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B.K. A/C (qts. Bank ), Q. 1. A. Select the correct option and rewrite the sentences. (5), 1. The Indian Partnership Act is in force since...., 2. Death is a compulsory..., 3. A..... is an intangible asset., 4. Bills payable is a......., 5. Income and expenditure account is a......account., 6. Return outwards are deducted from......, , 7. If asset is taken over by the partner..... account is debited., , , , 8. Not for profit organisation is also called as.......organisation., , , , 9. Shareholders get on shares., 10. The ratio by which existing partners are benefited....., B. Write the word/term/ phrase which can substitute each of the following statements. (5), 1. Partnership agreement in written form., 2. The credit balance of income and expenditure account., 3. The shares on which dividend is not fixed., 4. Donation received for a specific purpose., 5. Reputation of business measured in terms of money., , 6. Debit balance of revaluation account., , 7. Old ratio — new rati, , , , 8. The partner who died., , 9. Expenses incurred on dissolution of firm., , 10. Issue of shares at its face value., , C. Do you agree /disagree with the following statements.(5), 1. Balance sheet is an account., , 2. Receipts and payments account is a nominal account., , 3. Salary account comes under indirect expenses., , 4. Not for profit concern do not have profit motive., , 5. Excess of proportionate capital over actual capital means deficit., 6. on dissolution cash/ bank account closed automatically., 7. New partners always brings his share of goodwill in cash., 8. The authorised capital is also known as nominal capital., 9. Partnership firm is a trading concern., , 10. The credit balance of realisation account indicates profit., Q. 2. Format of Bill of exchange.(5), , ( Read it in your note or text book.)
