In journal, a compound entry involves: MCQ with Answer and Explanation
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Question #1
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X and Y are partners sharing profits 3:2. Z is admitted for 1/4th share. New profit-sharing ratio will be:
Correct Answer: Option C
Explanation:
Remaining share = 1 - 1/4 = 3/4 distributed in 3:2, so X = 3/4 * 3/5 = 9/20, Y = 3/4 * 2/5 = 6/20, Z = 5/20. Ratio = 9:6:5.
Remaining share = 1 - 1/4 = 3/4 distributed in 3:2, so X = 3/4 * 3/5 = 9/20, Y = 3/4 * 2/5 = 6/20, Z = 5/20. Ratio = 9:6:5.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Constitutional Amendment' that paved way for GST was:
Correct Answer: Option C
Explanation:
The Constitution (One Hundred and First Amendment) Act, 2016 introduced GST.
The Constitution (One Hundred and First Amendment) Act, 2016 introduced GST.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following is typically maintained using the imprest system?
Correct Answer: Option C
Explanation:
The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.
The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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