NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 33 of 99)
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- Interim payments to partners of a dissolved partnership firm are made according to the
- Assumption that remaining unrealized assets would be able to realize their book value
- Balances of capital of the partners
- Existing profit-sharing ratios of the partners
- Assumption that the realizable value of the remaining assets is zero
- A, B and C are partners in a business sharing profits at the ratio of 2: 2: 1. C dies on 31.3. 94. The profits for the financial year 93 − 94 (April-March) is ₹ 64,000. The share of the deceased partner in the profits for the year will be rupees
- 12,800
- 9,600
- 6,400
- 3,200
- Consider the following balance sheet as on 1.1. 94
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 33 of 99) Liabilities (₹) Assets (₹) 300 12, 350 350 1, 000 11,000 300 Salaries Outstanding XXXX 12,650 Cash Furniture Books & buildings Subscriptions outstanding 12,650 - In the above Balance Sheet, the missing narration
- XXXX is
- Capital
- Capital fund
- Profit for the year
- Reserve fund
- XXXX is
- In the above Balance Sheet, the missing narration
- Match List I (Financial Statements and Accounts) with List II (Special matters associated with Statements and Accounts) and select the correct answer using the codes given below the lists:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 33 of 99) List-I List-II - Receipts and Payments Account
- Income and Expenditure Account
- Dividend Equalisation Reserve
- Club subscription received in advance account
- Revenue
- Cash
- Liability
- Balance Sheet
- General Reserve
- A
- B
- C
- D
- 2
- 1
- 4
- 3
- 3
- 2
- 4
- 5
- 2
- 1
- 5
- 3
- 1
- 2
- 4
- 5
- Profit under single entry system of Book Keeping means
- the difference between opening and closing cash balances as reduced by fresh capital introduced
- the difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced
- profit shown by Trading and Profit and Loss Account and Balance Sheet
- the amount of closing cash balance as reduced by expenses
- Given that Opening Capital: ₹ 5,000 Closing Capital: ₹ 6,000 Drawings: ₹ 1,000 New Capital invested: ₹ 500 The profit for the year will be
- ₹ 2,000
- ₹ 1,500
- ₹ 1,000
- ₹ 500
- Which of the following are prepared by the organizations keeping only incomplete accounting records
- Cash Book
- Customers Accounts
- Expenses Accounts
- Day Books
- Choose the correct answer using the codes given below:
- Codes
- 1,2 and 3
- 1,2 and 4
- 1,3 and 4
- 2,3 and 4
- Codes
- Which one of the following statements is INCORRECT?
- Share premium received on issue of shares can be utilized for writing off the preliminary expenses of the Company
- Capital Redemption Reserve is available only for issuing fully paid bonus share
- Discount on issue of shares is shown as a reduction from Capital Account in the Balance Sheet
- At the time of Rights issue, the existing shareholders gain because the shares are generally issued at a price lower than the market price
- The Directors of a Limited Company resolved to forfeit 1,000 equity shares of ₹ 10 each, ₹ 7.50 paid up, for nonpayment of the final call money of ₹ 2.50 per share. 700 of these shares were reissued at ₹ 7 per share. The amount to be transferred to the Capital Reserve Account would be
- ₹ 2,500
- ₹ 3,150
- ₹ 3,500
- ₹ 3,750
- The nominal and book value of Sinking Fund Investments Account are respectively ₹ 1,00, 000 and ₹ 6,000. The company has sold investments, of the nominal value of ₹ 20,000 at a price that was sufficient to redeem the debentures of ₹ 20,000 at ₹ 102. The profit on sale of investments is
- ₹ 800
- ₹ 1,000
- ₹ 1200
- nil
- A company՚s Balance Sheet inter alia contains ₹ 1,60, 000 fully paid 10% redeemable preference shares, ₹ 1,000 as share premium and ₹ 1,3 1,000 as Revenue Reserves. It resolves to immediately redeem the above-mentioned shares at 5% premium by maximum utilization of earnings from fresh issue. If the issue is made at 20% premium, the MINIMUM amount of fresh equity issue proceeds will be
- ₹ 28,800
- ₹ 32,000
- Ps. 36,000
- ₹ 37,000
- The following accounting entries are required in connection with the allotment of shares of a Company
- Adjustment entry in respect of the discount allowed, if any, on the issue of shares
- Transfer entry for the application money received on shares allotted
- Adjustment entry for the excess application money, if any, being adjusted against the allotment money due
- The correct sequence of these entries is
- 1,2, 3
- 2,1, 3
- 2,3, 1
- 3,2, 1
- What is the correct sequence of the following functionaries/authorities in the life of a company?
- Board of Directors
- Promoters
- Registrar of Companies
- Underwriters
- Liquidators
- Select the correct answer using the codes given below
- Codes:
- 1, 2,3, 4,5
- 2, 1,3, 4,5
- 5, 4,1, 3,2
- 2, 4,1, 3,5
- Codes:
- Depreciation Accounting is a process of
- allocation of cost
- valuation of assets
- provision for replacement of assets
- estimation of net profit
- When shares are forfeited, called up amount on shares is debited to
- Forfeiture Account
- Capital Reserve Account
- General Reserve Account
- Capital Account