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This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
Rohit Ltd. Invited applications for 30,000 equity shares of ₹100 each at a premium of ₹20 per share. The amount was payable as follows :On Application ₹40 (including ₹10 as premium)On Allotment ₹40 (including ₹10 as premium)On First call ₹20On Second and Final call Rs,20Applications for 40,000 shares received and pro-rata allotment was made on the applications for 35,000 shares. Excess application money is to be utilized towards allotment.Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment,Aman who applied for 1,050 shares failed to pay the first call and his shares were forfeited after first call.The second and final call was not yet made. Of the shares forfeited 1,000 shares were reissued as fully paid for ₹80 per share which included whole of Rohan’s shares.1. Application money transferred to Share Capital A/c is------ (A)₹9,00,000 (B)₹12,00,000 (C)₹16,00,000 (D)₹3,00,0002. Excess application money utilized towards allotment is ----------(A) ₹4,00,000 (B) ₹2,00,000 (C) ₹1,50,000 (D) ₹1,00,0003. The amount debited to securities premium reserve account on forfeiture of Rohan’s shares is -------- (A)₹12,000 (B)₹,7,000 (C)₹6,000 (D)₹3,00,0004. The amount transferred to Capital Reserve on reissue of is -------- (A)₹24000 (B)₹22,000 (C)₹10,000 (D)₹34000 |
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Answer» 1. (A)₹9,00,000 2. (B) ₹2,00,000 3. (C)₹6,000 4. (D)₹34000 |
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| 2. |
Khyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of ₹10 each payable as follows: ₹2 on application ₹3 on allotment ₹2 on first call ₹3 on final callApplications were received for 1,20,000 equity shares. It was decided to adjust the excess amount received on account of over subscription till allotment only. Hence allotment was made as under:(i) To applicants for 20,000 shares – in full (ii) To applicants for 40,000 shares – 10,000 shares(iii) To applicants for 60,000 shares – 50,000 sharesAllotment was made and all shareholders except Tammana, who had applied for 2,400 shares out of the group (iii), could not pay allotment money. Her shares were forfeited immediately, after allotment. Another shareholder Chaya , who was allotted 500 shares out of group (ii), failed to pay first call. 50% of Tamanna’s shares were reissued to Satnaam as ₹ 7 paid up for payment of ₹ 9 per share.1. What is the amount of application money refunded? (A)₹30,000 (B) ₹80,000 (C) ₹60,000 (D) Nil2. What is the amount unpaid on allotment by Tammana? (A)₹7,200 (B)₹6,000 (C) ₹5,200 (D)₹8003. Which account is to be debited on forfeiture of Tammana’s Shares? (A)Bank A/c (B)Calls in Arrear (C) Share capital A/c (D)Share Forfeiture A/c4. What is the amount due on first call debited to Share first Call A/c? (A)₹1,60,000 (B)₹1,56,000 (C)₹1,55,200 (D)₹1,55,000 |
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Answer» 1. (A)₹30,000 2. (C) ₹5,200 3. (C) Share capital A/c 4. (B)₹1,56,000 |
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| 3. |
X, Y and Z are sharing profits and losses in the ratio of 3 : 2 : 1. They decide to share future profits and losses in the ratio of 5 : 3 : 2 with effect from 1st April, 2019. On this date, the Balance sheet showed Contingency Reserve ₹ 9,000 and Deferred Advertisement Expenditure ₹30,000.Goodwill was valued at ₹ 4,80,000.Answer the following questions:1) What is the journal entry for Deferred Advertisement Expenditure ₹30,000 a. Dr. X Capital a/c ₹15,000; Dr. Y Capital a/c ₹10,000; Dr. Z Capital a/c ₹5,000; Cr. Deferred Advertisement Expenditure a/c ₹ 30,000 b. Dr. X Capital a/c ₹15,000; Dr. Y Capital a/c ₹9,000; Dr. Z Capital a/c ₹6,000; Cr. Deferred Advertisement Expenditure a/c ₹ 30,000c. Dr. Z Capital a/c ₹10,000; Cr. Y Capital a/c ₹10,000 d. None of the above2) What is the journal entry for Contingency Reserve ₹ 9,000 a. Dr. Contingency Reserve a/c ₹9,000; Cr. X Capital a/c ₹4,500; Cr. Y Capital a/c ₹3,000; Cr. Z Capital a/c ₹ 1,500 b. Dr. Contingency Reserve a/c ₹9,000; Cr. X Capital a/c ₹4,500; Cr. Y Capital a/c ₹2,700; Cr. Z Capital a/c ₹ 1,800 c. Dr. Z Capital a/c ₹300; Cr. Y Capital a/c ₹300 d. None of the above 3) What is the journal entry for Goodwill was valued at ₹ 4,80,000. a. Dr Goodwill a/c ₹ 16,000; Cr. Y Capital a/c ₹ 16,000 b. Dr. Y Capital a/c ₹ 16,000; Cr. Z Capital a/c ₹ 16,000 c. Dr. Z Capital a/c ₹ 16,000; Cr. Y Capital a/c ₹16,000 d. None of the above 4) The partner(s) whose share will be unaffected a. Y b. Z c. X d. Z and Y |
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Answer» Correct option is 1 a. Dr. X Capital a/c ₹15,000; Dr. Y Capital a/c ₹10,000; Dr. Z Capital a/c ₹5,000; Cr. Deferred Advertisement Expenditure a/c ₹ 30,000 2 a. Dr. Contingency Reserve a/c ₹9,000; Cr. X Capital a/c ₹4,500; Cr. Y Capital a/c ₹3,000; Cr. Z Capital a/c ₹ 1,500 3 c. Dr. Z Capital a/c ₹ 16,000; Cr. Y Capital a/c ₹16,000 4 c. X |
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| 4. |
Soon after incorporation of Arvind Ltd. decided to issue 80,000 equity shares of ₹10 each at a premium of ₹5 per share. Instead of collecting all the capital in the form of cash/bank they have decided to go for the purchase of assets in return pay them in the form of issue of shares. They approached a businessman who sells machinery which is very must useful in production of that material. The company purchased Machinery worth ₹5,50,000 and in return they issued equity shares of ₹10 each at a premium of 10%. Further they issued shares to the public for subscription. The issue is oversubscribed to the extent of 10%. To the surprise one shareholder who got 1000 shares paid all the money due on allotment ₹3 and call money ₹2 along with allotment money.1. Select the type of allotment of shares made to the company against the purchase of Machinery. a. Issue against consideration other than cash b. Initial public offerc. Issue for cash d. Preferential allotment.2. If the shares are issued at premium of 10% against the purchase of an asset, then how many shares are issued? a. 45,000 shares b. 55,000 shares c. 45,000 shares d. 50,000 shares3. Which option is not available to adjust the excess applications received on issue of equity shares? a. Excess applications can be rejected b. Excess applications can be adjusted towards allotment. c. Excess applications can be partly rejected and partly adjusted towards allotment. d. Excess applications can be allotted with preference shares4. How much amount is received as calls in advance? a. ₹5000 b. ₹3000 c. ₹2000 d. ₹1000 |
