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Accounting
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Q581

Consider the following statements.
1. Atleast three persons are necessary for forming a partnership.
2. The right to share a profit is full proof of one being a partner.
3. The business of the firm can be conducted even by one partner.
Which of the statement(s) given above is/are correct?

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Q582

A new partner for acquiring his share in the profit brings

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Q583

X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be:

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Q584

Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of:

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Q585

Cost of capital from all the sources of funds is called

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Q586

The famous case of Garner Vs. Murray in Partnership is applicable in the event of:

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Q587

Which of the following conditions have to be met to receive calls-in-advance?

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Q588

A public Limited Company can issue

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Q589

X and Y are partners Sharing profits in the ratio of 3 : 1. They admit Z as a partner who pays Rs. 4,000 as Goodwill. If the new profit sharing ratio is 2 : 1 : 1 among X, Y and Z respectively, the Goodwill amount will be credited to:

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Q590

As per the rule of Garner V. Murray, the deficiency of the insolvent partner is shared by the solvent partners in their

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Q591

In partnership, which of the following account(s) is/are opened under fixed capital account method?

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Q592

Given:
Total Assets: Rs. 8,00,000
Current Liabilities: Rs. 2,00,000
No. of shares: Rs. 40,000
Face value per share: Rs. 10
Value per share will be:

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Q593

With reference to Provisions and Reserve, which of the following statement is/are correct?
1. Provision is a charge to profit and loss account
2. Reserve is created for a specific loss
Select the correct answer:

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Q594

Which of the following factors generally contribute to the value of goodwill of a firm?

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Q595

Fixed cost Rs. 12,00,000 (including depreciation Rs. 80,000);
Selling price per units Rs. 1,200;
Variable cost per unit Rs. 900;
Loan Installment Rs. 2,00,000.
Cash Break Even Point will be

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Q596

Share warrants to bearers can be issued against:

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Q597

This is a debenture for which the company does not keeps any records and which can be transferred without any formal notice the debenture is-

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Q598

Which of the following is fixed asset?

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Q599

Assertion (A) Premium received on issue of shares is credited to share premium account, but not to profit and loss account.
Reason (R) Since, share premium is not a trading profit, it is not distributed to shareholders.

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Q600

Assets are shown in balance sheet in order of

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