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311 ,R G Complex 1,Prashant Vihar, Rohini
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Revision Test 2021-22
Q.1 Which of these is not a features of Partnership?
(A) Atleast two person (B) Conduct of business for profit.
(C) Written agreement between partners. (D) Partners are agent to business.
Q.2 E, F and G are partners sharing profits in the ratio of 3:3:2. As per agreement , G is to get a minimum amount
of ` 80,000 as his share of profits every year and any deficiency on his share will be personally borne by E.
The net profit for the year ending 31
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March, 2021 amounted to ` 3,12,000. In this case, ------- was amount
of E’s profit.
(A) ` 1,16,000 (B) ` 80,000 (C) ` 1,15,000 (D) ` 1,17,000.
Q.3 Interest on drawings of Mr. Mohit @ 10 % p.a are ` ------ , if he withdrew ` 10,000 in the beginning of each
quarter.
(A) ` 1,250 (B) ` 4,000 (C) ` 3,000 (D) ` 2,500.
Q.4 Ram , Raghav and Raghu are partners in a firm sharing profits in the ratio of 5:3:2. As per agreement , Raghu
is to get a minimum amount of ` 10,000 as profit guaranteed by Ram. Net profit for the year is ` 40,000.
Calculate deficiency (if any) borne by Ram.
(A) ` 750 (B) ` 2,000 (C) ` 1,500 (D) None of these.
Q.5 A,B,C are partner with ` 20,000, ` 40,000 , ` 60,000 capital respectively. Profits are to be divided equally.
Interest on capital to be provided @ 10% p.a. Net profit is ` 12,000. What is C’s share’s in profit.
(A) ` 4,000 (B) ` 2,000 (C) ` 1,500 (D) NIL
Q.6 Find capital employed in business. Assets including cash ` 12,28,000. Cash ` 2,28,000, Liabilities ` 2,00,000,
partners’ capital ` 6,00,000 and balance is Reserves.
(A) ` 10,28,000 (B) ` 8,00,000 (C) ` 6,00,000 (D) 8,28,000.
Q.7 Reserve capital is not a part of
(A) Authorized Capital (B) Subscribed capital
(C) Unsubscribed capital (D) Issued Share capital
Q.8 To whom dividend is given at fixed rate in a company?
(A) To Equity shareholders (B) To Preference shareholders
(C) To Debenture holder (D) To Promoters.
Q.9 Penalty for delay in refunding application money is charged at
(A) 6 % (B) 10 % (C) 12 % (D) 15 %
Q.10 A ltd. Company took over assets worth ` 10,00,000 and liabilities of ` 3,00,000 for purchase consideration
worth ` 12,00,000 . How much amount will be debited to goodwill account ?
(A) ` 10,00,000 (B) ` 5,00,000 (C) ` 3,00,000 (D) ` 12,00,000.
Q.11 As per SEBI guidelines, application money should not be less than ----- of issue price of each shares.
(A) 10 % (B) 25 % (C) 5 % (D) 12.5 %
Q.12 If applications for 80,000 shares were allotted 60,000 shares on prorate basis , the shareholder who was
allotted for 1,200 shares must applied for
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(A) 900 shares (B) 3,600 shares (C) 1,600 shares (D) 4,800 shares
Q.13 Following amount is payable on issue of shares by company: ` 3 on application, ` 3 on allotment, ` 2 on first
call and ` 2 on final call. X holding 500 shares paid only application and allotment money where as Y holding
400 shares did not pay final call. Amount of call in arrear will be
(A) ` 3,800 (B) ` 2,800 (C) ` 1,800 (D) ` 6,200.
Q.14 A company issued 4,000 equity shares of ` 50 each at par payable as under: on application 20% ; on
allotment 40% ; on first call 10% ;on final call balance. Application were received for 10,000 shares.
Allotment was made pro-rata. How much amount will be received in cash on allotment?
(A) ` 6,000 (B) Nil (C) ` 16,000 (D) ` 20,000.
Q.15 2,000 shares of ` 10 on which ` 7 have been called and ` 5 has been received are forfeited. Out of these 1,500
shares were reissued for ` 9 as fully paid. What is the amount to be debited to share forfeiture account at the
time of reissue of shares ?
(A) ` 10,000 (B) ` 1,500 (C) ` 15,000 (D) ` 7,500.
