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<table class="TableGrid">
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<p style="margin-top: 0; margin-bottom: 0;">Q1. Unexpired expense is_______ account</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Real</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Nominal</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Personal</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Representative Personal</p>
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<p> </p>
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q2. Which of the following accounts may have a debit or a credit balance?</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Partner’s Current Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchase Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Commission (Recd) Account</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None</p>
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<p> </p>
<table class="TableGrid">
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q3. The credit balance of a personal account shows:</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Cash in hand</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">The amount payable</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Income</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Amount receivable</p>
</td>
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<p> </p>
<table class="TableGrid">
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<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q4. Bank overdraft account is a:</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Personal account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Real account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Nominal account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Representative Personal account</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q5. Rs. 50,000 paid to Mohan for overhauling of old machinery purchased will be debited to</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Repair A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Mohan’s A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Wages A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Machinery A/c</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
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<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q6. Ram purchased a car for Rs. 10,000 paid Rs. 3,000 as cash and balance amount will be paid in three equal installments. Due to this :</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Total assets increase by Rs. 10,000</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Total liabilities increased by Rs. 3,000</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Assets will increase by Rs. 7,000 with corresponding increase in liability by Rs. 7,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (b) and (c).</p>
</td>
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<p> </p>
<table class="TableGrid">
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<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q7. Goods worth Rs.7,000 given away as charity would be credited to:</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Sales A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchases A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Charity A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Trustee A/c</p>
</td>
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</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q8. Loss of goods by fire should be credited to :</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Sale A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Loss A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit and Loss A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchase A/c</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q9. When money is Withdrawn from bank, the bank........the account of the customer</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debit</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Credit</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Either (a)or (b)</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
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<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<td>
<p style="margin-top: 0; margin-bottom: 0;">Q10. The balance of petty cash is :</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Expenses</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Asset</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Liability</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
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<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q11. Bad debts will be recorded in Cash Book in :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Cash column on credit side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Bank column on credit side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Discount column on credit side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q12. A opened an account with 5,000 on 3/12/09. He deposited Rs. 1,000 on 7/12/09. He withdraw Rs. 2,000 on 15/12/09 and deposited a cheque of Rs. 10,000 on 20/12/09. What is the balance on 31/12/09?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 14,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 4,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q13. Salary due for the month of March will appear in ………. Side of cash book.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Receipt</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Payment</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Contra</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q14. A note sent by buyer on return of goods is</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Credit Note</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Return Note</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debit Note</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q15. Goods sold for cash Rs. 25,000 plus 4% VAT. Sales A/c will be credited by:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 24,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 25,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 26,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 27,000</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q16. Purchase of furniture on credit should be recorded in:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Journal</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchase Book</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Cash Book</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Journal Proper</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q17. The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called_____ :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Balancing</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Casting</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Journalizing</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Posting</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q18. Proprietor of the