Question Paper BSNL Jonior Accounts Officers (JAO)
1. The main objective of providing depreciation is to
(a) Create secret reserves.
(b) Reduce the book value of assets.
(c) Value the assets property.
(d) Allocate cost of the assets.
Ans. d
2. Interim payments to partners of a dissolved partnership firm are made according to the
(a) Assumption that remaining unrealised assets would be able to realise their book value.
(b) Balances of capital of the partners.
(c) Existing profit sharing ratios of the partners.
(d) Assumption that the realisable value of the remaining assets is zero.
Ans. d
3. which one of the following statements is correct?
(a) Share premium received on issue of shares can be utilised for writing off the Preliminary expenses of the company.
(b) Capital Redemption Reserve is available only for issuing fully paid bonus share.
(c) Discount on issue of shares is shown as a reduction from capital Account in the Balance sheet.
(d) At the time of Rights issue, the existing share holders gain because the shares are generally issued at a price lower than the market price
Ans. a
4. A company's Balance Sheet interatia contains Rs. 1,60,000 fully paid 10% redeemable preference shares, Rs. 1,000 as share premium and Rs. 1,31,000 as Revenue Reserves. It resolves to immediately redeem the above mentioned shares it 5% premium by maximum utilisation of earnings from fresh issue. If the issue is made at 20% premium, the MINIMUM amount of fresh equity issue proceeds will be
(a) Rs. 28,800
(b) Rs. 32,000
(c) Rs. 36,000
(d) Rs. 37,000
Ans. c
5. When shares are forfeited, called up amount on shares is debited to
(a) Forfeiture Account
(b) Capital Reserve Account
(c) General Reserve Account
(d) Capital Account
Ans. b
6. An estimate of the assets and liabilities of a firm as on a given date is called
(a) Balance Sheet.
(b) Statement of affairs.
(c) Statement of capital..
(d) Income statement.
Ans. b
7. Which of the following is a compulsory lo revalue at the time of admission of a new partner:
(a) Stock
(b) Fixed Assets
(c) Investments
(d) Goodwill
Ans. d
8. A limited company issued equity share of each. It has called up Rs. 75 on each share but received Rs. 60 per share. The share capital account will be credited.
(a) Rs. 60 per share
(b) Rs. 75 per share
(c) Rs. 100 per share
(d) None of these
Ans. b
9. Advance received from customers is
(a) An item of current liability.
(b) An item of non-current asset.
(c) An item of contingent liability.
(d) An item of non-cash cost.
Ans. a
10. A and B are partners sharing profits and losses m the ratio of 2:5. They admit C on the on condition that he will bring goodwill in cash which is distributed between A and B. C’s share in future profits or losses is to be one fourth. The new profit sharing ratio of A, B and C will be
(a) 6:15:7
(b) 15:6:7
(c) 736:15
(d) 6:7:15
Ans. a
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