Realisation account is a ______.
Anonymous Quiz
9%
Personal A/c
73%
Nominal A/c
14%
Read A/c
4%
None of the above
👍1
Unrecorded liabilities, when paid, are shown in ______.
Anonymous Quiz
57%
Debit side of realisation account
13%
Debit side of bank account
27%
Credit side of realisation account
3%
Credit side of bank account
👍1
After transferring liabilities like creditors and bills payable in the realisation account in the absence of any informations regarding their payment, such liabilities are treated as _______.
Anonymous Quiz
17%
Never paid
61%
Fully paid
17%
Partly paid
5%
None of the above
👍1
On dissolution, Goodwill Account is transferred to ______.
Anonymous Quiz
30%
In the capital accounts of partners
17%
On the credit side of the cash account
46%
On the debit side of the realisation account
7%
On the Credit side of the realisation account
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Cash balance shown in the Balance Sheet is shown on the dissolution of the firm in ________.
Anonymous Quiz
36%
Realisation account
46%
Cash account
13%
Capital account
5%
None of the above
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Securities premium can not be applied ________.
Anonymous Quiz
48%
For paying dividends to members
21%
For issuing bonus shares to members
26%
For writing off preliminary expenses of the company
5%
For writing off discount on issue of debentures
👍2
What does reserve capital mean?
Anonymous Quiz
43%
A part of subscribed uncalled capital
27%
Reserve profit
21%
A part of capital reserve
9%
A part of capital redemption reserve
👍1
An issue of shares that is not a public issue but offered to a selected group of persons is called _______.
Anonymous Quiz
9%
Public offer
75%
Private placement of shares
15%
Initial public offer
1%
None of the above
👍2
When shares are forfeited, the share capital account is debited with ______.
Anonymous Quiz
18%
Nominal value of shares
11%
Market value of shares
59%
Called-up value of shares
11%
Paid-up value of shares
👍1
Forfeiture of shares results in the reduction of______.
Anonymous Quiz
66%
Paid-up capital
18%
Authorised capital
6%
Fixed assets
10%
Reserve capital
👍1
Discount allowed on the reissue of forfeited shares is debited to ______.
Anonymous Quiz
24%
Share capital A/c
64%
Share forfeiture A/c
11%
Profit and loss A/c
1%
General reserve A/c
👍1
Balance of forfeited shares account after the reissue of forfeited shares is transferred to _______.
Anonymous Quiz
12%
Profit and loss A/c
74%
Capital reserve account
14%
General reserve account
0%
None of the above
👍1
Under the provisions of the Companies Act, the company can issue_______.
Anonymous Quiz
11%
Only equity shares
9%
Only preference shares
78%
Preference shares and equity shares
2%
None of the above
👍1
Shares can be forfeited ________.
Anonymous Quiz
5%
For failure to attend meetings
73%
For non-payment of call money
17%
For failure to repay the loan to the bank
5%
For which shares are pledged as a security
👍1
Premium on the issue of shares is shown on which side of the balance sheet?
Anonymous Quiz
32%
Assets
54%
Liabilities
12%
Both assets and liabilities
2%
None of the above
👍1
Premium on redemption of debentures is generally provided at the time of _______.
Anonymous Quiz
24%
Issue of debentures
61%
Redemption of debentures
7%
Writing off
7%
After 10 years
👍2
Sources of finance of the redemption of debentures are ______.
Anonymous Quiz
12%
Redemption out of profits
12%
Redemption out of capital
14%
The proceeds from fresh issue of shares/debentures
62%
All of the above
👍2
Loss on the issue of debenture account is shown _______.
Anonymous Quiz
35%
On the assets side of the balance sheet
37%
On the liabilities side of the balance sheet
20%
On the credit side of the profit and loss account
8%
None of the above
👍1
When debentures are issued at par and are redeemable at a premium, the loss on such an issue is debited to _______.
Anonymous Quiz
19%
Profit and loss A/c
23%
Debenture application and allotment A/c
47%
Loss on the issue of debentures A/c
10%
Premium on redemption A/c
👍1
When debentures are issued at a discount and are redeemable at a premium, which of the following accounts is debited at the time of issue?
Anonymous Quiz
15%
Debentures A/c
32%
Premium on redemption of debentures A/c
49%
Loss on the issue of debentures A/c
3%
Profit and loss A/c
👍1