Accountancy M.C.Q (1 Marks)

At the time of dissolution of a firm, Debtors were ₹ 17,000 out of which ₹ 500 became bad and the rest realised 60%. Which account will be debited and by how much amount?

Partner's capital account is debited:

Which of the following statement is incorrect?
i. Debit the gainer and credit the sacrificing partner
ii. It is not necessary for a new partner to bring premium for goodwill in cash
iii. Both new partner and gainer partner will compensation the sacrificing partner
iv. It is not necessary to value the goodwill when a new partner is admitted

How drawing against capital is differ from drawings against profit:

The directors of Neelkamal Ltd. forfeited 70,000 equity shares of ₹ 10 each, ₹ 10 called-up, for non-payment of final call of ₹ 1 per share. Half of the forfeited shares were reissued at ₹ 20 per share Fully Paid-up. On reissue of forfeited shares, the following amount will be transferred to the Capital Reserve Account:

Ankit Ltd. Forfeited 1000 equity share of ₹ 100 each issued at a premium of 20% for non payment of final call of ₹ 30 per share.
State the maximum amount of discount which can be offered at the time of reissue:

A and B entered into the partnership on 01.09.2020. B draws an equal amount at the end of every month starting from 31.10.2020 (first drawing made on this date).
Interest on drawings is charged @ 10% p.a. at the year ended 31.03.2021 Interest on B's Drawing amounting to ₹ 300.
Monthly Drawings of B were:

A, B and C were partners in a firm. As per the partnership deed, interest on drawings is to be charged @ 10% per annum. B withdrew a fixed amount at the end of every quarter. Interest on his drawings amounted to ₹ 9,000. The amount of his drawings per quarter were:

A, B and C share profits and losses of the firm equally. B retires from business and his share is purchased by A and C in the ratio of 2 : 3. New profit sharing ratio between A and C respectively would be:

Which of the following is correct with respect to debentures?

Maira Ltd. took over assets of ₹ 12,00,000 and liabilities of ₹ 4,00,000 of Subav Ltd. for an agreed purchase consideration of ₹ 9,00,000. The amount was payable by issue of 11% debentures of ₹ 100 each at 10% discount. The number of debentures issued will be:

A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. Their capitals are fixed. Profit for the year amounting to ₹ 9,000.
B's share of profit Rs. _________ is to be shown in the _________ account.

The business of a partnership concern may be carried on by all the partners, or any of them acting for all. The above statement highlights which of the following features of partnership?

X, Y and Z are partners in firm sharing profits in 1 : 2 : 3 ratio. Their Balance Sheet as at 31.3.2003 showed a balance of Rs. 1,20,000 in General Reserve. From 1.4.2003, they will share profits equally. Give adjustment entry.

When a company purchases some assets and not paying cash instead issues debentures as a payment for the purchase, from the vendors it is known as the issue of:

Madan Ltd. has Issued 20,00,000 Equity shares of ₹ 10 each. Till Date ₹ 8 per share have been called up and the entire amount received except calls of ₹ 4 per share on 800 shares and ₹ 3 per share from another holder who held 500 shares. What will be amount appearing as Subscribed but not fully paid capital in the balance sheet of the company?