C=Both deduction from sales and addition to closing stock
D-None of these
Correct Answer:- Option-C
Question69:-One of the advantage of accounting is
AcAssists in management
B:-Record of cost
೦-800 Land 2
D-None of these
Correct Answer:- Option-C
Question70:-Amount received out of joint lfe policy on the death of @ partner is
‘Ac Debited to profit and loss account
B:-Credited to profit and loss account
C:Debited to joint life policy account
D-Credited to joint ife policy account
Correct Answer:- Option-D

‘Question71:-Statement | : Capital and current account is prepared in fluctuating capital method.
Statement II: The balance of capital fluctuates from time to time in the case of fluctuating capital method,

‘AcStatement |is correct but Statement Ilis wrong
B:-Statement Ilis correct but Statement lis wrong
CeBoth Statements are correct
D-Both statements are wrong
Correct Answer:- Option ®

Question72:-Decrease in revaluation of assets at the time of admission of a partner is,
‘Ac Debited to revaluation account
B:-Credited to realization account
C-Credited to revaluation account
D-None of these
Correct Answer:- Option-é

Question73:-f goodwill is raised only for the share of the retiring partner
‘A-Gooduill is debited and all partners’ capital account is credited
B:-Gooduill is credited and all partners’ capital account is debited
C:-Gooduill is debited and retiring partner's capital account is credited
Goodwill is credited and retiring partner's capital account is debited.
Correct Answer:- Option-C

Question74:-The following items are taken in profit and loss appropriation account.

i Interest on drawings and capital

i Interest on drawings, salary and commission

ili Interest on drawings, salary and capital

iv. Interest on drawings, salary, commission and capital
‘Aci and ilis correct
B:-Only iis correct
C-Only il is corect
D-Only ili is correct
Correct Answer:- Option-C

‘Question75:-Transactions are recorded in the value in which it is incurred is explained by
‘AGoing concern concept
B:-Consistency concept
C=Conservatism concept
D-Cost concept
Correct Answer:- Option-D

Question76:-The profit on the reissue of forfeited shares are transferred to

‎account‏ وماق هكم