Podcast
Questions and Answers
What type of account is the Income and Expenditure Account?
What type of account is the Income and Expenditure Account?
The balance of a retired partner's Capital Account is paid to their Son’s Account.
The balance of a retired partner's Capital Account is paid to their Son’s Account.
False
What is the ratio in which Seeta and Geeta share profits and losses?
What is the ratio in which Seeta and Geeta share profits and losses?
3 : 2
An asset that can be converted into cash immediately is called a _______.
An asset that can be converted into cash immediately is called a _______.
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Match the following terms with their correct definitions:
Match the following terms with their correct definitions:
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What is the amount Reeta is required to bring as capital when admitted to the firm?
What is the amount Reeta is required to bring as capital when admitted to the firm?
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The stock is to be appreciated by 10%.
The stock is to be appreciated by 10%.
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How much is the general reserve in the balance sheet of Shivshakti Traders?
How much is the general reserve in the balance sheet of Shivshakti Traders?
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R.D.D. is to be maintained at __.
R.D.D. is to be maintained at __.
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Match the following assets with their updated values:
Match the following assets with their updated values:
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Study Notes
Board Question Paper: March 2024 - Book Keeping & Accountancy
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Question 1: Sub-questions cover identifying the odd one out in various lists and asking if students agree with specific accounting statements.
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Question 1(A): Find the odd one out of given sets: Subscribed Capital, Called up Capital, Paid up Capital, Equity Shares; Building, Bills Payable, Furniture, Machinery; Retaining of Bill, Noting of Bill, Discounting of Bill, Endorsing of Bill; Audit Fees, Insurance, Medical Expenses, Sundry Receipts; General Reserve, Creditors, Investments, Capital.
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Question 1(B): Students must assess and answer with agreement or disagreement to statements about not-for-profit concerns, current account balances, bills of exchange and partner's rights in dissolution scenarios and automatic closure of bank accounts.
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Question 1(C): Students need to select and rewrite statements related to dissolution, interest on loans, assets taken over by partners, and the transfer of capital accounts in dissolution.
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Question 2: Covers Balance Sheet analysis for a partnership firm with specific scenarios about partners and asset valuations.
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Question 3: Focuses on dissolution of a partnership firm. It asks for Realisation Account, Partner's Capital Account, and Bank Account preparation in conjunction with asset realization details and dissolution expenses and goodwill figures.
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Question 3(OR): Focuses on journal entries in a business context including an overview of bank activities.
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Question 4: Requires journal entries for a company issuing equity shares, with different payment stages detailed. This question has an alternative for a computerized accounting system.
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Question 5: Focuses on a Balance Sheet and profit-loss adjustments (as per profit sharing ratio) as part of a partnership dissolution scenario. The provided information details the assets and liabilities of partners in the context of one partner's retirement.
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Question 6: Focuses on Receipts & Payments accounts, Income & Expenditure Accounts and Balance Sheet preparation for a medical practitioner.
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Question 7: Involves preparing Profit & Loss Account and Balance Sheet for a partnership firm. Includes trial balance details (like debt and credit balance data) and adjustments. Adjustments include: Depreciation, maintenance of reserve, changes in values, and other business-related factors.
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Description
This quiz covers various aspects of Book Keeping and Accountancy, focusing on identifying odd items in lists and evaluating accounting statements. It includes sub-questions related to categories like capital, assets, and liabilities, as well as issues surrounding partnerships and account balances. Prepare to demonstrate your understanding of key accounting principles and practices!
