Accountancy M.C.Q (1 Marks)

In which circumstances partners' can dissolve the firm without the interference of the court?

Premium for goodwill is not recorded at all on admission of a partners:

Each partner is both an agent and a principal as per:

HR Limited issued 10,000 equity shares @ ₹ 10 each at 10% premium. All shares were subscribed and amount was received. Identity the amount to be transferred to Securities Premium Reserve A/c

On an equity share of ₹ 10 the company has called up ₹ 8 but ₹ 6 have been received by the company is forfeited, the capital account should be debited by:

When a partner is given guarantee by other partners, loss on such guarantee will be borne by:

According to Profit and Loss Account, the net profit for the year is ₹ 1,40,000. The total interest on partner's capital is ₹ 8,000 and a partner is to be allowed commission of ₹ 5,000. The total interest on partner's drawings is ₹ 1,200. The divisible profit as per Profit and Loss Appropriation Account will be:

When will partner's Capital Account be debited:

Sujata Ltd. issued 5,000, 7% Debentures of ₹ 100 each at a premium of 10%. According to the terms of issue, 40% of the amount was payable on application and the balance on allotment. The issue was fully subscribed and all amounts were duly received. The amounts received on application and allotment respectively were:

The debentures whose principal amount is not repayable by the company during its life time, but the payment is made only at the time of Liquidation of the company, such debentures are called:

In the absence of a partnership deed, the allowable rate of interest on partner's loan account will be:

What Interest on capital is to be provided to X & Y, when profits shown by Profit & Loss Account ₹ 1,500 and capitals invested by X & Y are ₹ 30,000 and ₹ 20,000 (rate of interest is 10% p.a.).

Zero Coupon Bonds are issued:

Pawan Ltd. invited applications of 45,000 Equity Shares of 10 each at a premium of ₹ 4. Company received applications of 15,000 in excess. Amount payable as follows: on Application ₹ 7 (including premium of ₹ 2), on Allotment ₹ 3 (including premium of ₹ 1), Balance on first and final call. One shareholder Renu who applied for 600 shares failed to pay allotment and first and final call money.
Amount of Securities Premium to be debited at the time of forfeiture of shares?

M and N are partners sharing profits in the ratio of 5:3. They admit Q as a new partner for 20% share in the future profits of the firm.
New profit sharing ratio: