IOCM Pvt. Ltd. 1 By:- Mr. Santosh Kumar
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1 IOCM Pvt. Ltd. 1 By:- Mr. Santosh Kumar BANK RECONCILIATION STATEMENT 1. Cheques prepared but not yet issued to creditors before the year end, should be shown in the balance sheet: (a) As part of Cash in hand (b) As part of Bank balance (c) As Cheques in hand (d) Should not be accounted at all. 2. The Pass Book showed that the bank had collected Rs. 600 as interest on Government Securities. There was no entry in the Cash Book for this. If the Overdraft balance as per Pass book is Rs.19,400, the balance as per cash book will be: (a) Rs. 20,000 (b) Rs.18,800 (c) Rs.19,400 (d) d None of this 3. Receipt side of cash book is undercast by Rs Bank passbook shows overdraft of Rs. 13,450. Cash book will show (a) Overdraft of Rs. 13,450 (b) Overdraft of Rs. 13,700 (c) Overdraft of Rs. 13,200 (d) None of the above 4. Un-favourable bank balance means: (a) Credit balance in Cash Book (b) Credit balance in Pass Book (c) Debit balance in Cash Book (d) Favourable balance in Cash Book 5. In arriving at adjusted cash balance which of the following is not taken into account: (a) Amount deposited by our customer directly in our account (b) Errors in the Cash book (c) Errors in the Pass book (d) All of these 6. When overdraft as per Cash book is the starting point, a cheque of Rs. 500 deposited into bank but not recorded in cash book will be: (a) Added by Rs. 500 (b) Deducted by Rs. 500 (c) Added by Rs. 1,000 (d) Deducted by Rs. 1, he payment side of Cash Book is undercast by Rs If the starting point of BRS is the Overdraft Balance as per Pass Book, then what would be the treatment to reach to Overdraft Balance of Cash Book? (a) Add 250 (b) Less 250 (c) Add 500 (d) Less 500 CONSIGNMENT ACCOUNTS 8. An Account sale is a periodic statement sent by: (a) The consignor to the consignee. (b) The consignee to the consignor. (c) The co-venturer to the other co-venturer. (d) A debtor to a creditor. 9. Y sold, 200 televisions at Rs. 14,000 per television. Mr. Y was entitled to a commission of Rs.500 per television sold plus one-fourth of the amount by which the gross sale proceeds less total commission there on exceeded a sum calculated at the rate of Rs. 12,500 per television sold. The total commission will be: (a) Rs. 1,00,000 (b) Rs. 1,50,000 (c) Rs. 1,40,000 (d) Rs. 50, L consigned goods costing Rs.2,00,000 to his agent M. The invoice was made proforma so as to show a profit of 20% on such invoice price. L paid cartage, freight, insurance etc. Rs. 10,000. Subsequently, M sold part of the consignment for Rs. 1,65,000 at a uniform price of 10% over invoice price, find out the value of closing stock for consignment accounts: (a) Rs. 1,04,000 (b) Rs. 1,00,000 (c) Rs.45,000 (d) Rs.85, Ravi consigned goods to Suraj costing Rs. 1,00,000. The proforma invoice was made to "show a profit of 1 /3 rd on invoice value. Suraj sold part of consignment for Rs. 99,000 at uniform price of 10% over invoice price, find out the cost of closing stock: (a) Rs. 40,000
