Q1321
Open questionIf there is mutual indebtedness between the transferor company and the transferee company in business combination, which of the following is correct?
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Q1322
Open questionA, B and C are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. They agreed to take D into partnership and gave him share. What will be their new profit sharing ratio?
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Q1323
Open questionIn a business net assets on 1st January are Rs. 6,000 and on 31st January are Rs. 7,500. If the withdrawals by the owner during January are Rs. 1,000 the net income for January is:
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Q1324
Open questionShares issued to promoters for consideration other than cash is debited to-
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Q1325
Open questionOn the death of a partner, the amount received from Joint life policy should be credited to the capital accounts of
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Q1326
Open questionCapital employed in a business is Rs. 1,50,000. Profits are Rs. 50,000 and the normal rate of profit is 20%. The amount of goodwill by capitalisation method will be:
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Q1327
Open questionWhich of the following is true?
i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners.
ii. The financial relationship of the business to its owners is shown in the balance sheet.
iii. Balance sheet is always related to a period of time.
i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners.
ii. The financial relationship of the business to its owners is shown in the balance sheet.
iii. Balance sheet is always related to a period of time.
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Q1328
Open questionThe Balance Sheet of a company includes, among other item, 10% Redeemable Preference Share of Rs. 1,60,000 fully paid, share premium Rs. 1,000 and a revenue reserve of Rs. 1,31,000. The company decided to redeem the above shares at a premium of 5% by issue of new shares. If the new issue of shares is to be at a premium of 20%, the minimum amount of new issue will be
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Q1329
Open question"Losses are anticipated and profits are not accounted until realized", is the part of following principle
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Q1330
Open questionIn the event of recoupment of short workings by the lessee, the lessor debits
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Q1331
Open questionAt the time of retirement of a partner profit on revaluation of assets and liabilities is credited to
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Q1332
Open questionPremium received on the issue of shares is shown in:
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Q1333
Open questionWhich one of the following statements is incorrect?
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Q1334
Open questionStock Rs. 14,000; Debtors Rs. 20,000: Creditors Rs. 20,000; Credit balance of profit and loss account at the beginning of the year Rs. 18,000; administration and selling expenses Rs. 20,000; 10% dividend on equity capital Rs. 3,000.
The following ratios are also given:
Stock turnover: 5 times
Current ratio 2 : 1
Debtors collection period: 73 days
Outstanding expenses: 15% of creditors
Ratio of net profit after tax to net tangible assets is 1: 10
Rate of Income tax: 5%
Ratio of fixed assets to paid up capital is 9: 10.
The total assets of the firm are:
The following ratios are also given:
Stock turnover: 5 times
Current ratio 2 : 1
Debtors collection period: 73 days
Outstanding expenses: 15% of creditors
Ratio of net profit after tax to net tangible assets is 1: 10
Rate of Income tax: 5%
Ratio of fixed assets to paid up capital is 9: 10.
The total assets of the firm are:
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Q1335
Open questionSelect an option to see the answer and solution.
Q1336
Open questionRealization principle of accounting does not apply to:
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Q1337
Open questionWhich of the following is a contingent liability?
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Q1338
Open questionIf cash is Rs. 10,000, closing stock is Rs. 25,000, debtors is Rs. 5000, creditors is Rs. 22,000 and bank overdraft is Rs. 8000, then the current ratio will be
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Q1339
Open questionExpenditure incurred by a publisher for acquiring copyrights is a
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Q1340
Open questionUnder the yield method of valuation of equity share capital, if for an equity share of Rs. 50 the normal rate of return is 10% and expectedrate of return is 5%, then the value of an equity share will be
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