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[#1561] A Ltd has allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis, The amount payable an application is Rs. 2. Mr. X applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from X is

(A) 60 shares, Rs. 120

(B) 320 shares, Rs. 200

(C) 340 shares, Rs. 160

(D) 300 shares, Rs. 240

Correct Answer

(D) 300 shares, Rs. 240

[#1562] The charter of a company is its:

(A) Prospectus

(B) Memorandum of Association

(C) Certificate of Incorporation

(D) Article of Association

Correct Answer

(B) Memorandum of Association

[#1563] Donation received during the year Rs. 5,000. Donation received in advance Rs. 500, outstanding donation Rs. 300. Amount credited in Income and expenditure will be

(A) Rs. 5,100

(B) Rs. 4,800

(C) Rs. 5,500

(D) Rs. 5,300

Correct Answer

(B) Rs. 4,800

[#1564] In the absence of an agreement, interest to be allowed to the partners on their capital, according to Indian Partnership Act, will be at the rate of:

(A) 5%

(B) 6%

(C) 9%

(D) 0%

Correct Answer

(D) 0%

[#1565] Which of the following errors will not be disclosed by Trial Balance?

(A) Errors of Commission

(B) Errors of Principle

(C) Errors of finding balance

(D) None of the above

Correct Answer

(B) Errors of Principle