2 IOCM Pvt. Ltd. 2 By:- Mr. Santosh Kumar (b) Rs. 60,000 (c) Rs. 1,000 (d) Rs. 3, A invoiced certain goods so as to show a profit of 20% on invoice price 1/10 th of the goods were lost in transit. The cost price of goods lost is Rs.40,000. The invoice value of goods sent out is: (a) Rs.5,00,000 (b) Rs.4,80,000 (c) Rs.4,50,000 (d) Rs.4,00, P sent out goods costing Rs.45,000 to Y at cost /3%. 1 /10 th of goods were lost in transit. 2/ 3 rd of balance of the goods are sold at 20% above IP. The amount of sale value will be: (a) Rs.54,000 (b) Rs.43,200 (c) Rs.60,000 (d) Rs.36, Suresh consigned 600 fans to Naresh to be sold at his risk. The cost of each fan is Rs.300. Suresh paid Rs.6,000 as freight. Naresh paid Rs. 1,500 for octroi; Rs.3,500 for godown rent. 500 fans were sold for Rs. 1,80,000. Naresh was entitled to 4% commission on Rs.350 per fan and 20% of any surplus price realized. Profit on consignment will be: (a) Rs.12,250 (b) Rs.12,000 (c) Rs.14,000 (d) Rs. 15, If the del credere commission is 10%, cash sales is Rs.5,000 and credit sales is Rs. 10,000. calculate the amount of del credere commission. (a) 1,500 (b) 1,000 (c) 500 (d) None JOINT VENTURE ACCOUNT 16. Which of the following terms are true with regard to joint venture business: (a) Account current (b) Del credere commission (c) Account sale (d) None of the above. 17. in case of joint venture business to construct a building, the Mixer Machine purchased is debited to: (a) Machine account. (b) Fixed Asset account. (c) Joint Venture account. (d) Joint Bank account. 18. In case of joint venture business. Memorandum joint venture account is prepared when: (a) separate books of account is prepared. (b) co-venturer maintains complete record of joint business in their own books of account. (c) co-venturer maintains record of their own transactions for joint business in their own books of account. (d) In all the above cases. 19. A & B are co-venturer. A pays expenses Rs.50,000 for joint business, what will be the entry in B's books when it does complete accounting of joint venture. (a) Joint Venture Dr. 50,000 To A 50,000 (b) Joint Bank Dr. 50,000 To A 50,000 (c) Bank Dr. 50,000 To J.V. with A 50,000 (d) No entry 20. Joint Venture Accounting follows which concept: (a) Accrual concept (b) Going Concern Concept (c) Cost Concept (d) Cash Basis 21. A for joint venture with B, purchased goods 'costing Rs.2,00,000. B sold the goods for Rs.2,80,000. Unsold material costing Rs. 10,000 was taken over by A at Rs.8,000. A is entitled to get 1 % commission on purchases. B is entitled to get 2% commission on sales, profit on venture will be: (a) Rs. 80,000 (b) Rs. 80,800 (c) Rs. 81,200 (d) Rs.80,400
3 IOCM Pvt. Ltd. 3 By:- Mr. Santosh Kumar 22. Karim and Rabim enter a joint venture sharing profits in 2:1. Karim purchases Goods of Rs.2,00,000 and Rahim sells goods of Rs.2,50,000. Karim gets 1% commission on purchase and Rahim gets 5% commission on sales. Find profit on joint venture. (a) Rs.35,500 (b) Rs.36,000 (c) Rs.34,000 (d) Rs.38, A and B entered into a joint venture. They agreed to share profits and losses equally. Purchased goods worth Rs. 16,000. Goods of Rs.4,000 were destroyed by fire. Insurance claim of Rs.3,000 is received B sold the rest of the goods for Rs.20,000. A's share of profits is: (a) Rs.4,000 (b) Rs.3,000 (c) Rs. 1,500 (d) None 24. When Memorandum Joint Venture Method is followed. In Books of X, "Joint Venture with Y A/C" will be credited with, for amount received by X. (a) Y (b) Sales (c) Debtor (d) Cash DEPRECIATION 25. According to AS-6 which of these methods is commonly used in commercial and industrial undertakings. (a) Reducing balance method (b) Annuity method (c) Production hour method (d) Sinking fund method 26. The term depletion is used in relation to. (a) Fixed assets (b) Wasting assets (c) Current assets (d) Intangible assets 27. Obsolescence means decline in the value due to (a) Fall in the market price (b) Wear and tear (c) Innovations and inventions (d) All the above 28. Under which method of