A, B and C are partners sharing profits and losses in the ratio of ½, 3/10 and 1/5. B retires from the firm. A and C decide to share the future profits and losses in 3 : 2. Calculate gaining ratio __________

A firm has liabilities is Rs. 50,000 and Capital is Rs. 25,000. Then its assets is ______________

Goodwill is a(n):

In the revaluation account an increase in the value of land and building _______

If opening capital Rs. 1,000 and closing capital Rs. 2000. Assuming no drawings during the accounting period, calculated the net income or loss for the period _______

Holders of preference shares will have a right to vote if the dividend remains in arrears for a period not less than ___________

_____________ Assets = Total current assets - (Stock + Prepaid expenses)

_____ is an overall measure of profitability of a business concern.

___________ shows the company selected under List of Selected Companies on the left pane

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

List I		List II
(i)	CAS	1.	Accounting Information System
(ii)	MIS	2.	Computerised Information System
(iii)	AIS	3.	Management Information System
(iv)	CIS	4.	Computerised Accounting System

___________ includes manufacturing account and trading and profit and loss account.

Financial statements are prepared based on _____________

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

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

	List I		List II
(i)	Remuneration to partners	1.	Section 13(c)
(ii)	Profit Sharing ratio	2.	Section 13(d)
(iii)	Interest on capital	3.	Section 13(b)
(iv)	Interest on loan	4.	Section 13(a)

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

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

Goodwill is to be valued when ____________

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

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

_______items will be recorded in income and expenditure account

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

On revaluation, the increase in the value of assets leads to 

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

A partner retires from the partnership firm on 30^th June. He is liable for all the acts of the firm up to the

The term ‘fund’ refers to

Which of the following statements is not true?

If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

Match the pair and identify the correct option

(1) Under subscription	(i) Amount prepaid for calls
(2) Over subscription	(ii) Subscription above the offered shares
(3) Calls in arrear	(iii) Subscription below the offered shares
(4) Calls in advance	(iv) Amount unpaid on calls

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

Current assets excluding inventory and prepaid expenses is called

Which is not the default group in Tally?

Contra voucher is used for

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

Super profit is the difference between

When a partner withdraws regularly a fixed sum of money at the middle of every month, period for which interest is to be calculated on the drawings on an average is 

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

There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

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

The amount of credit sales can be computed from

Which of the following items relating to bills payable is transferred to total creditors account?