A-AS Level (CIE) Accounting Paper-3: Specimen Questions with Answers 11 - 12 of 50
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Question 11
Question
MCQ▾Calculate Net profit ratio from the following:
| Opening stock | 3,00, 000 |
| Closing Stock | 4,20, 000 |
| Purchases | 14,00, 000 |
| Wages | 3,70, 000 |
| Carriage Inwards | 1,50, 000 |
| Administrative Expenses | 84,000 |
| Selling Expenses | 36,000 |
| Income Tax | 1,00, 000 |
| Profit on sale of fixed assets | 24,00, 000 |
Choices
| Choice (4) | |
|---|---|
a. | 13.98 % |
b. | 17.67 % |
c. | 16.13 % |
d. | 16.67 % |
Answer
d.Explanation
Question 12
Question
MCQ▾When existing agreements between the partners changes it is called
Choices
| Choice (4) | |
|---|---|
a. | Dissolution of firm |
b. | Dissolution of partnership |
c. | Dissolution of business |
d. | None of the above |
Answer
b.Explanation
- Dissolution of partnership means termination of old partnership agreement and reconstruction of the firm due to admission, retirement, or death of a partner. Dissolution of partnership may or may not result into closing of business as the remaining partners may agree to carry on the business under a new agreement.
- In case of Dissolution of partnership means the firm may continue i.e.. it does not mean dissolution of firm. But in case of dissolution of the firm, the partnership is automatically dissolved.