Accounting MCQ Questions and Solutions with Explanations | Commerce

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91.
A and B are partners sharing profits and losses in the ratio of 1 : 2. They admit c and agree to give him $$\frac{1}{5}$$ of the share. The new profit sharing ratio will be:

A. 8 : 2 : 2

B. 6 : 4 : 3

C. 8 : 3 : 4

D. 4 : 8 : 3

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92.
Share forfeiture account is shown in the liabilities side under

A. Reserve and surplus

B. By adding it in the paid up capital

C. Under current liabilities and provision

D. None of the above

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93.
Amount of minimum share subscritption is

A. Rs. 5 per share

B. 5% of face value of share

C. 10% of face value of share

D. 20% of face value of share

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94.
Right shares means those shares which are

A. Issued to directors

B. Offered to existing share holders

C. Offered to existing debenture holders

D. Issued to creditors of the company

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95.
When shares are forfeited, the share capital account is debited by

A. nominal value of forfeited shares

B. paid-up amount of forfeited shares

C. called-up amount on forfeited shares

D. forfeited amount of shares

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96.
Realisation principle of accounting does not apply to:

A. Long-term construction contracts

B. Electricity generation and distribution

C. Shipping companies

D. Railways

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97.
In an organization purchase book records-

A. Cash transactions

B. Cash purchase transactions

C. Transactions related to credit purchase of raw material

D. Credit purchase of goods

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98.
An insurance claim of Rs. 3,000 was accepted in respect of stock of Rs. 5,000 which was destroyed by fire. Balance of Rs. 2,000 would be debited to

A. Trading Account

B. Profit and Loss Account

C. Stock Account

D. Bad Debts Account

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99.
The balance amount in the Joint Life Insurance Policy Reserve Account is transferred to

A. Deceased Partner's Personal Account

B. Remaining Partner's Personal Accounts

C. All Partner's Personal Accounts

D. Joint Life Policy Insurance Account

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100.
As shareholders holding 500 shares of Rs. 10 each issued at 10% discount pays Rs. 2 on application and Rs. 3 on allotment. However he fails to pay Rs. 3 on first call. His shares were forfeited and re-issued at Rs. 6 per share. Amount transferred to capital reserve will be

A. Rs. 1,000

B. Rs. 2,000

C. Rs. 2,500

D. Rs. 3,000

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. A and B are partners sharing profits and losses in the ratio of 1 : 2. They admit c and agree to give him $$\frac{1}{5}$$ of the share. The new profit sharing ratio will be:

Answer & Solution

92. Share forfeiture account is shown in the liabilities side under

Answer & Solution

93. Amount of minimum share subscritption is

Answer & Solution

94. Right shares means those shares which are

Answer & Solution

95. When shares are forfeited, the share capital account is debited by

Answer & Solution

96. Realisation principle of accounting does not apply to:

Answer & Solution

97. In an organization purchase book records-

Answer & Solution

98. An insurance claim of Rs. 3,000 was accepted in respect of stock of Rs. 5,000 which was destroyed by fire. Balance of Rs. 2,000 would be debited to

Answer & Solution

99. The balance amount in the Joint Life Insurance Policy Reserve Account is transferred to

Answer & Solution

100. As shareholders holding 500 shares of Rs. 10 each issued at 10% discount pays Rs. 2 on application and Rs. 3 on allotment. However he fails to pay Rs. 3 on first call. His shares were forfeited and re-issued at Rs. 6 per share. Amount transferred to capital reserve will be

Answer & Solution

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91.
A and B are partners sharing profits and losses in the ratio of 1 : 2. They admit c and agree to give him $$\frac{1}{5}$$ of the share. The new profit sharing ratio will be:

92.
Share forfeiture account is shown in the liabilities side under

93.
Amount of minimum share subscritption is

94.
Right shares means those shares which are

95.
When shares are forfeited, the share capital account is debited by

96.
Realisation principle of accounting does not apply to:

97.
In an organization purchase book records-

98.
An insurance claim of Rs. 3,000 was accepted in respect of stock of Rs. 5,000 which was destroyed by fire. Balance of Rs. 2,000 would be debited to

99.
The balance amount in the Joint Life Insurance Policy Reserve Account is transferred to

100.
As shareholders holding 500 shares of Rs. 10 each issued at 10% discount pays Rs. 2 on application and Rs. 3 on allotment. However he fails to pay Rs. 3 on first call. His shares were forfeited and re-issued at Rs. 6 per share. Amount transferred to capital reserve will be