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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 2501. |
Briefly explain the expense head Depreciation and Amortisation Expenses. |
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Answer» |
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| 2502. |
(Both Calls-in-Arrears and Calls-in-Advance). X Ltd. with a nominal capital of Rs. 50,00,000 in Equity Shares of Rs. 10 each, issued 2,00,000 shares payable Rs. 2.50 per share on application, Rs. 2.50 per share on allotment and Rs. 5 per share on first on first and final call three months later. All money payable on allotment were duly received but one shareholder failed to pay the amount due on allotment on his 2,500 shares, while another shareholder who held 2,000 shares paid for the shares first and final call also. Give Journal entries in the company's book to record the above transactions up to allotement of shares and show the company's Balance Sheet. |
Answer» SOLUTION : 
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| 2503. |
Both Horizontal and Vertical Analyses are complementary in nature. Explain. |
| Answer» SOLUTION :There is no CONFLICT between the horizontal and vertical analyses because both serve different purposes. The FORMER analysis is used for intra-firm comparison WHEREAS the latter analysis is used for inter-firm comparsion . In real practice, both the analysis are COMPLEMENTARY in nature. | |
| 2504. |
Bills Receivables appear in a Company's Balance Sheet under the Sub-head .............. |
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Answer» Current INVESTMENTS |
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| 2505. |
Bills Payable is shown as |
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Answer» Long-term Borrowings |
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| 2506. |
Bhuvan, Surya and Ibrahim were partners in a firm sharing profits in the ratio fo 3:2:1. On 30th june, 2014, they decided to dissolve the firm. Following was the Balance Sheet of the firm on that date: The assets were realised and the liabilities ware paid off as follows: (i) Investments were taken over by Bhuvan for Rs 18,000. (ii) Stock was taken over by Suraj for Rs 17,500 and furniture was taken over by Ibrahim at book value. (iii) Rs 60,500 were realised from the debtors. (iv) Creditors were settled in full and realisation expenses were Rs 4,500. Prepare Realisation Account, Cash Account and Partners' Capital Accounts. |
| Answer» Solution :Realisstion Gain -RS 2,800, FINAL PAYMENTS: Bhuvan-Rs 19,400, Suraj-Rs 7,433, Cash brought in by Ibrahim-Rs 7,533. TOTAL of Cash Account-Rs 81,733. | |
| 2507. |
Bhavyaand Sakshi arepartners in a frim, sharing profits and losses in the ratio of 3:2, On 31stMarch, 2018 their Balance Sheetwasas under: Thepartners havedecided to changetheir profits sharing ratio to 1:1with immediate effect. For thepurpose, they decided that: (i) Investments to be valued at ₹20,000. (ii) Goodwillof thefirmbe valued at ₹24,000. (iii) General Reservenot to be distributedbetween the partners. You are required to passnecessarytJournal entries in the books of the frim .Shown working |
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Answer» ForGeneral Reserve: Dr. Sakshi's Capital A/c andCr. Bhavy's Capital A/c - by ₹ 2,340. |
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| 2508. |
Bharti and Astha were partners sharing profits in the ratio of 3:2. They admitted Dinkar as a new partner for 1/5th share in the future profits of the firm which he got equally from Bharti and Astha. Calculate the new profit-sharing ratio of Bharti, Astha and Dinkar. |
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Answer» Solution :Dinkar's SHARE of profit is 1/5 which he ACQUIRED equally from Bharati and ASTHA, i.e., `1//5xx1//2=1//10` each. NEW Share of old partner = Old Share - Share Sacrificed Bharati's New Share `=3//5-1//10=(6-1)//10=5//10` Astha's New Share `=2//5-1//10=(4-1)//10=3//10` Thus, New Profit-sharing Ratio of BHARTI, Astha and Dinkar `=5//10:3//10:1//5=5:3:2.` |
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| 2509. |
BG. Ltd. issued 2,000 12% debentures of Rs. 100 each on 1st April, 2012. The issue was fully subscribed. According to theterms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%. Pass necessary Journal entries related to thedebenture interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to the Statement of Profit and Loss. |
Answer» SOLUTION : 
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| 2510. |
