Principles of Accounts 2012 | Study Mode

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Question 31
A
Using the partners' profit and loss sharing ratio
B
By neglecting the ratio of partners capital contributions
C
By sharing it unequally among the partners where no agreement exists
D
By sharing it among the active partners only
Explanation

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Correct option: A
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Question 32
A
debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000
B
credit goodwill #15,000, cash #20,000 and debit Mary's #35,000
C
debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000
D
debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000
Explanation

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Correct option: A
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Question 33
A
business purchase account and ordinary share capital account
B
Business purchase account, vendor account and ordinary share capital account
C
business purchase account and vendor account
D
ordinary share capital account, vendor account and unpaid share capital account
Explanation

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Correct option: B
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Question 34
A
1 and 11
B
1, 11 and 111
C
1 and 111
D
11 and 111
Explanation

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Correct option: B
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Question 35
A
application and allotment account and credit unsubscribed shares
B
application and allotment account and credit cash
C
oversubscribed shares and credit allotment account
D
oversubscribed shares and credit allotment account
Explanation

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Correct option: B
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Question 36
A
trading accounts
B
profit and loss account
C
balance sheet
D
source and application of fund
Explanation

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Correct option: C
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Question 37
A
1:94:1
B
1:96:1
C
1:1:94
D
1:1:96
Explanation

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Correct option: B
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Question 38
A
1
B
2
C
3
D
4
Explanation

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Correct option: B
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Question 39
A
Market fees
B
Bicycle licences
C
Tarrifs
D
Property rates
Explanation

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Correct option: C
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Question 40
A
ledger book
B
payment book
C
vote book
D
expenditure book
Explanation

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Correct option: C

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