Class12 Accountancy IDEAL INDIAN SCHOOL,DOHA QATAR

Non-for-Profit Organisation prepare

• (a) Income and Expenditure account

• (b) Trading and Profit & Loss account

• (c) Only the trading account

• (d) None of the above

Donation received for a special purpose is a

• (a) Liability

• (b) Revenue Receipt

• (c) Capital Receipt

• (d) None of the above

The ratio in which a partner surrenders his share in favour of a partner is known as:

(a)  

Reserves and accumulated profits are transferred to partners ' capital accounts at the time of reconstitution in (a)   ratio.

he net assets of the firm including fictitious assets of 5,000 are 85,000.The net liabilities of the firm are 30,000.The normal rate of return is 10% and the average profits of the firm are 8,000.Calculate the goodwill as per capitalization of super profits.

(a)  

Under which method of valuation of goodwill, normal rate of return is not considered?

(a)  

When the value of goodwill of the firm is not given but has to be inferred on the basis of the net worth of the firm ,it is called……………..

(a)  

If Super profit of a firm is 10,000,its value of goodwill will be ………….if rate of return is 8%

(a)  

In the absence of partnerships deed profit will he shared

• Equal ratio

• Capital ratio

• Both

• None of these

The rate of interest allowed on loans advanced

• 8%

• 5%

• 6%

• 12%