

(d)

Interest on investment

49. List I List II
(i) Subscription 1. Balls, bats
(ii) Investments 2. Time of admission
(iii) Old sports materials 3. Receive interest
(iv) Admission fee 4. Tennis or billiards
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 4 3 1 2
(c)
 (i) (ii) (iii) (iv) 2 3 4 1
(d)
 (i) (ii) (iii) (iv) 2 3 4 1
50. List I List II
(i) Subscription 1. Revenue expenditure
(ii) Life membership fee  2. Capital expenditure
(iii) Honorarium 3. Capital receipts
(iv) Purchase of sports equipment 4. Revenue receipts
(a)
(i) (ii) (iii) (iv)
1 2 3 4
(b)
(i) (ii) (iii) (iv)
2 3 4 1
(c)
(i) (ii) (iii) (iv)
1 4 2 1
(d)
(i) (ii) (iii) (iv)
4 3 1 2
51. In the absence of a partnership deed, profits of the firm will be shared by the partners in

(a)

Equal ratio

(b)

Capital ratio

(c)

Both (a) and (b)

(d)

None of these

52. When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

(a)

(b)

Interest on capital

(c)

Interest on drawings

(d)

Share of profit

53. In the absence of an agreement, partners are entitled to

(a)

Salary

(b)

Commission

(c)

Interest on loan

(d)

Interest on capital

54. Pick the odd one out

(a)

Partners share profits and losses equally

(b)

Interest on partners’ capital is allowed at 7% per annum

(c)

No salary or remuneration is allowed

(d)

Interest on loan from partners is allowed at 6% per annum

55. Profit after interest on drawings, interest on capital and remuneration is Rs.10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

(a)

Rs.50

(b)

Rs.150

(c)

Rs.550

(d)

Rs.500

56. The name under which the business of a firm is carried on is called the

(a)

Company name

(b)

Firm name

(c)

Partnership firm

(d)

Partner's name

57. The maximum number of partners in a partnership firm is

(a)

25

(b)

10

(c)

30

(d)

50

58. In sole proprietorship, the profit or loss in the profit and loss account is transferred directly to the sole proprietor's

(a)

drawings account

(b)

capital account

(c)

loan account

(d)

salary account

59. The balance in the appropriation account is transferred to the partner's capital account in the

(a)

agree ratio

(b)

sacrifice ratio

(c)

profit sharing ratio

(d)

old ratio

60. Capital account balance of the sole proprietor alone as shown in the balance sheet of

(a)

Sole proprietorship

(b)

Partnership

(c)

Joint Hindu family

(d)

Company

61. Which of the following method, the capital of the partners is not altered and it remains generally fixed?

(a)

Fixed capital method

(b)

Fluctuating capital method

(c)

Both 'a' and 'b'

(d)

None of these

62. All the transactions between the partner and the firm are recorded in the

(a)

capital account

(b)

drawings account

(c)

profit and loss account

(d)

revaluation account

63. Interest on capital is to be calculated on the capitals at the beginning for the

(a)

particular period

(b)

relevant period

(c)

average period

(d)

all of these

64. Period of interest refers to the period from the date of drawings to the closing date of the

(a)

opening year

(b)

closing year

(c)

previous year

(d)

accounting year

65. Product method can be used in all situations as an alternative to

(a)

average period

(b)

direct method

(c)

both 'a' and 'b'

(d)

none of these

66. The persons who entered into partnership are collectively known as

(a)

Partners

(b)

Owners

(c)

Firm

(d)

Organisation

67. In a partnership business, agreement is

(a)

compulsory

(b)

optional

(c)

not necessary

(d)

none of these

68. Current accounts for partners will be opened under,

(a)

Fixed capital method

(b)

Fluctuating capital method

(c)

Either fixed capital method or fluctuating capital method

(d)

None of these

69. X and Yare partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. Profits for the year are Rs.9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y

(a)

Profit X - Rs. 6,000; Y - Rs.3,000

(b)

Profit X - Rs.3,600; Y - Rs.5,400

(c)

Profit X - Rs.3,000; Y - Rs.6,000

(d)

Profit X - Rs.2,000; Y - Rs.2,600

70. Under fixed capital method salary payable to a partner is recorded

(a)

in current account

(b)

in capital account

(c)

either in current account or capital account

(d)

none of these

71. Amount is drawn regularly at the middle of every month during the year. Interest calculated for

(a)

$$\frac{13}{24}$$

(b)

$$\frac{11}{24}$$

(c)

$$\frac{12}{24}$$

(d)

$$\frac{10}{24}$$

72. ___________ is a document in writing that contains the terms of the agreement among the partners.

(a)

Partnership deed

(b)

Partnership at will

(c)

Both 'a' and 'b'

(d)

None of these

73. Capital account will always show credit balance under ________ method.

(a)

Partner's current account

(b)

Partner's capital account

(c)

Both 'a' and 'b'

(d)

None of these

74. __________ method, only capital account is maintained for each partner

(a)

Fixed capital

(b)

Fluctuating capital

(c)

Both 'a' and 'b'

(d)

None of these

75. ________________ is the interest allowed on capital of the partners.

