F.Y B.COM
SEMESTER - 2
MID SEMESTER EXAMINATION
FINANCIAL ACCOUNTING
MCQS - 2019
(A) Co - venturer
(B) Consignee
(C) Partners
(D) Consignor
(2) The amount of purchase consideration is to be discharged by Sega Ltd. In following way:
40,000 equity shares of Rs. 10 each at par, 10,000, 12% , preference shares of Rs. 10 each at 10% premium; 500, 10% Debenture of Rs. 100 each at 10% discount and Rs.75,000 in the form of cash, & bank. Identify the method of purchase consideration & calculate the amount of purchase consideration.
(A) Net assets method, Rs. 5,55,000
(B) Lump sum method, Rs. 6,30,000
(C) Net payment method, Rs. 6,30,000
(D) Fixed ratio method, Rs. 5,55,000
(3) In consignment the relationship between the consignor and the Consignee is that of:
(A) Banker & seller
(B) Purchaser & seller
(C) Debtor & creditor
(D) Principal & agent
(4) At the time of dissolution of a firm, Assets taken over by a partner should be:
(A) Debited to realisation A/C
(B) Credited to realisation A/C
(C) Realisation A/C should neighter be debited nor credited
(D) None of the above
(5) Natur of co - venturer’s account is:
(A) Real A/C
(B) Personal A/C
(C) Nominal A/C
(D) None of the above
(6) At the time of dissolution, all the assets of the firm are transferred to the realisation A/C at ______ values.
(A) Fair
(B) Asset
(C) Book
(D) Market
(7) In case of joint venture, the method of accounting to be followed is decided by :
(A) Separate act of joint venture
(B) ICAI
(C) Co - Ventures as per their convenience
(D) Accounting standard
(8) Lal, Bal and Pal were partners sharing profits and losses in the ratio of 5 : 3 : 2 their capital on 31.03.2018 were Rs. 6,00,000, Rs. 3,00,000 and Rs. 1,00,000 respectively. On 31.03.2018, they have Rs. 1,00,000 in general reserve, and their drawings on the same date were : Lal - Rs. 50,000, Bal - Rs. 30,000 and Pal - Rs. 20,000. Calculate the amount of adjusted (Actual) capital for Lal, Bal and Pal.
(A) Lal - Rs. 5,00,000, Bal - Rs. 2,40,000 and Pal - Rs. 60,000
(B) Lal - Rs. 7,00,000, Bal - Rs. 3,60,000 and Pal - Rs. 1,40,000
(C) Lal - Rs. 6,50,000, Bal - Rs. 3,30,000 and Pal - 1,20,000
(D) Lal - Rs. 6,00,000, Bal - Rs.3,00,000 and Pal - Rs. 1,00,000
(9) Identify the order of payment in which liabilities shall be paid in case of winding up:
(A) Secured creditors, realisation expenses, prefencial creditors, unsecured creditors, partner's loan, partner's capital.
(B) Secured Creditors, Prefencial creditors, Realisation expenses, Unsecured Creditors, Partner's Loan, Partner's Capital.
(C) Realisation expenses, Prefencial creditors, secured creditors Unsecured Creditors, Partner's Loan, Partner's Capital.
(D) Secured Creditors, Prefencial creditors, Unsecured Creditors, Realisation expenses, partner's Loan, Partner's Capital.
(10) In case of consignment, if del credere commission is given to the consignee then loss due to Bad Debts will be incurred by:
(A) co-venturer
(B) Consignor
(C) Partners
(D) Consignee
(11) If the purchase consideration payable is less than the net assets acquired, it represents:
(A) Goodwill
(B) Capital Reserve
(C) Liability
(D) Cash
(12) When the realisation expenses are to be borne by a partner, it is credited to :
(A) Cash A/C
(B) Partner's capital A/C
(C) Profit & Loss A/C
(D) Realisation A/C
(13) As per the decision in Garner Vs. Murray, Final debit balance of insolvent partner should be shared among solvent partner in _______ Proportion.
(A) Their last Agreed Capital
(B) Equally
(C) Profit sharing ratio
(D) None of the above
(14) Nomal losses are due to :
(A) Unavoidable factors
(B) Avoidable factors
(C) Risky Factors
(D) Contingent factors
(15) In Joint Venture, the agreement is made :
(A) for purchase of long term assets
(B) for the execution of a specific venture
(C) for valuation of goodwill
(D) None of the above
(16) Gamma Ltd. took over a partnership firm by issuing 10,000 equity shares of Rs.10 each at par, 5000,13% prefence share of Rs.10 each at 10% premium, 700, 12% deberitures of Rs.100 each at 10% discount, and balance in cash. Gamma Ltd. took 30 over net assets at an agreed value of Rs. 2,50,000. Determine the amount of cash paid by Gamma Ltd.
