Test: Financial Statements of a Company- Case Based Type Questions - Commerce MCQ
12 Questions MCQ Test - Test: Financial Statements of a Company- Case Based Type Questions
Read the following Trial Balance and answer the questions that follow:
Capital 4,00,000
(40,000 Equity Shares ₹10 each)
Bills Receivables 90,000 -
16% Mortgage Loan - 1,70,000
Stores and Spares 1,15,000 -
Debtors 1,66,000 -
Plant and Machinery 2,90,000 -
Goodwill 40,000 -
Provision for Tax - 26,000
General Reserve - 1,30,000
Cash in hand 18,000 -
Calls in Arrears 2,000 -
Marketable Securities 5,000 -
Total 7,26,000 7,26,000
What is the total Equity and Liabilities of the Balance Sheet?
Read the following information and answer the given questions:
Pinnacle Instruments Ltd. registered itself with a capital of ₹ 20,00,000 divided into Equity Shares of ₹100 each. On 1st June, 2015, the company issued 5,000 Equity Shares as fully paid to Mila Herbals, as purchase consideration for the purchase of plant and machinery. The remaining shares were issued to the public at par. Till the date of the Balance Sheet, the directors had called from the public, 60% of the nominal value of the shares. The amount called was received by the company.
How many shares did the Pinnacle Instruments Ltd. registered itself with?
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Read the following information and answer the given questions:
Ajmera Ltd. raised the following loans in the year 2016-17:
12% Bank Loan from SBI on 1st April, 2016 ₹15,00,000
10,000, 10% Debentures of ₹100 each, redeemable at par in 4 equal yearly instalments, on 1 should be superscript October, 2016
The terms of the loans were :
(a) The Redemption of Debentures to begin from 30th September, 2017.
(b) Interest on the Bank Loan to be paid annually but Interest on Debentures to be paid half yearly.
The company had not paid the interest, both on the Bank Loan and on the Debentures till the Balance Sheet date.
What is the amount of debentures to be shown in the balance sheet?
Read the following Trial Balance and answer the questions that follow:
Capital 4,00,000
(40,000 Equity Shares ₹10 each)
Bills Receivables 90,000 -
16% Mortgage Loan - 1,70,000
Stores and Spares 1,15,000 -
Debtors 1,66,000 -
Plant and Machinery 2,90,000 -
Goodwill 40,000 -
Provision for Tax - 26,000
General Reserve - 1,30,000
Cash in hand 18,000 -
Calls in Arrears 2,000 -
Marketable Securities 5,000 -
Total 7,26,000 7,26,000
What is the amount of Share Capital to be shown in the Balance Sheet?
Read the following information and answer the given questions:
Pinnacle Instruments Ltd. registered itself with a capital of ₹ 20,00,000 divided into Equity Shares of ₹100 each. On 1st June, 2015, the company issued 5,000 Equity Shares as fully paid to Mila Herbals, as purchase consideration for the purchase of plant and machinery. The remaining shares were issued to the public at par. Till the date of the Balance Sheet, the directors had called from the public, 60% of the nominal value of the shares. The amount called was received by the company.
What will be the amount of Share Capital shown in the Balance Sheet?
Read the following information and answer the given questions:
Ajmera Ltd. raised the following loans in the year 2016-17:
12% Bank Loan from SBI on 1st April, 2016 ₹15,00,000
10,000, 10% Debentures of ₹100 each, redeemable at par in 4 equal yearly instalments, on 1 should be superscript October, 2016
The terms of the loans were :
(a) The Redemption of Debentures to begin from 30th September, 2017.
(b) Interest on the Bank Loan to be paid annually but Interest on Debentures to be paid half yearly.
The company had not paid the interest, both on the Bank Loan and on the Debentures till the Balance Sheet date.
Under which head will the long term borrowings come?
Read the following Trial Balance and answer the questions that follow:
Capital 4,00,000
(40,000 Equity Shares ₹10 each)
Bills Receivables 90,000 -
16% Mortgage Loan - 1,70,000
Stores and Spares 1,15,000 -
Debtors 1,66,000 -
Plant and Machinery 2,90,000 -
Goodwill 40,000 -
Provision for Tax - 26,000
General Reserve - 1,30,000
Cash in hand 18,000 -
Calls in Arrears 2,000 -
Marketable Securities 5,000 -
Total 7,26,000 7,26,000
On which head will the Bills receivable be shown in the balance sheet?
Read the following information and answer the given questions:
Pinnacle Instruments Ltd. registered itself with a capital of ₹ 20,00,000 divided into Equity Shares of ₹100 each. On 1st June, 2015, the company issued 5,000 Equity Shares as fully paid to Mila Herbals, as purchase consideration for the purchase of plant and machinery. The remaining shares were issued to the public at par. Till the date of the Balance Sheet, the directors had called from the public, 60% of the nominal value of the shares. The amount called was received by the company.
How many shares are issued as against the purchase of plant and machinery?
Read the following information and answer the given questions:
Ajmera Ltd. raised the following loans in the year 2016-17:
12% Bank Loan from SBI on 1st April, 2016 ₹15,00,000
10,000, 10% Debentures of ₹100 each, redeemable at par in 4 equal yearly instalments, on 1 should be superscript October, 2016
The terms of the loans were :
(a) The Redemption of Debentures to begin from 30th September, 2017.
(b) Interest on the Bank Loan to be paid annually but Interest on Debentures to be paid half yearly.
The company had not paid the interest, both on the Bank Loan and on the Debentures till the Balance Sheet date.
What is the total amount of Long-term borrowings to be shown in the Balance Sheet?
Read the following Trial Balance and answer the questions that follow:
Capital 4,00,000
(40,000 Equity Shares ₹10 each)
Bills Receivables 90,000 -
16% Mortgage Loan - 1,70,000
Stores and Spares 1,15,000 -
Debtors 1,66,000 -
Plant and Machinery 2,90,000 -
Goodwill 40,000 -
Provision for Tax - 26,000
General Reserve - 1,30,000
Cash in hand 18,000 -
Calls in Arrears 2,000 -
Marketable Securities 5,000 -
Total 7,26,000 7,26,000
What is the total amount of Fixed Assets as shown in the balance sheet?
Read the following information and answer the given questions:
Pinnacle Instruments Ltd. registered itself with a capital of ₹ 20,00,000 divided into Equity Shares of ₹100 each. On 1st June, 2015, the company issued 5,000 Equity Shares as fully paid to Mila Herbals, as purchase consideration for the purchase of plant and machinery. The remaining shares were issued to the public at par. Till the date of the Balance Sheet, the directors had called from the public, 60% of the nominal value of the shares. The amount called was received by the company.
Where will the Plant and Machinery be shown in the balance sheet?
Read the following information and answer the given questions:
Ajmera Ltd. raised the following loans in the year 2016-17:
12% Bank Loan from SBI on 1st April, 2016 ₹15,00,000
10,000, 10% Debentures of ₹100 each, redeemable at par in 4 equal yearly instalments, on 1 should be superscript October, 2016
The terms of the loans were :
(a) The Redemption of Debentures to begin from 30th September, 2017.
(b) Interest on the Bank Loan to be paid annually but Interest on Debentures to be paid half yearly.
The company had not paid the interest, both on the Bank Loan and on the Debentures till the Balance Sheet date.
How will then 10% debentures be recorded in the Balance Sheet?
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