Accounting - Study Mode

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[#1876] Mr. Smith applied for 200 shares at Rs. 10 per share, but 160 shares were alloted to him. After paying Rs. 2 per share on application he did not pay the allotment money of Rs. 2 per share and first call money of Rs. 3 per share. What is the outstanding amount on the shares alloted to Mr. Smith?

(A) Rs. 800

(B) Rs. 1,280

(C) Rs. 320

(D) Rs. 720

Correct Answer

(D) Rs. 720

[#1877] The originator of the double entry system, Lucas Pacioli was resident of

(A) America

(B) Italy

(C) India

(D) Japan

Correct Answer

(B) Italy

[#1878] Capital account comes under which concept?

(A) Separate entity concept

(B) Accounting period concept

(C) Accrual concept

(D) Realisation concept

Correct Answer

(A) Separate entity concept

[#1879] A limited company forfeited 100 share (fully called-up) for non-payment of Rs. 4 per share. Out of these 50 share were re-issued at Rs. 8 per share. What will be amount transferred to capital reserve

(A) Rs. 800

(B) Rs. 200

(C) Rs. 250

(D) Rs. 100

Correct Answer

(B) Rs. 200

[#1880] Best indicator of the overall efficiency of a business concern is:

(A) Profitability ratio

(B) Debt equity ratio

(C) Acid test ratio

(D) Current ratio

Correct Answer

(A) Profitability ratio