UKPSC Assistant Accountant
Solved Question Paper 2018
Question Booklet Code: 02
Question Booklet Series: A
Max. Marks: 100
Time: 2 Hours
In this Post you will Get [UKPSC] Uttarakhand Assistant Accountant Solved Question Paper 2018 with notes. We have Also Uploaded [UKPSC] Uttarakhand Sahayak Lekhakar Solved Question Paper from 2016 till Date in Hindi. Complete Self study notes for [UKPSC] Uttarakhand Assistant Accountant Exam is available now.
1. Lal Ltd. issued 10,000, 10% preference shares of Rs. 10 each at 2% discount. Cost of issue per share is Rs. 0.20. Cost of preference capital is:
(A) 10%.
(B) 10.683%.
(C) 10.2%.
(D) 10.41%.
Ans: (D) 10.41%.
[Hint: Dividend on Preference share (Dp) = 10*10/100 = 1; Discount = 10*2/100 = 0.20, Net Proceeds (NP) = 10-0.20 - 0.20 (epenses)= 9.60, Kp = Dp/NP = 1/9.60 = 10.41%]
2. Speculation loss can be carried forward for set off upto:
(A) 4 years.
(B) 8 years.
(C) 2 years.
(D) 10 years.
Ans: (A) 4 years.
3. In a month, payment of wages is Rs. 1,400 when lag in payment of wages is 1/8 month. If total wages of current month is Rs. 1,200, then total wages for the previous month was:
(A) Rs. 2,100.
(B) Rs. 2,450.
(C) Rs. 2,800.
(D) None of the above.
Ans: (C) Rs. 2,800.
4. Which one of the following is an example of an intangible asset?
(A) Building.
(B) Investments.
(C) Discount on issue of debentures.
(D) Copyright.
Ans: (D) Copyright.
5. The cost of sales is equal to:
(A) Opening Stock – Purchases.
(B) Opening Stock + Purchases.
(C) Opening Stock – Purchases + Closing Stock.
(D) Opening Stock + Purchases – Closing Stock.
Ans: (D) Opening Stock + Purchases – Closing Stock.
Also Read: UKPSC Assistant Accountant Exam Solved Question Papers [English Medium]
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Also Read: UKPSC Assistant Accountant Exam Solved Question Papers [Hindi Medium]
6. Which one of the following is not the assumption of Modigliani-Miller irrelevance theory of Dividend Policy?
(A) No personal or corporate income taxes.
(B) Dividend policy has its effect on firm’s cost of equity.
(C) Capital investment policy is independent of its dividend policy.
(D) Stock floatation or transaction cost does not exist.
Ans: (B) Dividend policy has its effect on firm’s cost of equity.
7. In case of a debt becoming bad, the amount should be credited to:
(A) Provisions for Bad-Debts A/c.
(B) Bad Debts A/c.
(C) Sales A/c.
(D) Debtor’s A/c.
Ans: (D) Debtor’s A/c.
8. Closing inventory is shown is balance sheet under:
(A) Fixed Assets.
(B) Current Assets.
(C) Current Liabilities.
(D) Miscellaneous Expenses.
Ans: (B) Current Assets.
9. A Capital Budgeting Technique that explicitly incorporates an estimated interest rate into its basic computations is:
(A) Payback Period Method.
(B) Accounting Rate of Return Method.
(C) Internal Rate of Return Method.
(D) Net Present Value Method.
Ans: (D) Net Present Value Method.
10. Excess of assets over liabilities is called:
(A) Creditors.
(B) Profit.
(C) Capital.
(D) Goodwill.
Ans: (C) Capital.
11. Old profit sharing ratio minus new profit sharing ratio is equal to:
(A) Difference in capital ratio.
(B) Gaining ratio.
(C) New profit sharing ratio.
(D) Sacrificing ratio.
Ans: (D) Sacrificing ratio.
[Hint: New profit sharing ratio in case of retirement and death of a partner is similar to gaining ratio.]12. Commuted pension received by government employee is:
(A) Fully taxable.
(B) Exempt upto Rs. 2,40,000.
(C) Exempt upto Rs. 3,00,000.
(D) Fully exempt.
Ans: (D) Fully exempt.
13. Working capital is a capital which:
(A) Makes a company work.
(B) Makes the company rich.
(C) Make the company poor.
(D) None of the above.