Bhavya and Naman were partners in a firm carrying on a tiffin service in Hyderabad. Bhavya noticed that a lot of food is left at the end of the day. To avoid wastage she suggested that it should be distributed to the needy, Naman wanted that it should be mixed with the food being served the next day. Naman then gave a proposal that if his share iin the profit is increased, he will not mind free distribution of left over food. Bhavya happily agreed. So, they decided to change their profit-sharing ratio to 1:2 with immediate effect. State any two values highlighted in the above para. |
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| 2511. |
Bhagwati Ltd. invited applications for issuing 2,00,000 equuity shares of Rs. 10 each. The amount were payable as follows: {:("On Application",,-,,"Rs. 3 per share,"),("On Allotment",,-,,"Rs. 5 per share,"),("On First and Final call",,-,,"Rs. 2 per share."):} Applications were received for 3,00,000 shares and pro rata allotment was made to all theapplicants. Money overpaid on application was adjusted towards allotment money. B, who was allotted 3,000 shares, failed to pay the first and final call money. His shares were forfeited. Out of theforfeited shares, 2,500 shares were reissued as fully paid-up @ Rs. 8 per share. Pass necessary Journal entries to record the above transactions in the books of Bhagwati Ltd. |
Answer» Solution :  `{:(" Working NOTE:CALCULATION of Amount TRANSFERRED to Capital RESERVE:",Rs.),("Amount forfeited on 2,500 shares (Rs. 24,000"xx"2,500/3,000)","20,000"),("Less: Discount allowed on reissue"," 5,000"),("Amount transferred to Capital Reserve",bar(ul(ul(15,000)))):}` |
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| 2512. |
bhanu andpartapare partners sharingsprofits equally theirfixedcapitalsas on1st April2018 are Rs. 8,00,000 and Rs. 10,00,000 respectivelytheirdrawingduringthe yearwere Rs. 50,000and Rs. 1,00,000 respecticvelyintereston capitalis achargeis toallowed@10%p,aand intereston drawingsis tobe charged @15%p.aNet profitfor for theyearended31st MArch, 2019was Rs. 1,20,000. prepaneprofitand Lossapppropriatinaccount . |
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| 2513. |
BG Limited issued 2,00,000 equity shares of Rs. 20 each at a premium of Rs. 5 per share. The shares were allotted in the proportion of 5 : 4 of shares applied and allotted to all the applicants. Deepak, who had applied for 900 shares, failed to pay Allotment money of Rs. 7 per share (including premium) and on his failure to pay 'First & Final Call' of Rs. 2 per share, his shares were forfeited. 400 of the forfeited shares were reissued at Rs. 15 per share as fully paid up. Showing your working clearly, pass necessary Journal entries for the forfeitures and reissue of Deepak's shares in the books of BG Limited. The company maintains 'Calls in Arrears Account'. |
Answer» SOLUTION :
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| 2514. |
Benolac Paints Ltd. invited applications for issuing 1,20,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows: {:("On application",,-,,"Rs. 3 per share (including premium Rs. 1),"),("On allotment",,-,,"Rs. 3 per share, and "),("On first and final call",,-,,"Rs. 6 per share(including premium Rs.1)."):} Applications for1,40,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants. Over payments onapplication were adjusted towards sums due on allotment. All calls were mede and were duly received except allotment and final call on 6,000 shares allotted to sharvi. These shares were forfeited. Afterwards, half of the forfeited shares were reissued for Rs. 33,000 as fully paid-up. Passnecessary Journal entries for the above transactions in the books of Benolac Paints Ltd. |
Answer» Solution :  Working Notes: 1.Calculation of Allotment MONEY not paid by Sharvi: `{:(,"Number of Applied Shares",,"Number of Allotted Shares"),(,ul(ul(1,40,000)),,ul(ul(1,20,000))),("Applications Rejected","10,000",,"NIL"),("Allotment",ul(ul(1,30,000)),,ul(ul(1,20,000))),("Pro rata Ratio",13,:,12):}` `{:((a)" Total Number of Shares applied by Sharvi ="(13)/(12)xx"6,000= 6,500 shares." ,,Rs.),("(b) Application money received on applied shares (6,500"xx"Rs.3)",,"19,500"),("Less: Application money due on shares allotted (6,500"xx"Rs.3)",,"18,000"),("(c) Excess Application money to be adjusted on allotment",,BAR(ul(ul(1,500)))),("(d) Allotment money due on shares allotted (6,000"xx"Rs.3)",,"18,000"),("Less: Excess application money to be adjusted [WN 1 (c)]",,"1,500"),("Allotment money due but not received",,bar(ul(ul(16,500)))):}` 2. Calculation of allotment money received later on: `{:("Total allotment money due (1,20,000"xx"Rs. 3)",,"3,60,000"),("Less: Allotment money already received on application stage",,"30,000"),(,,ul(3,30,000)),("Less: Allotment money not received (WN 1)",,"16,500"),(,,bar(ul(ul(3,13,500)))):}` 3. Calculation of gain on reissue of forfeited shares to be transferred to Capital Reserve: AMOUNT forfeited on REISSUED Shares of Sharvi = Rs. 13,500 `xx (3,000)/(6,000)=` Rs. 6,750. SINCE shares were reissued at premium, therefore, full amount of Rs. 6,750 is to be transferred to Capital Reserve. |
