Do you agree or Disagree with the Following Statement (Weightage 5 Marks)
1. Partnership Final Account
1) When Partnership Deed is silent, Partners share profits of the firm according to capital ratio.
Ans) Disagree
2) Current account always shows a debit balance.
Ans) Disagree
3) It is compulsory to have a partnership agreement in writing.
Ans) Disagree
4) Partnership Firm is a trading concern.
Ans) Agree
5) An interest on capital is an expenditure for the partnership firm.
Ans) Agree
6) Partnership is an association of two or more persons.
Ans) Agree
7) Partners are entitled to get Salary or Commission.
Ans) Disagree
8) The balance of Capital Account remains constant under the Fixed Capital Method.
Ans) Agree
9) The Indian Partnership Act, came into existence in the year 1945.
Ans) Disagree
10) Profit and Loss Account reflects the true Financial position.
Ans) Disagree
11) Amount borrowed by partner from his business will be debited to Current Account.
Ans) Agree
12) Sold but undispatched goods must be part of the valuation of closing stock.
Ans) Disagree
13) Carriage Inward is a selling and distribution overhead.
Ans) Disagree
14) Gross profit is an operation profit.
Ans) Disagree
15) All financial expenditures are debited to profit and loss account.
Ans) Agree
16) Free distribution of goods is debited to the trading account.
Ans) Disagree
2. Not for Profit’ Concern
No Textual Question
2. Admission of Partner
No Textual Question
3. Retirement of Partner
No Textual Question
4. Death of Partner
No Textual Question
5. Dissolution of Partnership Firm
No Textual Question
6. Bills of Exchange
1) A bill of exchange is a conditional order.
Ans:- Disagree
2) The party which is ordered to pay the amount is known as the payee.
Ans:- Disagree
3) The person in whose favour the bill is endorsed is known as endorsee.
Ans:- Agree
4) Rebate or discount given on retiring a bill is an income to the Drawee.
Ans:- Agree
5) A bill from the point of view of debtor is called Bills payable.
Asn:- Agree
6) In case of bill drawn payable ‘on-demand,’ no grace days are allowed.
Ans:- Agree
7) A bill is required to be accepted by Drawer
Ans:- Disagree
8) A bill of exchange need not be dated.
Ans:- Disagree
9) A bill before acceptance is called Promissory Note.
Ans:- Disagree
10) Renewal is request by Drawee to extend the credit period of the bill.
Ans:– Agree
7. Company Accounts – Issue of Shares
1) In case of Pro-rata allotment the excess application money received must be refunded.
Ans:- Disagree
2) Calls in Advance account are shown on the Asset side of the Balance sheet.
Ans:- Disagree
3) The Authorised capital is also known as Nominal Capital.
Ans:- Agree
4) Paid-up capital can be more than Called up Capital.
Ans:- Disagree
5) Joint Stock company can raise huge amount of capital.
Ans:- Agree
6) When shares are forfeited Shares Capital Account is credited.
Ans:- Disagree
7) Directors can reissue forfeited shares.
Ans:- Agree
8) When the issued price of share is ₹ 12 and face value is ₹ 10, the share is said to be issued at premium.
Ans:- Agree
9) Public limited company can issue its share without issuing its prospectus.
Ans:- Disagree
10) Shares can be issued for consideration other than cash.
Ans:- Agree
8. Analysis of Financial Statements
No Textual Question
9. Computer In Accounting
No Textual Question