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Answer» 1. a. Issue against consideration other than cash 2. d. 50,000 shares 3. d. Excess applications can be allotted with preference shares 4. a. ₹5000 |
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| 5. |
What is the limitation associated with using metallic embroidery frame? a. may draw the yarns of the fabric, hence damage the fabric or the embroidered pattern. b. stains the fabric because of the rusting. c. fine edge may be pricked in the fingers of the embroiderer. d. Expensive in price |
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Answer» Correct answer is b. stains the fabric because of the rusting. |
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| 6. |
The pattern pricked on the transparent sheet of paper, that is pinned to the fabric is called ___________. a. Tilla b. Gota c. Khaka d. Patti |
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Answer» Correct answer is c. Khaka |
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| 7. |
Explain “draping” as a creative approach to pattern making. |
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Answer» Draping method is the oldest pattern making method and is generally regarded as a creative approach. In this method a piece of two-dimensional fabric is draped directly on a dress form or figure and made to fit on the dress form to achieve the desired look or shape. The fabric may conform to the basic shape of the form or arranged artistically in folds for a specific design. This muslin pattern is then transferred on the paper, corrections are made, if any, and then the same are converted into a final pattern. |
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| 8. |
Which fabric is best suited for draping? |
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Answer» Muslin is used for making test fits. Medium quality is used for test fitting and draping. |
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| 9. |
_____________stitch is mostly worked in straight line, curves and letters. a. Stem stitch b. Zardozi stitch c. Chain stitch d. Running stitch |
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Answer» Correct answer is d. Running stitch |
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| 10. |
X Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each. The amount was payable as follows: On Application: ₹ 2 per shareOn Allotment: ₹ 2 per shareOn First Call: ₹ 3 per shareOn Second and Final Call: Balance amountApplications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded.Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transferred towards sums due on allotment and calls, if any. Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for ₹ 20,000; ₹ 4 per share paid up. The first call money and the second and final call money was called and duly received.1. Which account is debited when application money refunded? (A)Bank A/c (B)Share Capital A/c (C)Share allotment A/c (D)Share application A/c2. What is the amount of application money transferred to Calls in Advance (from Gopal)? (A)₹4,800 (B)₹4,000 (C)₹800 (D)₹60003. For calls in advance adjusted ---- (A) Calls in arrear A/c is debited (B)Call in advance is debited (C)Calls in advance A/c is Credited (D)Bank a/c is debited4. After reissue of shares , for transfer of balance in Share forfeiture A/c --- (A) Bank a/c is Credited (B) Share forfeiture is credited (C) Capital Reserve A/c is credited (D)Capital Reserve A/c is debited |
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Answer» 1. (D)Share application A/c 2. (B)₹4,000 3. (B)Call in advance is debited 4. (C) Capital Reserve A/c is credited |
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| 11. |
Read the following text. Based on the information given , you are required to answerX Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each. The amount was payable as follows: On Application: ₹ 2 per shareOn Allotment: ₹ 2 per share On First Call: ₹ 3 per share On Second and Final Call: Balance amount Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded.Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transferred towards sums due on allotment and calls, if any. Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for ₹ 20,000; ₹ 4 per share paid up. The first call money and the second and final call money was called and duly received.1. Which account is debited when application money refunded? (A)Bank A/c (B)Share Capital A/c (C)Share allotment A/c (D)Share application A/c 2. What is the amount of application money transferred to Calls in Advance (from Gopal)? (A)₹4,800 (B)₹4,000 (C)₹800 (D)₹6000 3. For calls in advance adjusted ---- (A) Calls in arrear A/c is debited (B)Call in advance is debited (C)Calls in advance A/c is Credited (D)Bank a/c is debited 4. After reissue of shares , for transfer of balance in Share forfeiture A/c --- (A) Bank a/c is Credited (B) Share forfeiture is credited (C) Capital Reserve A/c is credited (D)Capital Reserve A/c is debited |
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Answer» Correct option is 1 (D)Share application A/c 2 (B)₹4,000 3 (B)Call in advance is debited 4 (C) Capital Reserve A/c is credited |
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| 12. |
