PGT (Commerce previous year questions) (HTET) (Part – I)

Total Questions: 100

1. If the rate of gross profit is 25% on cost of goods sold and the sales is ₹ 5,00,000, the amount of gross profit will be_______.

Correct Answer: A. 1,00,000

2. Internally generated goodwill is:

Correct Answer: D. not recorded in the books

3. If outstanding wages appears in the trial balance it is shown in________.

Correct Answer: A. Balance sheet

4. Which of the financial statement represents the accounting equation?

Correct Answer: C. Balance sheet

5. Capital expenditures are recorded in the_______.

Correct Answer: A. Balance sheet

6. Cost of floating a company is an example of:

Correct Answer: C. Fictitious assets

7. A & B are partners sharing profits and losses in the ratio 5 : 3. On admission of C, new profit sharing ratio between A, B and C is 7 : 5 : 4. Find the sacrificing ratio as A : B

Correct Answer: A. 3 : 1

8. Ram and Shyam are partners sharing profits and losses in the ratio of 3 : 2 having the capital of ₹ 180,000 and ₹ 150,000 respectively. They are entitled to 10% p.a. interest on capital before distributing the profits. During the year firm earned ₹ 7,800 after allowing interest on capital. Profits apportioned among Ram and Shyam is:

Correct Answer: A. 4,680 and 3,120

9. At the time of death of a partner, firm gets_________from the insurance company against the Joint Life Policy taken jointly for all the partners.

Correct Answer: A. Policy Amount

10. Preference shares amounting to ₹ 1,00,000 are redeemed at a premium of 5% from the profits of the company. The amount to be transferred to capital redemption reserve account will be:

Correct Answer: B. ₹ 1,00,000