12th class Principles of Accounting MCQS Set 1

The basic club record or book of original entry in non-profit making organization

a and “b”

Cash book

Sales book

Purchase book

The physical deterioration in asset due to use in business.

Depletion

Obsolescence

Wear and tear

Accident

Gaining ratio is calculated on:

Retirement

‘b’ & ‘c’

Admission

Death

It is paid to consignee if he take risk of bad debts

Ordinary commission

General commission

Delcredre commission

Commission

When interest is allowed on the capitals of the partners, it is calculated on the

Capital in the beginning of the year

Capital at the end less drawings if any

Capital at the end of the year

Average capital

Non-profit seeking organizations prepare

Manufacturing account

Trading account

Profit and loss account

Income and expenditure account

Depreciation may be ascertained exactly in case of

Lease holds property

Patent right

Machinery

a and “c”

Income and expenditure account records the transactions of

Capital nature

None of the these

Revenue nature

Revenue and capital nature

Suppose A, B & C are partners, sharing profits in the ratio of 7:4:3 respectively, What will be the new ratio if B retires in the absence of an agreement?

7:03

7:04

4:03

3:07

The amount of loan advanced by a partner to partnership is transferred to:

Partner’s loan account

Partner’s capital account

Partner’s drawings account

none of these