Principles of Accounting | Study Mode

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Question 31
A
Profit and loss account as brought forward figure
B
Closing balance sheet as carried forward figure
C
Closing balance sheet as brought forward figure
D
Profit and loss as carried forward figure
Explanation

fixed asset are brought forward in closing balance sheet


Correct option: C
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Question 32
A
?705
B
?500
C
?1000
D
?10000
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: A
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Question 33
A
Accruals
B
inventory
C
subscription
D
depreciation
Explanation

is adjusted for in the income and expenditure account


Correct option: C
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Question 34
A
A constitution
B
A law
C
A deed
D
An article
Explanation

A partnership deed is a written agreement among the partners specifying rules and regulations and is signed by all the partners and stamped as per stamp act with an aim to prevent possible disputes and disagreements among the partners at future dates


Correct option: C
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Question 35
A
#7200
B
#7460
C
#7500
D
#7660
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: D
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Question 36
A
#2,500
B
#2,800
C
#3,000
D
#5,200
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: A
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Question 37
A
An amount should be fixed as salaries for partners
B
Profits and losses should not be shared equally
C
Interest on partners loan should be 25%
D
Interest should not be allowed on partners drawings
Explanation

Under the Partnership Act, the following rules will be applied in the absence of an agreement among partners:

i. Profit or losses of the firm will be shared equally by the partners

ii. Interest on capital will not be allowed to any partner.

iii. No interest will be charged on drawings

iv. Interest on loan will be 6% on the loan

v. No salary or remuneration will be allowed to any of the partners

vi. Every partner must take part in the management of the partnership business

vii. The partnership books are kept at the place of business of the partnership and every partner may have access to and inspect and copy any of them.


Correct option: D
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Question 38
A

Sule1/3, Ahmed1/3, Khadija 1/3

B

Sule 2/5, Ahmed 2/5, Khadija 1/5

C

Sule1/5, Ahmed1/5, Khadija3/5

D

Sule2/5, Ahmed1/5, Khadija2/5

Explanation

If Khadija is to take 1/5th i.e. 20%

Sule and Ahmed are to share 80% (100% - 20%) equally

Sule = 2/5

Ahmed = 2/5

Khadija = 1/5


Correct option: B
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Question 39
A
Cost price
B
Cost plus mark up
C
Selling price
D
Market price
Explanation

Goods are transferred from head office to branch at cost price, selling price and cost price plus mark up


Correct option: B
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Question 40
A
Stock and repayment
B
Creditors and cash in transit
C
Stock and cash in transit
D
Debtors and cash in transit
Explanation

Goods in transit are goods sent by the head office to branch but by the close of financial year, these goods have not yet reached the branch.

Cash in transit are cash remitted by the branch to head office by the end of the financial year this cash has not yet reached the head office

Another major cause of discrepancy is returns in transit. This is the returns by the branch to head office but by the end of the year, they have not been received by the head office


Correct option: C

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