(a)

Interest on drawings

(b)

Interest on capital

(c)

Both 'a' and 'b'

(d)

None of these

76. __________ can be computed by direct method or product method.

(a)

Interest on drawings

(b)

Interest on capital

(c)

Partners salary

(d)

Partner's commission

77. ___________ intervals refers to withdrawal made monthly, quarterly, half-yearly, once in 2 months and once in 4 months.

(a)

Fixed time

(b)

Current time

(c)

Average time

(d)

None of these

78. Profit and loss appropriation account is _____________ account in nature.

(a)

real

(b)

nominal

(c)

personal

(d)

none of these

79. Under fluctuating capital method, profit or loss in a year, will be transferred to the respective _____________ accounts.

(a)

capital

(b)

profit and loss

(c)

drawings

(d)

none of these

80. Interest on partner's capital is allowed, only when the _______________ specifically provides for i

(a)

partnership Act

(b)

partnership agreement

(c)

both 'a' and 'b'

(d)

none of these

81. Identify the incorrect pair

(a)

Goodwill under Average profit method - Average profit × Number of years of purchase

(b)

Goodwill under Super profit method - Super profit × Number of years of purchase

(c)

Goodwill under Annuity method - Average profit × Present value annuity factor

(d)

Goodwill under Weighted average profit method - Weighted average profit × Number of years of purchase

82. When the average profit is Rs.25,000 and the normal profit is Rs.15,000, super profit is

(a)

Rs.25,000

(b)

Rs.5,000

(c)

Rs.10,000

(d)

Rs.15,000

83. Book profit of 2017 is Rs.35,000; non-recurring income included in the profit is Rs.1,000 and abnormal loss charged in the year 2017 was Rs.2,000, then the adjusted profit is

(a)

Rs.36,000

(b)

Rs.35,000

(c)

Rs.38,000

(d)

Rs.34,000

84. Which is the present value of a firm's future excess earnings?

(a)

Fixed asset

(b)

Current assets

(c)

Good will

(d)

None of these

85. Goodwill is shown under fixed assets in the

(a)

Trial balance

(b)

Balance sheet

(c)

(d)

Profit and loss account

86. Goodwill helps in earning more profit and attracts more

(a)

customers

(b)

producers

(c)

competitors

(d)

suppliers

87. 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

88. Goodwill is paid for obtaining

(a)

future profit

(b)

present benefit

(c)

past benefit

(d)

none of the above

89. ________  is the good name or reputation of the business which brings benefit to the business

(a)

Goodwill

(b)

Fixed asset

(c)

Current asset

(d)

None of these

90. _________ Cannot be seen or touched.

(a)

Computer

(b)

Machinery

(c)

Goodwill

(d)

All of these

91. ___________ method, goodwill is calculated by multiplying the average profits by a certain number of years of purchase.

(a)

Weighted average profit

(b)

Super profit

(c)

Annuity

(d)

Simple average profit

92. __________ method, goodwill is calculated as certain years of purchase of average profits of the past few years.

(a)

Simple average method

(b)

Average profit method

(c)

Super profit method

(d)

Annuity method

93. __________ is the excess of average profit over the normal profit of a business.

(a)

Average profit

(b)

Super profit

(c)

Annuity method

(d)

None of these

94. While calculating capital employed _________.

(a)

Tangible trading assets should be considered

(b)

Intangible assets should be considered

(c)

Fictitious assets should be considered

(d)

None of the above

95. Capital employed at the end the year is Rs. 74,20,000 profit earned Rs. 20,000. Average capital employed is__________.

(a)

Rs. 4,20,000

(b)

Rs. 4,60,000

(c)

Rs. 4,40,000

(d)

Rs. 4,00,000

96. Goodwill has _________Value

(a)

realisable

(b)

fictitious

(c)

both

(d)

none of these

97. Goodwill is not a ________ asset

(a)

Fixed

(b)

Current

(c)

Fictitious

(d)

None of these

98. Net asset value method is based on the assumption that the company is__________.

(a)

a going concern

(b)

going to be liquidated

(c)

both 'a' and 'b'

(d)

none of the above

99. List I List II
i)  Goodwill 1. Excess of EM.P.
over normal profit
ii) Fictitious asset 2. Accounted in the
books of accounts
iii) Purchased
goodwill
3. Intangible hllving
no realisable value
iv) Super profit 4. An intangible asset
(a)
 (i) (ii) (iii) (iv) 4 3 2 1
(b)
 (i) (ii) (iii) (iv) 1 2 3 4
(c)
 (i) (ii) (iii) (iv) 2 3 4 1
(d)
 (i) (ii) (iii) (iv) 3 4 1 2
100. List I List II
i)  Average profit
method
1. Excess of average
profit
ii) Weighted
average profit
method
2. Present value of
annuity
iii) Super profit
method
3. Increase or
decrease trend
iv) Annuity method 4. Past few years
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 4 3 1 2
(c)
 (i) (ii) (iii) (iv) 2 3 4 1
(d)
 (i) (ii) (iii) (iv) 3 4 2 1
101. The profit or loss on revaluation of assets and liabilities is transferred to the capital account of

