1. In order to find out additional capital of any partner as per surplus capital method of a particular partner whose proportional capital compared to other partner's capital is
Correct : C. Less
2. Before distributing cash amongst partners whatever profit or loss and reserves as per the balance sheet
Correct : B. Will be distributed amongst partners as per their P/L sharing ratio
3. If there is Debit balance of any one partner's capital account the same will be distributed amongst the remaining partners
Correct : B. As per their Profit and Loss sharing ratio
4. In piecemeal Distribution according to Surplus capital method, final deficit of each partner
Correct : B. Will be in ratio of profit and loss
5. Salesmen's salary is divided between two periods in
Correct : B. Turnover ratio
6. Preliminary expenses are apportioned between two periods in
Correct : D. Post Inc. Period
7. Profit of post-incorporation period is called
Correct : A. Revenue Profit
8. The profit earned from the date of purchase till incorporation is considered as
Correct : B. Capital Profit
9. Director's salary is divided between prior period and post incorporation period in
Correct : D. None of the above
10. Depreciation is calculated on the asset purchased by company in
Correct : C. Post Incorporation Period
11. If there is a loss prior to incorporation, it will be debited to
Correct : B. Goodwill Account
12. The Companies Act provides that minimum amount of of the face value of shares must be paid along with the application
Correct : A. 0.05
13. According to Table 'A', a company can charge annual interest on calls-in-arrears at
Correct : B. 0.05
14. According to Table 'A', annual interest on calls-in-advance should be
Correct : C. Not more than 6%
15. When a company pays remuneration to its promoters by issuing shares to them, then
Correct : A. Goodwill Account is debited
16. When shares are Forfeited, then the amount called up on Forfeited shares is debited to
Correct : A. Share Capital Account
17. When Forfeited shares are reissued, then the discount allowed should be the amount received from old share holders
Correct : C. Not more than
18. When all the Forfeited shares are not reissued, then the proportionate amount in must be kept in that account
Correct : B. Forfeiture Share Account
19. When the amount of premium on forfeited shares has not been received, then with the proportionate amount of premium
Correct : A. Security Premium Account is debited
20. When shares have been issued at discount, then the proportionate amount of discount on forfeited shares should be
Correct : B. Credited to Shares Discount Account
21. The maximum rate of interest paid by a company on Calls- in-advance as per Table 'A' is
Correct : B. 0.06
22. The maximum rate of interest received by a company on Calls-in-arrears as per Table 'A' is
Correct : D. 0.05
23. A company can issue bonus share out of the following
Correct : D. all of these
24. When shares are to be redeemed out of profits, a sum equal to nominal amount of shares redeemed is to be transferred to
Correct : B. Capital Redeemption Reserve
25. when company issues bonus share then its share price immediately
Correct : B. decrease
26. The premium paid on redeemption of Preference Shares is provided from
Correct : A. Security Premium Account
27. Minimum time period for two bonus issue must be
Correct : D. none of tese
28. Redeemable Preference Shares can not redeemed at
Correct : C. Discount
29. Under Section 80, Preference Shares are redeemed out of amount received from
Correct : D. All of the Above
30. company can issue bonus share out of source of
Correct : C. Capital Reserve
31. Bonus to existing shareholders is paid to them
Correct : C. in the form of the share
32. Prepaid Income Tax is shown in
Correct : A. Asset side
33. Forfeited Call on shares is shown in
Correct : A. Capital Account
34. For preparing Final Accounts, Preliminary expense not written off is shown in
Correct : A. Balance Sheet
35. Unclaimed dividend is shown under the head
Correct : A. Current Liability
36. Debenture discount is shown under the head
Correct : D. Profit and Loss Account
37. Bank Over draft is shown under the head
Correct : C. Current Liability and Provision
38. Interest accrued and not due is shown under the head
Correct : C. Current Liability and Provision
39. Interest accrued and not due on unsecured loan is shown under the head