Read the following text. Based on the information given , you are required to answerKhyati Ltd. issued a prospectus inviting applications for 80,000 equity shares of ₹10 each payable as follows:₹2 on application ₹3 on allotment ₹2 on first call ₹3 on final callpplications were received for 1,20,000 equity shares. It was decided to adjust the excess amount received on account of over subscription till allotment only. Hence allotment was made as under:(i) To applicants for 20,000 shares – in full (ii) To applicants for 40,000 shares – 10,000 shares(iii) To applicants for 60,000 shares – 50,000 shares Allotment was made and all shareholders except Tammana, who had applied for 2,400 shares out of the group (iii), could not pay allotment money. Her shares were forfeited immediately, after allotment. Another shareholder Chaya , who was allotted 500 shares out of group (ii), failed to pay first call. 50% of Tamanna’s shares were reissued to Satnaam as ₹ 7 paid up for payment of ₹ 9 per share.1. What is the amount of application money refunded? (A)₹30,000 (B) ₹80,000 (C) ₹60,000 (D) Nil 2. What is the amount unpaid on allotment by Tammana? (A)₹7,200 (B)₹6,000 (C) ₹5,200 (D)₹800 3. Which account is to be debited on forfeiture of Tammana’s Shares? (A)Bank A/c (B)Calls in Arrear (C) Share capital A/c (D)Share Forfeiture A/c 4. What is the amount due on first call debited to Share first Call A/c? (A)₹1,60,000 (B)₹1,56,000 (C)₹1,55,200 (D)₹1,55,000 |
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Answer» Correct option is 1 (A)₹30,000 2 (C) ₹5,200 3 (C) Share capital A/c 4 (B)₹1,56,000 |
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| 13. |
READ THE FOLLOWING TEXT AND ANSWER THE QUESTIONS: Based on the information given , you are required to answerAmbala Ltd. Was registered with an authorized capital of ₹2,00,000 in ₹10 per equity share, of these 6000 equity shares of ₹10 each issued as fully paid to the vendor for purchase of building, at a premium of ₹2 per share. 8000 equity shares were issued for subscription and during the first year ₹5 per equity share were called-up, payable ₹2 on application, ₹1 on allotment, Rs,1 on first call and ₹1 on final call. The amount received in respect of these shares was:On 6000 Equity shares the full amount was received. On 1250 shares ₹4 per Equity share, On 500 shares ₹3 per Equity share, On250 shares ₹2 per Equity shareThe company forfeited 750 equity shares on which less than ₹4 per share has been paid.1. What is the price of the building purchased against issue of equity shares? a. ₹72000 b. ₹60000 c. ₹75000 d. ₹66000 2. How many shares are not still issued by the company? a. 6000 b. 5000 c. 7000 d. 100003. How many shareholders did not pay the first call and final call money only? a. 750 b. 2000 c. 1250 d. 500 4. On forfeiture how much money is credited to share forfeiture account? a. ₹2000 b. ₹250 c. ₹500 d. ₹750 |
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Answer» Correct option is 1 a. ₹72000 2 a. 6000 3 c. 1250 4 a. ₹2000 |
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| 14. |
What is Gota? a. Simple flat metal wire b. Narrow ribbon or strip is attached for decorating the fabrics. c. Sewing pieces of fabrics on to larger design d. Rectangular piece of fabric |
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Answer» Correct answer is b. Narrow ribbon or strip is attached for decorating the fabrics. |
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| 15. |
Nitro Paints Ltd. Invited applications for issuing 1,60,000 equity shares of ₹10 each at a premium of ₹3 per share. The amount payable as follows:On Application ₹6 per share (including premium ₹1) On Allotment ₹3 per share (including premium ₹1); The Balance on First and Final call.Applications for 1,80,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applications. Over payment received on application was adjusted towards sum due on allotment and calls. All calls were made and duly received except allotment and final call from Aditya who was allotted 3200 shares. His shares were forfeited. Half of the forfeited shares were reissued for ₹43000 as fully paid up.1. How many shares were applied by Aditya to get 3200 shares allotted? a. 3400 b. 4300 c. 2300 d. 34002. How much allotment money is in arrears on Aditya’s default? a. ₹8400 b. ₹4800 c. ₹6400 d. ₹46003. What amount of the forfeited shares is transferred to capital reserve? a. ₹8600 b. ₹6800 c. ₹7800 d. ₹87004. Mention the total amount of premium to be shown in the Balance sheet? a. ₹500600 b. ₹600500 c. ₹650500 d. ₹560600 |
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Answer» 1. a. 3400 2. a. ₹8400 3. a. ₹8600 4. a. ₹500600 |
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| 16. |
The Profits and losses of a firm for the last four years were as follows: 2015 – Rs. 20,000 2016 – Rs. 25,000 2017 – Rs. 3,000 (Loss) 2018 – Rs. 18,000 you are required to calculate goodwill on the basis of 5 years' purchase of the average profit of last 4 years. |
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Answer» Goodwill = Average profit × No. of years of purchase Average profit = (Total profit)/(No. of years) = (20000 + 25000 + 18000 - 3000)/4 = 60000/4 = Rs. 15,000 Goodwill= Average profit × No. of years purchase = Rs. 15,000 × 5 = Rs. 75,000 |
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| 17. |
Chabi and Tanya were partners sharing Profit and Losses in 3 : 2 with affect from 1st April 2021, they decided to share future profits equally.Answer the following questions:i. On that date, following journal entry was passed by the firm:Which of the following balance was existing in the books of the firm on the date of reconstitution?(a) Contingency Reserve ₹ 3,00,000(b) Profit and Loss (Dr.) Balance ₹ 3,00,000 (c) Profit and Loss (Cr.) Balance ₹ 3,00,000 (d) Advertisement Suspense Account ₹ 2,00,000ii. On that date, following journal entry was passed by the firm:Which of the following balance was existing in the books of the firm on the date of reconstitution?a) Contingency Reserve ₹ 3,00,000b) Goodwill ₹ 3,00,000 c) Profit and Loss (Cr.) Balance ₹ 3,00,000 d) Advertisement Suspense Account ₹ 2,00,000iii. On that date, following journal entry was passed by the firm:Which of the following balance was existing in the books of the firm on the date of reconstitution?a. Contingency Reserve ₹ 3,00,000 b. Gain on Revaluation ₹3,00,000 c. Profit and Loss (Cr.) Balance ₹ 3,00,000 d. Advertisement Suspense Account ₹ 2,00,000iv. Tanya is a ___________. a) New partner b) Sacrificing partner c) Gaining partner d) Neither gaining nor sacrificing |