business withdrew goods from business for private use. It will be posted to the:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Credit of Drawings A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debit of Purchases A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Credit of Purchase A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q19. While posting in personal accounts from the purchases book, posting is done:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">On Debit side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">On Credit side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">On Debit or Credit side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q20. Which of the following account always shows a debit balance:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Capital A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Sales A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchases Return A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q21. Trial Balance is a:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Statement</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Summary</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Ledger</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q22. Trial Balance does not include:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Closing Stock</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Drawings</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Opening Stock.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q23. A Trial Balance is prepared on the basis of :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Subsidiary books</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Ledger</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Subsidiary books and ledger</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Cash book</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q24. Out of the following, balance of which account is shown on the credit side of Trial Balance</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchases A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Discount Received A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Sales Return A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Bills Receivable A/c</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q25. After preparing trial balance the accountant finds that the total of debit side is short by Rs.1500. The difference is</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">credited to suspense account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">debited to suspense account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">adjusted to any of debit balance</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">adjusted to any of credit balance</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q26. The Trial Balance of M/S RAM & Co. shows closing Stock of Rs. 30,000. It will be recorded in:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Trading account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit and Loss account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Balance Sheet</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (a) and (c)</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q27. When adjusted purchase is shown on the debit column of the trial balance then</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both opening stock and closing stock do not appear in the trial balance</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Closing stock is shown in the trial balance and not the opening stock</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Opening stock is shown in the trial balance and not the closing stock</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both opening and closing stock appear in the trial balance.</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q28. Carriage outward is debited to</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Trading Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit and loss account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit and loss appropriation account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Balance sheet.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q29. At the end of Trial Balance, the following adjustments are given stock destroyed - Rs.20,000 Insurance claim received Rs. 16,000. The effect of the above adjustments will be shown in:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Trading Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit and Loss Account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Balance Sheet</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All of the above.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q30. Books of Ram shows on Ist January 2006 furniture Rs. 20,000. During the year a part of the furniture whose book value on Ist January 2006 is Rs. 1,200 has been exchanged with another furniture by paying additional Rs. 500. Ram charge depreciation @ 10% p.a. The net amount of the furniture to be shown in the balance sheet will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,450</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,600</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,504</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,784</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q31. Sundry debtors on 31st March 2006 are Rs. 55,200. Further bad debts are Rs. 200. Provision for doubtful debts are to be made on debtors @ 5% and also provision of discount is to be made on debtors @ 2%. The amount of provision of doubtful debts will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,045</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,750</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,100</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,760</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q32. Trial balance of a trader shows the follwing balances</p>
<p style="margin-top: 0; margin-bottom: 0;"> Rs.</p>
<p style="margin-top: 0; margin-bottom: 0;">Opening Stock 9600</p>
<p style="margin-top: 0; margin-bottom: 0;">Purchases less returns 11850</p>
<p style="margin-top: 0; margin-bottom: 0;">Salaries and wages 3200</p>
<p style="margin-top: 0; margin-bottom: 0;">Commission on Purchases 200</p>
<p style="margin-top: 0; margin-bottom: 0;">Carriage out 300</p>
<p style="margin-top: 0; margin-bottom: 0;">Sales 24900</p>
<p style="margin-top: 0; margin-bottom: 0;">Closing Stock 3500</p>
<p style="margin-top: 0; margin-bottom: 0;">Gross profit will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 6750</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 6500</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 3250</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 3200</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q33. Following are the items of the balance sheet of Mr. X :</p>