depreciation, the book Value of asset does not become zero? (a) Straight line method (b) Machine hour rate method (c) Depletion method (d) Written down value method 29. Given that the balance of furniture on is Rs.8,000, furniture purchase during the year is Rs.4,000 sale of furniture on no loss no profit basis is Rs.2,000 and the furniture balance at Rs.7,000 on , the depreciation for the year 2005 is: (a) Rs. 1,000 (b) Rs.3,000 (c) Rs.5,000 (d) Rs.7, The management decided that depreciation should be charged at 20% on the closing balance of each year. Accounting year is calendar year. On new machine were purchased at a cost of Rs. 50,000. What is the balance in machinery account as on (a) Rs.36,000 (b) Rs.32,000 (c) Rs.18,000 (d) Rs.40, Company writes off 95% of the cost of machinery acquired over a period of 10 years by the Straight line method, leaving 5% as estimated scrap value. Full depreciation is written off even if the machinery is in use only for part of a year. On 31st March, 2006, the original cost of the machinery was as follows: The balance of depreciation provision on machinery as on 31.03,2006 is ; (a) Rs. 14,250 (b) Rs.15,750 (c) Rs.15,000 (d) Rs.28, N Ltd. which since , depreciates its 10% per annum according to straight line method, had on 1st April, 2006 Rs. 4,86,000 balance in its machinery account. Ascertain the original cost of the machinery: (a) Rs.5,88,060
4 IOCM Pvt. Ltd. 4 By:- Mr. Santosh Kumar (b) Rs.5,83,200 (c) Rs.6,07,500 (d) Rs.6,00, On machine original value of which was Rs. 8,000 on was sold for Rs. 6,000. Depreciation is charged at 10% p.a. on SLM. Ascertain Profit/Loss on sale of machinery: (a) Rs.2,000 Loss (b) Rs.800 Loss (c) Rs.800 Profit (d) Rs.400 Profit 34. The main objective of providing depreciation is to: (a) Reduce tax burden (b) Provide funds for replacement of fixed asset and show true profit & financial position. (c) Show true financial position in the balance Sheet (d) Comply with legal requirements 35. Cost of an asset Rs.75,000. Useful life is 4 years. Find out the depreciation for the 1 st year under sum of years digit method: (a) Rs.30,000 (b) Rs.7,500 (c) Rs.22,500 (d) Rs, 15, Depreciation starts on a machine from the date: (a) It is purchased (b) It is put to use (c) It is installed (d) Any of above 37. A machine is purchased for Rs. 1,00,000. Installation charges of Rs. 10,000 were incurred. 10% was provided on Straight Line Basis. The machine was sold for Rs. 60,000 after 5 years. Calculate the profit or loss on sale of machine. (a) Rs. 5,000 Loss (b) Rs. 5,000 Profit (c) Rs. 60,000 profit (d) Rs. 40,000 Loss 38. Original cost = Rs. 1,00,000, Life = 5 years, expected salvage value = Rs. 2,000. SLM rate of depreciation p.a.=? (a) 19.6% (b) 20% (c) 19.8% (d) 20.8% 39. Price of die computer = Rs.50,000 Residual value = Rs.10,000 Hours worked for the year = 6,000 hrs. Estimated life of computer = 20,000 hrs. Calculate the amount of depreciation (a) Rs. 15,000 (b) Rs. 12,000 (c) Rs.20,000 (d) Rs.24,000 INVENTORY (STOCK) VALUATION 40. According to Accounting Standard-2, inventor}' is to be valued at (a) Actual cost or sales value, whichever is less. (b) Historical cost. (c) Net realizable value. (d) Historical cost or net realizable value, whichever is less. 41. Which of the following cost formulas is not owed by AS-2: (a) First In First out (FIFO) (b) Last In First Out (LIFO) (c) Weighted Average Method (d) Standard price method 42. The cost of Finished goods and WIP will not include: (a) Material, Labour, Direct Expenses, (b) Manufacturing Expenses, (c) Administration Expenses, Selling-Distribution Expenses and Interest (d) Expenses which are necessarily incurred to bring inventory into its present stage and condition 43. The method in which cost is ascertained by deducting a percentage of profit from the sale value is known as: (a) Retail price method / adjusted selling price method (b) Specific price method (c) Weighted Average Method (d) Standard price method
