NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 44 of 99)
Get top class preparation for competitive exams right from your home: get questions, notes, tests, video lectures and more- for all subjects of your exam.
- A business entity has an opening balance of ₹ 5,000 as provision for bad and doubtful debts. Total sales amounts to ₹ 6,00, 000 and out of which ₹ 1,00, 000 worth of sales is for cash. A provision of 1% is to be made on outstanding debtors. The amount to be debited to profit and loss account for current year՚s provision on debtors will be
- ₹ 6,000
- ₹ 5,000
- ₹ 1,000
- Nil
- Which of the following method (s) is⟋are followed for the purpose of piecemeal distribution in the case of dissolution of a partnership firm?
- Proportionate Capital Method
- Maximum Possible Loss Method
- Reconstruction and Distribution
- Method
- Select the correct answer using the codes given below:
- 3 alone
- 1 and 3
- 2 and 3
- 1 and 2
- Consider the following parties:
- Secured creditors
- unsecured creditors
- Partners who granted loans
- partners who contributed capitals in excess as compared to the profit sharing ratio
- The correct sequence is which payments are to be made to these parties in the event of the dissolution of a partnership firm is
- 2,1, 3,4
- 1,2, 4,3
- 1,2, 3,4
- 2,1, 4,3
- Match list I (Provision of partnership Act) with List II (Matters with which the provision are related) and select the correct answer using the codes given below the list:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 44 of 99) List-I List-II - Interest must be allowed at the rate of 6% p. a.
- No interest shall be allowed
- No interest shall be charged
- Must be shared equally by all the partners unless otherwise agreed
- Drawings of partners
- Net loss of the firm for an accounting year
- capitals contributed by the partners
- Loan given by a partner to the firm
- A
- B
- C
- D
- 1
- 3
- 2
- 4
- 4
- 3
- 2
- 1
- 3
- 2
- 4
- 1
- 4
- 3
- 1
- 2
- The following information pertains to a cultural club: Stock of tinned provisions: ₹ 25,000 (as on 1.4. 94) Purchased during the year: ₹ 1,50, 000 Stock of tinned provisions: ₹ 50,000 (as on 31.3. 95) Sale of tinned provisions: ₹ 1,50, 000 Suring the year The amounts to be debited and credited respectively to the income and Expenditure Account would be
- ₹ 1,75.000 and ₹ 1,50, 000
- ₹ 1,25, 000 and ₹ 1,75, 000
- ₹ 1,25, 000 and ₹ 1,50, 000
- ₹ 1,75, 000 and ₹ 1,25, 000
- A cricket club has 50 members and each member pays ₹ 20 as monthly subscription 5 members paid advance subscription for the financial year. 1994 − 94 and 10 members failed to pay subscription for the year. 1993 − 94. The amount to be credited as subscription to Income and Expenditure Account would be
- ₹ 12,000
- ₹ 10,800
- ₹ 9,600
- ₹ 8,000
- The following information is provided by a culture club: Stock of sports goods: ₹ 20,000 Purchase of sports goods: ₹ 80,000 during the accounting period Sports goods sold as scrap: ₹ 500 Closing balance: ₹ 30,000 The amount to be charged to Income and Expenditure Account as sports goods consumed will be
- ₹ 69,500
- ₹ 70,000
- ₹ 70,500
- ₹ 80,000
- A trader maintains his books of accounts on Single Entry basis. His books of accounts show that his total purchases during the year were ₹ 90,000. Of which he returned goods worth ₹ 10,000. His credit sales were ₹ 50,000 and eash sales were ₹ 80,000. Of the total sales goods returned was ₹ 30,000. Closing stock is ₹ 12,000. He sells his goods at cost plus 33 % . His opening stock is
- ₹ 12,000
- R. s. 10,000
- ₹ 8,000
- ₹ 7,00
- A firm which keeps its books of accounts on Single Entry system has opening balance and closing balance of Bills Receivable as ₹ 9,000 and ₹ 11,000 respectively. Bills collected during the financial period amount to Ps. 29,000, Bi1s Receivable received during the financial period amount to
- R. s. 22,000
- ₹ 18,000
- ₹ 12,000
- ₹ 11,000
- Which preparing accounts from incomplete records, the amount of credit sales is determined by
- preparing total creditors account
- preparing total debtors account
- ascertaining the balance in trading account other than closing stock
- ascertaining the balance in debtors account and cash book
- The minimum share application money is
- ₹ 5 per share
- 5% of the nominal value of shares
- 10% of the nominal value of shares
- 20% of the nominal value of shares
- When shares are forfeited, Capital Account is debited by
- forfeited art amount
- called up amount on shares
- paid up amount on shares
- amount of Capital Reserve
- After the redemption of debentures, the balance of debenture sinking fund is transferred to
- Debenture account
- General Reserve
- Profit and Loss account
- Capital Reserve
- Right shares are the shares
- issued to the directors of the company
- first offered to the debenture holders
- first offered to the existing shareholders
- issued by a newly formed company
- Debentures can be redeemed be
- purchase of own debentures in the open market
- convening them into a new class of debenture
- converting them into shares
- any of the methods mentioned in a, b & c above