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Accountant exam practice set

81. A, B and C are partners in a firm. If D is to be admitted to the firm as a new partner—
(A) Old firm has to be dissolved
(B) Old partnership has to be dissolved
(C) Both the old firm and the old partnership have to be dissolved
(D) No need to dissolve either firm or the partnership


82. Remington sold one typewriter to Ramesh Chandra under installment purchase system on 1st January 1996, payment for which was to be made as under— On 01.01.1996 - Rs. 3000 On 31.12.1996 - Rs. 1700 On 31.12.1997 - Rs. 3600 On 31.12.1998 - Rs. 2300 On 31.12.1999 - Rs. 1100 Interest at 10% p.a. is included in each installment. The total interest charged amount to-
(A) Rs.2100
(B) Rs. 1950
(C) Rs. 1800
(D) Rs. 1700


83. The liquidator of a company is entit1edio a remuneration of 2% on assets realised, and 3% on the amount distributed to unsecured creditors. The assets realised Rs. 100000 including cash balance of Rs. 3000. Amount available for distribution to unsecured creditors before paying liquidators remui4eration was Rs. 46350 liquidator’s remuneration will be—
(A) Rs.3100
(C) Rs. 3290
(B) Rs.3140
(D) Rs. 3350


84. EXIM Bank was established on—
(A) 1st Dec 1984
(B) 1st June 1985
(C) 1st Jan 1982
(D) 1st July 1980


85. For capital gain being long term capital gain, an assessee should retain the assets for a period of—
(A) 40 months
(B) 36 months
(C) More than 36 months
(D) Less than 36 months