Ace/XIVPractice T 4. Sunrise Lid. purchased machinery of I1,50,000 from Indian Traders, payment was made by crossed cheque and the remaining amount by issue of equity shares of the face value of 100 cach fully paid at an issue price of105 each. Amount of securities premium will be: a) 60,000 b) 70,000 c) 50,000 d) 40,000
Ace/XIVPractice T 4. Sunrise Lid. purchased machinery of I1,50,000 from Indian Traders, payment was made by crossed cheque and the remaining amount by issue of equity shares of the face value of 100 cach fully paid at an issue price of105 each. Amount of securities premium will be: a) 60,000 b) 70,000 c) 50,000 d) 40,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ace/XI/Practice T
of las.
4. Sunrise Ltd. purchased machinery of 11,50,000 from Indian Traders, payment was
made by crossed cheque and the remaining amount by issue of equity shares of the face
value of 100 cach fully paid at an issue price of105 each. Amount of securities premium
will be:
a) 60,000
b) 70,000
c) 50,000
d) 40,000
5. Sohan Ltd offered 2,00,000 Equity Shares of tl10 cach, of these 1,98,000 shares were
subscribed. The amount was payable as 3 on application, 24 an allotment and balance
on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the
amount of money received on first call?
a) 29,000.
by 5,85,000
e) t5,91,000
d) t6,09,000
6. Vijay and Vikas are equal partners in a firm. They admitted Gaurav as a partner. At the
time of admission of Gaurav, Stock (Book Value 100000) is to be reduced by 40% and
furniture (Book Value 60,000) is to be reduced to 40%.
Loss on Revaluation transferred to partners' capital accounts is:
a 64,000.
b) 76,000.
c) 60,000,
d) None of these.
7. Which of the following is correct regarding partner's interest on capital in case of
Fluctuating Capital Accounts?
a) Debit Partner's Capital A/c and Credit Profit and Loss Appropriation A/c.
b)Debit Profit and Loss Ale and Credit Partner's Capital A/c.
c) Debit Profit and Loss Appropriation A/c and Credit Partner's Current A/c,
d)Debit Profit and Loss Appropriation A/e and Credit Partner's Capital A/c.
8. Which of the following is true regarding Salary to a partner when the firm maintains
fluctuating capital accounts?
a) Debit Partner's Loan A/e and Credit P&L Appropriation A/e.
b) Debit P&L A/c and Credit Partner's Capital A/c.
c) Debit P&LAppropriation A/e and Credit Partner's Current A/c.
d Debit P&LAppropriation A/c and Credit Partner's Capital A/c
9. A. Band C are partners sharing profits in the ratio of 5:4:1. C is given guarantee that
his share in a year will not be less than 5,000. Profit for the year ended 31st March,
2021 is 40,000. Deficiency in the guaranteed profit of C is to be borne .by B.
Deficiency to be bone by B is:
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