(a)

The old partners

(b)

The new partner

(c)

All the partners

(d)

The Sacrificing partne

102. If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

(a)

Capital ratio

(b)

Sacrificing ratio

(c)

Gaining ratio

(d)

None of these

103. Which of the following statements is not true in relation to admission of a part

(a)

Generally mutual rights of the partners change

(b)

The profits and losses of the previous years are distributed to the old partners

(c)

The firm is reconstituted under a new agreement

(d)

The existing agreement does not come to an end

104. Match List I with List II and select the correct answer using the codes given below:

 List I List II (i) Sacrificing ratio 1. Investment fluctuation fund (ii) Old profit sharing ratio 2. Accumulated profit (iii) Revaluation Account 3. Goodwill (iv) Capital Account 4. Unrecorded liability
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 3 2 4 1
(c)
 (i) (ii) (iii) (iv) 4 3 2 1
(d)
 (i) (ii) (iii) (iv) 3 1 4 2
105. Balaji and Kamalesh are partners sharing profits and losses in the ratio of 2:1. They admit Yogesh into partnership. The new profit sharing ratio between Balaji, Kamalesh and Yogesh is agreed to 3:1:1. Find the sacrificing ratio between Balaji and Kamalesh.

(a)

1:3

(b)

3:1

(c)

2:1

(d)

1:2

106. When an unrecorded liabilities is brought into books, is results in

(a)

profit

(b)

loss

(c)

income

(d)

expense

107. The revaluation profit or loss is transferred to the old partner's capital accounts, in their

(a)

Old ratio

(b)

New ratio

(c)

Sacrifice ratio

(d)

Gain ratio

108. On admission of a partner if goodwill account is to be raised this should be debited to

(a)

Partner's capital account

(b)

Partner's capital account

(c)

Revaluation account

(d)

None of these

109. Old ratio of profit minus sacrifice ratio will be

(a)

New ratio

(b)

Old profit sharing ratio

(c)

Sacrifice ratio

(d)

None of these

110. List I List II
i) Accumulated
profits and loss
1. Reduction in the
market
ii) Reserves 2. Profit and loss
iii) Investment
fluctuation fund
3. Investment
fluctuation
fund
iv) Revaluation
account
4. Old profit sharing
ratio
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 2 3 4 1
(c)
 (i) (ii) (iii) (iv) 4 1 3 2
(d)
 (i) (ii) (iii) (iv) 3 4 2 1
111. List I List II
i) Revaluation
account
1. Credit side
ii) Unrecorded
assets
2. Debit side
iii) Unrecorded
liability
3. Revaluation
account
iv) Memorandum
revaluation
account
4. Nominal account
(a)
 (i) (ii) (iii) (iv) 4 3 1 2
(b)
 (i) (ii) (iii) (iv) 1 2 3 4
(c)
 (i) (ii) (iii) (iv) 2 3 4 1
(d)
 (i) (ii) (iii) (iv) 4 1 2 3
112. Revaluation account is a___________account

(a)

real

(b)

nominal

(c)

personal

(d)

capital

113. The net result of revaluation is adjusted through the ___________ accounts of the partners

(a)

capital

(b)

revaluation

(c)

cash

(d)

bank

114. ________ ratio is the proportion of the profit which is sacrificed or foregone by the old partners in favour of the new partner.

(a)

Old

(b)

New

(c)

Sacrifice

(d)

Agreed

115. The revaluation profits and losses are recorded in the _________ account

(a)

Capital

(b)

Revaluation

(c)

Profit and loss

(d)

None of these

116. At the time of admission of a new partner, revaluation of ________ and ________ should be taken up.

(a)

capital, assets

(b)

capital, liabilities

(c)

assets, liabilities

(d)

none of these

117. The difference between old profit sharing ratio and new profit sharing ratio at time of admission is _________ ratio.

(a)

old ratio

(b)

new ratio

(c)

sacrifice ratio

(d)

gain ratio

118. Undistributed profits will appear on the _______ side of the balance sheet

(a)

assets

(b)

liabilities

(c)

both 'a' and 'b'

(d)

none of these

119. Under revaluation method goodwill account is raised by crediting the old partner's _________ accounts in the old profit sharing ratio.

(a)

capital

(b)

profit and loss

(c)

assets

(d)

revaluation

120. The new partner does not bring in cash for his share of goodwill under _______ method.

(a)

Memorandum revaluation

(b)

Revaluation

(c)

(d)

None of these

121. Decrease in provision for bad and doubtful debts will be shown in the _________ side of Revaluation Account

(a)

Debit

(b)

Credit

(c)

Both 'a' and 'b'

(d)

None of these

122. At the time of admission an incoming partner contributes as goodwill:

(a)

In cash

(b)

Does not pay cash

(c)

May or may not pay cash for goodwill

(d)

None of these

123. Value of goodwill will agreed upon Rs.30,000 on C. S admission and allowing him ¼ share of total profit Goodwill is brought is cash, the amount of goodwill will be as:

(a)

Rs.30,000

(b)

Rs.7,500

(c)

Rs.1,50,000

(d)

Rs.1,20,000

124. Goodwill of the firm is valued Rs.30,000. C an incoming partner purchase ¼ share of total profit Goodwill be raised in the books.