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| 2515. |
Best Barcode Ltd . Decides to redeem 10,000 , 10% Debentures of Rs.100 each on 30th june 2018. the company should invest in specified securities on or before |
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Answer» 30 thApril, 2017. |
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| 2516. |
Best Barcode Ltd. Decides to redeem 10,000, 10% Debentures of Rs 100 each on 30th June, 2018. The company should invest in specified securities on or before |
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Answer» 30TH APRIL, 2017 |
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| 2517. |
Bee Ltd. Company forfeited 100 Equity Shares of the face value of Rs 10 each, Rs. 6per share called-up, for non-payment of first call of Rs. 2 per share. The forfeited shares were subsequentlyreissued as fully paid-up @ Rs. 7 each. Give necessary entries in the company's Journal. |
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| 2518. |
Beatall Sports Ltd. Is a manufacturer of cricket equipment. It sold waste from wood used for manufacturing cricket bats for Rs 1,00,000. Is the sale of waste Revenue from Operations? Give reasons. |
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| 2519. |
BBG Ltd.invited applications for issuing 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 10 per share. The amount was payable as follows: {:("On Application",,-,,"Rs. 4 per share (including Rs. 2 premium)"),("On Allotment",,-,,"Rs. 5 per share (including Rs. 2 premium)"),("On First Call",,-,,"Rs. 5 per share (including Rs. 3 premium)"),("On Second and Final Call",,-,,"Balance amount"):} The issue was fully subscribed, Raghu, a shareholder holding 1,000 shares, failed to pay the allotment money and Rahim, another shareholder holding 1,500 shares, paid his entire share money along with allotment. Raghu's shares were forfeited immediately after allotment. Afterwards, the first call wasmade, Deenanath, a shareholder holding 500 shares, failed to pay the first call money and Dayal, a shareholder holding 600 shares, paid his second call money along with the first call. Deenanath's shares were forfeited immediately after the first call. Later on the second call was made which was duly received. Pass necessary Journal entries for the above transactions in the books of BBG Ltd. |
Answer» SOLUTION : 
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| 2520. |
Bayson Ltd. invited applications forissuing 54,000 shares of Rs. 100 each payable follows : Rs. 50 per share on application Rs. 10 per share on allotment Balance on first and final call. Applications were received for 80,000 shares. Full allotment was made to the applicants of 14,000 shares. The remaining applicants were alloted 40,000 shares on pro-rata basis. Excess money received with application was adjusted towards sums due on allotment and call. Vibhor, holding 1,200 shares, who belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Vidur, who belonged to the category of applicants to whom shares were allotted on pro-rata basis belonged to the category of appliction on his 400 shares. Vidur's shares were forfeited after the first and final call. All the forfeited shares were later on re-issued at Rs. 110 per share as fully paid up. Pass the necessary journal entries in the books of Bayson Ltd. for the above transactions by opening calls in arrears and calls in advance account wherever necessary. |
Answer» SOLUTION :  
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| 2521. |
Beatall Sports Ltd. Has Authorised Share Capital as follows : 10,000 Equity Shares of Rs 10 each and 10,000 Preference Shares of Rs 10 each. Can the company issue 15,000 Equity Shares and 5,000 Preference Shares? |
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| 2522. |
Batand ballare partners sharingtheprofitin theof 2:3 with capitalsof Rs. 1,20,000andRS. 60,000 respectively on 1stoctober, 2018Bar and ball gaveloansof Rs. 2,40,000 and Rs.1,20,000 respectivelytothe firmBat had allowedthe firmto useproperty forbusinessfor amonthlyrentof Rs. 5,000the lossfor theyearended31st March , 2019beforerentinterestamountedto Rs. 9,000show distributationofprofit.loss . |
| Answer» SOLUTION :INTEREST on Partner'sLoanrent is a CHARGE against PROFIT | |
| 2523. |