5 IOCM Pvt. Ltd. 5 By:- Mr. Santosh Kumar 44. During the time of rising prices, which of the following method of inventory valuation results in lower closing Stock? (a) LIFO (b) FIFO (c) Weighted average stock (d) All of the above 45. Deva has the following transactions in a certain product for 3 months to 31st March Jan. 1 Purchase 600 Rs. 10 each Feb. 1 Purchase 200 Rs. 12 each Feb. 15 Sales 200 Rs. 15 each March 15 Sales 400 Rs. 20 each You are required to calculate the profit earned for the quarter ended at 31st March under: LIFO method (a) Rs. 2,600 (b) Rs. 5,000 (c) Rs. 2,400 (d) Rs. 4, From the following data of M/s. Waghela & Sons, find out the closing inventory under the FIFO method of inventory valuation: 1st January, Inventory 1,000 Rs. 4 each 31st January, Purchases 1,200 Rs. 5 each Sales for the period, 2000 Rs. 8 each. (a) Rs. 1,000 (b) Rs. 9,000 (c) Rs. 7,000 (d) Rs. 10, From the following particulars for the years I 004 and 2005 determine the value of the closing stock at the end of Rs. Rs. Opening Stock 20,000 30,000 Purchases 1,20,000 2,10,000 Sales 2,00,000 2,40,000 Uniform rate of gross profit may be assumed. (a) Rs. 1,31,000 (b) Rs. 1,08,000 (c) Rs. 1,09,000 (d) Nil 48. Calculate the value of purchase if: Opening Stock = Rs. 20,000. Sale = Rs. 1,50,000 Gross profit margin = 20% of sales Closing Stock = Rs. 30,000 (a) Rs. 1,30,000 (b) Rs.1,40,000 (c) Rs. 1,50,000 (d) Rs.1,60, Physical inventory system is also Known as: (a) Perpetual Inventory System (b) Periodic Inventory System (c) Inventory record System (d) None 50. PARTICULARS As on 1 st March As on 31 st March Stock Rs. 1,80,000 1,00,000 The Company made Purchase of Rs. 3,40,000 on credit. During March, the company paid Rs. 3,50,000 to suppliers. The goods are sold at 25% above cost. The Sales for the month of March were: (a) Rs.4,12,500 (b) Rs.90,000 (c) Rs.5,25,000 (d) Rs.3,15, Damaged inventory should be valued at: (a) Cost (b) Net realizable value (c) Current cost (d) Current market value 52. When closing inventory will be overstated it will result in: (a) Net income for the period to be overstated (b) Cost of goods sold to be understated (c) Both (a) and (b) (d) None of these 53. Opening stock Rs. 10,000 Purchases Rs. 1,10,000 Closing Stock Rs. 20,000 Find out total sales if profit margin is 30% on cost of sales: (a) Rs. 1,20,000 (b) Rs. 1,30,000
6 IOCM Pvt. Ltd. 6 By:- Mr. Santosh Kumar (c) Rs. 1,10,000 (d) Rs. 1,25, In case goods are manufactured and segregated for specified consumers, the best method for valuation of inventory would be: (a) FIFO (b) LIFO (c) Base Stock (d) Specific Identification 55. If average stock is Rs.20,000. Closing stock is Rs.4,000 more than value of opening stock. Closing stock will be: (a) Rs. 16,000 (b) Rs. 18,000 (c) Rs.20,000 (d) Rs.22, Rs. Opening Stock 40,000 Closing Stock 50,000 Purchases 5,50,000 Return outward 5,000 Return inward 20,000 Carriage inward 5,000 If gross profit is 20% of sales, the gross sales will be: (a) Rs.6,95,000 (b) Rs.6,75,000 (c) Rs.5,40,000 (d) Rs.6,68, Opening Stock = Rs.6,000 Closing Stock = Rs.8,000 Cost of Goods Sold = Rs.87,000 Calculate