(a)

Rs.30,000

(b)

Rs.7,500

(c)

Rs.1,20,000

(d)

Rs.7,000

125. An incoming parent pays his share of goodwill in cash, and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners.

(a)

As their old profit ratio

(b)

According to new ratio

(c)

According to sacrificing ratio

(d)

None of these

126. At the time admission of a new partner, general reserve is:

(a)

Debited to capital of old partners

(b)

Credited to capital of old partners

(c)

Allowed to remain is balance sheet

(d)

Debited to current account

127. At the time admission of a new partner Goodwill:

(a)

Belongs to all partners, new and old

(b)

Belongs only to the new partners who is going to be admitted

(c)

Belongs only to the old partner who have credited it

(d)

None of these

128. In the revaluation account a decrease in the value of plant and machinery

(a)

Debit side

(b)

Credit side

(c)

Debit side of goodwill A/c

(d)

Does not appear at all

129. At the time of admission of a new partner, revaluation of ______ and _______should be taken up.

(a)

Capital & Assets

(b)

Capital & Liabilities

(c)

Assets & Liabilities

(d)

Income & Expenses

130. Undistributed loss will appear on the  side of the Balance sheet.

(a)

Assets

(b)

Liabilities

(c)

Both (a) & (b)

(d)

None of these

131. The partner admitted into partnership firm acquires two rights. i.e.,right to share in the _________ of the partnership and right to share in the _________.

(a)

Liabilities & Profit

(b)

Liabilities & Loss

(c)

Both (a) & (b)

(d)

Assets & Profits

132. The new profit sharing ratio will be determined by how the new partner acquires __________ from the old partner.

(a)

Liabilities

(b)

Assets

(c)

Share of profits

(d)

All of these

133. If new share of the incoming partner is given without mentioning the details of the sacrifice made by the old partners then, the presumption is that old partners sacrifice in the ________.

(a)

Old profit sharing ratio

(b)

Gaining ratio

(c)

Capital ratio

(d)

sacrificing ratio

134. On admission of a new partner, increase in value of assets is debited to

(a)

Asset A/c

(b)

(c)

Opening Statement of affairs

(d)

Cash A/c

135. The reconstitution of the partnership requires a revision of the ___________ of the existing partners.

(a)

Profit sharing ratio

(b)

Capital ratio

(c)

Sacrificing ratio

(d)

Gaining ratio

136. On which reason(s) for revaluation of assets and liabilities are:

(a)

To give a true and fair view of the state of affairs of the firm

(b)

To share the gain arising from the revaluation of assets and liabilities as it is due to the old partners

(c)

Both (a) & (b)

(d)

None of the above

137. A,B and C enter into a partnership investing Rs 35000, Rs 45000 and 55000. Find the their respective shares in annual profit of 40,500

(a)

10500, 13500, 19500

(b)

10500, 13500, 18500

(c)

10500, 13500, 17500

(d)

10500, 13500, 16500

138. Persons who have entered into partnership with one another are individually called:

(a)

Partners

(b)

Directors

(c)

(d)

All of these

139. ) A partner who is newly admitted to the firm with the consent of all the parties is called

(a)

Salaries Partner

(b)

Incoming partner

(c)

Junior partner

(d)

Minor partner

140. Goodwill is a(n):

(a)

Tangible Fixed Assets

(b)

Tangible Current Assets

(c)

Intangible Fixed Assets

(d)

Intangible Current Assets

141. On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

142. On retirement of a partner, general reserve is transferred to the

(a)

Capital account of all the partners

(b)

Revaluation account

(c)

Capital account of the continuing partners

(d)

Memorandum revaluation account

143. At the time of retirement of a partner, determination of gaining ratio is required

(a)

To transfer revaluation profit or loss

(b)

To distribute accumulated profits and losses

(c)

(d)

None of these

144. A, B and C are partners sharing profits in the ratio of 2:2:1. On retirement of B, goodwill of the firm was valued as Rs. 30,000. Find the contribution of A and C to compensate B:

(a)

Rs.20,000 and Rs. 10,000

(b)

Rs. 8,000 and Rs. 4,000

(c)

Rs.10,000 and Rs. 20,000

(d)

Rs. 15,000 and Rs. 15,000

145. X, Y and Z were partners sharing profits and losses equally. X died on 1st April 2019. Find out the share of X in the profit of 2019 based on the profit of 2018 which showed Rs. 36,000.