<p style="margin-top: 0; margin-bottom: 0;">Capital Rs. 7,00,000; Machinery Rs. 5,00,000 and cash Rs. 2,00,000. If Mr. X spends Rs. 5,000 to meet his family expenses, the balance of capital and cash accounts will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 7,00,000 and Rs. 2,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 6,95,000 and Rs. 1,95,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 7,00,000 and Rs. 1,95,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 6,95,000 and Rs. 2,00,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q34. Sales = Rs. 11,000, G.P. = 1/10th on cost stock before these Adjustments Rs. 1,00,000 closing stock after adjustment of sales will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 90,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 89,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q35. Capital introduced in the beginning by Ram Rs. 16,080, further capital introduced during the year in the form of machinery Rs. 2,000; personal expenses during the year ______</p>
<p style="margin-top: 0; margin-bottom: 0;">Drawings in cash Rs. 3,000</p>
<p style="margin-top: 0; margin-bottom: 0;">Life Insurance Premium Rs. 250</p>
<p style="margin-top: 0; margin-bottom: 0;">Closing capital Rs. 21,925</p>
<p style="margin-top: 0; margin-bottom: 0;">The amount of profit or loss for the year will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit Rs. 7,095</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit Rs. 7,085</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Loss Rs. 5,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Loss Rs. 6,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q36. General Manager gets 10% commission on net profit after charging such commission. Gross Profit Rs. 70,000 and general expenses other than manager’s commission are Rs. 12,000. Commission amount will be :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,273</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 6,073</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,373</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,173</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q37. An amount of Rs. 5,000 received from X was posted to the debit of Y. In rectifying entry ............ account will be debited by Rs. .............</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">X Rs. 5,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Y Rs. 5,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Suspense A/c Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Suspense A/c Rs. 5,000.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q38. Sale of Rs. 7,600 to Ashok was credited to his account as Rs. 6,700. In rectifying entry Ashok A/c will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debited by Rs. 900</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Credited by Rs. 900</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Credited by Rs. 14,300</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debited by Rs. 14,300</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q39. In purchase book total of page no. 15 was carried forward to page no. 16 as Rs. 1,52,000 instead of Rs. 1,25000 and total of page no. 20 was carried forward to page no. 21as Rs. 2,16,000 instead of Rs. 2,61,000. The rectifying entry will be :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"> Rs. Rs.</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Purchases A/c Dr. 75,000</p>
<p style="margin-top: 0; margin-bottom: 0;"> To Suspense A/c 75,000</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"> Rs. Rs.</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Purchases A/c Dr. 18,000</p>
<p style="margin-top: 0; margin-bottom: 0;"> To Suspense A/c 18,000</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"> Rs. Rs.</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Suspense A/c Dr. 75,000</p>
<p style="margin-top: 0; margin-bottom: 0;"> To Purchases A/c 75,000</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;"> Rs. Rs.</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Suspense A/c Dr. 18,000</p>
<p style="margin-top: 0; margin-bottom: 0;"> To Purchases A/c 18,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q40. Which of the following is not an error of principle :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Purchase of furniture debited to purchases account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Repair expenses on overhauling of second hand machinery purchased debited to repairs account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,000 received from Khushi were credited to Sukhi’s account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Sale of old car credited to sales account.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q41. Repairs to plant amounting to Rs.680 had been charged to Plant and machinery account. Due to rectification of this error, net profit will</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase by Rs.680</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Decrease by Rs.680</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Not change</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Increase by Rs.340</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q42. If X has been debited by Rs. 50 instead of Rs. 500 and Y has been debited by Rs. 500 instead of Rs. 50, it will be called :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Error of Principle</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Compensating Error</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Error of Omission</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Error of Commission</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q43. A and B are partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. The profits of the year prior to calculation of interests on capital but after charging B’s salary amounted to Rs. 12,500. Manager is to be allowed a commission of 5% of profits remaining after deducting salary and interest on capital but before charging such Commission, Profit transferred to partners Capital Accounts will be _____.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A Rs. 4,389 B Rs. 2,926</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A Rs. 4,000 B Rs. 3,315</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A Rs. 3,000 B Rs. 4,315</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A Rs. 2,500 B Rs. 4,815</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q44. A , B and C are in partnership with no partnership deed. A brought Rs. 80,000, B Rs. 60,000 and C Rs. 40,000 as capital. A does not take part in day activities, B acts as general manger and C acts as a sales manager. The profit during the year was Rs. 1,50,000. The share of each partner is profit will respectively be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 66,667: Rs. 50,000: Rs. 33,333</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 50,000: Rs. 50,000: Rs. 50,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Nil: Rs. 75,000: Rs. 75,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q45. A, B and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his share of profit in any given year would not be less than Rs. 5,000. Deficiency if any would be borne by A and B equally. The profits for the year 2006 amounted to Rs. 40,000. The amount of C’s deficiency to be shared by A and B will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 500 each</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 400 each</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 600 each</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q46. Ram and Laxman are partners. Their opening capital was Rs. 12,000 and Rs. 6,000. 6% p.a. interest will be calculated on capital and drawings. Profit before adjustment of interest was Rs. 6353. Drawings were as follows.</p>