Ans: (A) Makes a company work.
14. When the Bank A/c in the cash book of a customer shows a debit balance, the customer’s a/c in the bank’s book must generally show:
(A) A debit balance.
(B) A credit balance.
(C) A net balance.
(D) None of the above.
Ans: (B) A credit balance.
15. The concept behind the statement ‘Business has a long period of life’ is:
(A) Going concern concept.
(B) Business entity concept.
(C) Conservatism concept.
(D) Accounting period concept.
Ans: (A) Going concern concept.
[Hint: Business entity concept = Owners and business are two separate entity. Conservatism = Provide for all possible losses, but anticipate no gain. Accounting period = Books of account are ,maintained for a period of 12 months.]16. Education cess is calculated on:
(A) Total income.
(B) Tax on total income.
(C) Taxable income.
(D) Agricultural income.
Ans: (B) Tax on total income.
17. Stock turnover ratio is/a:
(A) Liquidity ratio.
(B) Profitability ratio.
(C) Activity ratio.
(D) Solvency ratio.
Ans: (C) Activity ratio.
[Hint: Liquidity ratio: Current ratio and liquid ratio. Liquid ratio is also known as quick ratio and acid test ratio. Profitability ratio: Gross profit ratio, net profit ratio, operating profit ratio Solvencey ratios: Debt-equity ratio, Total asset to debt ratio, proprietary ratio Activity ratio: Stock turnover ratio, Debtors turnover ratio/accounts receivable turnover ratio, creditors turnover ratio/accounts payable ratio.]18. Which of the following is a non-current asset?
(A) Prepaid insurance.
(B) Goodwill.
(C) Cash at Bank.
(D) Accrued interest.
Ans: (B) Goodwill.
19. Long-term capital loss can be set-off from:
(A) Short-term capital gains.
(B) Long-term capital gains.
(C) Capital gains.
(D) Any income.
Ans: (B) Long-term capital gains.
20. Income and Expenditure A/c generally indicates:
(A) Surplus / Deficit.
(B) Cash Balance.
(C) Capital Fund.
(D) Net Profit / Loss.
Ans: (A) Surplus / Deficit.
21. Higher the ratio, lower the profitability is applicable to:
(A) Gross profit ratio.
(B) Net profit ratio.
(C) Operating ratio.
(D) Return on investment.
Ans: (C) Operating ratio.
22. Total amount of capital to be included in the total in Balance Sheet, is:
(A) Paid-up Capital.
(B) Issued Capital.
(C) Subscribed Capital.
(D) Authorised Capital.
Ans: (A) Paid-up Capital.
23. Payment of honorarium to secretary is treated as:
(A) Capital expenditure.
(B) Revenue expenditure.
(C) An income.
(D) None of the above.
Ans: (B) Revenue expenditure.
24. The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.487. Super profit is Rs. 22,000. The amount of goodwill will be:
(A) Rs. 8,846.
(B) Rs. 2,200.
(C) Rs. 71,745.
(D) Rs. 54,714.
Ans:
25. Shares can be forfeited for:
(A) Failure to attend meetings.
(B) Non-payment of call money.
(C) Failure to repay the loan to the bank.
(D) Which shares are pledged as security?
Ans: (B) Non-payment of call money.
26. ‘Detection and prevention of errors’ is:
(A) Main objective of auditing.
(B) Secondary objective of auditing.
(C) Not objective of auditing.
(D) None of the above.
Ans: (B) Secondary objective of auditing.
27. Amount spent on increasing the seating capacity in a cinema hall is:
(A) Capital Expenditure.
(B) Revenue Expenditure.
(C) Deferred Revenue Expenditure.
(D) None of the above.
Ans: (A) Capital Expenditure.
28. The return on capital employed shows the combined effect of:
(A) Net profit ratio and inventory turnover ratio.
(B) Operating ratio and net profit ratio.
(C) Net profit ratio and capital turnover ratio.
(D) Gross profit ratio and capital turnover ratio.
Ans: (C) Net profit ratio and capital turnover ratio.
29. In the absence of partnership deed partners shall:
(A) Paid salaries.
(B) Not be paid salaries.
(C) Paid salaries to those who work for the firm.
(D) None of the above.
Ans: (B) Not be paid salaries.
30. Deduction in respect of medical insurance premium is available under section:
(A) 80 C.
