Fill in the blanks (Weightage 5 Marks)
1. Partnership Final Account
1) Partners share profit & losses in ………… ratio in the absence of partnership deed.
Ans: Partners share profit & losses in equal ratio in the absence of partnership deed.
2) Registration of Partnership is ………… in India.
Ans: Registration of Partnership is optional in India.
3) Partnership business must be ………..
Ans: Partnership business must be lawful.
4) Liabilities of Partners in Partnership firm is ……….
Ans: Liabilities of Partners in Partnership firm is unlimited.
5) The balance of Drawings Account of a partner is transferred to his …………. account under the Fixed Capital Method.
Ans: The balance of Drawings Account of a partner is transferred to his current account under the Fixed Capital Method.
6) The interest on capital of a partner is debited to ……………… account.
Ans: The interest on capital of a partner is debited to Profit and Loss account.
7) Partners are ……………. liable for the debts of the firm.
Ans : Partners are joint & several liable for the debts of the firm.
8) Partnership Deed is an ………….. of Partnership.
Ans: Partnership Deed is an Article of Partnership.
9) The withdrawal by partner for personal use from the firm is ……….. to his account.
Ans: The withdrawal by partner for personal use from the firm is debited to his account.
10) Commission payable to partner is ………………… to the firm.
Ans: Commission payable to partner is liability/ outstanding expense to the firm.
11) When partners adopt Fixed Capital Method then they have to operate ……………… Account.
Ans:
When partners adopt Fixed Capital Method then they have to operate partner’s current Account.
12) If partners Current Account shows ………….. balance it is shown to the liability side of Balance sheet.
Ans: If partners Current Account shows credit balance it is shown to the liability side of Balance sheet.
13) The expenses paid for trading purpose are known as ……………..
Ans: The expenses paid for trading purpose are known as trade expenses.
14) Cash receipts which are recurring in nature are called as ………………
Ans: Cash receipts which are recurring in nature are called as Revenue Receipts.
15) Return outward are deducted from ……………..
Ans: Return outward are deducted from purchase.
16) Expenses which are paid before due date are called as ………………….
Ans: Expenses which are paid before due date are called as Prepaid Expenses.
17) Assets which are held in the business for a long period are called …………………
Ans: Assets which are held in the business for a long period are called fixed assets.
18) Trading Account is prepared on the basis of is …………. expenses.
Ans: Trading Account is prepared on the basis of is direct expenses.
19) When commission is allowed to any partner, it is …………….. of the business.
Ans: When commission is allowed to any partner, it is expenditure of the business.
20) When goods are distributed as free samples, it is treated as …………………….. of the business.
Ans : When goods are distributed as free samples, it is treated as advertisement expense of the business.
2. Not for Profit’ Concern
1) Not for Profit Organization never is engaged in …………… activities.
Ans: Not for Profit Organization never is engaged in trading activities.
2) Not for Profit organization is called ……….. organization.
Ans: Not for Profit organization is called service organization.
3) Receipts and Payments Account falls under the category of ……… Account.
Ans: Receipts and Payments Account falls under the category of Real Account.
4) In Receipts and Payments Account the summary of ……….. transactions are recorded.
Ans: In Receipts and Payments Account the summary of Cash transactions are recorded.
5) Income and Expenditure Account is similar to the …………… account of Trading Concern.
Ans: Income and Expenditure Account is similar to the Profit and loss account of Trading Concern.
6) Credit side of Receipts and Payments Account shows cash ………….
Ans: Credit side of Receipts and Payments Account shows cash payments
7) Income and Expenditure Account is a …………… Account
Ans: Income and Expenditure Account is a Nominal Account
8) Mumbai University prepares …………………… Account instead of a Profit and Loss account.
Ans: Mumbai University prepares Income and expenditure Account instead of a Profit and Loss account.
9) Subscription received from the members is considered as ………. receipts.
Ans: Subscription received from the members is considered as revenue receipts.
10) The transactions recorded in Income and Expenditure Account are related only to the ………….. year.
Ans: The transactions recorded in Income and Expenditure Account are related only to the Current year.