the value of Purchases? (a) Rs.1,01,000 (b) Rs.89,000 (c) Rs.73,000 (d) Rs.85, Purchases = Rs. 1,10,000, Return outward Rs. 10,000, Goods given away as charity = Rs. 1,500. Goods distributed as sample=rs. 1,000, What is the amount of net purchases? (a) Rs.97,500 (b) Rs. 1,00,000 (c) Rs. 1,17,500 (d) Rs.1,10,000 SHARES / DEBENTURES 59. Share application account in the books of a company is a: (a) Personal account (b) Real account (c) Nominal account (d) None of the above 60. Share premium account is shown in the balance sheet under: (a) Capital head (b) Reserves and surplus (c) Current liabilities (d) Current assets 61. On re-issue of shares the balance, in shard forfeiture account after debiting discount on re-issue(known as profit on re-issue) is to be transferred to: (a) Profit & Loss account (b) Share capital a/c (c) Capital reserve a/c (d) Repayable a/c 62. Preference shares can be redeemed out of the: (a) Proceeds of the fresh issue of shares (b) Out of profits (c) A combination of fresh issue and profits (d) Any of the above 63. When preference shares is redeemed out of profits, the amount to be transferred to Capital Redemption Reserve should be equal to: (a) Premium payable on redemption (b) Nominal value of the shares being redeemed (c) Amount payable on redemption (d) Premium payable on redemption plus nominal value of the shares being redeemed 64. "Capital Redemption Reserve Account" is created (a) Voluntarily to accumulate funds to redeem preference shares in future (b) To meet legal requirements regarding redemption of preference shares (c) Out of share premium account to redeem preference snares (d) Out of share forfeiture account to redeem preference shares.
7 IOCM Pvt. Ltd. 7 By:- Mr. Santosh Kumar 65. The authorized capital of a company is Rs.5 lakhs divided into Rs. 10 per share, issued capital Rs.3 lakhs and subscribed capital Rs.2 lakhs. It has received Rs.5 per share on application and allotment and Rs.2 per share on first call except on 2500 shares, which have not been forfeited, share capital account is credited with: (a) Rs.3,00,000 (b) Rs.2,00,000 (c) Rs. 1,40,000 (d) Rs.1,35, Kothari Paper Products invited application for subscription of 5,000 shares. The applications were received for 6,000 shares. The shares were allotted on pro rata basis. If Sunil had applied for 180 shares, how many shares would have been allotted to him? (a) 180 shares (b) 200 shares (c) 150 shares (d) 175 shares 67. A Ltd. invited applications for 2,000 shares along with application money of Rs.4.00 per share. Applications were received for 4,000 shares and pro rata allotment was made on the applications for 3,000 shares. If Black had been allotted 60 shares, how much money he would have paid as application money? (a) Rs (b) Rs (c) Rs (d) Rs XYZ Co. Ltd. forfeited 10 shares of Rs.10 each Rs.7 called up and Rs.5 paid up on application. The amount to be forfeited is (a) Rs.50 (b) Rs.70 (c) Rs.120 (d) Rs Z Ltd. forfeited 5 shares of Rs (Rs.9.00 called up) each issued at 10% premium to Irwin on which he had paid application and allotment money (including premium) of Rs.2.00 and Rs.3.00 per share respectively. What amount is transferred to share forfeiture account? (a) Rs (b) Rs (c) Rs (d) Rs On a share of Rs.10 each, Rs.8 have been called up. On forfeiture of the share, share capital account debited by: (a) Rs. 10 (b) Rs. 8 (c) Rs. 2 (d) Price at which shares are re-issued , Rs. 100 share issued at par forfeited for nonpayment of Final call of Rs.30 and is reissued as fully paid at Rs.90. Amount of