A and B are partners sharing profits 3:2. C is admitted for 1/5th share, which he acquires equally from A and B. The new profit-sharing ratio is: MCQ with Answer and Explanation

Question
A and B are partners sharing profits 3:2. C is admitted for 1/5th share, which he acquires equally from A and B. The new profit-sharing ratio is:
A. 5:3:2
B. 9:6:5
C. 4:3:2
D. 3:2:1
Answer: Option A
Solution (By JKSSB Mock Tests)
A's new share = 3/5 - 1/10 = 5/10, B's new = 2/5 - 1/10 = 3/10, C's = 2/10. Ratio 5:3:2.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In a bank reconciliation, a 'Dishonoured cheque' recorded in passbook but not in cash book will: (starting with cash book Dr.)
A. Be added
B. Double entry
C. No effect
D. Be deducted
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Correct Answer: Option D

Explanation:
Dishonoured cheque reduces bank balance as per passbook, so to reconcile from cash book to passbook, deduct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a direct tax in India?
A. Customs duty
B. Goods and Services Tax
C. Excise duty on liquor
D. Corporate tax
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Correct Answer: Option D

Explanation:
Corporate tax is levied directly on company profits, thus a direct tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Employee Provident Fund' (EPF) contribution is shared by:
A. Employer only
B. Government
C. Both employee and employer
D. Employee only
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Correct Answer: Option C

Explanation:
Employee and employer both contribute 12% of wages (basic + DA) to EPF.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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