Bayson Ltd. invited applications for issuing 54,000 shares of Rs. 100 each payable as follows: Rs. 50 per share on application, Rs. 10 per share on allotment, and Balance on first and final call. Applications were received for 80,000 shares. Full allotment 40,000 shares on pro rata vasis. Excess money received with application was adjusted towards sums due on allotment and call. Vibhor, holding 1,200 shares, who belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Vidur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 400 shares. Vidur's shares were forfeited after thefirst and final call. All theforfeited shares were later on reissued at Rs. 110 per share as fully paid-up. Pass the necessary Journal entries in the books of Bayson Ltd. for theabove transactions byopening Calls-in-Arrears and Calls-in-Advance Account wherever necessary. |
Answer» Solution :  Working NOTES: 1. Adjustment of Excess of Application Money: `{:(,,"Number of Applied SHARES",,"Number of Allotted Shares"),("Total Shares",,"80,000",,"54,000"),("Full Allotment",,"14,000",,"14,000"),("Pro rata Allotment",,""bar(UL(ul(""66,000))),,"" bar(ul(ul(""40,000)))):}` Pro rata Allotment: Excess Application Money = (66,000-40,000)`xx` Rs. 50 = Rs. 13,00,000, Adjusted on Allotment = 40,000 `xx` Rs. 10 = Rs. 4,00,000, Adjusted on Call = Rs. 13,00,000 - Rs. 4,00,000 = Rs. 9,00,000. 2. Calculation of Allotment money not paid by Vidur: `{:((a),"Total Number of Shares applied by Vidur ="(66,000)/(40,000)xx"400 = 660 shares.",,Rs.),((b),"Application money received on shares allotted to Vidur (660"xx"Rs.50)",,"33,000"),((c),"Less: Application money due on shares allotted to Vidur (400"xx"Rs.50)",,"20,000"),((d),"Excess application money to be adjusted on allotment and call ",,bar(ul(13,000))),((e),"Allotment money due on shares allotted to Vidur (400"xx"Rs.10)",,"4,000"),(,"Less: Excess application money adjusted on allotment",,"4,000"),(,"AMOUNT not paid by Vidur on Allotment",,bar(ul(ul("NIL")))):}` Still excess application money Rs. 9,000 (i.e., Rs. 13,000 - Rs.4,000) to be adjusted on call. `{:(" 3.Calculation of allotment money received later on:",,Rs.),("Total allotment money due (54,4000"xx"Rs.10)",,"5,40,000"),("Less: Excess application money adjusted on allotment",,"4,00,000"),(,,bar(1,40,000)),("Add: Calls-in-Advance (1,200"xx"Rs. 40)",,"48,000"),(,,bar(ul(ul(1,88,000)))):}` `{:(" 4. Calculation of first and final call money not paid by Vidur:",,Rs.),("Total first and final call money due (400"xx"Rs.40)",,"16,000"),("Less: Excess application money to be adjusted on call (WN 2)",," 9,000"),("Call money not paid by Vidur",,bar(ul(ul(" "7,000)))),(,,),(,,):}` |
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| 2524. |
Bank of Baroda issued 8,000, 8% Debentures of Rs.100 each at a premium of 6% on 1st April, 2008 redeemable on 31st March, 2015. Record necessary entries for issue and redemption of debentures. |
| Answer» SOLUTION :No Debenture REDEMPTION RESERVE and investment is required for Banking COMPANIES. | |
| 2525. |
Balance Sheet of X and Y, who share profits and losses as 5:3, as at 1st April, 2019 is : On the above date, they decided to change their profit-sharing ratio to 3:5 and agreed upon the following : (a) Goodwill be valued on the basis of two year's purchase of the average profit of the last three years. Profits for the years ended 31st March, are : 2016-17 - ₹ 7,500 , 2017-18 - ₹ 4,000 , 2108-19- ₹ 6,500. (b) Machinery and Stock be revalued at ₹ 45,000 and ₹ 8,000 respectively. (c) Claim on account of workment compensation is ₹ 6,000. Prepare Revaluation Account, Partner's Capital Accounts and the Balance Sheet of the new firm. |
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| 2526. |
Balance Sheet of Ram and Shyam who share profits in ratio of their Capitals as at 31st March, 2019 is : On 1st April, 2019, they admitted Arjun into partnership on the following terms: (a) Arjun to bring RS.20,000 as capital and RS.6,600 for goodwill, which is to be left inthe business and he is to receive 1/4th share of the profits. (b) Provision for Doubtful Debts is to be 2% on Debtors. (c) Value of Stock to be written down by 5%. (d) Freehold Premises are to be taken at a value of RS.22,400, Plant and Machinery RS.11,800, Fixtures and Fittings RS.1,540 and Vehicle RS.800. You are required to make necessary adjustment entries in the firm, give Balance Sheet of the new firm as at 1st April, 2019 and also determine the ratio in which the partners will share profits, there being no change in the ratio of Ram and Shyam. |
| Answer» Solution :LOSS on Revaluation-RS.1,315, Partners' Capital A/cs: Ram-RS.30,000, SHYAM -RS.25,000, Arjun-RS.20,000, Partners' Current A/cs: Ram-RS.4,883, Shyam-RS.4,202, Balance Sheet Total-RS.1,19,085, New Ratio-18 : 15 : 11. | |
