Question bcom.docx

Q.1 Choose the correct answer: (i)

(ii)

(iii)

(iv)

(v)

(vi)

Preparation of partnership deed is a. Compulsory

b. Not compulsory

c.

d. Partly compulsory

The amount of goodwill is paid by a new partner: b. For getting share in future profits.

b. For paying entry fees

c.

d. For having rights on assets

For paying capitals

The capital Accounts are closed in case of firm’s dissolution. d. By Balance A/c

b.

By Bank A/c

e. By Purchase A/c

d.

By Profit & loss A/c

The balances of all assets are transferred to Realization A/C in firm’s dissolution: f.

On purchase price

b. On book value

g.

on market price

d. whichever is more cut of these

To be shown in the branch account h. Credit sales

b. Bad debts

i.

d. Goods transferred to other branch

Goods returned by the customers

When goods or services are supplied to another department at selling price, the transfer has to be recorded at a selling price called  j. Transfer price. b. Market price k.

(vii)

Unnecessary

Inflated price

c. None of these.

In installment purchase system the purchaser is t he owner of goods l.

On delivery of goods

m. On payment of first installment

b. on signing of contract d. on payment of the last installment

(viii) The base of calculation of interest in hire purchase system is

(ix)

(x)

n. Cash value of the asset

b. Hire purchase value of the asset

o. Market value of the asset

d. Residual value of the asset

Del Credere Commission is calculated on p. Cash sales

b. Total sales

q. Credit sales

c. Account sale

Credit purchase, during the year is ascertained by preparing: r.

Total debtors account

b. Total creditors account

s.

Cash account

d. Opening statement of affairs