Accounting - Study Mode

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[#1376] When capital at the end is Rs. 21,500 drawings Rs. 4,300 and capital in the beginning Rs. 19,400, what is the amount of profit or loss?

(A) Rs. 2,200 (profit)

(B) Rs. 2,200 (loss)

(C) Rs. 6,400 (profit)

(D) Rs. 6,400 (loss)

Correct Answer

(C) Rs. 6,400 (profit)

[#1377] Which of the following is a method of redemption of debentures?

(A) draw of lots

(B) conversion

(C) open market purchase

(D) all of these

Correct Answer

(D) all of these

[#1378] A company can re-issue its forfeited shares at a:

(A) premium

(B) face value

(C) a discount

(D) all of the above

Correct Answer

(D) all of the above

[#1379] In which order the following items will be shown on the liabilities side of the Balance Sheet of a Company: 1. Current liabilities and provisions 2. Secured loans 3. Share capital 4. Reserves and surplus Select the correct answer:

(A) 3, 4, 2, 1

(B) 1, 2, 3, 4

(C) 4, 3, 2, 1

(D) 3, 4, 1, 2

Correct Answer

(A) 3, 4, 2, 1

[#1380] A, Y and Z are partners in the ratio of 5 : 4 : 1. Z is guaranteed that his share of profit will not be less than Rs. 80,000 and any deficiency will be borne by A and Y in the ratio of 3 : 2. If the firm's profit is Rs. 5,60,000, how much deficiencywill be borne by Y?

(A) Rs. 2,14,400

(B) Rs. 14,400

(C) Rs. 2,09,600

(D) Rs. 9,600

Correct Answer

(D) Rs. 9,600