ACCOUNTS
Q.NO.
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QUESTION & ANSWER OPTION
ANSWER
Minimum No. of members of public companies are:
A) 2
B) 4
D
C) 5
D) 7
To start a business ,certificate of commencement of
business is not necessary for:
A) Private Company
A
B) Public Company
C) Both
D) None of the above
Minimum share capital of a private co. is:
A) 100000
B) 500000
A
C) 400000
D) Not prescribed in the act
The part of the capital which is called only on the
winding up of the company is called
A) Reserve Capital
A
B) Capital Reserve
C) Issued Capital
D) Subscribed Capital
After the re-issue of shares, the balance of share forfeiture
a/c transferred to:
A) Capital Reserve A/c
A
B) Reserve Capital A/c
C) Profit & Loss A/c
D) None of the above
Except in special circumstances, maximum discount on
issue of equity shares is:
A) 5%
C
B) 6%
C) 10%
D) No limit
As per Table A maximum interest on call in advance is:
A) 5% p.a.
B) 6% p.a.
B
C) 10% p.a.
D) 12%p.a
08
09
10
11
12
13
14
15
16
Except in special circumstances, maximum discount on
issue of debentures is :
A) 5%
B) 6%
C) 10%
D) No Limit
XYZ Pvt. Ltd. Issues 9% debentures of Rs.10 each. What
is the coupon rate in this circumstance:
A) 10
B) 9
C) 1
D) None of the above
A company can never redeemed its debentures:
A) At Par
B) At Premium
C) At Discount
D) AT Premium & At Discount
Capital Redemption Reserve can-not be created out of:
A) General Reserve
B) Reserve Fund
C) Profit & Loss Account
D) Securities Premium Account
Interest on Drawing is shown in :
A) Credit side of Profit & Loss Account
B) Debit side of Profit & Loss Account
C) Credit side of Profit & Loss Appropriation Account
D) Credit side of Partner’s Capital Account
In the absence of Partnership Deed , Interest on partner’s
capital is :
A) 6%
B) 5%
C) 12%
D) Not given
X withdraws Rs. 5000/- at the beginning of every month
from his partnership firm. The interest on drawing @15%
is :
A) 9000
B) 4875
C) 4500
D) 4125
In the absence of partnership deed Interest on Loan is :
A) 5%
B) 6%
C) 10%
D) 12%
ABC is a partnership firm. The firm is decided to give the
commission to the manager @5%p.a. on net profits after
charging such commission. The net profits of the firm is
Rs.84000/-. Compute the commission that is given to the
manager?
D
B
C
D
C
D
A
B
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A) 4000
B) 4200
C) 2000
D) 2100
Which of the following statement is not correct:
A) Assets=Capital + Liabilities
B) Capital=Assets-Liabilities
C) Liabilities= Assets + Capital
D) Liabilities= Assets-Capital
Purchased a machinery at Rs.50000 and Rs.2000 is paid
for the installation of that machinery. Machinery A/c and
Wages A/c are debited respectively with rupees
A) 50000,2000
B) 52000,0
C) 2000,50000
D) 48000,2000
What shall be the amount of capital if Machinery Rs.
40000/-, Debtors Rs.20000/-, Creditors Rs. 10000/-, Cash
Rs.2000/A) 50000
B) 52000
C) 62000
D) 72000
Cash Book always shows a ………… balance.
A) Debit
B) Credit
C) Debit or Credit
D) Debit & Credit
In a Cash & Discount column cash book , discount
received is shown on……….. side of the book.
A) Debit
B) Credit
C) Neither Debit nor Credit
D) Debit and credit both
Cash Book act as
A) Subsidiary Book
B) Ledger A/c
C) Both, Subsidiary Book & Ledger A/c
D) None of the above
Debit Balance shown in the pass book should be equal to:
A) Credit balance in the pass book
B) Debit balance in the pass book
C) Credit balance in the cash book
D) Debit balance in the cash bok
On ……………side of the trial balance ‘LIP’ is shown
A) Debit
B) Credit
C) Debit or Credit
D) None of the above
A
C
B
B
A
B
C
C
A
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33
Purchased a machinery on 01-06-2012 at Rs.60000/-.
Calculate depreciation at 10% by W.D.V. method for the
year 2013, if accounts are closed on 31st December.
A) 5700
B) 5650
C) 5600
D) 5500
Purchased a machinery on 01-06-2012 at Rs.60000/-.
