Question 1 :
'Samta Limited invited applications for issuing $6,750$ equity shares of $Rs 10$ each. The amount was payable as follows : On application - $Rs 3$ per share <br>On allotment - $Rs 5$ per share <br>On first and final call - $Rs 2$ per share <br>The issue was fully subscribed. Subhash applied for $250$ shares and paid his entire share money with application. Moti applied for $175$ shares and paid allotment money also with application. The amount received with applications was :<br>
Question 2 :
Profit or loss on revaluation of assets and liabilities is transferred to __________.
Question 4 :
The business of partnership firm must be carried on by all the partners.
Question 5 :
Increase in liability at the time of retirement of a partner is _________.
Question 6 :
N, S & Z are partners. They withdraw a fixed sum of Rs. $2,000$ per month as follows:<br/>N draws at the beginning of each month, S withdraws at the middle of each month and Z withdraws at the end of each month. Rate of interest on drawings is $8\%$ p.a. Interest on drawings for the $3$ partners respectively will be.<br/>
Question 7 :
Which of the following are true or false?a) A retiring partner will be held liable for the debts incurred by the firm after his retirement.<br/>b) He must give public notice to that effect<br/>
Question 9 :
Increase in assets at the time of retirement of partner is _______.
Question 10 :
A,B & Care partners sharing profits losses in the ration of $4:3:2$. B decided to retire form the firm. Calculate the new profit sharing ratio of A & C if gives his share to A & C in ratio of $3:1$.
Question 11 : The net profits after tax of NZ & Co. for the past $3$ years are as follows.<table class="wysiwyg-table"><tbody><tr><td>Year</td><td>Profit</td></tr><tr><td>$2010-2011$</td><td>$20,000$</td></tr><tr><td>$2011-2012$</td><td>$2,61,000$</td></tr><tr><td>$2012-2013$</td><td>$3,12,000$</td></tr></tbody></table>Closing stock for $2011-2012$ and $2012-2013$ includes the defective items of Rs. $22,000$ and Rs. $62,000$ respectively which were considered as having no market value. Calculate average profit for goodwill.
Question 12 : A, B & C are partners sharing profits and loss in the ratio $3:2:1$. They decide to change their profit sharing ratio to $2:2:1$. To gave effect to this new profit sharing ratio they decide to value the goodwill at Rs. $30,000$. Pass the necessary journal entry if Goodwill not appearing in the old balance sheet and should not appear in the new balance sheet.<table class="wysiwyg-table"><tbody><tr><td>B's Capital A/c             Dr.<br/>C's Capital A/c            Dr.<br/>To A's Capital A/c</td><td>$2,000$<br/>$1,000$</td><td>$3,000$</td></tr><tr><td>Goodwill A/c              Dr.<br/>To A's Capital A/c<br/>To B's Capital A/c<br/>To C's Capital A/c</td><td>$30,000$</td><td><br/>$12,000$<br/>$12,000$<br/>$6,000$</td></tr><tr><td>A's Capital A/c             Dr.<br/>B's Capital A/c             Dr.<br/>C's Capital A/c             Dr.<br/>To Goodwill A/c</td><td>$12,000$<br/>$12,000$<br/>$6,000$</td><td>$30,000$</td></tr><tr><td>A's Capital A/c              Dr.<br/>To B's Capital A/c<br/>To C's Capital A/c</td><td>$3,000$</td><td>$2,000$<br/>$1,000$</td></tr></tbody></table>
Question 13 :
A, B & C sharing profits & losses in the ratio of 3:2:1. A retired and Goodwill of the firm is to be valued at Rs. 24,000. What will be the treatment for goodwill?
Question 14 :
Y Ltd. forfeited 50 shares of Rs 100 each issued at 10% premium on which allotment money of Rs 30 per share (including premium) and first call of Rs 30 per share were not received and the second and final call of Rs 20 per share was not yet called. 20 of these shares as Rs 80 paid up for Rs 70 per share.<br/>On re-issue, the Share Capital Account will be ___________________.
Question 15 :
State, with reasons, whether the following statements are True and False.<br>The rate of interim dividend is greater then final dividend.
Question 18 :
X Ltd. forfeited 10 shares of Rs 10 each issued at a discount of 10% to Y on which a second & financial call of Rs 4 was not yet called and a first call of Rs 4 was not received. 8 of these shares were reissued as Rs 8 called up for Rs 7.50 per share. On reissue, the Share Capital will be ____________.<br/>
Question 19 :
B Ltd. forfeited 50 shares of Rs 100 each issued at 10% premium on which allotment money of Rs 30 per share (including premium) and first call of Rs 30 per share were not received, the second & final call of Rs 20 per share was not yet called. If 20 of these shares were re-issued as Rs 80 called up for Rs 80 per share, the Profit on re-issue is ____________.
Question 23 :
As per sec $4(1)$(e) of Companies Act $2013$, a company having a share capital, the memorandum of association must state the amount of ___________.
Question 24 :
A company offered 2,00,000 shares for subscription to the public, but the applications were received for 1,90,000 shares only. The allotment will be confirmed to _________ shares.
Question 25 :
Shobhana Ltd. forfeited $30$  shares of $Rs.10$ each fully called up for non-payment of allotment money of $Rs.3$ per share and call money of $Rs.4$ per share. These shares are re-issued for $Rs.8$ per share fully paid. What is the amount to be transferred to Capital Reserve Account?
Question 27 :
X purchased the running business of A for Rs. $60,000$. In place of cash he discharged the purchase consideration by issue of equity shares of Rs. $10$ each at $20\%$ premium. Find the number of shares to be issued?
Question 29 :
Credit granting institutions take decisions based on the________ performance of the undertakings.
