Accountancy M.C.Q (1 Marks)

On dissolution of the firm, amount received from sale of unrecorded asset is credited to:

The document that contains the terms of partnership is called:

X Ltd. issued a prospectus inviting applications for 10,000 shares of ₹ 50 each at a premium of ₹ 20 per share, payable as follows:
On Application - ₹ 10 (including ₹ 4 premium)
On Allotment - ₹ 20 (including ₹ 5 premium)
On First Call - ₹ 30 (including ₹ 6 premium)
On Second & Final Call - Balance Amount
A shareholder holding 1,000 shares failed to pay the first call and second & final call money and his shares were forfeited after the final call.
In the entry for forfeiture of shares, Share Capital Account will be debited with:

Gaurav Ltd. took over the assets of ₹ 4,80,000 and Liabilities of ₹ 80,000 of Girish Ltd. for a consideration of ₹ 3,20,000. An amount of ₹ 20,000 paid by an acceptance in favour of Girish Ltd. payable after 3 months and the balance by issue of equity shares of ₹ 100 each at a premium of 50%.
Number of Shares to be issued:

P and Q are partners sharing Profits in the ratio of 2 : 1 with fixed capitals of ₹ 10,00,000 and ₹ 5,00,000 respectively. After closing the accounts for the year ending 31st March 2022 it was discovered that interest on Drawings was Charged from P is ₹ 600 but partnership deed is silent on interest on Drawings.
In the adjusting entry, Q's Current Account will be:

A and B are partners in a firm. They are entitled to interest on their capitals but the net profit was not sufficient for this interest, then the net profit will be distributed among partners in:

A, Band C are partners sharing profits in 3 : 2 : 1 B retires, and the balance of his Capital A/c after adjusting reserves and his share of goodwill was ₹ 2,40,000. The remaining partners gave B an unrecorded vehicle valued at ₹ 60,000 and the balance payable to B was discharged by giving a Bank draft. What will be the amount of the Bank Draft?

Debenture Application Account is in the nature of

Raj Ltd. purchased a building for ₹ 5,00,000 payable as 15% in cash and balance by allotment of 9% debentures of ₹ 100 each at a premium of 25%. Number of debentures issued will be:

A and B are partners sharing profits in 3 : 2 with capitals of ₹ 6,00,000 and ₹ 4,00,000 respectively. They are entitled to interest on their capitals @10% p.a. and A is also entitled to a rent of ₹ 10,000 per month for use of his property by the firm. Net Profit earned by the firm for the year ended 31^st March 2023 was ₹ 3,00,000. B's share of profit will be:

Relationship between the partners is of.

Sunbeam Limited issued 4,000, 6% Debentures of ₹ 100 each at ₹ 95 per debenture. 6% Debentures account will be credited by:

X Ltd. Forfeited 500 shares of ₹ 10 each fully called up, on which ₹ 4000 has been paid up. 300 of these shares were reissued for a payment of 2400.
Amount to be transferred to capital reserve will be

An increase in the value of assets at the time of admission of a partner is: