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Questions
61 An insurance claim of Rs. 300 was accepted in respect of stock (inventory) of Rs. 500, which was destroyed by fire. Rs. 200 not covered by insurance should be debited to which one of the following ?
A Stock account
B Trading account
C Profit and loss account
D Goodwill account

Answer: Profit and loss account
62 Under which of the following methods of depreciation the amount of an asset is never reduced to zero ?
A Straight line method
B Diminishing balance method
C Sums of Years Digit method
D Annuity method

Answer: Diminishing balance method
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63 What is reduction of paid-up share capital called ?
A External reconstruction
B Internal reconstruction
C Reorganization
D Redemption of capital

Answer: Internal reconstruction
64 The following information is disclosed by ‘A’– Rs. Provision for doubtful debts as on 1.1.2012 : 6,000 Bad debts written off during the year 2012 : 1,200 Total debtors as on 31.12.2012 : 80,000 A provision for Doubtful Debts to be made @ 5% What is the amount to be shown on the credit side of P/L A/c ?
A Rs. 4,800
B Rs. 2,400
C Rs. 1,200
D Rs. 800

Answer: Rs. 800
65 New profit sharing ratio is calculated at the time of–
A Admission of a new partner
B Retirement of a partner
C Death of a partner
D All of the above

Answer: All of the above
66 Under which Section of Companies’ Act an auditor has a right to participate and to speak in the General Meeting ?
A 231
B 229
C 226
D 224

Answer: 231
67 If actual average profit is Rs. 30,000 and normal rate of return is 12%, then capitalization value of the profits will be–
A Rs. 3,60,000
B Rs. 2,50,000
C Rs. 3,05,000
D None of the above

Answer: Rs. 2,50,000
68 A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 2. D is admitted for 1/10 share. The new ratio will be–
A 5 : 4 : 3 : 2
B 4 : 4 : 3 : 2
C 4 : 3 : 2 : 1
D None of the above

Answer: 4 : 3 : 2 : 1
69 Given : Realised value of assets Rs. 60,000 Profit on Realisation Rs. 3,000 Book value of assets will be–
A Rs. 63,000
B Rs. 57,000
C Rs. 60,000
D Rs. 61,500

Answer: Rs. 60,000
70 Discount on Issue of Shares A/c is shown at the–
A Debit side of P & L A/c
B Assets side of B/S
C Liabilities side of B/S
D None of the above

Answer: Assets side of B/S
71 A Balance Sheet shows only–
A Personal Accounts and Nominal Accounts
B Real Accounts and Nominal Accounts
C Personal Accounts and Real Accounts
D Personal, Real and Nominal Accounts

Answer: Personal Accounts and Real Accounts
72 Goodwill is–
A Floating Asset
B Wasting Asset
C Fictitious Asset
D Intangible Asset

Answer: Intangible Asset
73 Establishment expenses of a new machine will be debited to–
A Expenses Account
B Profit and Loss Account
C Machinery Account
D None of the above

Answer: Machinery Account
74 “A company has a separate legal existence from its members.” This principle was first laid down in case of–
A Saloman Vs. Saloman & Co. Ltd. (1897)
B Daimler Co. Ltd. Vs. Continental Tyre & Rubber Co. (1916)
C State of U. P. Vs. Renu Sagar Power Co. (1991)
D Santunu Roy Vs. Union of India (1989)

Answer: Saloman Vs. Saloman amp; Co. Ltd. (1897)
75 To appoint new auditor in place of retiring auditor, to adopt the procedure, which section of Companies’ Act, 1956 is applicable ?
A 223
B 224
C 225
D 226

Answer: 224
76 Which of the following have lien of Company Auditor ?
A Books of Accounts of the Company
B Vouchers of the Company
C Auditor’s working paper
D All of the above

Answer: Auditor’s working paper
77 Given– Opening inventory : Rs. 3,500 Closing inventory : Rs. 1,500 Cost of goods sold : Rs. 22,000 What is the amount of purchase ?
A Rs. 20,000
B Rs. 24,000
C Rs. 27,000
D Rs. 17,000

Answer: Rs. 20,000
78 X and Y sharing profits in the ratio of 7 : 3 admit Z on 37th share in the new firm. Z takes 27 th from X and 17th from Y. What is the new ratio among X, Y and Z ?
A 7 : 3 : 3
B 4 : 2 : 15
C 14 : 6 : 15
D 29 : 11 : 30

Answer: 29 : 11 : 30
79 A and B sharing profit in the ratio of 3 : 2 and having capitals of Rs. 30,000 (for A) and Rs. 15,000 (for B), decided to dissolve their firm. After paying off all liabilities, cash realized from various assets is Rs. 15,000. How will this amount be distributed to A and B ?
A A–Rs. 9,000 and B–Rs. 6,000
B A–Rs. 10,000 and B–Rs. 5,000
C A–Rs. 7,500 and B–Rs. 7,500
D A–Rs. 12,000 and B–Rs. 3,000

Answer: A–Rs. 9,000 and B–Rs. 6,000
80 The balance of old provision for doubtful debts on 1-4-2012 was Rs. 10,000. The bad debts written off during the year 2012-13 amounted to Rs. 12,000, and the new provision requiredon 31-3-2007 was Rs. 15,000. What is the total amount to be debited to profit and loss account on account of bad debts and the provision for doubtful debts ?
A Rs. 37,000
B Rs. 27,000
C Rs. 17,000
D Rs. 15,000

Answer: Rs. 17,000
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