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Answer» i. (b) Profit and Loss (Dr.) Balance ₹ 3,00,000 ii. b) Goodwill ₹ 3,00,000 iii. b. Gain on Revaluation ₹3,00,000 iv. c) Gaining partner d) Neither gaining no |
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| 18. |
Jatin, Vimal and Kumar are partners sharing profits equally and decide to share profits in the ratio of 3 : 2 : 1 w.e.f. 1st April, 2019. Their existing agreement came to an end and a new agreement came into existence. They computed the sacrifice and gain made by each partner.Answer the following questions:i. A change in profit sharing ratio amounts to a. Dissolution of a firm b. Dissolution of partnership c. Both a. and b. d. None of the aboveii. Why is it important to compute the sacrifice and gain made by each partner at the time of change in profit sharing ratio. a. Because sacrificing partner compensates the gaining partner b. Because gaining partner compensates the sacrificing partner c. Both a. and b. d. None of the aboveiii. At the time of change in profit sharing ratio between partners, which statement is true.a. The gain made by one/more partner/s equals the sacrifice made by another/other partners b. The gain made by one/more partner/s less than the sacrifice made by another/other partners c. The gain made by one/more partner/s more than the sacrifice made by another/other partners d. None of the above is trueiv. At the time of change in profit sharing ratio between partners in the case, whose share of profit is not affected. a. J b. V c. K d. J and K |
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Answer» i. b. Dissolution of partnership ii. b. Because gaining partner compensates the sacrificing partner iii. a. The gain made by one/more partner/s equals the sacrifice made by another/other partners iv. b. V |
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| 19. |
Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. The extract of their Balance Sheet as at 31st March, 2019 is as follows:Liabilities₹Assets₹Investments Fluctuation60,000Investments (At Cost)4,00,000Answer the following questions:i. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment Fluctuation Reserve A/c Dr.60,000To Nitin’s Capital A/c20,000To Tarun’s Capital A/c20,000To Amar’s Capital A/c20,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution? (a) When its Market Value is not given (b) When its Market Value is ₹ 3,10,000 (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000ii. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment Fluctuation Reserve A/c Dr.60,000To Investment A/c30,000To Nitin’s Capital A/c10,000To Tarun’s Capital A/c10,000To Amar’s Capital A/c10,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution?(a) When its Market Value is ₹ 4,00,000 (b) When its Market Value is ₹ 4,24,000(c) When its Market Value is ₹ 3,70,000 (d) When its Market Value is ₹ 3,10,000iii. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment Fluctuation Reserve A/c Dr.60,000Revaluation A/c Dr.30,000To Investment A/c90,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution?(a) When its Market Value is not given (b) When its Market Value is ₹ 3,10,000 (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000iv. On that date, following journal entry was passed by the firm:DateParticularsDebit(₹)Credit(₹)April 2019Investment A/c Dr.24,000To Revaluation A/c24,000Which of the following adjustment was existing in the books of the firm on the date of reconstitution? (a) When its Market Value is not given (b) When its Market Value is ₹ 3,10,000 (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000 |
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Answer» i. (a) When its Market Value is not given ii. (c) When its Market Value is ₹ 3,70,000 iii. (b) When its Market Value is ₹ 3,10,000 iv. (c) When its Market Value is ₹ 4,24,000 (d) When its Market Value is ₹ 3,70,000 |
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| 20. |
X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2018, they decided to share profits and losses equally. The profit and loss account showed a debit balance of ₹10,000. The Partnership Deed provides that in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years' purchase of the average profit of the preceding five yea₹ The profits and losses of the preceding years ended 31st March, are:Year2013-142014-152015-162016-172017-18Profits (₹)70,00085,00045,00035,00010,000 (Loss)Answer the following questions:i. Change in the existing agreement of profit sharing ratio is considered as (a) Reconstitution of a partnership firm (b) Revaluation of a partnership firm (c) Dissolution of a partnership firm (d) None of the aboveii. State the ratio in which the partners share the accumulated profits when there is a change in the profit sharing ratio amongst existing partne₹ (a) Old ratio (b) New ratio (c) Equal ratio (d) Sacrificing ratioiii. How is the sacrificing ratio determined? (a) Old ratio – New ratio (b) New ratio – old ratio (c) Old ratio + New ratio (d) None of the aboveiv. What is the amount of Goodwill credited to X Capital A/c? (a) ₹ 15,000 (b) ₹ 90,000 (c) ₹ 12,000 (d) ₹ 3,000 |
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Answer» i. (a) Reconstitution of a partnership firm ii. (a) Old ratio iii. (a) Old ratio – New ratio iv. (a) ₹ 15,000 |
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| 21. |
Change is profit sharing ratio of existing partners result in - (A) Revaluation of firm (B) Reconstitution of firm (C) Dissolution of firm (D) None of these |
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Answer» Correct option is: (B) Reconstitution of firm |
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| 22. |
X Y and Z are partners sharing profits and losses in the ratio 5 : 3 : 2. They decide to share the future profits in the ratio 3 : 2 : 1. Workmen compensation reserve appearing in the balance sheet on the date, if no information is available for the same,will be : i Distributed to the partners in old profit sharing ratio ii Distributed to the partners in new profit sharing ratio iii Distributed to the partners in capital ratio iv Carried forward to new balance sheet without any adjustment |