(a)

Rs. 1,000

(b)

Rs. 3,000

(c)

Rs. 12,000

(d)

Rs. 36,000

146. When a partner leaves from a partnership firm, it is known as

(a)

(b)

Retirement

(c)

dissolution

(d)

death

147. The firm is reconstituted and other partners continue the partnership firm with a new

(a)

Contract

(b)

agreement

(c)

(d)

none of these

148. The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the

(a)

New profit sharing ratio

(b)

Old profit sharing ratio

(c)

Gaining ratio

(d)

Sacrificing ratio

149. The settlement is to be done in the manner prescribed in the

(a)

Partnership-at-will

(b)

Partnership deed

(c)

Both 'a' and 'b'

(d)

None of the above

150. In both types of policies, the insurance premium is paid by the

(a)

(b)

Partnership firm

(c)

Hindu undivided family

(d)

None of these

151. The amount due to the________partner is either paid off immediately or is paid in instalments.

(a)

(b)

Retiring

(c)

Death

(d)

All of the above

152. ______is calculated to determine the amount of compensation to be paid by each of the continuing partners to the outgoing partners

(a)

Old ratio

(b)

Gaining ratio

(c)

New ratio

(d)

Sacrifice ratio

153. ________ratio is calculated by taking out the difference between new profit sharing ratio and old profit sharing ratio

(a)

Gaining

(b)

Sacrifice

(c)

Old

(d)

New

154. If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement is :

(a)

Revaluation of assets and liabilities

(b)

Ascertaining his share of goodwill

(c)

Finding the amount due to him

(d)

All of these

155. Partner’s equity is affected due to:

(a)

Retirement of a partner

(b)

(c)

Death of a partner

(d)

All of these

156. The partnership may came to an end due to the:

(a)

Death of a partner

(b)

Insolvency of a partner

(c)

Both (a) & (b)

(d)

None of these

157. Hari, Roy and Prasad are partners in the ratio of 3:5:1 respectively. Roy wants to retire. His share is being purchased by Prasad. What would be the new ratio of Hari and Prasad respectively?

(a)

1:2

(b)

2:1

(c)

3:5

(d)

Equal

158. When a partner dies, firm will receive the:

(a)

1/2 amount of policy

(b)

1/4 amount of policy

(c)

3/4 amount of policy

(d)

Full amount of policy

159. The proportion in which the continuing partners benefit due to retirement of partner:

(a)

Sacrificing Ratio

(b)

Gaining Ratio

(c)

Both (a) & (b)

(d)

None of these

160. Excess of actual capital over proportionate capital

(a)

Surplus Capital

(b)

Deficit Capital

(c)

Share of profits

(d)

All of these

161. If the value off liabilities decrease, it results in _______ item.

(a)

Profit

(b)

Loss

(c)

Expenses

(d)

None of these

162. Partnership is _________ on the retirement or death of a partner

(a)

Dissolved

(b)

Agreed

(c)

Retired

(d)

None of these

163. All the accounts are settled among partners and creditors at the time of ________ of a business

(a)

Dissolution

(b)

Retirement

(c)

(d)

None of these

164. ________ of partner will be paid off, before the settlement of partner’s capital.

(a)

Capital

(b)

Loan

(c)

Asset

(d)

None of these

165. __________ If all partners mutually decide for the dissolution, it will be dissolution of the ___________

(a)

Firm

(b)

Corporation

(c)

Government

(d)

None of these

166. After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

(a)

General reserve account

(b)

Capital reserve account

(c)

(d)

Surplus account

167. The amount received over and above the par value is credited to

(a)

(b)

(c)

Share capital account

(d)

Forfeited shares account

168. Which of the following statement is false?

(a)

Issued capital can never be more than the authorised capital

(b)

In case of under subscription, issued capital will be less than the subscribed capital

(c)

Reserve capital can be called at the time of winding up

(d)

Paid up capital is part of called up capital

169. When shares are issued for purchase of assets, the amount should be credited to

(a)

Vendor’s A/c

(b)

Sundry assets A/c

(c)

Share capital A/c

(d)

Bank A/c

170. Supreme Ltd. forfeited 100 shares of Rs.10 each for non-payment of final call of Rs.2 per share. All these shares were re-issued at Rs.9 per share. What amount will be transferred to capital reserve account?

(a)

Rs.700

(b)

Rs.800

(c)

Rs.900

(d)

Rs.1,000

171. In order to meet them production must be carried on a

(a)

small scale

(b)

large scale

(c)

medium scale

(d)

none of these

172. Profits are distributed among the shareholders in the form of

(a)

shares

(b)

dividends

(c)

both

(d)

none of these

173. Issue of equity shares to the public through prospectus by a public company is call

(a)

Public issue

(b)

Private placement

(c)

Rights issue

(d)

Bonus issue

174. First installment called

(a)

application money

(b)

allotment money

(c)

first call money

(d)

final call money

175. Equity shares may be issued for cash at

(a)

(b)

discount

(c)

dividend

(d)

none of these

176. When a company issues shares at a price equal to the face value it is known as

(a)

issues at par

(b)

issues at discount

(c)

both 'a' and 'b'

(d)

none of these

177. When a company issues shares at a price more than the face value, the shares are said to be a

(a)

(b)

issued at discount

(c)

both 'a' and 'b'

(d)

none of these

178. The excess amount paid over the called up value of a share is known as

(a)

(b)

calls in arrear

(c)

both 'a' and 'b'