<p style="margin-top: 0; margin-bottom: 0;">Ram Rs. Laxman Rs.</p>
<p style="margin-top: 0; margin-bottom: 0;">July 1 200 June 1 100</p>
<p style="margin-top: 0; margin-bottom: 0;">Aug. 1 200 July 1 100</p>
<p style="margin-top: 0; margin-bottom: 0;">Sept. 1 300 Sept.1 50</p>
<p style="margin-top: 0; margin-bottom: 0;">Nov. 1 50 Oct. 1 200</p>
<p style="margin-top: 0; margin-bottom: 0;">Feb. 1 100 Dec.1 100</p>
<p style="margin-top: 0; margin-bottom: 0;">Annual accounts are closed on march 31. Divisible profit will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,322</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,224</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,400</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q47. X, Y and Z are partners in a firm. At the time of division of profit for the year there was dispute between the partners. Profits before interest on partner’s capital was Rs. 6,000 and Y determined interest @ 24% p.a. on his loan of Rs. 80,000. There was no agreement on this point. Calculate the amount payable to X, Y and Z respectively.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,000 to each partner</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Loss of Rs. 4,400 for X and Z & Y will take home Rs 14,800</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 400 for X, Rs. 5,200 for Y and Rs. 400 for Z</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,400 to each partner</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q48. A and B are partners sharing profits and losses in the ratio for 4:1 C was a manger who received the salary of Rs. 2000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profits for the year is Rs. 3,39,000 before charging salary. Find total remuneration of C:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 39,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 44,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 43,500</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 38,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q49. A and B are partners having capital of Rs. 50,000 and Rs. 60,000 respectively. Interest on capital is given @ 5% p.a. Profits for the year before appropriation is Rs. 4,600 Provide interest on capital out of profits. Interest allocated to partners is:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 3,000 and Rs. 2,500</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,090 and Rs. 2,509</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,500 and Rs. 2,091</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 600 and Rs. 300</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q50. The profit of a firm for the last 5 years were as follows: </p>
<p style="margin-top: 0; margin-bottom: 0;">Year ended 31<span style="vertical-align: super;">st</span> March Profits (Rs.)</p>
<p style="margin-top: 0; margin-bottom: 0;">43</p>
<p style="margin-top: 0; margin-bottom: 0;">,</p>
<p style="margin-top: 0; margin-bottom: 0;">000</p>
<p style="margin-top: 0; margin-bottom: 0;">50,000</p>
<p style="margin-top: 0; margin-bottom: 0;">52,000</p>
<p style="margin-top: 0; margin-bottom: 0;">65,000</p>
<p style="margin-top: 0; margin-bottom: 0;">85,000</p>
<p style="margin-top: 0; margin-bottom: 0;">Goodwill is to be calculated on the basis of two years purchase of weighted average profits. The weights to be used are:</p>
<p style="margin-top: 0; margin-bottom: 0;"> 1999 2000 2001 2002 2003</p>
<p style="margin-top: 0; margin-bottom: 0;"> 1 2 3 4 5 </p>
<p style="margin-top: 0; margin-bottom: 0;"> Goodwill amount will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,31,200</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,30,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,32,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q51. Find the goodwill of the firm using capitalization method from the following information: Total capital employed in the firm Rs. 8,00,000, average Profit 4,00,000, Normal rate of return 10%, Profit for the year Rs. 12,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 82,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 12,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 32,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 42,00,000</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q52. X and Y are partner in a firm with capital of Rs. 18,000 and Rs. 20,000. Z was admitted for 1/3rd share in profits and brings Rs. 24,000 as capital, calculate the amount goodwill:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 24,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 20,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 15,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 10,000</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q53. Ramesh & Suresh are partners sharing profits in the ratio of 2:1 (Ramesh Capital is Rs. 1,02,000 and Suresh Capital is Rs. 73,000). They admitted Mahesh & agreed to give him 1/5 in share. He brings Rs. 14,000 as his share of goodwill. He agreed to contribute capital in profit sharing ratio, How much capital will be brought by incoming partner?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 43,750</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 45,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 47,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 48,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q54. A, B and C are partners, sharing profits in the ratio of 4:3:2. D is admitted for 2/9 share of profits and Brings Rs. 30,000 as his capital and Rs. 10,000 for his share of Goodwill. The new profit sharing ratio between A:B:C:D will be 3:2:2:2. The Goodwill amount brought by D will be shared by:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A,B & C</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A & B</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A only</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B only</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q55. On admission of a partner unrecorded investments worth Rs. 5000 and unrecorded liability towards suppliers for R. 1500 will be recorded in</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Revaluation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Capital Accounts</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Realisation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q56. The balance in the Investment Fluctuation Fund, after meeting the loss on revaluation of investments, at the time of admission will be transferred to -</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Capital A/c of the Partners</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Revaluation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">General reserve</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of these</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q57. A and B are partners sharing profits in the ratio of 3:2. They admit C as a new partner for 3/10th share, which he acquires 2/10 from A and 1/10 from