Fundamentals of Accounting MCQs

At the time of retirement of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners.

A and B are sharing 2/3rd. of profits of the firm and rest C and D are sharing in the ratio of 3:2. Find the profit sharing ratio of A,B,C & D

A dealer sends his goods on sale or return basis. He sends goods for Rs. 10,000 and records as normal sale. The profit on sale is 20%. The value of physical inventory taken Is Rs.50,000. Then the value of closing Inventory appearing in the balance sheet will be:

A & B are partners sharing profits and losses in the ratio 5:3. On admission, C brings Rs.70,000 cash and Rs. 48,000 against goodwill. New profit sharing ratio between A, B and C are 7:5:4., Find the sacrificing ratio of A:B.

No. of grace days for Bill at Sight will be