(d)

none of these

179. In the balance sheet, calls in advance should be shown as other

(a)

current liability

(b)

current asset

(c)

fixed assets

(d)

none of these

180. The public issue must be kept open for atleast

(a)

3 days

(b)

5 days

(c)

7 days

(d)

10 days

181. Match List I with List II and Select the Correct Answer using the Codes given below.

 List I List II (i) Preference shares 1. Internal Sources (ii) Equity shares 2. Issue of Debentures (iii) Share capital 3. Dividend right (iv) External Sources 4. Dividend
(a)
 (i) (ii) (iii) (iv) 4 3 1 2
(b)
 (i) (ii) (iii) (iv) 1 2 3 4
(c)
 (i) (ii) (iii) (iv) 2 3 4 1
(d)
 (i) (ii) (iii) (iv) 3 4 1 2
182. ____ has perpetual succession and the liability of the members is limited.

(a)

Company

(b)

Industry

(c)

(d)

Organisation

183. _____ is an artificial person.

(a)

(b)

Industry

(c)

Organisation

(d)

Company

184. _____ means such capital as is authorised by the memorandum of association.

(a)

Authorised capital

(b)

Issued capital

(c)

Subscribed capital

(d)

None of these

185. As per SEBI guidelines, the minimum application money shall not be less than _____ per cent of the issue price.

(a)

10

(b)

15

(c)

20

(d)

25

186. Nominal capital is the capital mentioned in the _____ of the company.

(a)

Articles of association

(b)

Memorandum of association

(c)

Prospectus

(d)

none of these

187. A public issue cannot be kept open for more _____ days.

(a)

5

(b)

10

(c)

20

(d)

25

188. When excess application money is adjusted towards allotment it is called as _____ issued capital.

(a)

30%

(b)

60%

(c)

90%

(d)

100%

189. According to Table - A, interest charged on calls in advance is _____ %

(a)

4%

(b)

5%

(c)

6%

(d)

3%

190. The balance of forfeited share account is ____ in the Balance sheet.

(a)

(b)

(c)

deducted from paid up capital

(d)

deducted from subscribed capacity

191. Securities premium account is shown on the liabilities side of the balance sheet under the head:

(a)

Share capital

(b)

Reserves and Surplus

(c)

Current liabilities

(d)

None of them

192. B Ltd. Issued shares of Rs.10 each at a discount of 10%. Mr.C purchased 30 shares and paid Rs.2 on application but did not pay the allotment money of Rs.3. If the company forfeited his entire shares, the forfeiture account will be credited by __________________

(a)

Rs.90

(b)

Rs.81

(c)

Rs.60

(d)

Rs.54

193. A company forfeited 2,000 shares of Rs.10 each (which were issued at par) held by Mr.John for non-payment of allotment money of Rs.4 per share. The called – up value per share was Rs.9. On forfeiture, the amount debited to share capital will be

(a)

Rs.10,000

(b)

Rs.8,000

(c)

Rs.2,000

(d)

Rs.18,000

194. Brave Ltd. Issued 60,000 shares of Rs.10 each at a discount of Re.1 per share. The application money was Rs.2, allotment money was Rs.4 and finale call was of Re.1. The amount of final call will be _______________

(a)

Rs.3

(b)

Rs.2

(c)

Rs.1

(d)

Rs.4

195. Proposed divided is shown in the balance sheet of a company under the head ______________

(a)

Provisions

(b)

Reserves & Surplus

(c)

Current Liabilities

(d)

Other liabilities

196. The profit remaining after issue of forfeited shares, in share forfeiture account will be transferred to ______________

(a)

Profit & Loss A/c

(b)

Share Capital A/c

(c)

General Reserves

(d)

Capital Reserve

197. When shares issued at premium which of the following account is credited?

(a)

(b)

Share first call A/c

(c)

Share allotment A/c

(d)

Share forfeited A/c

198. Minimum number of members in case of public company is ________________

(a)

4

(b)

5

(c)

6

(d)

7

199. After getting minimum subscription of shares, the company has to allot shares within ___________ days

(a)

90

(b)

100

(c)

110

(d)

120

200. When a shareholder fails to pay the amount due on allotment or on calls, the amount remaining unpaid is known ________

(a)

Calls in arrear

(b)

(c)

Capital Reserve

(d)

None of these

201. Which of the following statements is not true?

(a)

Notes and schedules also form part of financial statements

(b)

The tools of financial statement analysis include common-size statement

(c)

Trend analysis refers to the study of movement of figures for one year

(d)

The common–size statements show the relationship of various items with somecommon base, expressed as percentage of the common base

202. The financial statements do not exhibit

(a)

Non-monetary data

(b)

Past data

(c)

Short term data

(d)

Long term data

203. The term ‘fund’ refers to

(a)

Current liabilities

(b)

Working capital

(c)

Fixed assets

(d)

Non-current assets

204. Which of the following statements is not true?

(a)

All the limitations of financial statements are applicable to financial statement analysis also.

(b)

Financial statement analysis is only the means and not an end.