B. The new profit sharing ratio of A, B and C is</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3:4:3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4:3:3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3:3:4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q58. A, B & C are equal partners. They wanted to change the profits sharing ratio into 4:3:2. They raised the goodwill Rs. 90,000 but they want to immediately write it off. The effected accounts will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C’s capital account debit and A’s capital account credit with Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">B’s capital account debit and A’s capital account credit with Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">C’s capital account debit and B’s capital account credit with Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">A’s capital account debit and C’s capital account credit with Rs. 10,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q59. A’ and B are partners of a firm sharing profits in the ratio of 3:3. C was admitted for 1/5 the share of profit . Machinery would be appreciated by 10% (Book value Rs. 80,000) and building would be depreciated by 20% (Rs. 2,00,000). Unrecorded debtors of Rs. 1,250 would be bought to books and Creditors of R. 2,750 died and needn’t to pay any things. What will be the profit/loss on revaluation?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Loss Rs. 28,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Loss Rs. 40,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit Rs. 28,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit Rs. 40,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q60. X, Y and Z who are presently sharing profits & losses in the ratio of 5:3:2, decide to share equally among themselves w.e.f. 1st April 2008, after admitting A.It was found that Creditors worth Rs.10,000 were ommited to be recorded. The entry effecting Revaluation is</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Revaluation A/c Dr. 10,000 </p>
<p style="margin-top: 0; margin-bottom: 0;"> To Creditors A/c 10,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Creditors A/c Dr. 10,000 </p>
<p style="margin-top: 0; margin-bottom: 0;"> To Revaluation A/c 10,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Revaluation A/c Dr. 2,10,000 </p>
<p style="margin-top: 0; margin-bottom: 0;"> To Creditors A/c 2,10,000 </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Creditors A/c Dr. 2,10,000 </p>
<p style="margin-top: 0; margin-bottom: 0;"> To Creditors A/c 2,10,000 </p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q61. X, Y and Z were partners sharing profits in proportion to 5:3:2 Goodwill does not appear in the books, but it is agreed to be worth Rs. 1,00,000. X retires from the firm and Y and Z decide to share future profits equally. X’s share of goodwill will be debited to Y’s and Z’s capital A/cs in the ratio.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1:1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2:3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3:2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q62. M, N and O are partners with capitals of Rs. 10,000, Rs. 7,500 and Rs. 5,000 respectively. On O’s retirement his share is acquired by M and N in the ratio of 3:2 respectively. Gaining ratio will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2:2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2:3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1:2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3:2</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q63. A, B and C were partners in a firm sharing profits and losses in the ration of 2:2:1 respectively with the capital balance of Rs. 50,000 A and B; each for C Rs. 25,000. B declared to retire form the firm and balance in reserve on the date was Rs. 15,000. If good will of the firm was valued as Rs. 30,000 and profit on revaluation was Rs. 7,050 then what amount will be transferred to the loan account of B?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 70,820</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 50,820</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 25,820</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 58,820</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q64. Revaluation account is prepared at the time of</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Admission of a partner</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Retirement of a partner</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Both (a) and (b)</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q65. A, B and C are the partners sharing profits in the ratio 4:3:2. C died on 30.6.2015 and profits for the accounting year 2014-15 were Rs. 72000. How much share in profits for the period 1st April 2015 to 30th June, 2015 will credited to C’s account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 4,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 16,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 12,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q66. Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount ?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Gaining Ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Capital Ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Sacrificing Ratio</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit Sharing Ratio</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q67. A partnership firm maintains its accounts on calendar year basis. B, one of its partner died on 31st March 2010. The profit for the year 2009 was Rs. 75,000, which was distributed among all the three partners equally. The share of profit of B for the year 2010 on the basis of the year 2009 will be</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.18,750</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.25,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Nil</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.6,250</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Q68. Loan A/c credit balance on Dec. 31, 2006 15,000</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Loan paid on June 30,2006 4,000</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Loan paid on Sept. 30, 2006 5,000</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Interest on loan is to be charged 9 % p.a.</p>