share forfeiture account to be credited to capital reserve: (a) Rs. 14,000 (b) Rs. 2,000 (c) Rs. 6,000 (d) Rs. 12, Equity shares of Rs.100 each issued at 10% discount forfeited for nonpayment of Final call of Rs shares reissued as fully paid at Rs.75 each. Amount of share forfeiture account to be credited to capital reserve: (a) Rs. 12,000 (b) Rs. 3,750 (c) Rs. 5,250 (d) Rs. 7, S Ltd. forfeited 100 shares of Rs.10 each, Rs.8 per share being called up, which were issued at a discount of 10% for non-payment of First Call money of Rs.3 per share. Of these Forfeited shares 80 shares were subsequently re-issued by the company as Rs.8 paidup share for Rs.6. Amount of share forfeiture a/c transferred to capital reserve: (a) Rs.240 (b) Rs.340 (c) Rs.400 (d) Rs.160
8 IOCM Pvt. Ltd. 8 By:- Mr. Santosh Kumar 74. D Ltd. forfeited 200 shares of Rs.10 each, Rs.7 called up on which Ram had paid application money Rs.3 per share. Of these, 125 shares were re-issued to Shyam for Rs.9 per share as fully paid up. After re-issue of 125 shares, the balance in the share forfeiture account will be : (a) Rs.225 (b) Rs.600 (c) Rs.525 (d) Rs The under noted balance were extracted from the ledger of Zee Ltd. 10% Preference shares : shares of Rs.100 each, fully called up 10,00,000 Less: Calls unpaid at Rs. 25 per share 5,000 9,95,000 What is the maximum redemption of preference shares which can be made now: (a) Rs.9,95,000 (b) Rs. 10,00,000 (c) Rs. 9,80,000 (d) Rs.7,50, ,000 Rs.10 Preference Shares are redeemed at a premium of For this purpose, the company makes the following issues : (a) 5,000 Equity Shares of Rs.10 each at a premium of 10% (b) 1,000 8% Debentures of Rs.10 each. How much should be the minimum redemption out of profit: (a) Rs.Nil (b) Rs. 10,000 (c) Rs. 1,000 (d) Rs.60, For the redemption of preference share due on , the company makes a right issue of 10,000 equity shares of Rs. 100 each at Rs. 110 per share, Rs. 20 being payable on application, Rs. 35 (including premium) on allotment and the balance on January 1,2006. The issue was fully subscribed and allotment made on March 1, The monies due on allotment were received by March 30, The proceeds of the fresh issue is: (a) Rs.11,00,000 (b) Rs.5,50,000 (c) Rs.10,00,000 (d) Rs.4,50, A company redeems its 9%, 450 Preference shares of Rs.100 each at a premium of 10%. How many Rs.10 shares has to be issued at a premium of 10%: (a) 4,500 (b) 4,000 (c) 5,500 (d) 5, A company's balance sheet contains Rs.1.6 lacs fully paid 10% redeemable preference shares, Rs.10,000 as share premium and Rs. 1,31,000 as Revenue reserves. It decides to redeem the shares at 5% premium by maximum utilization of earnings. If the issue is made at 20% premium, the minimum amount of fresh equity issue proceeds will be: (a) Rs.28,800 (b) Rs.29,000 (c) Rs.36,000 (d) Rs.37, Redeemable preference shares of Rs.2,00,000 are redeemed at par for which shares of Rs.80,000 were issued at a discount of 10%. The amount to be transferred to CRR account is: (a) Rs. 1,20,000 (b) Rs. 1,28,000 (c) Rs.2,00,000 (d) Rs.72, Preference shares of Rs.2 lakh are redeemed at par for which fresh equity shares of Rs.80,000 are issued at 10% premium, what amount will be transferred to CRR account? (a) Rs.2,00,000 (b) Rs.1,20,000 (c) Rs.1,12,000 (d) NIL 82. Debenture of Rs. 1,00,000 issued at a discount of 10%, Redeemable at the end of fourth year the discount to be written of: (a) Rs. 10,000 in the fourth year (b) Rs.10,000 in the 1st year (c) Rs-.2,500 in each of the four years (d) Rs.10,000 in each of the four years.
