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:- ೦೧000
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 | ‏وأ‎ correct but Statement Ilis wrong
B:-Statement Ilis correct but Statement lis wrong
೦-800 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
Credited to revaluation account
D-None of these
Correct Answer:- ೦೧000

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 15 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 ॥ 15 correct
B:-Only iis correct
Only il 15 correct
D-Only ii is correct
Correct Answer: Option-C

Question75:-Transactions are recorded in the value in which it is incurred is explained by
‘A-Going 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

AcTrading account