List of practice Questions

In case of issue of debentures as a collateral security for the loan taken from the bank, which account will be debited?

In the Balance Sheet of a company, debentures are shown under which head?

Discount on issue of debentures is recorded in the form of:

The accumulated profits are transferred to:

Reconstitution of partnership is:

In which ratio, the cash brought in for goodwill by the new partner is shared by the existing partners?

Hari, Roy and Prasad are partners and their profit sharing ratio is 3 : 5 : 1. Roy retires and his share is taken by Prasad. The new ratio of Hari and Prasad will be:

X, Y and Z are partners in the ratio 3 : 4 : 3. Y retires and X and Z decide to share equally. What is the new ratio of X and Z?

Forfeiture of shares results in reduction of:

A company signs through:

Outstanding subscription is shown in:

Which of the following assets is compulsorily revalued at the time of admission of a new partner?

Decrease in the value of fixed assets is called as:

Revaluation Account is alike a:

When a new partner does not bring his share of goodwill in cash, then the amount is debited to:

The Partner’s Capital Account is credited with:

Which of the following is a revenue expenditure?

Donations received for specific purpose are treated as:

The summary of cash and bank transactions shows:

Payment of honorarium to Secretary is treated as:

Which of the following shows transactions related to one year?

Entrance fee is treated as:

What is used to prepare the opening Balance Sheet?

Balance of Share Forfeiture A/c is shown in the Balance Sheet under the item:

Which of the following should be deducted from the called-up capital to find out paid-up capital?