| 51 |
On retirement, the retiring partner's share of goodwill is debited to the continuing partners in their |
Accountancy/Book Keeping
Retirement of a partner |
Easy |
| 52 |
The amount due to a retiring partner that is not paid immediately is transferred to |
Accountancy/Book Keeping
Retirement of a partner |
Easy |
| 53 |
A, B and C share 3:2:1. C retires and A and B continue without any stated new ratio. In what ratio do A and B… |
Accountancy/Book Keeping
Retirement of a partner |
Medium |
| 54 |
A, B and C share 3:2:1. C retires; the firm's goodwill is ₹60,000. A and B continue in their old ratio. By ho… |
Accountancy/Book Keeping
Retirement of a partner |
Medium |
| 55 |
A, B and C share 3:2:1. C retires and A and B decide to share future profits equally. What is the gaining rat… |
Accountancy/Book Keeping
Retirement of a partner |
Hard |
| 56 |
The balance in a deceased partner's capital account is transferred to |
Accountancy/Book Keeping
Death of a partner |
Easy |
| 57 |
Profit and Loss Suspense Account is opened on the death of a partner to record |
Accountancy/Book Keeping
Death of a partner |
Easy |
| 58 |
The accounting year begins on 1 April. A partner with a 1/3 share dies on 30 June. Last year's profit was ₹60… |
Accountancy/Book Keeping
Death of a partner |
Medium |
| 59 |
Which item is NOT included in the amount payable to a deceased partner's executors? |
Accountancy/Book Keeping
Death of a partner |
Medium |
| 60 |
Last year's sales were ₹4,00,000 and profit ₹80,000. Sales from the start of this year to the date of a partn… |
Accountancy/Book Keeping
Death of a partner |
Hard |
| 61 |
Which event leads to dissolution of partnership but not necessarily of the firm? |
Accountancy/Book Keeping
Meaning and modes of dissolution |
Easy |
| 62 |
A firm's business becomes illegal because of a new law. The firm is dissolved |
Accountancy/Book Keeping
Meaning and modes of dissolution |
Easy |
| 63 |
In a partnership at will, R wants to end the firm. How can he dissolve it on his own? |
Accountancy/Book Keeping
Meaning and modes of dissolution |
Medium |
| 64 |
One partner of a firm has become of permanently unsound mind. The other partners want to dissolve the firm. W… |
Accountancy/Book Keeping
Meaning and modes of dissolution |
Medium |
| 65 |
Under the order of settlement on dissolution, which payment is made first out of the firm's assets? |
Accountancy/Book Keeping
Meaning and modes of dissolution |
Hard |
| 66 |
On dissolution, which item is NOT transferred to the Realisation Account? |
Accountancy/Book Keeping
Realisation Account and settlement of accounts |
Easy |
| 67 |
A partner takes over a firm's computer on dissolution. Which entry is passed? |
Accountancy/Book Keeping
Realisation Account and settlement of accounts |
Easy |
| 68 |
A creditor of ₹15,000 accepts machinery of the same book value in full settlement of his claim. What entry is… |
Accountancy/Book Keeping
Realisation Account and settlement of accounts |
Medium |
| 69 |
Realisation expenses of ₹3,000 are paid by partner A on behalf of the firm. What entry is passed? |
Accountancy/Book Keeping
Realisation Account and settlement of accounts |
Medium |
| 70 |
Assets (other than cash) of book value ₹1,50,000 realise ₹1,30,000. Creditors of ₹50,000 are paid ₹48,000, an… |
Accountancy/Book Keeping
Realisation Account and settlement of accounts |
Hard |
| 71 |
Which feature ensures that a company continues to exist even when its members change? |
Accountancy/Book Keeping
Features and types of companies |
Easy |
| 72 |
What is the minimum number of members required to form a public company? |
Accountancy/Book Keeping
Features and types of companies |
Easy |
| 73 |
A shareholder holds 100 shares of ₹10 each on which ₹6 per share has been paid. If the company is wound up wi… |
Accountancy/Book Keeping
Features and types of companies |
Medium |
| 74 |
A company in which the Central Government holds 60% of the paid-up share capital is called a |
Accountancy/Book Keeping
Features and types of companies |
Medium |
| 75 |
A company sues one of its own shareholders for an unpaid call. Which feature of a company makes this possible? |
Accountancy/Book Keeping
Features and types of companies |
