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P2 C3 Provisions and Reserves Account - P2 C3 Provisions and Reserves

Gujarat Board (GSEB) - STD 11 Commerce - Account (GSEB - English Medium). 72 questions in this chapter.

Question types

P2 C3 Provisions and Reserves question types

72 questions across 4 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

72
Questions
4
Question groups
5
Question types
Sample Questions

P2 C3 Provisions and Reserves questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 2MCQ .(1 Marks)1 Mark
$..........$ balance is generally not used for distribution of dividend.
  • A
    General reserve
  • B
    Provision
  • C
    Reserve fund
  • ✓
    Capital reserve

Answer: D.

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Q 3MCQ .(1 Marks)1 Mark
$…………$ account shows that reserves are invested outside the business.
  • A
    General reserve
  • B
    Provision
  • ✓
    Reserve fund
  • D
    Capital reserve

Answer: C.

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Q 5MCQ .(1 Marks)1 Mark
General reserve is created by debiting $......... $ account.
  • A
    Profit and loss account
  • ✓
    Profit & loss appropriation A/c
  • C
    Trading A/C
  • D
    Capital A/C

Answer: B.

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Q 13Give Answer As Asked . (3 Marks)3 Marks
State with reasons whether the following are reserves or provisions:
$1.$ Provision for taxation $2.$ sinking fund $3.$ Investment fluctuation fund $4.$ Dividend equllization fund $5.$ Employees’ Bonus fund $6.$ Reserve for repairs and renovation $7.$ Capital or Debenture redemption fund
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