ACCOUNTANCY
1. Subscribed capital is : 1
(A) That part of authorised capital which is issued to the public for subscription.
(B) That part of issued capital which has been actually subscribed by the public.
(C) That part of subscribed capital which has been called up on the shares.
(D) That part of subscribed capital which has not yet been called up on the shares.
2. Niyati and Aisha were partners in a firm sharing profit and losses in the ratio of 4 : 3. They admitted Bina as a new partner. Niyati sacrificed 1/4 th from her share and Aisha sacrificed 1/7 th from her share in favour of Bina.
Bina’s share in the profits of the firm will be :
(A) 2/7
(B) 10/49
(C) 11/28
(D) 7/16
3. Which of the following statements is true for Receipts and Payments Account ?
(A) It is prepared on accrual basis.
(B) It records receipts and payments of revenue nature only.
(C) Depreciation is debited to this account.
(D) Receipts and payments may relate to current, preceding or succeeding periods.
4. When debentures are issued at discount and are redeemable at premium, the amount of discount and premium on redemption is debited to __________ account.
5. Nitin, Varun and Asha were partners in a firm sharing profit and losses in the ratio of 7 : 2 : 1. Asha died on 30th November, 2019. According to the partnership agreement, her share of profits from the closure of last accounting year till the date of her death was to be calculated on the basis of aggregate profits of two completed years before her death. Profit of the firm for the years ending 31st March, 2018 and 31st March, 2019 were ₹ 36,000 and ₹ 84,000 respectively. The firm closes its books on 31st March every year. Asha’s share of profit till the date of her death will be :
(A) ₹ 16,000
(B) ₹ 4,000
(C) ₹ 8,000
(D) ₹ 12,000
6. Excess value of net assets over purchase consideration at the time of purchase of business is :
(A) Credited to the Capital Reserve.
(B) Debited to the Goodwill Account.
(C) Credited to the General Reserve Account.
(D) Credited to the Vendor’s Account.
7. First call amount received in advance from the shareholders before it is actually called up by the directors is :
(A) Debited to calls-in-advance account.
(B) Credited to share allotment account.
(C) Debited to first call account.
(D) Credited to calls-in-advance account.
8. Senco Ltd. issued 5,000, 8% Debentures of ₹ 100 each at par, redeemable after four years at a premium of 10%. The minimum amount invested in Debenture Redemption Investments will be :
(A) ₹ 75,000
(B) ₹ 82,500
(C) ₹ 1,25,000
(D) ₹ 1,37,500
9. Fill in the blanks for the transaction ‘Interest on drawings’ ₹ 4,000.
Journal
Date Particulars L.F. Dr. Cr.
₹ ₹
...................................... Dr. 4,000
To ............................. 4,000
(Being Interest on drawings charged)
10. Unique Club had a Prize Fund of ₹ 9,00,000 on 1st April, 2018. It incurred expenses on prizes amounting to ₹ 9,10,000 during the year.
The balance of Prize Fund in the Balance Sheet as on 31st March, 2019 will be :
(A) ₹ 10,000
(B) (₹ 10,000)
(C) ₹ 9,00,000
(D) Zero
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