Calculate depreciation at 10% by straight line method for
the year 2013, if accounts are closed on 31st December.
A) 5700
B) 5650
C) 6000
D) 5500
Accrued Income appearing in the trial balance is shown :
A) On debit side of Profit & Loss account
B) On credit side of Profit & Loss account
C) On assets side of the Balance Sheet
D) On Liabilities side of the Balance Sheet
The following of which is not a contingent liabilities:
A) Bills discounted but not matured
B) Disputes against the firm in the court
C) Guarantee given in the bank for any other person
D) None of the above
Purchased a machinery on 01-06-2012 at Rs.60000/-.
Calculate depreciation at 10% by W.D.V. method for the
year 2013, if accounts are closed on 31st December.
E) 5700
F) 5650
G) 5600
H) 5500
The profits for the last three years are Rs.10000, 20000
and 30000. The value of the goodwill by average profit
method at two years purchase is rupees
A) 60000
B) 20000
C) 50000
D) 40000
If average profit is Rs.50000/- and normal profit is
Rs.45000/-.The super profit is rupees
A) 50000
B) 45000
C) 5000
D) 55000
Revaluation Account is also known as:
A) Profit & Loss Appropriation Account
B) Profit & Loss Account
C) Profit & Loss Adjustment Account
D) None of the above
A,B and C are partners in proportion of 3:2:1
B
C
C
D
B
D
C
C
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35
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40
respectively. D was admitted as a new partner with 1/6th
share. The new profit sharing ratio is:
A) 15:10:5:6
B) 3:2:1:1
C) 18:12:6:1
D) 3:2:2:1
A, B and C are partners in proportion of 7:8:9
respectively. D was admitted as a new partner with 1/6th
share. The sacrificing ratio is:
A) 7:8:9
B) 6:7:8
C) 5:6:7
D) 4:5:6
A and B are partners with capital of Rs.10000 and
Rs.20000 respectively. C is admitted as a new partner
with capital of Rs.20000/- for 1/4th share in the profits.
The value of hidden goodwill is rupees
A) 10000
B) 20000
C) 30000
D) 40000
If new partner brings his share of goodwill in cash, then
which accounts are credited
A) Premium Account
B) Sacrificing Partner’s Capital Account
C) Both, A and B
D) Cash Account
Unrecorded Assets is recorded on
A) Debit side of revaluation account
B) Credit side of revaluation account
C) Debit side in partner’s capital account
D) Credit side in partner’s capital account
A , B and C are partners sharing profit and losses in the
ration of 3:2:1. B is retired. The new ratio is:
A) 3:2
B) 2:1
C) 3:1
D) 1:1
A,B,C,D are partners sharing profit & losses in the ratio
of 2:1:2:1. C retires and A,B and D decided to share the
profit and losses in equal. The gaining ratios is:
A) 2:2:1
B) 1:1:1
C) 2:1:2
D) 0:1:1
At the retirement of partner’s capital account, the loss on
revaluation is
A) Credited to all partner’s capital account
B) Debited to all partner’s capital account
C) Credited to new partner’s capital account
A
A
C
C
B
C
D
B
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50
D) Debited to new partner’s capital account
Realisation Account is:
A) Personal Account
B) Real Account
C) Nominal Account
D) None of the above
Which of the following is not transferred to realisation
account :
A) Cash Account
B) Partner’s Loan Account
C) Provision for doubtful debts
D) A & B above
Salary Account is:
A) Personal Account
B) Real Account
C) Nominal Account
D) None of the above
Accounts Receivables cover:
A) B/R
B) Debtor
C) B/R & Debtor
D) None of the above
Which of the following is not a tangible assets:
A) Building
B) Trade Mark
C) Machinery
D) Land
Inventories includes:
A) Raw Material
B) Work in progress
C) Finished Goods
D) All of the above
SRG Commerce Institute is:
A) Natural Personal Account
B) Artificial Personal Account
C) Representative Personal Account
D) None of the above
The rule of real account is:
A) Debit the receiver and credit the giver
B) Debit what comes in and credit what goes out
C) Debit the expenses and losses and credit income
and gains
D) None of the above
Bank Account is:
A) Personal Account
B) Real Account
C) Nominal Account
D) None of the above
Trade Marks is:
A) Personal Account
C
D
C
C
B
D
A
B
A
B) Real Account
C) Nominal Account
D) None of the above
B