(B) 80 CC.
(C) 80 D.
(D) None of the above.
Ans: (C) 80 D.
31. A, B and C are partners in a firm, D is admitted as a new partner:
(A) Old firm is dissolved.
(B) Old firm and old partnership is dissolved.
(C) Old partnership is reconstituted.
(D) None of the above.
Ans: (C) Old partnership is reconstituted.
32. Main object of auditing is:
(A) Detection of errors.
(B) To find out whether Profit & Loss A/c and Balance Sheet show true and fair state of affairs.
(C) Detection of frauds.
(D) Detection and prevention of frauds and errors.
Ans: (B) To find out whether Profit & Loss A/c and Balance Sheet show true and fair state of affairs.
33. Drawing A/c is:
(A) Personal A/c.
(B) Real A/c.
(C) Nominal A/c.
(D) None of the above.
Ans: (A) Personal A/c.
34. Which of the following will result into inflow of cash?
(A) Deposited Rs. 40,000 in Bank.
(B) Withdrawn Rs. 54,000 from Bank.
(C) Purchase of marketable securities of Rs. 25,000 at par.
(D) Sold machinery of book value of Rs. 50,000 at a gain of Rs. 10,000.
Ans: (D) Sold machinery of book value of Rs. 50,000 at a gain of Rs. 10,000.
35. Internal audit means:
(A) Audit undertaken to ascertain truth and fairness of state of affairs.
(B) Audit undertaken internally to evaluate management functions.
(C) Audit undertaken by employees of the organisation to check financial irregularities.
(D) Audit by independent auditor to improve internal affairs.
Ans: (C) Audit undertaken by employees of the organisation to check financial irregularities.
36. A Trial balance is a:
(A) Real A/c.
(B) Personal A/c.
(C) Nominal A/c.
(D) List of balances of all accounts.
Ans: (D) List of balances of all accounts.
37. On the death of a partner, the amount of joint life insurance policy is credited to the capital a/c of:
(A) Only the deceased partner.
(B) All partners including the deceased partner.
(C) Remaining partners, in their new profit sharing ratio.
(D) Remaining partners, in their old profit sharing ratio.
Ans: (B) All partners including the deceased partner.
38. The partnership may come to an end due to the:
(A) Death of a partner.
(B) Insolvency of a partner.
(C) By giving notice.
(D) All of the above.
Ans: (D) All of the above.
39. What are the applications of computer in accounting?
(A) To record all business transactions.
(B) To prepare various types of ledger.
(C) To prepare financial statements.
(D) All of the above.
Ans: (D) All of the above.
40. Under Income Tax Act, income includes following type of receipts:
(A) Statutory receipts.
(B) Illegal receipts.
(C) Statutory and illegal receipts.
(D) None of the above.
Ans: (C) Statutory and illegal receipts.
41. The simplest capital budgeting technique is:
(A) Rate of return method.
(B) Net present value method.
(C) Internal rate of return.
(D) Payback period method.
Ans: (D) Payback period method.
42. Income Tax is a:
(A) Direct Tax.
(B) Indirect Tax.
(C) Necessary Tax.
(D) Special Tax.
Ans: (A) Direct Tax.
43. Ledger is a principal book in which:
(A) Only real accounts are kept.
(B) Only personal accounts are kept.
(C) Only nominal accounts are kept.
(D) All accounts are kept.
Ans: (D) All accounts are kept.
44. Reserve capital means:
(A) The part of subscribe uncalled capital.
(B) Accumulated profits.
(C) The part of capital reserve.
(D) The part of capital redemption reserve.
Ans: (A) The part of subscribe uncalled capital.
45. Which of the following is not an objective of cost accounting?
(A) Ascertainment of cost.
(B) Determination of selling price.
(C) Cost control and cost reduction.
(D) Assisting shareholders in decision making.
Ans: (D) Assisting shareholders in decision making.
46. Cheque received from customer is recorded in:
(A) Cash Book.
(B) Sales Book.
(C) Purchase Book.
(D) Bills Receivable Book.
Ans: (A) Cash Book.
47. Issue of bonus shares would not result in any change in:
(A) General reserve.
(B) Equity share capital.
(C) Net worth.
(D) Profit & Loss A/c.
Ans: (C) Net worth.
48. ‘Risk and return’ are _______ related.
(A) inversely.