Hard |
| 76 |
The maximum amount of share capital a company is permitted to raise is called |
Accountancy/Book Keeping
Share capital: meaning, nature and types |
Easy |
| 77 |
Preference shares carry a preferential right with respect to |
Accountancy/Book Keeping
Share capital: meaning, nature and types |
Easy |
| 78 |
The part of uncalled capital that a company resolves to call only in the event of winding up is called |
Accountancy/Book Keeping
Share capital: meaning, nature and types |
Medium |
| 79 |
A company has subscribed capital of 50,000 shares of ₹10 each, of which ₹8 per share has been called up. Call… |
Accountancy/Book Keeping
Share capital: meaning, nature and types |
Medium |
| 80 |
Which arrangement of capital amounts is always correct for a company? |
Accountancy/Book Keeping
Share capital: meaning, nature and types |
Hard |
| 81 |
When shares are issued at a premium, the premium amount is credited to |
Accountancy/Book Keeping
Issue and allotment of shares |
Easy |
| 82 |
An amount received from a shareholder before it has been called up by the company is called |
Accountancy/Book Keeping
Issue and allotment of shares |
Easy |
| 83 |
A company buys assets for ₹1,80,000 and pays by issuing shares of ₹10 each at a premium of 20%. How many shar… |
Accountancy/Book Keeping
Issue and allotment of shares |
Medium |
| 84 |
A company offers 10,000 shares; ₹3 is payable on application and ₹5 on allotment. It receives applications fo… |
Accountancy/Book Keeping
Issue and allotment of shares |
Medium |
| 85 |
A shareholder paid ₹20,000 as calls in advance, six months before the call fell due. If interest is paid at t… |
Accountancy/Book Keeping
Issue and allotment of shares |
Hard |
| 86 |
The amount already paid by a shareholder whose shares are forfeited is credited to |
Accountancy/Book Keeping
Forfeiture and reissue of shares |
Easy |
| 87 |
The gain remaining on forfeited shares after they have been reissued is transferred to |
Accountancy/Book Keeping
Forfeiture and reissue of shares |
Easy |
| 88 |
A holder of 100 shares of ₹10 each paid ₹3 on application but failed to pay ₹5 on allotment. The shares were … |
Accountancy/Book Keeping
Forfeiture and reissue of shares |
Medium |
| 89 |
Those 100 forfeited shares (₹300 forfeited) are reissued as fully paid at ₹8 per share. What amount is transf… |
Accountancy/Book Keeping
Forfeiture and reissue of shares |
Medium |
| 90 |
200 shares of ₹10 each were issued at a premium of ₹2, payable ₹3 on application, ₹5 on allotment (including … |
Accountancy/Book Keeping
Forfeiture and reissue of shares |
Hard |
| 91 |
Under Schedule III, share capital appears under which major heading? |
Accountancy/Book Keeping
Shares and debentures in the balance sheet |
Easy |
| 92 |
Securities Premium is shown in the balance sheet under |
Accountancy/Book Keeping
Shares and debentures in the balance sheet |
Easy |
| 93 |
Where are 9% debentures repayable after five years shown in a company's balance sheet? |
Accountancy/Book Keeping
Shares and debentures in the balance sheet |
Medium |
| 94 |
In the note on share capital, how is the balance of Share Forfeiture Account on shares not yet reissued shown? |
Accountancy/Book Keeping
Shares and debentures in the balance sheet |
Medium |
| 95 |
A company has received ₹15,000 as calls in advance. How is this shown in its balance sheet? |
Accountancy/Book Keeping
Shares and debentures in the balance sheet |
Hard |
| 96 |
A debenture holder of a company is its |
Accountancy/Book Keeping
Issue of debentures |
Easy |
| 97 |
Debentures issued to a lender as additional security for a loan are said to be issued as |
Accountancy/Book Keeping
Issue of debentures |
Easy |
| 98 |
A company buys assets worth ₹4,75,000 and pays by issuing ₹100 debentures at a 5% discount. How many debentur… |
Accountancy/Book Keeping
Issue of debentures |
Medium |
| 99 |
When debentures are redeemable at a premium, the premium payable on redemption is credited at the time of iss… |
Accountancy/Book Keeping
Issue of debentures |
Medium |
| 100 |
A company issues 1,000 debentures of ₹100 each at a 5% discount, redeemable at a 10% premium. What is the amo… |
Accountancy/Book Keeping
Issue of debentures |
Hard |