Accounting MCQs

Choose the odd one out. The court has the option to order dissolution of a firm, where
1. a partner is of sound mind.
2. a partner do not suffer from permanent in capacity.
3. a partner is not guilty of misconduct of the business.
4. a partner transfers his interest or share to a third party.
Select the correct answer:

Given:
Stock Trunover Ratio = 6 times
Average Stock = Rs. 8,000
Selling price = 25% above cost
What is the amount of gross profit?

Stock = Rs. 14,000
Debtors = Rs. 20,000
Stock Turnover = 5 Time
Debtor's collection period = 73 days
Creditors = Rs. 20,000
Outstanding expenses 15% Lendars
Current Assets Turnover will be:

Match the following:

List-I	List-II
a. Admission	1. Gaining ratio
b. Retirement	2. Equal ratio
c. Revaluation	3. Sacrificing ratio
d. No partnership deed	4. Old ratio

Which of the following is not correct in case of 'stock' of a company?
The 'stock':

Match the following:

List-I	List-II
a. Goodwill of a company	1. Current liability
b. Overdraft	2. Fixed assets
c. Preliminary expenses	3. Reserves surplus
d. Premium on issue of shares	4. Fictitious assets

Cash sales during the year - Rs. 46,000
Cash collected from customers during the year - Rs. 1,26,000
Amount regarded as collected from the customers at the end of the year decreased by Rs. 4,940 as compared to the collectable amount at the beginning of the year. One account of the amount of Rs. 1,300 was determined worthless during the year. The amount of credit sales during the year was

Arrange the following in correct sequence in the event of dissolution of a partnership firm.
1. Residue, if any, divided among the partners.
2. Paying to each partner for his capital.
3. Paying the debts of third party.
4. Paying to each partner for advances made by him.
Select the correct answer:

Match the following

List-I	List-II
a. Ind AS-223	1. Impairment of assets
b. Ind AS-27	2. Borrowing costs
c. Ind AS-36	3. Agriculture
d. Ind AS-41	4. Separate financial statements