MCQs BSNI Jonior Accounts Officers (JAO)
1. ‘A’ and ‘B’ are partners in a business sharing profits in the ratio of 5:3. They admit ‘C’ as a partner with 1/4 share in the profits. Which he acquires 3/4 from ‘A’ and 1/4 from ‘B’. He pays Rs. 4,000 as his share of goodwill. ‘A’ and ‘B’ will be credited by
(a) Rs. 2,500 and Rs. 1,500 respectively
(b) Rs. 200 each
(c) Rs. 1,000 and Rs. 300 respectively
(d) Rs. 3,000 and Rs. 1,000 respectively
Ans. d
2. A, B, C, D are partners sharing profits and losses in the ratio 3:32:1. The partnership is dissolved and D becomes insolvent. C brings only his share of loss and shows his inability to contribute anything towards D’s deficiency. According to Gamer vs. Murray ruling, D’s deficiency, in the total will be shared by
(a) A and Bin their capital ratio.
(b) A, B and C in their profit sharing ratio.
(c) A, B and C in their capital ratio.
(d) A, B and C equally.
Ans. c
3. Amount set a part to meet probable losses on account of bad debts is a
(a) Liability
(b) Reserve
(c) Provision
(d) Contingent liability
Ans. c
4. Owner’s equity stands for
(a) Fixed Assets minus Fixed Liabilities.
(b) Fixed Assets minus Current Liabilities
(c) Current Assets minus Fixed Liabilities.
(d) Total Assets minus Total Liabilities.
Ans. d
5. Whenever debentures are cancelled, any profit on cancellation is transferred to
(a) Profit and loss account
(b) Sinking fund account.
(c) Capital redemption reserve account.
(d) Capital reserve account.
Ans. d
6. A and B are equal partners in a firm. They admitted C as one-sixth partner who brought in Rs. 60,000 as good will. The new profit sharing ratio is 3:2:1. If good will of Rs. 60,000 is to be paid to the old partners as per profit sacrificing ratio, B will receive
(a) Rs. 30,000
(b) Rs. 60,000
(c) Rs. 45,000
(d) None of these.
Ans. b
7. What is the correct sequence of the following action required for the preparation of Final Accounts ?
l. Preparation of Trial Accounts
ll. Balancing of Accounts
lll. Preparation of Annual Financial statement
lv. Making Adjusting Entries
Select the correct answer using the codes given below:
(a) lV,ll,l,lll
(b) ll,lV,lll,l
(c) ll,l,lV,lll
(d) lV,ll,lll,l
Ans. c
8.Having reissued all forfeited shares, the credit balance remaining in forfeited shares account is transferred to
(a) General reserve,
(b) Reserve capital
(c) Capital reserve,
(d) None of these
Ans. c
9. That portion of the shares capital which can be called up only on the winding up of the company is the
(a) Authorised capital
(b) Issued capital
(c) Subscribed capital
(d) Reserve capital
Ans. d
10. The minimum share application money is
(a) Rs. 5 per share
(b) 5 % of the nominal value of shares
(c) 10 % of the nominal value of shares
(d) 20 % of the nominal value of shares
Ans. b
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