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Accountant exam practice set

16. Goodwill of a firm of A and B is valued at Rs. 60000. Goodwill appears in the books at Rs. 24000. C is admitted for 1/4th share. He will be required to bring for goodwill—
(A) Rs.21000
(B) Rs.9000
(C) Rs. 15000
(D) Rs. 6000


17. A plant worth Rs. 800000 has been insured for Rs. 600000. The loss on account of fire is Rs. 500000. The insurance company under average clause will bear the loss to extent of—
(A) Rs. 500000
(C) Rs. 800000
(B) Rs.600000
(D) Rs. 375000


18. It is not an item of Income with reference to a voyage a/c—
(A) Passage money
(B) Freight
(C) Primage
(D) Address commission


19. The formats of the profit and loss account and Balance sheet in the case of a banking company have been revised w.e.f.—
(A) 1st April 1949
(B) 1st April 1991
(C) 1st April 1992
(D) 1st April 1956


20. If accured outstanding premium is given in the trial balance of a general insurance company, then it will be shown in—
(A) Revenue Account
(B) Balance Sheet
(C) Both revenue Account & Balance Sheet
(D) None of the above