(c)

Expert knowledge is not required in analysing the financial statements

(d)

Interpretation of the analysed data involves personal judgement

205. A limited company’s sales has increased from Rs.1,25,000 to Rs.1,50,000. How does this appear in comparative income statement?

(a)

+ 20 %

(b)

+ 120 %

(c)

– 120 %

(d)

– 20 %

206. which statements are involve personal judgment in certain cases?

(a)

Financial statements

(b)

Income statement

(c)

Profit and loss account statement

(d)

None of these

207. Different tools are used for analysing the

(a)

balance sheet

(b)

financial statement

(c)

income statement

(d)

none of these

208. When figure relating to several years are considered for the purpose of analysis, the analysis is called

(a)

Horizontal analysis

(b)

Vertical analysis

(c)

Trend analysis

(d)

Cash flow analysis

209. Preparation of common size statements and computation of ratios are examples of

(a)

Ratio analysis

(b)

Vertical analysis

(c)

Horizontal analysisNone of these

(d)

None of these

210. Common size statement can be prepared with

(a)

double column

(b)

single column

(c)

three columns

(d)

five columns

211. Which of the following are techniques, tools or methods of analysis and interpretation of financial statements?

(a)

Ratio analysis

(b)

Average analysis

(c)

Trend analysis

(d)

An of the above

212. Interpretation of accounts is the

(a)

art and science of translating the figures

(b)

to know financial strengths and weakness of a business

(c)

to know the causes for the prevailing performance of business

(d)

all of the above

213. A technique that is used in comparative analysis of financial statement is

(a)

graphical analysis

(b)

preference analysis

(c)

common size analysis

(d)

returning analysis

214. __________ concerns prepare income statement and balance sheet at the of an accounting period.

(a)

(b)

Industry

(c)

(d)

None of these

215. ____________ shows the net result of business activities during an accounting period.

(a)

Expenditure statement

(b)

Financial statement

(c)

Income statement

(d)

None of these

216. __________ can get information about the ability of the business to repay by the debits from financial statements.

(a)

Creditors

(b)

Debtors

(c)

Owners

(d)

All of these

217. ________ is required in analysing the financial statements.

(a)

Expert knowledge

(b)

Quality informationHistorical dataHistorical data

(c)

Historical data

(d)

None of these

218. _____________ refers to the tendency of movement

(a)

Ratio

(b)

Trend

(c)

Both 'a' and 'b'

(d)

None of these

219. _________ refers to the excess of current assets over current liabilities.

(a)

Income

(b)

Profit and loss account

(c)

Balance sheet

(d)

Working capital

220. _______________ analysis helps in assessing the liquidity and solvency of a business concern.

(a)

Fund flow

(b)

Trend

(c)

Cash flow

(d)

None of these

221. The mathematical expression that provides a measure of the relationship between two figures is called

(a)

Conclusion

(b)

Ratio

(c)

Model

(d)

Decision

222. Debt equity ratio is a measure of

(a)

Short term solvency

(b)

Long term solvency

(c)

Profitability

(d)

Efficiency

223. Match List I with List II and select the correct answer using the codes given below:

 List I List II (i) Current ratio 1. Liquidity (ii) Net profit ratio 2. Efficiency (iii) Debt-equity ratio 3. Long term solvency (iv) Inventory turnover ratio 4. Profitability
(a)
 (i) (ii) (iii) (iv) 1 2 3 4
(b)
 (i) (ii) (iii) (iv) 1 4 3 2
(c)
 (i) (ii) (iii) (iv) 3 2 4 1
(d)
 (i) (ii) (iii) (iv) 4 3 2 1
224. Current liabilities Rs. 40,000; Current assets Rs. 1,00,000 ; Inventory Rs. 20,000. Quick ratio is

(a)

1:1

(b)

2.5:1

(c)

2:1

(d)

1:2

225. Cost of revenue from operations Rs. 3,00,000; Inventory in the beginning of the year Rs. 60,000; Inventory at the close of the year Rs. 40,000. Inventory turnover ratio is

(a)

2 times

(b)

3 times

(c)

6 times

(d)

8 times

226. All profitability ratios are expressed in terms of

(a)

Proportion

(b)

Percentage

(c)

Times

(d)

Money

227. Current assets of a business concern is Rs.60,000 and current liabilities are Rs.30,000. Current ratio will be

(a)

1:2

(b)

1:1

(c)

2:1

(d)

3:2

228. ______ gives the proportion of current assets to current liabilities of a business concern.

(a)

Current ratio

(b)

Turn over ratio

(c)

Quick ratio

(d)

None of these

229. ______ ratio gives the proportion of proprietors funds to total assets.

(a)

Debt equity

(b)

Proprietary

(c)

Capital gearing

(d)

Inventory turn over

230. _____ ratio indicates the numbers of times the trade payable is turned over during the period in relation to net credit purchases.

(a)

Inventory turnover

(b)

(c)

(d)

Fixed assets turnover

231. _____ ratio is the proportion of gross profit to net revenue from operations.