(B) positively.
(C) Both (A) and (B).
(D) None of the above.
Ans: (B) positively.
49. Depreciation according to straight line method is calculated on:
(A) Opening balance.
(B) Closing balance.
(C) Original cost.
(D) Market value.
Ans: (C) Original cost.
50. According to Company Act, 2013, Schedule-III, debentures are shown in the company’s balance sheet under which head?
(A) Shareholders fund.
(B) Non-current liabilities.
(C) Current liabilities.
(D) None of the above.
Ans: (B) Non-current liabilities.
51. Period cost means:
(A) Prime Cost.
(B) Fixed Costs.
(C) Variable Costs.
(D) Total Cost.
Ans: (B) Fixed Costs.
52. The policy ‘Anticipate no profit and provide for all possible losses’ reflects:
(A) Convention of conservatism.
(B) Convention of consistency.
(C) Convention of disclosure.
(D) Convention of accuracy.
Ans: (A) Convention of conservatism.
53. Which of the following are there in vouchers?
(A) Date.
(B) Amount.
(C) Signature.
(D) All of the above.
Ans: (D) All of the above.
54. If the total cost is Rs. 260 and total variable cost is Rs. 60. What will be total fixed cost if output is (a) 100 units and (b) 200 units?
(A) Rs. 200 and Rs. 200.
(B) Rs. 100 and Rs. 200.
(C) Rs. 260 and Rs. 100.
(D) Rs. 160 and Rs. 100.
Ans: (A) Rs. 200 and Rs. 200.
55. Ramu Ltd. has a current ratio of 3 : 1. If its stock is Rs. 30,000 and total current liabilities are Rs. 60,000, its quick ratio will be:
(A) 2 : 1.
(B) 3 : 2.
(C) 2.5 : 1.
(D) None of the above.
Ans: (C) 2.5 : 1.
56. In India, assessment year begins on:
(A) 1st January.
(B) 1st October.
(C) 1st August.
(D) 1st April.
Ans: (D) 1st April.
57. Cash received from Mohan Rs. 4,500 is recorded correctly in cash book but debited to his a/c. Because of this error:
(A) Trial balance will show Rs. 9,000 more on Cr. Side.
(B) Trial balance will show Rs. 9,000 more on Dr. Side.
(C) Trial balance will show Rs. 4,500 more on Dr. Side.
(D) Trial balance will show Rs. 4,500 more on Cr. Side.
Ans: (B) Trial balance will show Rs. 9,000 more on Dr. Side.
58. The recommended basis of accounting is:
(A) Cash basis.
(B) Equation basis.
(C) Accrual basis.
(D) Income & Expenditure basis.
Ans: (C) Accrual basis.
59. Favourable balance of cash book means:
(A) Debit balance as per cash book.
(B) Debit balance as per pass book.
(C) Credit balance as per cash book.
(D) None of the above.
Ans: (A) Debit balance as per cash book.
60. Deduction is allowed from gross salary in respect of:
(A) Professional Tax.
(B) Entertainment Tax.
(C) Income Tax.
(D) Both (A) and (B).
Ans: (D) Both (A) and (B).
61. A summary of all assets and liabilities on a particular date is shown in:
(A) Trial Balance.
(B) Profit and Loss A/c.
(C) Balance Sheet.
(D) Fund Flow Statement.
Ans: (C) Balance Sheet.
62. A concept that a business enterprise will not be sold for liquidated in the near future is known as:
(A) Monetary unit.
(B) Economic activity.
(C) Going concern.
(D) None of the above.
Ans: (C) Going concern.
63. From the following particulars, cash flow from investing activities will be:
Investment at the beginning of the period = Rs. 5,80,000.
Investment at the end of the period = Rs. 3,40,000.
During the year, the company had sold 50% of its investment held in the beginning of the period at the profit of Rs. 90,000.
(A) 3,11,000.
(B) 3,20,000.
(C) 3,10,000.
(D) 3,30,000.
Ans: (D) 3,30,000.
64. ‘An auditor is a watch dog and bot a blood hound’. This decision was given in which of the following cases?
(A) London and General Bank.
(B) Kingston Cotton Mills Company.
(C) Union Bank Ltd.
(D) None of the above.
Ans: (A) London and General Bank.
65. Interest on debentures is calculated on:
(A) Its face value.
(B) Its issue price.