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Answer» Correct option is i Distributed to the partners in old profit sharing ratio |
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| 23. |
Read the hypothetical text and answer the following questions. Luv and Kush formed a partnership to sell low sodium, plant based vegan snacks. Since both of them had a family, they decided to withdrew a salary of ₹ 12,000 per quarter. Luv also withdrew ₹ 1,00,000 on 31st December,2020 to get his wife treated for Covid 19. The partnership deed provided for 10% interest on drawings. Kush introduced ₹ 50,000 as additional capital on 31st January,2021. The net distributable profit was ₹ 2,00,000 which was divided by the partners after providing 25% to General Reserve.1. Total amount of salary credited to partners’ account is…………… a) ₹ 12,000 b) ₹ 48,000 c) ₹ 96,000 d) ₹ 24,000 2. Interest on Luv’s drawings will be …………………………… a) ₹ 2,500 b) ₹ 5,000 c) ₹ 7,500 d) ₹ 10,000 3. Interest on Kush’s capital will be…………………………. a) ₹ 5,000 b) ₹ 10,000 c) ₹ 20,000 d) None of these 4. What was the amount to be transferred to General Reserve?a) ₹ 25,000 b) ₹ 50,000 c) ₹ 75,000 d) ₹ 1,00,000 |
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Answer» 1. c) ₹ 96,000 2. a) ₹ 2,500 3. d) None of these 4. b) ₹ 50,000 |
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| 24. |
Read the hypothetical text and answer the following questions.S and P are two partners in a firm sharing profit and losses in the ratio of 3:2. At the time of distributing the net profit between the partners, interest on capital was credited @ 18% instead of 8% wrongly. Partners’ capitals are given on 1st April, 2018 as ₹ 5,00,000 and ₹ 3,00,000 respectively. Profit on 31st March, 2019 is ₹ 2,00,000.1. The excess interest on capital provided to S which is to be debited now is ……………… a) ₹ 40,000 b) ₹ 50,000 c) ₹ 90,000 d) ₹ 30,000 2. The excess interest on capital provided to P which is to be debited now is ……………… a) ₹ 24,000 b) ₹ 30,000 c) ₹ 54,000 d) ₹ 50,000 3. The aggregate excess profit generated to distribute further is ………………………. a) ₹ 1,20,000 b) ₹ 1,44,000 c) ₹ 80,000 d) ₹ 84,000 4. Whose account will be benefitted by this past adjustment? a) P b) S c) Both of these d)None of the above |
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Answer» 1. b) ₹ 50,000 2. b) ₹ 30,000 3. c) ₹ 80,000 4. a) P |
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| 25. |
Read the hypothetical text and answer the following questions.S and P are two partners in a firm sharing profit and losses in the ratio of 3:2. At the time of distributing the net profit between the partners, interest on capital was credited @ 18% instead of 8% wrongly. Partners’ capitals are given on 1st April, 2018 as ₹ 5,00,000 and ₹ 3,00,000 respectively. Profit on 31st March, 2019 is ₹ 2,00,000.Q1. The excess interest on capital provided to S which is to be debited now is ……………… a) ₹ 40,000 b) ₹ 50,000 c) ₹ 90,000 d) ₹ 30,000 Q2. The excess interest on capital provided to P which is to be debited now is ……………… a) ₹ 24,000 b) ₹ 30,000 c) ₹ 54,000 d) ₹ 50,000 Q3. The aggregate excess profit generated to distribute further is ………………………. a) ₹ 1,20,000 b) ₹ 1,44,000 c) ₹ 80,000 d) ₹ 84,000 Q4. Whose account will be benefitted by this past adjustment? a) P b) S c) Both of these d)None of the above |
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Answer» Correct option is 1 b) ₹ 50,000 2 b) ₹ 30,000 3 c) ₹ 80,000 4 a) P |
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| 26. |
Read the hypothetical text and answer the following questions.X and Y are partners sharing profits and losses in the ratio of 7:3. Their capital accounts as at 1 st April, 2018 stood at X: ₹ 5,00,000 and Y: ₹ 4,00,000. Partners are allowed interest on capital @ 5% p.a. Drawings of the partners during the year ended 31st March, 2019 were ₹ 72,000 and ₹ 50,000 respectively. Profit for the year before allowing interest on capital and salary to Y @ ₹ 5,000 p.m. was ₹ 8,00,000. 10% of the net profit is to be transferred to General Reserve.1. What is the amount to be transferred to General reserve? a) ₹ 1,60,000 b) ₹ 80,000 c) ₹ 40,000 d) ₹ 2,00,000 2. How much amount of interest on capital payable to both the partners? a) ₹ 45,000 b) ₹ 60,000 c) ₹ 75,000 d) ₹1,00,000 3. What is the amount of salary payable to Y? a) ₹ 90,000 b) ₹ 1,20,000 c) ₹ 60,000 d) 75,000 4. What is the share of X in distributable profit? a) ₹ 4,20,500 b) ₹ 4,30,500 c) ₹ 4,25,500 d) ₹ 4,10,500 |
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Answer» 1. b) ₹ 80,000 2. a) ₹ 45,000 3. c) ₹ 60,000 4. b) ₹ 4,30,500 |
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| 27. |
Read the hypothetical text and answer the following questions.Mohan and Sohan are equal partner Their capitals as on 1St April,2020 are 1,00,000 and 2,00,000 respectively. Profits for the year 2020-21 were ₹ 90,000. As per the agreement, interest on capitals was ₹ 10,000 and ₹ 20,000 respectively and interest on drawings was ₹ 6,000 and ₹ 10,000 respectively. Mohan’s salary was ₹ 2,000 p.m. and Sohan’s salary was ₹ 5,000 p.a.Accountant, however, committed the mistake and credited the profit in the capital ratio,Without interest on capitals, drawings and salary.Q1. With what amount was Sohan’s account credited with initially?a) ₹ 30,000 b) ₹ 45,000 c) ₹ 60,000 d) 90,000 Q2. What was the total salary required to be credited? a) ₹ 70,000 b) ₹ 84,000 c) ₹ 29,000 d) 48,000 Q3. What was the rate of interest on capital? a) 5% b) 10% c) 15% d) 20% Q4. What was the amount of past adjustment entry? a) ₹ 20,500 b) ₹ 21,500 c) ₹23,500 d) ₹ 22,500 |
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Answer» Correct option is 1 c) ₹ 60,000 2 c) ₹ 29,000 3 b) 10% 4 b) ₹ 21,500 |
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| 28. |
