A firm's capital is ₹3,00,000, outside liabilities ₹1,50,000. Total assets will be: MCQ with Answer and Explanation

Question
A firm's capital is ₹3,00,000, outside liabilities ₹1,50,000. Total assets will be:
A. ₹1,50,000
B. ₹4,50,000
C. ₹3,00,000
D. ₹1,00,000
Answer: Option B
Solution (By JKSSB Mock Tests)
Total Assets = Capital + Liabilities = ₹3,00,000 + ₹1,50,000 = ₹4,50,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In partnership accounts, interest on drawings is charged when:
A. It is mandatory as per Partnership Act 1932
B. It is agreed upon in the partnership deed
C. The partners have equal capital
D. The firm makes a profit
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Correct Answer: Option B

Explanation:
Interest on drawings is only charged if it is explicitly mentioned and agreed upon in the partnership deed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Interest on delayed payment of GST' is:
A. 18% per annum
B. No interest
C. 24% per annum for wrong availment, 18% for others
D. 12%
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Correct Answer: Option C

Explanation:
Under GST, interest for delayed payment is 18% generally, and 24% for undue ITC claim.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Cash Generating Unit' is defined under:
A. AS 2 Inventories
B. AS 14 Amalgamation
C. AS 28 Impairment of Assets
D. AS 10 Fixed Assets
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Correct Answer: Option C

Explanation:
CGU is a concept used in impairment testing under AS 28.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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