(C) Its market price.
(D) Its redemption price.
Ans: (A) Its face value.
66. Financial statements are:
(A) Anticipated Facts.
(B) Recorded Facts.
(C) Estimated Facts.
(D) Both (B) and (C).
Ans: (B) Recorded Facts.
67. Why residential status is seen in taxation?
(A) To determine tax liability.
(B) To levy penalty.
(C) To levy interest payable.
(D) To determine nationality.
Ans: (A) To determine tax liability.
68. Debenture holders receive:
(A) Dividend.
(B) Interest.
(C) Profit.
(D) None of the above.
Ans: (B) Interest.
69. Incorrect treatment of revenue expenditure as capital expenditure results in:
(A) Increase in liabilities.
(B) Increase in losses.
(C) Increase in profits or decrease in losses.
(D) Decrease in profits or increase in losses.
Ans: (C) Increase in profits or decrease in losses.
70. A capital gain is a gain made on:
(A) The transfer of a personal car.
(B) The transfer of household furniture.
(C) The transfer of a capital asset.
(D) The transfer of stock in trade.
Ans: (C) The transfer of a capital asset.
71. Who can be an auditor?
(A) Commerce Graduate.
(B) Law Graduate.
(C) Cost Accountant.
(D) None of the above.
Ans: (D) None of the above.
[Hint: Chartered Accountant]
72. Under hire purchase system depreciation is charged on:
(A) On cash price.
(B) On hire purchase price.
(C) On market price.
(D) None of the above.
Ans: (A) On cash price.
73. Withdrawals by the proprietor would:
(A) Reduce both assets and owner’s equity.
(B) Reduce assets and increases liability.
(C) Reduce owner’s equity and increases liability.
(D) No change.
Ans: (A) Reduce both assets and owner’s equity.
74. Provision for bad and doubtful debts is created in anticipation of bad debts on the basis of:
(A) Conservation concept.
(B) Going concern concept.
(C) Full disclosure concept.
(D) Industry practice concept.
Ans: (A) Conservation concept.
[Hint: Conservation concept = Provide for all possible losses but anticipate no gain.]
75. The profit sharing ratio between A & B is 3: 2, C enters into partnership for 1/5 share in profit or loss and their becomes 3:1: 1 and C brings in Rs. 50,000 for goodwill. A & B will share the goodwill amount:
(A) A = Rs. 38,000, B = Rs. 12,000.
(B) A = Rs. 30,000, B = Rs. 20,000.
(C) A = Rs. 50,000, B = Rs. NIL.
(D) A = NIL, B = Rs. 50,000.
Ans: (D) A = NIL, B = Rs. 50,000.
76. When equity share-holder funds exceed the total of debentures and preference share capital, the capital structure is referred to as:
(A) High geared.
(B) Low geared.
(C) Evenly geared.
(D) None of the above.
Ans: (B) Low geared.
[Hint: When equity share-holder funds are less than the total of debentures and preference share capital, the capital structure is referred to as high geared]
77. The account which will be credited while making adjustment entry for interest on capital is:
(A) Capital A/c.
(B) Interest on Capital A/c.
(C) Profit & Loss A/c.
(D) Interest A/c.
Ans: (A) Capital A/c.
78. Wages paid to Mohan for establishing a machine should be debited to:
(A) Wages A/c.
(B) Machine A/c.
(C) Mohan’s A/c.
(D) Cash A/c.
Ans: (B) Machine A/c.
79. Margin of safety can be improved by:
(A) Increasing variable cost.
(B) Increasing fixed cost.
(C) Reducing volume of output.
(D) Increasing selling price.
Ans: (D) Increasing selling price.
80. Preference shares can be redeemed:
(A) only if they are fully paid up.
(B) even if they are partly paid up.
(C) after getting permission from the Court.
(D) All of the above.
Ans: (A) only if they are fully paid up.
81. A receipt is a capital receipt because:
(A) It is credited to capital a/c.
(B) Amount is large.
(C) It is related to fixed assets.
(D) None of the above.
Ans: (D) None of the above.
[Capital receipts is normally non-recurring in nature]
82. Which of the following is not applicable to responsibility accounting?
(A) Accounting Centre.
(B) Cost Centre.
(C) Investment Centre.
(D) Profit Centre.
Ans: (A) Accounting Centre.