Q.16 A company forfeited 4,000 shares of `10 each on which application money of ` 3 has been received. Out of
these 2,000 shares were reissued as fully paid up and ` 4,000 has been transferred to capital reserve.
Calculate the rate which these shares were reissued.
(A) ` 10 per share (B) ` 9 per share (C) ` 11 per share (D) ` 8 per share
Q.17 T ltd had allotted 20,000 shares to the applicants of 24,000 shares on prorate basis. The amount payable on
application is ` 2 . Kush applied for 450 shares. He failed to pay allotment amount of ` 3 per share. Calculate
the amount of allotment in arrear.
(A) ` 975 (B) ` 1,125 (C) ` 1,350 (D) ` 150.
Q.18 Securities premium can be used to buy back its own shares by the company.
(A) True (B) False (C) Partially true (D) partially false
Q.19 The Current Assets if APE ltd. are ` 6,00,000 ; Current Liabilities are ` 2,00,000 ; Inventories are ` 1,50,000;
Prepaid Expenses are ` 50,000 and Cash and Cash equivalent are ` 1,00,000. What is its Quick ratio ?
(A) 1:1 (B) 2:1 (C) 1.5:1 (D) 3:1
Q.20 ---------- ratios are calculated for measuring the efficiency of operations of business based on effective
utilization of resources.
(A) Liquidity Ratios (B) Solvency Ratios (C) Activity Ratios (D) Profitability Ratios
Q.21 What is Debt to Equity ratio when the following information is available. Total Assets ` 35,00,000; Total
Debts ` 25,00,000; Current Liabilities ` 8,00,000.
(A) 1.7:1 (B) 2:1 (C) 3:1 (D) 3:2
Q.22 Calculate Inventory turnover ratio, when the following is given ? Cost of revenue from operation ` 1,50,000;
Closing Inventory ` 60,000; Excess of closing Inventory over opening Inventory ` 20,000.
(A) 3 times (B) 2.14 times (C) 1.5 times (D) 4 times
Q.23 What will be the current ratio of a company whose net working capital is zero?
(A) 1:1 (B) 0 (C) 1.5:1 (D) 2:1
Assertion - Reasoning MCQs
There are two statements marked as Assertion (A) and Reason ( R ). Read the statements and choose the appropriate
option from the option given below.
(A) Assertion (A) and Reason (R) is correct; Reason is correct explanation for Assertion.
(B) Assertion (A) and Reason (R) is correct; Reason is not a correct explanation for Assertion
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(C) Assertion is correct, Reason is incorrect
(D) Assertion is incorrect, Reason is correct.
Q.24 Assertion (A) Minimum subscription is the minimum amount which must be subscribed by the public.
Reason (R) Minimum subscription has been fixed at 80% of the issued amount.
CASE Based MCQs
Keshav, Kunal and Kabir formed a partnership on the following terms:
(i) Profit shall be divided in the ratio of 2:2:1.
(ii) Keshav’s share of profit guaranteed to be not less than ` 1,25,000 in any year.
(iii) Kabir gives guarantee to the effect that the gross fee earned by him for the firm shall not be less
than average fees of preceding four years when he was carrying on profession alone.
(iv) Their capital accounts shall be fixed.
The profits for the first year of partnership are ` 2,51,250. The gross fee earned by Kabir for the firm is `
40,000. Gross fee earned by Kabir during last four years were ` 40,000, ` 60,000, ` 30,000 and `
35,000respectively. Prepare profit and loss appropriation account after giving effect to the above.
Q.25 What was the amount of deficiency adjusted through Kabir’s current account?
(A) ` 41,250 (B) ` 40,000 (C) ` 1,250 (D) None of these.
Q.26 What would have been Kabir’s share in absence of guarantee to Keshav?
(A) ` 42,500 (B) ` 50,500 (C) ` 1,01,000 (D) None of these.
Q.27 The net distributable profits are ` ----------
(A) ` 2,52,500 (B) ` 2,51,250 (C) ` 1,25,000 (D) None of these.
Q.28 How much did Kunal contribute to Keshav’s deficiency of profits?
(A) ` 85,000 (B) ` 16,000 (C) ` 24,000 (D) None of these.
Q.29 What was the average of fees earned by Kabir during the last four years when he was working alone?
(A) ` 40,000 (B) ` 41,250 (C) ` 42,500 (D) None of these.
Topics covered
Fundamentals
Issue of shares
Ratio Analysis