9 IOCM Pvt. Ltd. 9 By:- Mr. Santosh Kumar 83. A Ltd. issues 3,000, 15% debentures of Rs.l00 each at a discount of 7.5% repayable at a premium of 5% at the end of 5 years. The loss on the issue of debentures will be: (a) Rs.22,500 (b) Rs.30,000 (c) Rs.37,500 (d) Rs.45, A company has 6% Debentures Account Rs.3,00,000, issued last year. Debenture Interest account Rs.6,000 What amount should be shown in Profit & Loss Account for the current year? (a) Rs.6,000 (b) Rs.12,000 (c) Rs.18,000 (d) Nil 85. A holds 20 shares of Rs each on which he had paid Rs.2.00 per share on application but could not pay Rs.3.00 per share on allotment and Re per share on first call. The journal entry to record the forfeiture of these shares is: Rs. Rs. (a) Share Capital Account Dr. 120 To Share Forfeiture A/c 120 (b) Share Capital A/c Dr. 200 To Share Allotment & Calls a/c 80 To Share Forfeiture A/c 120 (c) Share Capital Account Dr. 40 To Share Forfeiture A/c 40 (d) Share Capital Account Dr. 120 To Share Forfeiture A/c 40 To Share Allotment A/c 60 To Share First Call A/c A company forfeited 100 equity shares of the face value of Rs each, Rs.6.00 per share called up, for non-payment of first call of Rs.2 per share. What is the journal entry for forfeiture? (a) Share capital Dr. 1,000 To Share Forfeited Account 600 To 1st call Account 400 (b) Share capital Dr. 600 To Share Forfeited A/c 400 To 1st call Account 200 (c) Share capital A/c Dr. 600 To Share forfeited A/c 600 (d) None of these 87. When debentures are issued at par, but are redeemable at premium, the entry is: (a) Bank account Dr. To Debentures To Premium on redemption of debentures (b) Bank Account Dr. To Debentures To Loss on the issue of debentures (c) Bank Account Dr. Loss on the issue of debentures Dr. To Debentures To Premium on redemption of debentures (d) None of the above 88. The part of share capital which can be called up only on the winding up of a company is called: (a) Authorized Capital (b) Called up Capital (c) Called up Capital (d) Reserve Capital 89. "Proposed dividends" is shown in the Balance Sheet of a Company under the head; (a) Provisions (b) Reserves and Surplus (c) Current Liabilities (d) Other Liabilities 90. Cumulative preference shares are those on which: (a) Dividend is not paid (b) Dividend plus extra share in surplus profit is given (c) Dividend is paid only if equity shares are also paid dividend (d) Dividend if not paid gets accumulated and such arrears is paid when company earns profit 91. A company forfeited 2,000 shares of Rs.10 each (Which, were issued at par) held by A for nonpayment money of Rs.4 per share. The called up value per share was Rs. 9 On forfeiture, the amount debited to share capital is: (a) Rs. 10,000 (b) Rs.8,000 (c) Rs.2,000 (d) Rs. 18,000
