Questions

Statement based questions

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5 questions · timed · auto-graded

Question 11 Mark
Statement I: Excess of Net Assest over purchase consideration at the time of purchase of business is credited to Capital Reserve.
Statement II: Excess of purchase consideration over Net Assets at the time of purchase of business is debited to Goodwill account.
Answer
(A)
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Question 21 Mark
Statement I: As per terms of issue, debenture may be redeemed at par, at premium or at a discount.
Statement II: Premium on redemption of debentures is shown under Security Premium in Balance Sheet.
Answer
(B)
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Question 31 Mark
Statement I: X Ltd. has outstanding 15,000, 8% debentures of ₹100 each which were issued at 10% discount. Interest payable will be ₹1,08,000 being 8% of ₹13,50,000.
Statement II: X Ltd. will pay interest on debentures of ₹1,20,000 being 8% of ₹15,00,000 because interest is paid on the nominal value of debentures.
Answer
(D)
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Question 41 Mark
Statement I: Interest is paid by company on Debentures issued as collateral security.
Statement II: Interest on debentures issued as collateral security is paid on nominal of debentures.
Answer
(B)
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Question 51 Mark
Statement I: Premium on issue of debentures is a capital gain for the company.
Statement II: Loss on issue of debentures is a revenue loss.
Answer
(C)
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Statement based questions - Accountancy STD 12 Commerce Questions - Vidyadip