FINAL ANSWER KEY

Question Paper 0०९; 2/2023/0L
Category Code: 406/2029

Exam: Finance Assistant

Date of Test 05-01-2023
Department Meat Products of India Ltd
Alphacode A

Question1:-Opening Capital is 50,000
Profit for the year is 25,000
Drawings during the year is 10,000
‘The amount of closing capital of the sole trader is
۸0
‏0ھ‎
‏0ء"‎
‎0:0,
‎Correct Answer: Option-C
Question2:-Bad Debts amounted to Rs. 5,000
New Provision Required is calculated as Rs. 10,000
Old Provision is Rs. 4,000
Calculate the amount to be debited to P & L Account
‘A-11,000
‏0ھ‎
‎ء٥‎
‎0:-9.000
‎Correct Answer: Option:
‘Question3:-Actual Profit is 2,00,000
Capital Employed is 10,00,000.
Normal Rate of Return is 10%
Number of years purchase is 3
Value of Goodwill based on super profit is
۸0
‏360ھ‎
‎೦2,00,000
‎00

Correct Answer: Option ®

Question4:-The accounting equation “Assets = Liabilities + Capital” is derived from principle
11

B:-Money Measurement

Ce-Accounting Entity

D-Dual Aspect

Correct Answer:- Option-D

QuestionS:-P and Q are partners in a firm sharing profits and losses in the ratio of 3:2. They admit R into the partnership for a sixth share (1/6). The new profit sharing ratio is
What is the sacrificing ratio of P and 7

५२
Bela
മ
0:23.

Correct Answer: Option-C

Question6:-P, Q and R are partners sharing profits in the ratio of 5:3:2. R retires from the partnership and P and Q agree to continue the firm in the ratio of 5:3. Goodwill of the firm is
valued at Rs. 40,000 and retiring partner's share of Goodwill is calculated as Rs. 8,000 and is to paid by P and Q by debiting their capital Account. What is the share of retiring partners
Goodwill borne by P and Q

‘A-P 4000 and Q 4000

BP 5000 and Q 3000

C-P 3000 and Q 5000.

D:-P 6000 and Q 2000

Correct Answer: Option ®