Question 33 :
 Financial statements, provide the necessary information about the performance of the ____________.
Question 35 :
Since the purchasing power of money is changing, the value of assets and liabilities shown in financial statement does not reflect ________ market situation.
Question 37 :
Financial statements are the outcome of recorded facts, accounting concepts and conventions used and personal judgement made in different situations by the _________.
Question 38 :
Long term solvency is indicated by <u>                  </u> .
Question 40 :
A person whose assets are less than business liabilities is known as insolvent.<br/>
Question 42 :
Calculate debtor turnover ratio from the following information:<br/>Total sales = Rs. 4,00,000<br/>Cash sales = 20% of total sales<br/>Debtor beginning of the year = Rs. 40,000<br/>Debtors end of the year =  Rs. 1,20,000<br/>
Question 43 :
'Kamal & Associates' provides following information:<br/>Profit margin = $10\%$<br/>Asset turnover = 3 times<br/>What is the Return on Investment (ROI) of the Company?
Question 44 :
Benefit of 'Trading on Equity' is available only if <u>                    </u> .
Question 45 :
Higher the ratio, the more favorable it is. This does not apply to__________.
Question 46 :
When net profit is Rs$2,25,000$, taxes are Rs $25,000$ and Net worth Rs10,00,000$. What is the rate of return on share holder's equity?
Question 47 :
Which one of the following is correct?<br/>i) A ratio is an arithmetical relationship of one number to another number.<br/>ii) Quick ratio is also known as acid test ratio.<br/>iii) Rule of thumb for current ratio is $2:1$.<br/>iv) Debt equity ratio is the relationship between outsiders fund and shareholders fund.
Question 49 :
Under _______ there have been made rules regarding the dissolution of him.
Question 50 :
Which of the following is correct in respect of partnership accounts?<br/>1. In the absence of any provision in the partnership agreement to the contrary partners can charge interest at 6% p.a. on loans given by them to the partnership firm.<br/>2. An ordinary partnership firm can have not more than 50 partners<br/>3. A banking partnership firm can have not more than 50 partners<br/>4. In the absence of an agreed ratio in the agreement, partners will share profits and losses in the ratio their capitals.<br/>Select the correct answer using the codes given below.
Question 53 : Ram is a partner. He made drawing as follows:<table class="wysiwyg-table"><tbody><tr><td>July 1</td><td>Rs.200</td></tr><tr><td>August 1</td><td>Rs.200</td></tr><tr><td>September 1</td><td>Rs.300</td></tr><tr><td>November 1</td><td>Rs.50</td></tr><tr><td>February 1</td><td>Rs.100</td></tr></tbody></table>If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawing is:<br>
Question 54 :
K and L sharing profits in the ratio of 7 : 3 admit M on 3/7 share in the new firm which he takes 2/7 from K and 1/7 from L. The new ratio of K , L and M will be ____________.<br/>
Question 56 :
For adjustment _______________, a statement of accounts to ascertain the net effect of omission on partner's capital accounts is to be worked out at first.
Question 57 :
Partnership created for a particular adventure or a particular undertaking is called __________.
Question 58 :
The capital in a business on Jan. 1 and Jan 31 is Rs. 17,000 and Rs. 17,200 respectively. Investment by owner and withdrawal by owner during Jan. Amount to Rs. 1000 and Rs. 700 respectively. What is the net income for January?
Question 59 : X,Y & Z are partners sharing profits and losses in the ratio of 4:3:2. During 2015, their capital drawings & salaries were as follows:<table class="wysiwyg-table"><tbody><tr><td>partners</td><td>capital (Rs.)</td><td>Salaries(Rs.)</td><td>Drawings (Rs.)</td></tr><tr><td><blockquote>X</blockquote></td><td><blockquote>2,40,000</blockquote></td><td><blockquote>12,000</blockquote></td><td><blockquote>12,000</blockquote></td></tr><tr><td><blockquote>Y</blockquote></td><td><blockquote>1,60,000</blockquote></td><td><blockquote>12,000</blockquote></td><td><blockquote>6,000</blockquote></td></tr><tr><td><blockquote>Z</blockquote></td><td><blockquote>1,00,000</blockquote></td><td><blockquote>12,000</blockquote></td><td><blockquote>3,000</blockquote></td></tr></tbody></table>Partners are entitled to interest on capital @ 5% p.a. Interest on drawings to be charged @ 8% p.a. The net profit for the year ended 31-12-2015 was Rs. 1,45,000. On 1-7-2015 X made advance of Rs. 1,00,000 to the firm at 6% P.a. Y's share of profit after above appropriation will be ___________.
Question 60 :
If any partner has advanced some money to the firm beyond the amount of his capital for the purpose of business, he shall be entitled to get an interest on the amount at the rate of _____ percent per annum.
Question 61 :
N & Z are two partners. During the year N withdraws Rs. $37,000$ on $1-5-2012$ & Z withdraws Rs. $45,000$ on $15-8-2012$. Accounts are closed on $31-12-2012$. Rate of interest on drawings is $10\%$ p.a. Interest on drawing for two partner respectively will be.
Question 62 :
Ajay and Vijay are partners in a firm. Their capital accounts as on April 1, 2015 showed a balance of Rs $2,00,000$ and Rs $3,00,000$ respectively. On 1st july,2015, Ajay introduced additional capital of Rs $50,000$ and Vijay, Rs. $60,000$. On 1st Oct,  Ajay withdrew Rs $30,000$, and on 1st Jan, 2016 Vijay withdraw, Rs $15,000$ from their capitals. Interest is allowed @ $8%$ p.a.<br/><br/> Calculate interest payable on capital to both the partners during the financial year 2015-2016.<br/>
