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Financial Accounting Exam
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Financial Accounting Exam
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25 Questions

1. At the time of admission of a new partner undistributed losses should be distributed to the old partners
2. What journal entry will be passed when a partner brings cash as capital in the business?
3. Goodwill is an
4. Profit or loss from revaluation account will be transferred to the partners capital account in their
5. In case of death of a partner, all accumulated profits are distributed among all partners in the
6. When payment is made for an unrecorded liability
7. In case of admission of a partner the profit or loss on revaluation of assets and liabilities is shared by partners
8. If A and B are sharing profits in the ratio of 3:2, admit c to 1/5th share in the future profit, the new profit sharing ratio will be
9. All accumulated losses are transferred to the capital a/c partners in the
10. Dividend received by the firm from the private estate of the insolvent partner is
11. A,B and C are partners sharing profits in 4:2:4. When A retires the gaining ratio of B and C is
12. In the event of dissolution of a firm, the partners personal assets are first used for payment of
13. On the admission of a partner if goodwill account is raised, this should be debited to
14. In insolvency accounting, list B deals with
15. On the death of a partner, the amount of Joint Life Policy shall be credited to the capital accounts of _______.
16. If Goodwill of a firm a Rs. 1500. C admitted for 1/4 share of profit. What is his share of Goodwill?
17. In which ratio an amount of goodwill brought in by new partner is shared by old partners?
18. If A and B are sharing profits in the ratio of 3:2, admit c to 1/5th share in the future profit, the sacrificing ratio will be
19. The ratio in which the old partners have agreed to sacrifice their charges in profit in favour of new partner is called the
20. Incase the right to require short workings has expired, the balance in the short workings account is transfer to
21. The accumulated profits and reserves are transferred to :
22. In insolvency accounting, list C deals with
23. For the firm, interest on drawing is
24. Royalty is the agreement between the following persons
25. Gaining ratio is calculated at the time of

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