| 2527. |
Balance Sheet provides information about financial position of the enterprise: |
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Answer» At a POINT in time |
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| 2528. |
Balance Sheet of a firm disclosed as a footnote , contigent liability for ₹ 5,000 in respect of a bill discounted . The bill was received from Z . Later on , it was learnt that Z became insolvent and a dividend of 60% was received from his estate . Give Journal enrty to record the above event when the firm was dissolved . |
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Answer» Solution :Contingent liability has no balance and hence it is not to be transferred to the Realisation Account . In this case , TWO JOURNAL entries are required : (i) For payment of₹ 5,000 to the bank from whom the bill was DISCOUNTED because on the dishonour of the bill , bank will CALL on the firm for payment of dues : Realisation A/c `"" .....Dr. "" `₹ 3,000 To Realisation A/c `""`₹ 3,000 |
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| 2529. |
Balance sheet of a company is required to be prepared in the format given in ............ |
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Answer» SCHEDULE III PART II |
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| 2530. |
Balance Sheet of Blue Bell Ltd. As at 31st March, 2018 is given below:Prepare Comparative Balance Sheet showing percentage changes from 2017 to 2018. |
Answer» SOLUTION :
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| 2531. |
Balance of Revaluation Accoun , in case of fixed capitals , is transferred to |
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Answer» PARTNERS' CAPITAL ACCOUNTS. |
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| 2532. |
Balance fo Revaluation Account, in case of fixed capitals, is transferred to |
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Answer» Parnter's Capital Account |
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| 2533. |
Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2:1. Chintan is admitted into the firm with 1/4 share in profits. Chintan will bring in Rs. 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance Sheet of Azad and Babli as on December 31, 2016 (before Chintan’s admission) was as follows: It was agreed that: (i) Chintan will bring in Rs. 12,000 as his share of goodwill premium. (ii) Buildings were valued at Rs. 45,000 and Machinery at Rs. 23,000.(iii) A provision for doubtful debts is to be created @ 6% on debtors. (iv) The capital accounts of Azad and Babli are to be adjusted by opening current accounts. Record necessary journal entries, show necessary ledger accounts and prepare the Balance Sheet after admission. |
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| 2534. |
B, P and L sharing profits in the ratio 4:3:2. B retires, P and L decided to share profits in future in the ratio of 5:3.Gainingratio will be: |
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Answer» `11:21` |
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| 2535. |
Azadand Bennyare equalartnerstheirare Rs. 40,000and Rs. 80,000 respectively Aftertheaccounts for the yearhadbeenpreparedit wasnoticedthat interest @5%p.a asprovidedin thepartnershipDeedwas notcreditedto theircapitalAccountsbeforedistributaionof profitsit isdecidedto passan adjustmententry in thebeging of thenext yearRecord thenecessary journalenrty . |
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| 2536. |
AyubandamitpattnersinM/samritpapers sharingprofitsand lossesequally . Followingtrial balance ispreparedfromthe booksof accountas at 31stMarch , 2019, PreparetradingAccount profitandlossand profit and losss AppropritionAccountfor theyearended31 stMarch, 2019andBalancesheetas atthatdateafteraccountingthefollowingadjustments : (i )stockas at31 st March, 2019 wasRs. 50.000, (ii)Rentis Rs. 10.000 permonth , (iii)Depreciate Furnitureandfixtures andComputers @ 20 % p.a,Machinery @ 10% p.a and (iv)intereston capitalsis allowed@ 6%p.a . |
Answer» SOLUTION : 
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| 2537. |
Axis Consultants Ltd. Issued 10,000, 9% Debentures of Rs 100 each on 1st October, 2013 to be redeemed on 30th September, 2021. How will it be classified or shown in the Balance Sheet as at 31st March, 2019? Give reason. |
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| 2538. |
Atul and Amit are partners in a firm. In support of 'Swachh Bharat Abhiyan' they decided to adopt locality where its office was situated to keep it neat and clean. They decided to install drinking water facility, public toilets besides staff to clean the streets. They decided to earmark 25% of the divisible profit every year for the purpose. Identify any values adopted by Atul and Amit. |