<p style="text-align: justify; margin-top: 0; margin-bottom: 0;">Interest amount will be </p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,867.50</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,8000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the three.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q69. Which one of the following items can’t be recorded in the P&L Appropriation A/c?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Interest on capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Interest on drawings</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rent paid to partners</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Partner’s salary</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q70. A and B are partners. B draws a fixed amount at the end of every month. Interest on drawings is charged @ 15% p.a. At the end of the year interest on B’s drawings amounts to Rs. 8,250. Drawings of B were :</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 12,000 p.m.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 10,000 p.m.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 9,000 p.m.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 8,000 p.m.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q71. In case of admission of a partner, the entry for unrecorded investments will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debit Partners Capital A/cs and Credit Investments A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debit Revaluation A/c and Credit Investment A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debit Investment A/c and Credit Revaluation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q72. A and B are partners sharing profits in the ratio of 2:3. Their Balance Sheet shows Machinery at Rs. 2,00,000; Stock at Rs.80,000 and Debtors at Rs.1,60,000. C is admitted and new profit sharing ratio is agreed at 6:9:5. Machinery is revalued at Rs. 1,40,000 and a provision is made for doubtful debts @5%. A’s share in loss on revaluation amount to Rs.20,000. Revalued value of stock will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 62,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,00,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 60,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 98,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q73. On firm’s dissolution, when a partner voluntarily gives his personal asset to firm’s creditor as payment, the account credited will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Realisation A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Partner’s Capital A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Cash A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q74. In the Balance Sheet Total Debtors appear at Rs.50,000 and Provision for Doubtful Debts appear at Rs.1,500. How much amount will be realized from Debtors, if bad debts amount to Rs.10,000 and remaining debtors are realized at a discount of 5%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.38,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 36,500</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 36,575</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 39,500</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q75. On dissolution of a firm, partners’ capital accounts balance was Rs.63,000; creditors balance was Rs.12,000 and profit & loss account debit balance was Rs. 6,000. Profit on realization of asset was Rs.7,800. Total amount realized from assets was:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.81,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 76,800</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 70,800</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q76. The amount of capital that is mentioned in capital clause is know as:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Authorised Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Registered Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Nominal Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">All of these</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q77. “Proposed dividends” is shown in the Balance Sheet of a Company under the head:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Short term Provisions</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Reserves and Surplus</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Other Current Liabilities</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Other Non Current Liabilities</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q78. Reserve capital means:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The part of subscribed uncalled capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Accumulated profits</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The part of capital reserve</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">The part of capital Redemption Reserve</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q79. A company forfeited 2,000 shares of Rs. 10 each (which, were issued at par) held by A for non payment of allotment money of Rs. 4 per share. The called up value per share was Rs. 9 on forfeiture, the amount debited to share capital is:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 8,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 18,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q80. A Ltd. acquired, assets worth Rs. 15,00,000 form H Ltd. by issued of shares of Rs.100 @ premium of 25% The number of shares issued to settle the purchase consideration will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">12,000 shares</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">15,000 shares</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">18750 shares</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">11,250 shares</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q81. ABC Ltd. forfeited 20 shares of Rs 10 each, Rs. 8 called up, on which X paid application and allotment money of Rs 2 and Rs. 3 respectively. These shares were re-issued to Y at Rs. 6 fully paid. What was the balance in shares forfeiture account before shares were re-issued?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 40</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 60</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 100</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 160</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q82. E Ltd has allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application is Rs. 2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment due from F:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">60 shares ; Rs. 120</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">340 shares; Rs. 160</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">320 shares; Rs. 200</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">300 shares; Rs. 240</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q83. J Ltd. reissued 2,000 shares which were forfeited by crediting shares forfeiture account by Rs 3,000. These shares were reissued at Rs. 9 per share. The amount transferred to Capital Reserve will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 3,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">NIL</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q84. If vendors are issued fully paid shares of Rs. 1,00,000 in consideration of net assets of Rs. 1,20,000, the balance of Rs. 20,000 will be credited to:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Goodwill account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Capital Reserve account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Vendor’s account</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Profit and Loss account</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q85. When shares are issued to promoters which account should be debited:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Share Capital A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Assets A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Promoters A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Goodwill A/c</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q86. According to Section 78 of the companies Act. the amount in the Securities Premium A/c cannot be used for the purpose of:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Issues of fully paid bonus shares</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Writing off revenue losses of the company</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Writing off preliminary expenses</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Writing off commission or discount on issues of shares.