1) Percentage of proposed dividend is calculated on ___________.
a) Issued capital
b) Authorized capital
c) Reserves
d) Retained earnings
2) Financial year for Mr. Ali Company decided by partnership agreement is 1st
July to 30th June. Mr. Ali is partner and having capital amount of Rs. 15, 00,000
on July 1st 2007. He introduced more capital of amount 5, 00,000 on April 01st
2007. Mark up rate is 10%. Calculate mark up on Mr. Ali’s capital.
a) Rs.12, 500
b) Rs.1, 50,000
c) Rs.1, 62,500
d) Rs. 1,64,500
3) Remuneration of director includes __________.
a) TA/DA
b) Car
c) House
d) All of the given options
4) Balance of statement of changes in Equity must equal to the balance of
___________ in balance sheet.
a) Owner’s equity
b) Current Asset
c) Current liability
d) Working capital
5) Consider the following table:
Items Rs.
Accumulated depreciation 3,00,000
Depreciating rate 10%
Building at cost Rs. 7, 50,000
Calculate WDV of building ?
a) Rs. 3, 00,000
b) Rs. 3, 75,000
c) Rs. 7, 50,000
d) Rs. 10,50,000
6) Which of the following will appear in debtor’s control account?
a) Bad debts
b) Reserves
c) Provision for doubtful debts
d) Retained Earnings
7) Consider the following table
Accumulated profit b/f (dr.) Rs.4,00,000
Profit before tax Rs.7,46,000
Tax rate 40%
Calculate net profit ?
a) Rs.47,600
b) Rs.2, 98,400
c) Rs.4, 47,600
d) Rs.8, 47,600
8) One share has a nominal value of Rs. 100. If the company is doing well, it may
be able to sell a share for more than Rs.100. it means company issues share
at:
a) Premium
b) Discount
c) Par
d) Half premium and half at par
9) Partnership comes to an end when a partner:
a) Die
b) Resign from partnership
c) Declared bank corrupt
d) All of the given options
10) Goods returned worth Rs. 500 to “B†but the return was entered in the sales
book. What would be the correct entry to rectify this error?
a) “B†a/c 500 (dr.)
Goods return 500 (cr.)
b) “B†a/c 500 (dr.)
Sales a/c 500 (cr.)
c) Sales a/c 500 (dr.)
Gods return 500 (cr.)
d) Sales a/c 1,000 (dr.)
Gods return 1,000 (cr.)
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