3. Admission of Partner
Not Available.
4. Retirement of Partner
1. New Ratio (less) ———– = Gain ratio
Ans:-old ratio
2. Retiring Partner’s share of goodwill is ———-to the remaining partner’s capital account.
Ans:-debited
3. Revaluation A/c is also known as ——————————-account.
Ans:-profit and loss adjustment
4. On retirement, the balance at a current Account of a partner is transferred to his ——– account.
Ans:-capital
5. A proportion in which the continuing partners get the share of retiring partner is known as ——– ratio
Ans:-gain
5. Death of Partner
1) Deceased partner’s executor’s account is shown on the ———–side of the Balance Sheet.
Ans: Liabilities
2) On the death of a partner, a ratio in which the continuing partners get more share of profits in the future is called as ——— ratio.
Ans:-Gain
3) Deceased partner’s share of profit up to the death is shown ———— side of the Balance Sheet.
Ans:- on assets
4) Benefit ratio = New Ratio ———-
Ans:-Old ratio
5) When Goodwill is raised at its full value and it is written off ———- account is to be credited.
Ans:-Goodwill
6. Dissolution of Partnership Firm
Not Available
7. Bills of Exchange
1) Making payment of bill before the due date of maturity is known as ………………………
Ans:-Making payment of bill before the due date of maturity is known as Retirement of Bill.
2) Person whose liabilities are more than his assets and is not in position to pay off his liabilities is………………..
Ans:- Person whose liabilities are more than his assets and is not in position to pay off his liabilities is Insolvent person.
3) Amount that cannot be paid by acceptor on account of insolvency is known as………………
Ans:- Amount that cannot be paid by acceptor on account of insolvency is known as deficiency.
4) A bill of exchange payable after certain period is known as ……………
Ans:-A bill of exchange payable after certain period is known as after date bill
5) A bill which is drawn and accepted with valuable consideration is known as ……….
Ans:-A bill which is drawn and accepted with valuable consideration is known as Trade Bil
6) A person who draws the bill of exchange is known as ………..
Ans:-A person who draws the bill of exchange is known as Drawer
7) A bill whose due date is calculated from the date of acceptance is known an …………..
Ans:-A bill whose due date is calculated from the date of acceptance is known an After sight bill.
8) Recording the fact of dishonour of Bill is known as …………
Ans:-Recording the fact of dishonour of Bill is known as Noting.
9) When Drawee accepts the bill payable at a particular place only, it is known as ……………..
Ans:- When Drawee accepts the bill payable at a particular place only, it is known as qualified acceptance as to place
10) Fees charged by the bank for collection of bill on behalf of holder is ………………
Ans:-Fees charged by the bank for collection of bill on behalf of holder is Bank charges.
8. Company Accounts – Issue of Shares
1) When the face value of the share is ₹ 100 and the issued price is ₹ 120, then it is said that the shares are issued at ……………………..
Ans:- When the face value of the share is ₹ 100 and the issued price is ₹ 120, then it is said that the shares are issued at premium
2) …………. Capital is the Capital which a company is authorised to issue by its Memorandum of Association.
Ans:- Authorised Capital is the Capital which a company is authorised to issue by its Memorandum of Association
3) The difference between Called-up Capital and Paid-up Capital is known as …………….
Ans:- The difference between Called-up Capital and Paid-up Capital is known as Calls-in-Arrears.
4) …………..shareholders get fixed rate of dividend.
Ans:- Preference shareholders get fixed rate of dividend.
5) ……….shareholders are the real owners of the company.
Ans:- Equity shareholders are the real owners of the company.
6)………….. form of business organisation in which Capital is raised through the issue of shares
Ans:- Joint-stock company form of business organisation in which Capital is raised through the issue of shares
7) …………….. is the part of issued capital which is subscribed by the public.
Ans:-Subscribed Capital is the part of issued capital which is subscribed by the public.
8) The part of Authorised Capital which is not issued to the public is known as………………Capita
ans:- The part of Authorised Capital which is not issued to the public is known as Unissued Capita
9. Analysis of Financial Statements
Not Available
Computer In Accounting
Not Available