1. A Company establishing control over the other company is known as _________ Company.
2. The shares can be issued:
A. At face value B. At premium C. All of these.
3.Redemption of preference shares of a company within 20years from the date of issue is:
A. Compulsory B. Optional C. None of these
4. The debentures can be issued:
A. On face value B. On discount C. On premium D. All of these.
5.Preliminary expenses are shown in the balance sheet under the head:
A. Reserve & surplus
B. Investments
C. Loan and advances
D. Miscellaneous expenditure.
6. Goodwill is:
A. Tangible asset B. Intangible asset C. Fictitious asset.
7. The methods of valuation of shares are:
A. 3
B. 4
C. 5
D. 6.
8. The main object of amalgamation is:
A. To minimize the expenses
B. To stop competition
C. To facilitate distribution
D. All of these.
9. A new company pays for the purchases consideration as under:
A. In cash
B. Through bank
C. By shares
D. None of these.
10. Reconstruction of a company means:
A. Reconstruction of company
B. Internal changes of the company
C. External changes of the company
D. External and internal changes of company.
Answers
Explanation:
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1. A Company establishing control over the other company is known as _________ Company. 2. The shares can be issued: A. At face value B. At premium C. All of these. 3.Redemption of preference shares of a company within 20years from the date of issue is: A. Compulsory B. Optional C. None of these 4. The debentures can be issued: A. On face value B. On discount C. On premium D. All of these. 5.Preliminary expenses are shown in the balance sheet under the head: A. Reserve & surplus B. Investments C. Loan and advances D. Miscellaneous expenditure. 6. Goodwill is: A. Tangible asset B. Intangible asset C. Fictitious asset. 7. The methods of valuation of shares are: A. 3 B. 4 C. 5 D. 6. 8. The main object of amalgamation is: A. To minimize the expenses B. To stop competition C. To facilitate distribution D. All of these. 9. A new company pays for the purchases consideration as under: A. In cash B. Through bank C. By shares D. None of these. 10. Reconstruction of a company means: A. Reconstruction of company B. Internal changes of the company C. External changes of the company D. External and internal changes of company.
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Q1
A company's balance sheet shows the following information:
Outstanding Redeemable Preference Shares Rs. 200,000
Premium on redemption 10%
Divisible profit available Rs. 100,000
Security Premium A/c Rs. 15,000
Fresh issue to be made at a discount of 10%
The face value of fresh issue of shares will be ___________.
Q2
A and B, carrying on business in partnership and sharing profits and losses in the ratio of 3:2, require a partner, when their Balance Sheet stood as:
Liabilities (Rs.) Assets (Rs.)
Creditors
A's Capital 51,450
B's Capital 36,750 11,800
88,200 Cash
Stock
Debtors
Furniture
Machinery 1,500
28,000
19,500
2,500
48,500
1,00,000 1,00,000
They admit C into partnership and give him 1/8
th
share in the future profits on the following terms:
(a) Goodwill of the firm be valued at twice the average of the last three years profits which amounted to Rs.21,000;Rs.24,000 and Rs.25,560.
(b) C is to bring in cash for the amount of his share of goodwill.
(c) C is to bring in cash Rs.15,000 as his capital.
Pass Journal entries recording these transactions, draw out the Balance sheet of the new firm and state new profit sharing ratio.
Q3
Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31
st
March,2018. A and B share profits and losses in the ratio of 2:1.
Balance Sheet Of A and B as at 31
st
March,2018.
Liabilities (Rs.) Assets (Rs.)
Bills Payable
Creditors
Outstanding Expenses
Capital A/cs:
A 1,80,000
B 1,50,000 10,000
58,000
2,000
3,30,000 Cash in Hand
Cash at Bank
Sundry Debtors
Stock
Plant
Building 10,000
40,000
60,000
40,000
1,00,000
1,50,000
4,00,000 4,00,000
C is admitted as a partner on the date of the Balance sheet on the following terms:
(a) C will bring in Rs.1,00,000 as his capital and Rs.60,000 as his share of goodwill for 1/4
th
share in the profits.
(b) Plant is to be appreciated to Rs.1,20,000 and the value of building is to be appreciated by 10% .
(c) Stock is found overvalued by Rs.4,000.
(d) A provision for doubtful debts is to be created at 5% of sundry debtors.
(e) Creditors were unrecorded to the extent of Rs.1,000.
Pass the necessary Journal entries, prepare the Revaluation Account and Partner's Capital Accounts, and show the Balance Sheet after the admission of C.
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Answer:
Company establishing control over the other company is known as _________ Company.
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