Read the hypothetical text and answer the following questions. :X and Y are partners in a firm sharing profits equally. On 1st April, 2020, the capitals of the partners were ₹ 2,00,000 and ₹ 1,50,000 respectively. The Profit and Loss Appropriation Account of the firm showed a net profit of ₹ 3,75,000 for the year ended 31st March, 2021. The Partnership Deed provided the following:i) Transfer 10% of distributable profit to Reserve Fund.ii) Interest on capital @ 6% p.a.iii) Interest on drawings @ 6% p.a. Drawings for X and Y were ₹ 40,000 and ₹ 30,000 respectively.Q1. What is the average period for which interest on drawings will be calculated? a) 3 months b) 6 months c) 9 months d) 12 months Q2. Total interest on capital provided is ……………………….. a) ₹ 9,000 b) ₹ 12,000 c) ₹ 21,000 d) ₹ 18,000 Q3. The lesser interest on drawings charged is …………………. a) ₹ 900 b) ₹ 1,200 c) ₹ 2,100 d) ₹ 1,500 Q4. The amount is to be transferred to Reserve Fund is ……………… a) ₹ 37,500 b) ₹ 35,610 c) ₹ 37,710 d) ₹ 36,400 |
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Answer» Correct option is 1 b) 6 months 2 c) ₹ 21,000 3 a) ₹ 900 4 b) ₹ 35,610 |
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| 29. |
Read the following text. Based on the information given , you are required to answerY Ltd. invited applications tor issuing 15.000 equity shares of ₹ 10 each on which ₹6 per share were called up which were payable as follows:On application ₹ 2 per shale On allotment ₹1 per share On first call ₹ 3 per shareThe Issue was fully subscribed and the amount was received as follows:On 10,000 shares ₹ 6 per share On 3,000 shares ₹ 3 per share On 2,000 shares ₹ 2 per shareThe directors forfeited those shares on which less than ₹6 per share received. The forfeited shares were reissued at ₹9 per share as ₹6 per share paid up.1. Amount received on allotment is ---- (A) ₹12,000 (B) ₹10,000(C) ₹ 15000 (D)₹13,000 2. Amount Received on first call is ------ (A) ₹45,000 (B) ₹30,000 (C)₹39,000 (D) ₹36,000 3. Number of shares forfeited is ----- (A) 2000 (B) 3000 (C) 5000 (D) 10000 4. Amount credited to capital reserve on reissue of shares is ----- (A) ₹7,000 (B) ₹13,000 (C) ₹15,000 (D) ₹6,000 |
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Answer» Correct option is 1 (D)₹13,000 2 (C)₹39,000 3 (C) 5000 4 (B) ₹13,000 |
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| 30. |
Read the following text. Based on the information given , you are required to answerRohit Ltd. Invited applications for 30,000 equity shares of ₹100 eachat a premium of ₹20 per share. The amount was payable as follows :On Application ₹40 (including ₹10 as premium) On Allotment ₹40 (including ₹10 as premium) On First call ₹20 On Second and Final call Rs,20 Applications for 40,000 shares received and pro-rata allotment was made on the applications for 35,000 shares. Excess application money is to be utilized towards allotment. Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment, Aman who applied for 1,050 shares failed to pay the first call and his shares were forfeited after first call. The second and final call was not yet made. Of the shares forfeited 1,000 shares were reissued as fully paid for ₹80 per share which included whole of Rohan’s shares.1. Application money transferred to Share Capital A/c is------ (A)₹9,00,000 (B)₹12,00,000 (C)₹16,00,000 (D)₹3,00,000 2. Excess application money utilized towards allotment is ---------(A) ₹4,00,000 (B) ₹2,00,000 (C) ₹1,50,000 (D) ₹1,00,000 3. The amount debited to securities premium reserve account on forfeiture of Rohan’s shares is -------- (A)₹12,000 (B)₹,7,000 (C)₹6,000 (D)₹3,00,000 4. The amount transferred to Capital Reserve on reissue of is -------- (A)₹24000 (B)₹22,000 (C)₹10,000 (D)₹34000 |
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Answer» Correct option is 1 (A)₹9,00,000 2 (B) ₹2,00,000 3 (C)₹6,000 4 (D)₹34000 |
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| 31. |
From the following information, calculate cash flow from operating and investing activities:Particulars 31 - 03 - 201931 - 03 - 2020Surplus 1,00,0004,00,000Provision for tax30,00030,000Trade Payables 40,0001,50,000Current Assets4,60,0005,20,000Fixed Assets (Net)3,25,0003,92,000Additional Information :1. Depreciation of Rs. 80,000 was provided and a machine costing Rs. 1,05,000 (Depreciation provided thereon Rs. 65,000) was sold at a loss of Rs. 8,0002. Tax paid during the year Rs. 30,000 |
| Answer» I don't know this answer...sorry for not answering | |
| 32. |
Read the hypothetical text and answer the following questions. :M, N and O entered into partnership firm on 1st July, 2018 and decided to share profits and losses in the ratio of 3:2:1. M guaranteed that O’s share of profit after charging interest on capitals @ 6% p.a. would not be less than ₹ 36,000 p.a. The capital contributed by M: ₹ 2,00,000, N: ₹ 1,00,000 and O: ₹ 1,00,000 respectively. Profit for the year ended 31st March, 2019 was ₹ 1,38,000.1. What is the total amount of interest on capital? a) ₹ 9,000 b) ₹ 12,000 c) ₹ 18,000 d) ₹ 24,000 2. What is the distributable amount of profit? a) ₹ 1,00,000 b) ₹ 1,20,000 c) ₹ 1,10,000 d) ₹ 90,000 3. What is the share of profit of O? a) ₹ 27,000 b) ₹ 36,000 c) ₹ 18,000 d) ₹ 9,000 4. What is deficiency amount to be borne by M? a) ₹ 16,000 b) ₹ 7,000 c) 12,000 d) ₹ 15,000 |
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Answer» 1. c) ₹ 18,000 2. b) ₹ 1,20,000 3. a) ₹ 27,000 4. b) ₹ 7,000 |
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| 33. |
Read the following text. Based on the information given , you are required to answerManvet Ltd. invited applications for issuing 10,00,000 equity shares of 10 each payable as follows :On application and allotment 4 per share (including premium 1)On first call 4 per share, On second and final call 3 per share. Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on calls. A shareholder who had applied for 6,000 shares did not pay the first, and the second and final call. His shares were forfeited. 90% of the forfeited shares were reissued at 8 per share fully paid up.1. The amount credited to Securities Premium Reserve is----- (A) ₹15,00,000 (B) ₹5,00,000 (C) ₹10,00,000 (D) ₹40,00,000 2. The total amount of calls in arrear is ------------ (A)₹28,000 (B)₹20,000 (C)₹8,000 (D)₹42,000 3. How many shares were reissued? (A) 4,000(B) 6,000 (C) 3,600 (D) 3,200 4. The balance left in forfeiture account after reissue of shares is -------- (A)₹7,200 (B)₹20,000 (C)₹10,800 (D)₹2,000 |