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q87. A Ltd. forfeited 1000 equity shares of Rs. 10 each issued at a discount of 10% for non-payment of first call of Rs. 2 and second call of Rs. 3 per shares. For recording this forfeiture, calls in arrear will be credited by:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 4,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 1,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 10,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q88. X was issued 100 shares of Rs. 10 each at a premium of Re 1, he paid application money and allotment money which in total amounted to Rs. 5 (excluding premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time reissue of shares;</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 4 per share</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 5 per share</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 2 per share</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 6 per share</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q89. The difference between subscribed Capital and Called-up Capital is called:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Calls-in-arrear</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Calls-in-advance</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Uncalled capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None of the above</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q90. Which of the following should be deducted from the share capital to find out paid up capital of a Company?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Calls-in-advance</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Calls-in-arrear</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Share forfeiture</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Discount on issue of shares</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q91. W Ltd. issued 20,000 8% debentures of Rs. 10 each at per, which are redeemable after 5 year at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 40,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 10,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 20,000</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 8,000</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q92. Loss on issue of debentures is generally written off in:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">5 year</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">10 year</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">15 year</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Over the period of redemption</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q93. When debentures are issued as collateral Security, which entry has to be passed:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debenture Suspense A/c Dr.</p>
<p style="margin-top: 0; margin-bottom: 0;"> To Debentures A/c</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">No entry has to be made</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Either (a) or (b)</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">None</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q94. Debenture holders are called ______ of the company</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">1</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Creditors</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debtors</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Owners</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Bankers</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q95. Maximum limit of premium on shares is:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">3</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">5%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">10%</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">No Limit</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">100%</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q96. Amount of Calls in Advance is</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Added to Share Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Deducted from Share Capital</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Shown on the Assets side</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Shown on Equity & Liabilities side</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q97. The subscribed capital of a company is Rs. 80,00,000 and the nominal value of the share is Rs. 100 each. There were no calls in arrear till the final call was made. The final call made was paid on 77,500 shares only. The balance in the calls in arrear amounted to Rs. 62,500. Calculate the final call on share.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 7</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 20</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 22</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs. 25</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q98. A shareholder holding 600 shares paid the amount of call @ Rs. 5 per share on 1st November 2013 whereas the call was due in 1st March 2014. Maximum interest on calls in advance will be:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.45</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.120</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.50</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Rs.60</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q99. Which of the following statements is false?</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">At maturity, debenture holders get back their money.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Debentures can be forfeited for non-payment of call money.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">In company’s balance sheet, debentures are shown under the head Long term Borrowings.</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Interest on debentures is a charge against profits.</p>
</td>
</tr>
</table>
<p> </p>
<table class="TableGrid">
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">4</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Q100. Interest on debentures issued as a collateral security is paid on:</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">2</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Nominal value of debentures</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">No interest is paid</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Face value of debentures</p>
</td>
</tr>
<tr>
<td>
<p style="margin-top: 0; margin-bottom: 0;">Paid up value of debentures</p>
</td>
</tr>
</table>
<p> </p>
<p> </p>
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