NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 75 of 99)
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- A building standing in the books at ₹ 30,000, was sold for ₹ 45,000. The gain on the sale of building was transferred to profit and loss account thus taking the net profit to ₹ 1,70, 000. The fund from operation will be
- ₹ 2,15, 000
- ₹ 1,70, 000
- ₹ 1,55, 000
- ₹ 2,00, 000
- Match List I with List II and select the correct answer
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 75 of 99) List-I List-II - Leasehold property
- Mines, quarries, etc.
- The interest lost on the
- To provide for replacement
- Depreciation fund method
- Annuity method
- Fixed instalment method acquisition of an asset
- Depletion method of asset at the end of its useful life
- A
- B
- C
- D
- 2
- 1
- 4
- 3
- 3
- 4
- 1
- 2
- 3
- 4
- 2
- 1
- 4
- 3
- 1
- 2
- Following are the extracts from the Trial Balance of a firm: Particulars Dr (₹) . Cr (₹) . Sunday debtors 50,000-Provision for doubtful debts-5,000 Bad debts 3,000-Additional information
- Additional bad debts ₹ 3,000
- Keep the provision for bad debts@10% on debtors
- The net amount of bad debts that will appear in the Profit and Loss Account will be
- ₹ 8,000
- ₹ 7,500
- ₹ 5,700
- ₹ 4,500
- A and B sharing profits in the ratio of 3: 2 and having capitals of ₹ 30,000 and ₹ 15,000 respectively decided to dissolve the firm. After paying off all liabilities, cash realised from various assets is ₹ 15,000. This amount will be distributed between A and B as
- ₹ 9,000 and ₹ 6,000 respectively
- ₹ 10,000 and ₹ 5,000 respectively
- ₹ 7,500 and ₹ 7,500 respectively.
- ₹ 12,000 and ₹ 3,000 respectively
- A, B and Care partners sharing profits in the ratio of 6: 3: 1. They decided to dissolve the firm when their capitals were ₹ 8,000, ₹ 3,000 and ₹ (-) . 1,000 respectively. Other liabilities and assets were-Bank overdraft ₹ 3,500. A՚s advance to the firm ₹ 500; sundry creditors ₹ 2,500; plant and machinery ₹ 7,500; stock in trade ₹ 2,500; sundry debtors ₹ 6,000 and cash ₹ 500. Plant and machinery realised at. 20% less, stock in trade at 25% less and sundry debtors at 30% less than their respective book value. Expenses of dissolution amounted to ₹ 250. C became insolvent and his private estate yielded ₹ 100 only. What is the loss on realisation?
- ₹ 4,125
- ₹ 4,150
- ₹ 4,175
- ₹ 4,225
- A, Band Care the partners in a business firm sharing their profits in the ratio of 4: 3: 2. A new partners D enters the firm. The new profit sharing of A, B, C and D is 5: 4: 2: 1. D contributes a goodwill of ₹ 36,000. This goodwill is to be allocated among A, B and C. Which one of the following will be the correct allocation?
- 16, 000 12,000 8,000
- 12, 000 8,000 16,000
- 12,000 Nil 24,000
- 24,000 Nil 12,000
- A, Band Care equal partners in a firm with capital of ₹ 16,800, ₹ 12,600 and ₹ 6,000 respectively. With bills payable ₹ 3,300; creditors ₹ 6,000; cash ₹ 600; debtors ₹ 10,800; stocks Ps. 11,400; furniture ₹ 2,400 and building ₹ 19,500. E is admitted to the firm and brings ₹ 9,000 as goodwill and ₹ 15,000 as capital. Half the goodwill is withdrawn by old partners, and stock and furniture is depreciated by 10% . A provision of 5% on debtors is created and value of building is taken at ₹ 27,000. The profit on revaluation will be
- ₹ 5,500
- ₹ 5,580
- ₹ 5,400
- ₹ 5,680
- A and Bare partners in a firm sharing profits in the ratio of 3: 2. They admit C as a new partner for share in the profits of the firm. The new profit sharing ratio of A, B and C is
- 3: 2: 1
- 3: 2: 2
- 3: 2: 3
- 6: 4: 5
- Some companies give cash flow statements in their annual reports as prescribed by
- Part IV of Schedule VI to the Companies Act, 1956
- the listing agreement with the stock exchanges
- the SEBI regulations
- the Accounting Standard-3 on cash flow statements
- Under the net worth method, the basis of ascertaining profit is the
- difference between the liabilities on two dates
- difference between the gross assets on two dates
- difference between the capital on two dates
- increase in net worth before adjusting for drawings and additions to capital
- A non-performing asset with a financial institution denotes an asset on which
- regular dividend is not being received
- interest is on default for two quarters or more
- repayment of capital appears difficult
- there is no earning of profit
- Consider the following statements: Redeemable preference shares of a company can be redeemed out of
- profits of the company which would otherwise be available for dividend
- company՚s share premium account
- fresh issue of shares made for the purpose of redemption
- Which of the above statements are correct
- 1 and 2
- 1 and 3
- 2 and 3
- 1,2 and 3
- A company forfeited 100 shares of ₹ 10 each owing to the default in the payment of share call money of ₹ 5 each. These shares were issued at ₹ 9 each, payable at ₹ 2 on application, ₹ 2 on allotment and the balance of ₹ 5 on call. The shares were then reissued to another shareholder at a price of ₹ 6 per share. The amount to be debited to forfeited shares account on account of discount on reissue of shares would be
- ₹ 100
- ₹ 300
- ₹ 400
- ₹ 500
- The issue of bonus shares must be in accordance with the guidelines issued by the
- Company Law Board
- Controller of capital issues
- Securities and Exchange Board of India
- Registrar of Companies
- Consider the following statements: A low inventory turnover may be the result of
- obsolescence of some of the stock
- slow-moving inventory
- frequent stock-outs
- fast-moving inventory
- Which of the above statement (s) is/are correct?
- 1 and 2
- 4 alone
- 2 alone
- 2 and 3