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Answer» Correct option is 1 (C) ₹10,00,000 2 (B)₹20,000 3 (C) 3,600 4 (D)₹2,000 |
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| 34. |
Read the hypothetical text and answer the following questions. :M, N and O entered into partnership firm on 1st July, 2018 and decided to share profits and losses in the ratio of 3:2:1. M guaranteed that O’s share of profit after charging interest on capitals @ 6% p.a. would not be less than ₹ 36,000 p.a. The capital contributed by M: ₹ 2,00,000, N: ₹ 1,00,000 and O: ₹ 1,00,000 respectively. Profit for the year ended 31st March, 2019 was ₹ 1,38,000.Q1. What is the total amount of interest on capital? a) ₹ 9,000 b) ₹ 12,000 c) ₹ 18,000 d) ₹ 24,000 Q2. What is the distributable amount of profit? a) ₹ 1,00,000 b) ₹ 1,20,000 c) ₹ 1,10,000 d) ₹ 90,000 Q3. What is the share of profit of O? a) ₹ 27,000 b) ₹ 36,000 c) ₹ 18,000 d) ₹ 9,000 Q4. What is deficiency amount to be borne by M? a) ₹ 16,000 b) ₹ 7,000 c) 12,000 d) ₹ 15,000 |
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Answer» Correct option is 1 c) ₹ 18,000 2 b) ₹ 1,20,000 3 a) ₹ 27,000 4 b) ₹ 7,000 |
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| 35. |
Read the hypothetical text and answer the following questions.Luv and Kush formed a partnership to sell low sodium, plant based vegan snacks. Since both of them had a family, they decided to withdrew a salary of ₹ 12,000 per quarter. Luv also withdrew ₹ 1,00,000 on 31st December,2020 to get his wife treated for Covid 19.The partnership deed provided for 10% interest on drawings.Kush introduced ₹ 50,000 as additional capital on 31st January,2021. The net distributable profit was ₹ 2,00,000 which was divided by the partners after providing 25% to General Reserve.Q1. Total amount of salary credited to partners’ account is……………………….a) ₹ 12,000 b) ₹ 48,000c) ₹ 96,000 d) ₹ 24,000 Q2. Interest on Luv’s drawings will be …………………………… a) ₹ 2,500 b) ₹ 5,000 c) ₹ 7,500 d) ₹ 10,000 Q3. Interest on Kush’s capital will be…………………………. a) ₹ 5,000 b) ₹ 10,000 c) ₹ 20,000 d) None of these Q4. What was the amount to be transferred to General Reserve?a) ₹ 25,000 b) ₹ 50,000 c) ₹ 75,000 d) ₹ 1,00,000 |
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Answer» Correct option is 1 c) ₹ 96,000 2 a) ₹ 2,500 3 d) None of these 4 b) ₹ 50,000 |
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| 36. |
Read the hypothetical text and answer the following questions.Mohan and Sohan are equal partner Their capitals as on 1St April,2020 are 1,00,000 and 2,00,000 respectively. Profits for the year 2020-21 were ₹ 90,000. As per the agreement, interest on capitals was ₹ 10,000 and ₹ 20,000 respectively and interest on drawings was ₹ 6,000 and ₹ 10,000 respectively. Mohan’s salary was ₹ 2,000 p.m. and Sohan’s salary was ₹ 5,000 p.a.Accountant, however, committed the mistake and credited the profit in the capital ratio, Without interest on capitals, drawings and salary.1. With what amount was Sohan’s account credited with initially? a) ₹ 30,000 b) ₹ 45,000 c) ₹ 60,000 d) 90,000 2. What was the total salary required to be credited? a) ₹ 70,000 b) ₹ 84,000 c) ₹ 29,000 d) 48,000 3. What was the rate of interest on capital? a) 5%b) 10% c) 15% d) 20% 4. What was the amount of past adjustment entry? a) ₹ 20,500 b) ₹ 21,500 c) ₹23,500 d) ₹ 22,500 |
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Answer» 1. c) ₹ 60,000 2. c) ₹ 29,000 3. b) 10% 4. b) ₹ 21,500 |
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| 37. |
Read the hypothetical text and answer the following questions. : X and Y are partners in a firm sharing profits equally. On 1st April, 2020, the capitals of the partners were ₹ 2,00,000 and ₹ 1,50,000 respectively. The Profit and Loss Appropriation Account of the firm showed a net profit of ₹ 3,75,000 for the year ended 31st March, 2021. The Partnership Deed provided the following: i) Transfer 10% of distributable profit to Reserve Fund.ii) Interest on capital @ 6% p.a.iii) Interest on drawings @ 6% p.a. Drawings for X and Y were ₹ 40,000 and ₹ 30,000 respectively.1. What is the average period for which interest on drawings will be calculated? a) 3 months b) 6 months c) 9 months d) 12 months 2. Total interest on capital provided is ……………………….. a) ₹ 9,000 b) ₹ 12,000 c) ₹ 21,000 d) ₹ 18,000 3. The lesser interest on drawings charged is …………………. a) ₹ 900 b) ₹ 1,200 c) ₹ 2,100 d) ₹ 1,500 4. The amount is to be transferred to Reserve Fund is ……………… a) ₹ 37,500 b) ₹ 35,610 c) ₹ 37,710 d) ₹ 36,400 |
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Answer» 1. b) 6 months 2. c) ₹ 21,000 3. a) ₹ 900 4. b) ₹ 35,610 |
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| 38. |
Manvet Ltd. invited applications for issuing 10,00,000 equity shares of 10 each payable as follows :On application and allotment 4 per share (including premium 1)On first call 4 per share,On second and final call 3 per share.Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on calls. A shareholder who had applied for 6,000 shares did not pay the first, and the second and final call. His shares were forfeited. 90% of the forfeited shares were reissued at 8 per share fully paid up.1. The amount credited to Securities Premium Reserve is----- (A) ₹15,00,000 (B) ₹5,00,000 (C) ₹10,00,000 (D) ₹40,00,0002. The total amount of calls in arrear is ------------ (A)₹28,000 (B)₹20,000 (C)₹8,000 (D)₹42,0003. How many shares were reissued? (A) 4,000(B) 6,000 (C) 3,600 (D) 3,2004. The balance left in forfeiture account after reissue of shares is -------- (A)₹7,200 (B)₹20,000 (C)₹10,800 (D)₹2,000 |
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Answer» 1. (C) ₹10,00,000 2. (B)₹20,000 3. (C) 3,600 4. (D)₹2,000 |
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| 39. |
