Mittal Commerce Classes is conducting Commerce Ka Champion scholarship exam for the students appearing XII in Year 2025. Cash Prize is payable only if student take admission in Mittal Commerce Classes for CA/ CMA Foundation. Other than cash prize, all rewards will be given without any conditions.
Commerce Ka Champion Scholarship Exam [Sample Accounts Questions]
1. Depreciation fund at the time of admission of a partner is: (a) Not to be transferred anywhere (b) Transferred to old partners capital account in old profit sharing ratio (c) Transferred to Profit & Loss Appropriation A/c (d) Transferred to old partner’s capital A/c in sacrificing ratio
2. Angola and Rangoli are partners sharing profits and losses in the ratio of 2:3 Mangola joins the firm, Angola gives 1/3rd of his share and Rangoli gives 1/4th of her share to Mangola. The new profit sharing ratio will be: (a) 17:26:17 (b) 75:38:37 (c) 16:27:17 (d) None of These
3. A, B and C are partners in a business sharing profits and losses in the ratio of 3:2:1. On 30th June, 2009, C retired from business, when his capital A/c after all necessary adjustments showed a balance of Rs. 10,950. It was agreed that he should be paid Rs.4950 in cash on retirement and the balance in three equal yearly instalments with interest at 6% per annum. Amount of last instalment with interest will be: _________ (a) Rs. 2120 (b) Rs. 2100 (c) Rs. 2200 (d) Rs. 2500
4, A, B and C are partners in a firm, sharing profits & losses in the ratio of 5:3:2 respectively. The balance of capital is Rs.50,000 for A & B each and Rs.40,000 for ‘C’. ‘B’ decides to retire from firm. The goodwill of firm is valued at Rs.30,000 and profit on revaluation of Assets at Rs.5,000. The firm also have a balance in the reserve A/c for Rs.15,000 on that date. What amount will be payable to ‘B’. (a) Rs.45,000 (b) Rs.55,000 (c) Rs.65,000 (d) Rs.75,000
5. On the death of a partner, his executor is paid the share of profit of the dying partner for the relevant period. This payment is recorded in profit & loss………………….Account. (a) Adjustment (b) Appropriation (c) Suspense (d) Reserve
6. A partnership firm maintains its accounts on calendar year basis. B, one of its partner died on 31st March 2010. The profit for the year 2009 was Rs. 75,000, which was distributed among all the three partners equally. The share of profit of B for the year 2010 on the basis of the year 2009 will be (a) Rs.18,750 (b) Rs.25,000 (c) Nil (d) Rs.6,250
7. When adjusted purchase is shown in the debit column of the trial balance then: (a) Both opening and closing inventory appear in trial balance (b) Opening inventory is shown in trial balance and not the closing inventory (c) Closing inventory is shown in trial balance and not opening inventory (d) Both opening and closing inventory do not appear in trial balance
8. B’s trial balance contains the following informationMake provision at the end of the year Rs. 10,000 Provision for bad debts at the beginning of the year Rs. 4,000 Bad Debts Rs. 6,000 The amount to be debited to Profit & Loss A/c (a) Rs. 20,000 (b) Rs. 8,000 (c) Rs. 12,000 (d) NIL
9. General Manager gets 10% commission on net profit after charging such commission. Gross profit Rs. 70,000 and General expenses other than manager commission are Rs. 12,000. Commission amount will be (a) Rs. 5272.72 (b) Rs. 6072.72 (c) Rs. 5372.72 (d) Rs. 5172.72
10. Opening balance of debtors is Rs. 35,000 Cash Received from Debtors is Rs.30,000 Cash sales is Rs. 20,000which is 20% of total sales. B/R Received for Rs.40,000 and discount allowed is 1% of cash collection. Find the closing debtors. (a) Rs. 15,300 (b) Rs. 44,700 (c) Rs. 64,700 (d) Rs. 35,700
Commerce Ka Champion Scholarship Exam 2025 [Syllabus]
Syllabus For Commerce Ka Champion Scholarship Exam 2025
