12th class Principles of Accounting MCQS Set 1

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12th class Principles of Accounting MCQS

Due to drawings made during the year, the closing capital will,

In single entry system ledger contains the accounts of,
Debtors, creditors and cash
Wages and carriage
Salaries and insurance
Assets and liabilities

In case of dissolution, the payment of liabilities should be credited to:
Realization account
Liabilities account
Cash account
Profit and loss account

On retirement of a partner, the share of retiring partner is taken by
Legal representatives of retiring partner
New partner
Remaining Partners

It is prepared to find out the result of dissolution, i.e. profit or loss:
Profit and loss account
Revaluation account
Profit and loss appropriation account
Realization account

In case of retirement, when goodwill is raised at full value, is credited to:
Goodwill A/c
Retiring partners capital A/c
Remaining partners capital A/c
All partners capital A/c

Goodwill is an:

In the absence of an agreement, partners shall
Not be paid salaries
Paid salaries to all the partners
Be paid salaries
Be paid salaries to those who work for the firm

Due to fresh capital introduced during the year, the closing capital will,

In accountancy ‘consignment’ signifies
Goods forwarded from one place to another
Goods dispatched by its owner to his agent
Goods dispatched by its owner tho his agent for the purpose of sale
Goods forwarded by a person to another

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