Read the hypothetical text and answer the following questions.P, Q and R are partners in a firm. Their capitals are ₹ 30,000, ₹ 20,000 and ₹ 10,000 respectively. As per partnership deed,i) R is to be allowed remuneration of ₹ 3,000 p.a.ii) Interest on capital @ 5% p.a.iii) Profits should be distributed in the ratio of 2:2:1.Ignoring the above terms, net profit of ₹ 18,000 was distributed among the partners equally.Q1. How much interest on capital is to be credited to the partner P?a) ₹ 1,500 b) ₹ 1,000 c) ₹ 900 d) ₹ 800 Q2. How much profit is to be credited to the Partner Q after all adjustments? a) ₹ 2,400 b) ₹ 4,800 c) ₹ 1,000 d) ₹ 1,200Q3. What is the total profit to be credited to P, Q and R after all adjustments? a) ₹ 12,000 b) ₹ 8,000 c) ₹ 9,000 d) ₹ 10,000 Q4. What is the amount of the past adjustment entry? a) ₹ 350 b) ₹ 450 c) ₹ 250 d) ₹ 550 |
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Answer» Correct option is 1 a) ₹ 1,500 2 b) ₹ 4,800 3 a) ₹ 12,000 4 b) ₹ 450 |
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| 40. |
From the following information of Green Star Ltd. Calculate debt to equity ratio: trade payable 3000000, other current liabilities (12.5% current asset) total debts 2800000, other qui k assets 80000, prepaid expenses 20000, trade receivables 300000, net fixed assets 3000000, long term loans and advance 160000, non current investment 40000, opening inventory 320000 |
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Answer» debt to equity ratio = long term debt / equity = 2400000/1200000 = 2 times closing inventory = opening inventory + 25% of opening inventory = 320000+80000 = rs 400000 total liability = total assets = quick assets+ prepaid expense+ trade receivables+ net fixed assets + long term loans and advances+ non current investments+ closing inventory = 80000+20000+300000+3000000+160000+40000+400000 = rs. 4000000 euity= total liability - total debt = 4000000 - 2800000 = rs. 1200000 current assets= quick assets+ prepaid expenses + trade receivables + closing inventory = 80000+20000+300000+400000 = rs. 800000 other current liabilities = 12.5% of current assets = rs. 100000 current liabilities= trade payables + other current liabilities = 300000 + 100000 = rs. 400000 long term debts= total debts - current liabilities = 2800000-400000 = rs. 2400000 |
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| 41. |
Choose the statement that is NOT TRUE with reference to Douglas a. Douglas’s fear kept him away from leisurely activities in water. b. The fall in the pool at YMCA taught Douglas a life lesson. c. The fear of drowning was the source of Douglas’s anxiety and terror. d. Douglas decided to practice relentlessly to overcome his fear. |
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Answer» (d) Douglas decided to practice relentlessly to overcome his fear. (d) Douglas decided to practice relentlessly to overcome his fear is the correct option |
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| 42. |
Spender’s use of imagery in “His eyes live in a dream, of squirrel game, in tree room, other than this”, brings out a. the similarity between the frail bodies of a squirrel and the children in the classroom.b. the contrast between studying in the dreary classroom and playing outside freely. c. the comparison of the dingy home of the squirrel and the dreary classroom. d. the difference between the games of the squirrel and those of the children. |
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Answer» (b) the contrast between studying in the dreary classroom and playing outside freely. This is the correct answer - b. the contrast between studying in the dreary classroom and playing outside freely. (b) the contrast between studying in the dreary classroom and playing outside freely |
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| 43. |
JLP of the partners is an account :- (A) Nominal (B) Personal (C) Liability (D) Asset |
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Answer» Correct option is: (B) Personal |
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| 44. |
Assertion: The small boy is dreaming of squirrel‘s game. Reason: The boy is not interested in the lesson as it is boring. A) A is true but B is false B) A is false but B is true C) Both A and B are true but B is the correct explanation of A D) Both A and B are true but B is not the correct explanation of A |
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Answer» D) Both A and B are true but B is not the correct explanation of A |
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| 45. |
this is the place where the meeting will be held. change into simple sentence |
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Answer» Meeting will be held in this place. |
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| 46. |
On retirement of partner, full amount of goodwill can be credited in which capital acoount ? (A) Retiring partner (B) Remaining partnerrs (C) All partners (D) None of these |
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Answer» Correct option is: (A) Retiring partner |
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| 47. |
Each of the boy is tall .( spot the error) |
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Answer» Every of the boy is tall |
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| 48. |
The amount of General reserve is transferred to all partners capital accounts in - (A) New profit sharing Ratio (B) Capital Ratio (C) Old profit sharing Ratio (D) None of these |
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Answer» Correct option is: (C) Old profit sharing Ratio |
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| 49. |
The accumulated profit and reserve are transferred to :- (A) Realisation Account (B) Capital Account (C) Bank Account (D) None of these |
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Answer» Correct option is: (B) Capital Account |
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| 50. |
Decrease in the liabilities is(a) Profit(b) Loss(c) Gain(d) Expenses |
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Answer» Decrease in the liabilities is Gain |
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