83. The payment side of the cash book is under cost by Rs. 200. When overdraft as per passbook is the starting point, then:
(A) Rs. 200 will be deducted.
(B) Rs. 400 will be deducted.
(C) Rs. 400 will be added.
(D) Rs. 200 will be added.
Ans: (D) Rs. 200 will be added.
84. Tallied trial balance indicates:
(A) Accuracy of book keeping.
(B) Proper maintenance of books of accounts.
(C) Arithmetical accuracy of books.
(D) None of the above.
Ans: (C) Arithmetical accuracy of books.
85. Internal Auditor is appointed by the:
(A) Management.
(B) Shareholders.
(C) Government.
(D) Statutory Auditor.
Ans: (A) Management.
86. In which of the following methods the permanent working capital is financed by long term sources of funds?
(A) Aggressive approach.
(B) Conservative approach.
(C) Hedging approach.
(D) All of the above.
Ans: (B) Conservative approach.
[Conservative approach = Long term sources of funds; Aggressive approach = Short term sources of finance; Hedging approach = Short term requirements by short term sources and long term requirement by long term sources]
87. Regarding the taxation of an individual assessee which section promotes Capital Formation & Tax Planning?
(A) Section 80-C.
(B) Section 80-G.
(C) Section 80-D.
(D) Section 80-GG.
Ans: (A) Section 80-C.
88. When trial balance is not matched, which account is opened?
(A) Trading A/c.
(B) Suspense A/c.
(C) Profit and Loss A/c.
(D) None of the above.
Ans: (B) Suspense A/c.
89. On the insolvency of a partner, the deficiency of his/her capital account is borne by solvent partners according to Garner versus Murray:
(A) In equal ratio.
(B) In profit sharing ratio.
(C) In capital ratio.
(D) None of the above.
Ans: (C) In capital ratio.
90. The last instalment paid under hire purchase comprises:
(A) Cash price only.
(B) Interest only.
(C) Cash price and interest.
(D) None of the above.
Ans: (C) Cash price and interest.
91. Bonus paid to employee will be shown in:
(A) Trading A/c.
(B) Profit and Loss A/c.
(C) Profit and Loss Appropriation A/c.
(D) None of the above.
Ans: (B) Profit and Loss A/c.
92. A resident individual received Rs. 5,00,000 as royalty on a literary book. He will get deduction under Section-80 QQB:
(A) Rs. 2,00,000.
(B) Rs. 5,00,000.
(C) Rs. 4,00,000.
(D) Rs. 3,00,000.
Ans: (D) Rs. 3,00,000.
93. Which leverage ‘explains the relationship between earnings before interest and tax & earnings’ after interest but before tax?
(A) Operating leverage.
(B) Financial leverage.
(C) Composite leverage.
(D) None of the above.
Ans: (B) Financial leverage.
94. For non-trading organisation honorarium paid is:
(A) A capital expenditure.
(B) An income.
(C) A revenue expenditure.
(D) A liability.
Ans: (C) A revenue expenditure.
95. A preferential share is one which enjoys a preferential right regarding:
(A) Payment of dividend.
(B) Return on capital.
(C) Both (A) and (B).
(D) None of the above.
Ans: (C) Both (A) and (B).
96. An increase is selling price results in:
(A) Increase in Break-Even Point (BEP).
(B) Decrease in Break-Even Point (BEP).
(C) Increase in P/V ratio.
(D) Both (B) and (C).
Ans: (D) Both (B) and (C).
97. Wages owing is:
(A) Personal A/c.
(B) Real A/c.
(C) Nominal A/c.
(D) All of the above.
Ans: (A) Personal A/c.
98. Cash flow statement is related to:
(A) Accounting Standard – 6.
(B) Accounting Standard – 3.
(C) Accounting Standard – 2.
(D) Accounting Standard – 10.
Ans: (B) Accounting Standard – 3.
99. Financial leverage is:
(A) EBIT/Sales x 100.
(B) EBIT/EBT.
(C) Sales/Fixed Assets.
(D) Profit/Sales x Capital.
Ans: (B) EBIT/EBT.
100. If closing stock is shown in trial balance, then it will be shown in:
(A) Trading A/c.
(B) Profit & Loss A/c.
(C) Profit & Loss Appropriation A/c.
(D) Balance Sheet.
Ans: (D) Balance Sheet.
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