3.Receipt from sales of old asset is income (True/False *Option 14.Payment of Honorarium is a revenue expense.(True/False) *Your answer5.________ is a summary of cash book *Your answer6.Credit purchase of medicine is Rs.64,000, which is 80% of total purchase. Compute cash purchase of medicine. *Your answer7.Salary or Commission to a partner is an _______of profit. *Your answer8.Interest on loan taken by a partner is credited to *Capital A/c.Current A/c.Profit and loss A/c.None of these9.In the absence of partnership deed interest on drawings of a partner is charged *@8% p.a.@9% p.a.@10% p.a.not charged10. In case of Fixed Capital, Interest on capital is *credited to capital A/c.Credited to Current A/c.Debited to Capital A/c.Debited to Current A/c.11.Capital employed Rs.8,00,000. Normal rate of return is 15%p.a. and profit for the year is Rs.1,20,000. Value of goodwill as per capitalisation method would be *Rs.8,20,000Rs.1,20,000Rs.NilRs.4,20,000012. What is meant y purchased goodwill? *Your answer13. When goodwill is not purchased *Goodwill is not shown in Balance sheetgoodwill is shown in Balance sheetpartly shown in Balance SheetMay or may not be shown​