(a)

Operating cost

(b)

Net profit

(c)

Gross profit

(d)

Return on investment

232. _______ ratio is an indicator of the overall profitability of the business.

(a)

Gross profit

(b)

Net profit

(c)

Operating cost

(d)

Operating profit

233. Bank overdraft is an example of _____ liability

(a)

Current

(b)

Liquid

(c)

Short term

(d)

Long term

234. _____ assets means current assets less stock and prepaid expenses.

(a)

Current

(b)

Fixed

(c)

Liquid

(d)

None the these

235. ______ are final result of accounting work done during the accounting period.

(a)

Current affairs

(b)

Financial statements

(c)

Statement affairs

(d)

None of these

236. 100% - Operating profit ratio is equal to _______________

(a)

Cost

(b)

Management

(c)

Operating Profit ratio

(d)

Operating ratio

237. Liquid liabilities means ________________

(a)

Current liabilities

(b)

Current liabilities – Bank overdraft

(c)

Current liabilities + Bank overdraft

(d)

None of these

238. Gross profit ratio established the relationship between

(a)

Gross profit & Total sales

(b)

Gross profit & Credit Sales

(c)

Gross profit & Cash sales

(d)

None of these

239. The Opening stock and Closing stock are Rs.72,000 and Rs.48,000 respectively. Then the average stock is ___________

(a)

Rs.1,20,000

(b)

Rs.60,000

(c)

Rs.24,000

(d)

Rs.20,000

240. Prepaid expenses are shown in the ______________

(a)

Liabilities

(b)

Assets

(c)

Capital

(d)

None of these

241. Which of the following statements are true about Ratio Analysis?
i) Ratio analysis is useful in financial analysis
ii) Ratio analysis is helpful in communication and coordination
iii) Ratio analysis is not helpful in identifying weak sports of the business
iv) Ratio analysis is helpful in financial planning and forecasting

(a)

i, ii and iv

(b)

i, iii and iv

(c)

i, ii and iii

(d)

i, ii, iii and iv

242. Which of the following are limitations of Ratio Analysis?
i) Ratio analysis may result in false results if variations in price levels are not considered
ii) Ratio analysis ignored qualitative factors
iii) Ratio analysis ignores quantitative factors
iv) Ratio analysis is historical analysis

(a)

i, ii and iv

(b)

i, iii and iv

(c)

i, ii and iii

(d)

i, ii, iii and iv

243. Debt Equity Ratio is 3:1, the amount of total assets Rs.20 lacks, current ratio is 1.5:1 and owned funds Rs.3 lacks. What is the amount of current asset?

(a)

Rs.5 lacks

(b)

Rs.3 lacks

(c)

Rs.12 lacks

(d)

Rs.2 lacks

244. In the balance sheet amount of total assets is Rs.10 lacks, current liabilities Rs.5 lacks & capital & reserves are Rs.2 lacks . What is the debt equity ratio?

(a)

1:1

(b)

1.5:1

(c)

2:1

(d)

None of the above

245. Which ratio is considered as safe margin of solvency?

(a)

Liquid Ratio

(b)

Quick Ratio

(c)

Current Ratio

(d)

None of the above

246. Accounting report prepared according to the requirements of the user is

(a)

Routine accounting report

(b)

Special purpose report

(c)

Trial balance

(d)

Balance sheet

247. Function key F11 is used for

(a)

Company Features

(b)

Accounting vouchers

(c)

Company Configuration

(d)

None of these

248. What are the predefined Ledger(s) in Tally?
(i) Cash
(ii) Profit & Loss A/c
(iii) Capital A/c

(a)

Only (i)

(b)

Only (ii)

(c)

Both (i) and (ii)

(d)

Both (ii) and (iii)

249. Contra voucher is used for

(a)

Master entry

(b)

Withdrawal of cash from bank for office use

(c)

Reports

(d)

Credit purchase of assets

250. Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded

(a)

Contra Voucher

(b)

Receipt Voucher

(c)

Payment Voucher

(d)

Sales Voucher

251. In 2009, Tally Solutions introduced the software

(a)

Tally. ERP 9

(b)

Tally. ERP 10

(c)

Tally. ERP 6.0

(d)

Tally. 8.0

252. All transactions related to receipt either in cash or through bank are recorded using

(a)

payment voucher

(b)

contra voucher

(c)

receipt voucher

(d)

sales voucher

253. All transactions related to payments either in cash or through bank are recorded using

(a)

journal voucher

(b)

sontra voucher

(c)

receipt voucher

(d)

payment voucher

254. In payment voucher, cash or bank account is credited and other ledger account is

(a)

debited

(b)

credited

(c)

both 'a' and 'b'

(d)

none of these

255. Automated accounting is an approach to maintain up-to-date accounting records with the aid of

(a)

System software

(b)

Accounting software

(c)

System hardware

(d)

Accounting hardware

256. Which from the following is better in accounting?

(a)

Book keeping

(b)

Computerised accounting

(c)

Both

(d)

None of these

257. Single entry mode is applicable for

(a)

Receipt voucher

(b)

Payment voucher

(c)

Contra voucher

(d)

All of these