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Answer» (2) Showing concern for the health of the people, (3) Showing concern for BETTER LIVING for the citizens, and (4) Discharging responsibility towards nation.] |
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| 2539. |
Ataland lalarepartnersin a firm, they do nothavepartnership Deed ,whatshall bethepositionin thefollowingcases ? (i)ataldevotesmoretimethanLalin thebusinessAtaldemandsa salaryof Rs. 6,000 permonthfor it (ii)Lalhasinvestedcapitalof Rs.50.000whereasatalhasinvested Rs.5.000 as capitalAtalhoweverhasadvanacaedRs. 10.000as loanto the,whatinterestto hisifanywillbeallowedto Ataland Lal? (iii )Atalwantstointroducehisson inderas partner.Lalobjects to hisproposal . (iv)LalWantsthatprofitshouldbedistributedin theratioof theircapitalsbutAtalwantsthat itshouldbedistributed equally . |
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Answer» Solution :In theabsenceof partnership Deed , provisionsof theindianpartnershipAt 1932 shallapplyto settlethedisputes : (i) Salary is notpayableto anyparther , thereforeAtal , willnotgetsalary . (II) intereston capitalis notpayableto anypartherin theabsenceof parthership DeedtherforeAtaland Lalwillnotgetinterest ONTHEIR capitals. Intereston loanispayable@ 6 %p.athusAtalwillnot get intereston loan@ 6 %p.a (III)A personcannot beintroducedaspatherwithouttheconsent of allpartners .therfore, inder cannotbeadmitted intopernershipbecauseLalobjectsto it. (IV)Profitsshallbe sharedequallybetweenAtaland Lalafterdeductingintereston loanOf atal@ 6 % p.aon RS. 10.000. |
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| 2540. |
AverageInventory Rs. 60,000, InventoryRs. Turnover Ratio 8, Gross Profit 20% on revenuefrom operations, what will be Gross Profit? |
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Answer» RS. 1,20,000 |
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| 2541. |
At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner ? |
| Answer» SOLUTION :RATE PF omterest OS `6%` p.a. | |
| 2542. |
At what rate interest on Calls-in-Arrear can be charged by a Company according to Table F of Schedule I of the Companies Act, 2013 ? |
| Answer» Solution :As per Table F of Schedule I of the COMPANIES ACT, 2013, Company can CHARGE INTEREST @ 10% p.a. from the due date to the date of actual payment. | |
| 2543. |
At timeof dissolutionof partnershipfirm, the balanceof profitand loss account shown in theassets sideof balancesheetof thefirmis transferred to : |
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Answer» REALISATIONACCOUNT |
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| 2544. |
At what rate interest on Calls-in-Advance may be paid by a Company according to Table F of Schedule I of the Companies Act, 2013 ? |
| Answer» SOLUTION :As per Table F of Schedule I of the Companies Act, 2013, Company may pay maximum 2% p.a. interest from date of receipt of CALLS in advance to the DUE date of the Call. | |
| 2545. |
At what rate can interest be charged by a company on Calls-in-Arrears according to 'Table F'? |
| Answer» SOLUTION :According to 'Table F' of the Companies ACT, 2013, a COMPANY can charge INTEREST on Calls-in-Arrears @ 10% p.a. form the DUE date to the date of payment. | |
| 2546. |
At the time of retirement of a partner, state the condition when there is no need to compute the gaining ratio. |
| Answer» Solution :When the continuing partners continue to SHARE profits in the same ratio that existed between them PRIOR to RETIREMENT, then there is no need to compute the GAINING ratio. | |
| 2547. |
At the time of retirement of a partner, profit on revaluation will be credited to : |
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Answer» CAPITAL Accountof retiring partner |
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| 2548. |
At the time of retirement of a partner, gain (profit) on revaluation is credited to |
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Answer» CAPITAL Account of RETIRING partner |
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| 2549. |
At the time of retirement of a partner , gain (profit) on revaluation is credited to |
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Answer» Capitals Account of retiring partner. |
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| 2550. |
At the time of issue of debentures, Debentures Account is |
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Answer» credited by the AMOUNT received |
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