(A) Rs.32,000
(B) Rs.2,18,000
(C) Rs.2,50,000
(D) Rs.23,000
(17) In case of consingrnent, _______ expenses form part of, while calculating value of closing stock.
(A) Indirect expenses
(B) Direct expenses
(C) Recurring and Non - recurring expenses
(D) None of the abo
(18) Which of the following statement is true in case of Joint Venture:
(A) The relationship between co-venturers is of principal and agent
(B) Co-venturers always share profits and losses equally
(C) Number of co-venturers can never be more than one
(D) Co - ventures may contribute funds for running the venture
(19) Hariom consigned 100 TV sets to Naman at a cost of Rs.20,000 each. Hariom incurred Rs.5,000 for freight and Rs.3,000 for cartage. Naman was able to take delivery of 90 TV sets as 10 units were destroyed in transit. The insurance co. admitted the claim for 70% amount. Naman incurred loading and unloading charges worth Rs.2,000 and paid Rs.8,000 for godown rent. He could sell 70 TV sets at Rs.25,000 each. Determine the value of Abnormal loss.
(A) Rs.2,00,800
(B) Rs.60,800
() Rs.60,240
(D) None of the above
(20) The court may dissolve a firm when:
(A) a continuous high demand for firm's product.
(B) the business was formed for a fixed term.
(C) the business of a firm become illegal.
(D) partner has become of unsound mind.
(21) Calculation of Amount of Purchase Consideration agreed by the Purchasing company under Net Assets Method is:
(A) fixed Assets+ Current Assets - Third Party Liabilities.
(B) Fixed amount given for certain Assets and Liabilities.
(C) Fixed Assets-Current Assets + Third party Liabilities.
(D) Fixed Assets + Current Assets - partner's capital.
(22) following are the features of Joint Venture except:
(A) Partners are called co-venturers
(B) Temporary Partnership
(C) Does not use firm name
(D) Run as per going concern concept
(23) In dissolution of partnership firm, Realisation A/c is a
(A) Real A/C
(B) Personal A/C
(C) Nominal A/C
(D) None of the above
(24) Profit or loss on realisation is to be distributed among partners in their:
(A) Equally
(B) Capital ratio
(C) Last agreed capital ratio
(D) Profit sharing ratio
(25) ownership and Risk of Goods remains with _______ in case of Joint Venture, and _______ in case of consignment.
(A) co-venturer, consignor
(B) co-venturer, consignee
(C) partners, co-venturer
(D) partners, consignor
(26) A consignor sends statement to the consignee giving details of the goods dispatched. This statement is called
(A) Proforma Invoice
(B) Account Sales
(C) Debit Note
(D) Sales Invoice
(27) At the time of sale or conversion of partnership firm to a company, if there is no agreement between partners, the shares or/and debentures are to be distributed among the partners in their ratio.
(A) Final Claim ratio
(B) Net Assets ratio
(C) Profit Sharing ratio
(D) None of the above
(28) Ketan, Parag and Hemang were partners sharing profits and losses equally. Their Capital on 31.03.2018 were Rs.9,00,000, Rs.4,00,000 and Rs.2,00,000 respectively. On 31.03.2018, they have Rs.3,00,000 in Profit & Loss A/c (Dr. balance), and their Current Capital Accounts on the same date were: Ketan - Rs.50,000 (Debit), Parag- Rs.50,000 (credit), and Hemang Rs.50,000 (debit). Calculate the amount of Adjusted (Actual) Capital for Ketan, Parag and Hemang.
(A) Ketan - Rs.7,50,000, Parag-Rs.3,50,000 and Hemang - Rs.50,000
(B) Ketan - Rs.9,50,000, Parag - Rs.5,50,000 and Hemang - Rs.2,50,000
(C) Ketan - Rs.10,50,000, Parag- Rs.5,50,000 and Hemang - Rs.3,50,000
(D) None of the above
(29) Avinsh of vadodara consigned 1200 bats to Rakesh of ahmedabad @ Rs.150 each. Rakesh was entitled to a commission of 6% on groSs sale proceeds and 3% Del credre commission on credit sales only. Rakesh sold 750 bats @ Rs.200 each for cash and 350 bats at Rs.220 each on credit. Determine the amount of commission being charged by Rakesh.
(A) Rs.19,530
(B) Rs.13,020
(C) Rs.15,930
(D) None of the above
(30) Mr. Ram consigns 1,000 bags to Mr. Shyam costing Rs.250 each. Mr. Ram has paid Rs.2,500 for freight and insurance and Mr. Shyam has paid Rs.700 for Cartage and Rs.500 for Godown rent. Mr. Shyam sold 600 bags for Rs. 300 each. The value of unsold stock will be:
(A) Rs.1,01,480
(B) Rs.2,01,280
(C) Rs.2,01,480
(D) Rs. 1,01,280
No comments:
Post a Comment