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Section B: Multiple Choice Questions (150 * 1M = 15 MARKS) (Suggested time 45 minutes) Encircle the alphabet corresponding to the correct answer. For example, if the answer is *c then Transfer all your answers in the Answer Sheet for Section B. 1. Ms. Jawabar and Ms. Ayesha started business on April 1, 2018 with capitals of OMR 180.000 and OMR 100,000, respectively. Ms. Jawahar introduced OMR 10,000 as additional capital on July 1, 2018. What would be the amount of interest on capital payable to Ms. Ayesha for the yezz ended March 31, 2019, if the rate of interest is 10%? a) OMR 10.000 b) OMR 11,000 c) OMR 28,000 d) OMR 9.000 2. The value of goodwill shown in the books of the firm was OMR 100.000 which was calculated as 10 years purchase price on the average profits. What would have been the average profits of the firm? a) OMR 100.000 b) OMR 1.000.000 c) OMR 10.000 d) OMR 40.000 3. The book value of Bills Payable as shown in the balance sheet was OMR 40.000. It was expected that a bill payee of OMR 200 is not likely to claim his money and is written off. How would this amount (OMR 200) be reflected in the Partnership revaluation account? a) As Profit and hence shown on the credit side of the account b) As Loss and hence shown on the credit side of the account c) As Loss and hence shown on the debit side of the account d) As Profit and hence shown on the debit side of the account 4. Marwa and Noor are two partners sharing profits and losses in the ratio of 32. They admit Safa on 15 January 2019. On that date their balance sheet showed an amount of OMR 50.000 as profit and loss A/c on the Assets side. What would be the journal entry for the following undistributed profit or loss? a) Dr.' Marwa OMR 30,000 & Noor OMR 20.000, Cr. Profit & loss Account OMR 50.000 b) "Dr.' Profit & loss Account OMR 50.000; 'Cr.' Marwa OMR 30.000 & Noor OMR 20.000 c) "Dr. Safa OMR 50.000; 'Cr.' Marwa OMR 30,000 & Noor OMR 20,000 d) 'Dr. Marwa OMR 30,000 & Noor OMR 20,000, .Cr.' Safa OMR 50,000 IP