Question Paper Model Test 
 
1. Capital Accounts of the co-venturers are of the nature of 
(a) Nominal A/c
(b) Personal A/c 
(c) Real A/c
(d) None of these
Ans (b)
 
2. Del-credere Commission is allowed to cover
(a) All types losses
(b) Abnormal loss
(c) Normal loss
(d) None of these
Ans (d)
 
3. A proforma invoice is sent by
(a) Consignee to consignor
(b) Consignee to Debtors
(c) Debtors to consignee
(d) Consignor to consignee
Ans (d)
 
4. A ............... is sent to a customer when he returns the goods
(a) Cheque
(b) Proforma invoice
(c) Credit note
(d) Debit note
Ans (c)

5. A seller sells goods at a profit of 25% on sales. In a particular month, he sold goods costing Rs 45,000. Sales Value of goods will be
(a) Rs  56,250
(b) Rs 65,000
(c) Rs  55,000
(d) Rs  60,000
Ans (d)

6. Generally, when the size of the venture is............... the co-venture keep separate sets of account for joint venture transactions
(a) Big
(b) Medium
(c) Small
(d) None of these
Ans (a)
 
7. The Petty cashier generally works on............... system
(a) Imprest
(b) Balancing
(c) Accrual
(d) None of these
Ans (a)
 
8. The amount due to the retiring partner on account of goodwill is debited to the continuing partners in their........
(a) Gaining ratio
(b) Capital ratio
(c) Sacrificing ratio
(d) None of these
Ans (a)
 
9. X Ltd. purchased a machinery from Y Ltd? The consideration for the same is paid by issue of 4,000 debentures of Rs  100 each at a discount of 10%. The amount of the machinery purchased is
(a) Rs  3,60,000
(b) Rs  4,00,000
(c) Rs  40,000
(d) None of these
Ans (a)
 
10. The portion of the acquisition cost of the asset yet to be allocated is known as........
(a) Salvage value
(b) Realisable Value
(c) Accumulated value
(d) Book value
Ans (d)
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