10 IOCM Pvt. Ltd. 10 By:- Mr. Santosh Kumar 92. A Ltd. acquired, assets worth Rs. 15,00,000 from H Ltd. by issue of shares of premium of 25%. The number of shares issued to settle the purchase consideration will be: (a) 12,000 shares (b) 15,000 shares (c) 18,750 shares (d) 11,250 shares 93. G Ltd. acquired assets worth Rs.75,000 from H Ltd. by issue of share of Rs. 10 at a premium of Rs.5. The number of shares to be issued by G Ltd. to settle the purchase consideration: (a) 6,000 shares (b) 7,500 shares (c) 9,375 shares (d) 5,000 shares 94. Dividends are usually paid on: (a) Authorized Capital (b) Issued Capital (c) Called-up Capital (d) Paid-up Capital 95. 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: (a) Goodwill account (b) Capital reserve account (c) Vendor's account (d) Profit and Loss account 96. A Ltd. forfeited 1,000 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 share. For recording this forfeiture, calls in arrear will be credited by: (a) Rs.4,000 (b) Rs.1,000 (c) Rs.5,000 (d) Rs.10, If the issue size is upto Rs.500 crores, the issued Shares should be made fully paid up within of the date of allotment: (a) 6 months (b) 10 months (c) 12 months (d) 18 months 98. The minimum subscription as prescribed by SEBI against the entire issue is: (a) 95% (b) 90% (c) 5% (d) None 99. Following are the information related to G Ltd.: i. Equity share capital paid up Rs.2,85,000 ii. Calls in advance Rs.10,000 iii. Calls in arrear Rs. 15,000 iv. Proposed dividend 20% The amount of dividend payable: (a) Rs.57,000 (b) Rs.54,000 (c) Rs.56,000 (d) Rs.60, X Ltd. allotted 10,000 shares to the applicants of 14,000 shares on pro rate basis. O applied for 840 shares. What is the number of shares allotted to him, if application money Rs.2 then what will be his amount transferred to further calls? (a) 600 shares; Rs. 480 (b) 840 shares; Nil (c) 600 shares, Nil (d) 840 shares, Rs Which statement is issued before the issue of shares? (a) Prospectus (b) Memorandum of Association (c) Articles of Association (d) All of these 102. Reserve share capital means: (a) Part of authorized capital to be called at beginning (b) Portion of uncalled capital to be called only at liquidation. (c) Oversubscribed capital (d) Under subscribed capital 103. Following are details of ABC Ltd.: Outstanding Redeemable preference shares = Rs.3,00,000 Premium on redemption = 10%
11 IOCM Pvt. Ltd. 11 By:- Mr. Santosh Kumar General Reserve = Rs. 1,50,000 Security Premium Balance = Rs.3 5,000 Fresh issue of shares to be made at 10% discount. The face value of fresh issued shares will be: (a) Rs. 1,66,667 (b) Rs. 1,50,000 (c) Rs. 1,85,000 (d) Rs. 1,80, When debentures are issued as collateral security, interest is paid on: (a) Nominal value of debentures (b) Face value of debentures (c) Discounted value of debentures (d) No interest is paid A Ltd. had 3,000, 12% redeemable preference sharesof Rs.100 each, fully paid up. The company issued 25,000 equity shares of Rs. 10 each at par and 1,000 14% debentures of Rs. 100 each. All amounts were received in full. The payment was made in full. The amount to be transferred to capital Redemption Reserve Account Rs.: (a) Nil (b) Rs.2,00,000 (c) Rs.3,00,000 (d) Rs.50, Redeemable preference shares must be redeemed within: (a) 5 years (b) 10 years (c) 15 years (d) 20 years 106. Loss on issue of debentures is generally written off in: (a) 5 years (b) 10 years (c) 15 years (d) Over the period of redemption P Ltd. issued 15,000, 15% debentures of Rs.100 each at a premium of 10% which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is: (a) Rs. 15,000 (b) Rs.30,000 (c) Rs.45,000 (d) Rs.22,500
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