Question Paper BSNL
1. 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
2. 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
3. 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
4.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
5. 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
6. Debentures can be redeemed by
(a) purchase of own debentures in the open market
(b) converting them into a new class of debentures.
(c) converting them into shares
(d) any of the methods mentioned in (a) ,(b) and (c) above
Ans. d
7. 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
8. 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
9. 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
10. 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
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