PGT Commerce Level-3 (HTEТ), Exam 2021

Total Questions: 110

101. The cost incurred in providing goods & services is called is_______.

Correct Answer: B. Expenses

102. Which of the following items is/are recorded in Journal profit?

Correct Answer: D. All these items

103. Historical cost is used for recording value of purchases of an asset because_______applies.

Correct Answer: C. Cost concept

104. Interest to the allowed @ .75 per cent p.m. on partners capital of ₹ 60 lakh. Manager’s commission @ 5% of net profit after charging such commission. If the net profit before charging interest on capital and manager’s commission amounted to ₹ 14.85 lakh. Then manager’s commission will be:

Correct Answer: B. ₹ 45,000

105. A company forfeited 200 shares of 100 each, ₹ 70 called up, on which the holder paid ₹ 50 per share. These shares were reissued at ₹ 80 fully paid up per share. The share forfeited account will be debited in the reissue entry with:

Correct Answer: B. ₹4,000

106. The following information is given: Opening stock ₹ 2,13,000, Purchases ₹ 16,55,000, Sales ₹ 21,32,000, Carriage inwards ₹ 32,500, Carriage outwards ₹ 38,600, return inwards ₹ 42,000.

If rate of gross profit is 25% on cost, then value of closing stock will be:

Correct Answer: D. ₹ 2,28,500

107. At the time of dissolution of the firm, following payments are due:

(i) ₹ 10,000 partners loan
(ii) Creditors for goods ₹ 12,000
(iii) ₹ 1,000 for payment of expenses incurred in selling of assets
(iv) Capital of A ₹ 5,000, B ₹ 3,000
What will be the order of payment as per section 48 u/s Partnership Act?

Correct Answer: A. (iii), (ii), (i), (iv)

108. A, B and C are partners in a firm. In the middle of the year C retires from the firm without settling his dues. Remaining partners continues the business. C is entitled to get ______ till the final settlement.

Correct Answer: D. Either option (A) or (C) on his choice.

109. ₹ 1,00,000 is net sales of a concern during 2021. If inventory turnover is 4 times, calculate the inventory at the end is 1.5 times of that is the beginning:

Correct Answer: A. ₹ 20,000

110. A grant of ₹ 10,00,000 to a school for construction of building, cheque is received on 1st February, 2021 from the state government. While closing the accounts none of the amount is used for construction. While preparing Income and Expenditure Account and Balance Sheet at the end, where such amount will be shown?

Correct Answer: A. Only in liabilities side of Balance Sheet as a separate item