Fundamentals of Accounting MCQs

Share application money should not be less than

Interest on debentures is

X, Y and Z take a joint life policy. Their profit sharing ratio is 2:2:1. died. X and Z decide to share profits equally. They had taken a Joint life policy of Rs.2,50,000 with the surrender value Rs.50,000. What will be the treatment in the partner`s capital account on receiving the JLP amount, if joint life policy is maintained at surrender value along with the reserve?

P, Q and R were partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively with the capitals of Rs.75,000 Rs.30,000, Rs.25,000 respectively. Q declared to retire from the firm and balance in reserve on the date was R5.15,000. If goodwill of the firm was valued at Rs.30,000 and profit on revaluation was Rs.7,050, then what amount will be transferred to the loan account of B.

X & Y are partners In the ratio of 5:3. They admitted 7 as a partner for 1/5 share and he pays Rs. 1,20,000 as capital and Rs. 60,000 as goodwill. Find capitals of all the partners taking Z`s capital as the base?