Friends ,
I will be posting a problem daily and the correct answer wil be posted next day. This will be a practicing session for you.
here you go-
Fundamentals of Accounting
1. A, B and C take a JLP, after 5 years B retires from the firm, old profit sharing ratio is 2:2:1. After retirement, A and C decides to share profit equally. They, had taken a JLP of Rs. 2,50,000 with the surrender if joint life policy is maintained at surrender along with the reserve?
(a) Rs. 50,000 credited to all the partners in old ratio.
(b) Rs. 2,50,000 credited to all the partners in old ratio.
(c) Rs. 2,00,000 credited to all the partners in old ratio.
(d) Distribute JLP Reserve Account in old profit sharing ratio.
Mercantile Law
S offers to sell B his car for Rs. 50,000. T, standing nearby, says, “I will take it if B does not take it.” B is not interested in the car. What will be the position if T says to S “Here is the money, I take the car.”
(a) There is a contract between S and T.
(b) There is no contract between S and T.
(c) S may or may not accept T’s offer.
(d) Both (b) and (c)
Economics
The vertical demand curve will show that good is:
(a) Perfectly inelastic
(b) Perfectly elastic
(c) Inelastic
(d) Unitary
Quantitative Aptitude
In how many different ways can 8 examination papers be arranged in a line so that the best and worst papers
are never together?
(a) 30,240 (b) 30,330 (c) 30,540 (d) 30,630
All the best
CAclubindia
