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[#2391] Debit: all Expenses and Losses Credit: all Gains or Income This formula is applicable for:

(A) Representative Personal Accounts

(B) Tangible Real Accounts

(C) Natural Personal Accounts

(D) Intangible Real Accounts

Correct Answer

Representative Personal Accounts

[#2392] Interest on partner's loan is given to partners

(A) 5%

(B) 6%

(C) 8.25%

(D) 9%

Correct Answer

(B) 6%

[#2393] Match the following. List-I List-II a. Buy-back of equity shares must be authorised by 1. Not allowed b. Buy-back of partly paid equity shares 2. Governs buy back of shares c. Redemption of preference shares 3. Article of Association d. Section 68 of the Companies Act 4. Only fully paid

(A) a-3, b-4, c-2, d-1

(B) a-3, b-1, c-4, d-2

(C) a-4, b-3, c-2, d-1

(D) a-2, b-1, c-4, d-3

Correct Answer

(B) a-3, b-1, c-4, d-2

[#2394] Assertion (A): A joint stock company can issue Bonus shares out of its Capital Reserve. Reason (R): The company can satisfy the share holders and avoid the outflow of cash from business by utilizing only the Capital reserve for the issue of bonus shares. Select the correct answer:

(A) Both (A) and (R) are true and (R) is the correct explanation of (A)

(B) Both (A) and (R) are true, but (R) is not correct explanation of (A)

(C) (A) is true but (R) is false

(D) (A) is false but (R) is true

Correct Answer

(C) (A) is true but (R) is false

[#2395] In balance sheet redeemable debenture whose payment has not been received by the debenture holder will be shown in

(A) Unsecured loan

(B) Secured loan

(C) Contingent liability

(D) Current liability

Correct Answer

(B) Secured loan