Accountancy: CUET Mock Test - 2 - Commerce MCQ

______ goodwill is the excess of desired total capital of firm over the actual combined capital of all partners.

X and Y are sharing profits and losses in the ratio of 3 : 2. Z is admitted with 1/5th share in profits of the firm which he gets entirely from X. Find out the new profit sharing ratio.

Which of the following is not a right of newly admitted partner?

Taxation fund should never be distributed among the old partners at the time of admission of partners.

On the admission of a new partner, old partnership continues.

According to AS -10, value of goodwill should be adjusted through the capital accounts of the partners.

When the existing goodwill in books is written-off at the time of admission of new partner, the new partners’ capital account is not debited.

Contingency reserve, profit and loss account (credit) balance and deferred revenue expenditure account are credited to capital accounts of old partner in old ratio at the time of admission of new partners.

Goodwill of the firm of X and Y is valued at ₹ 45,000. It is appearing in the books at ₹18,000. Z is admitted in the firm. What amount is she supposed to bring an account of goodwill?

Direction: There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below
Assertion (A): In certain cases, the premium for goodwill paid by the incoming partner is not recorded in the books of accounts.
Reason (R): Sometimes, the incoming partner pays his share of goodwill privately to the sacrificing partners, outside the business.

Which of the following capitals is shown in the company’s balance sheet?

Which document is prepared by the company as an invitation to the public to subscribe for company’s shares?

A company, for the purpose of raising funds, may issue _______

A company issued 25,000 shares and received applications for 50,000 shares. Company wants to allot shares to everyone who has applied. What will be the ratio for allotment?

Capital of a company is divided in units which is called

Subscribed capital is

First call amount received in advance from the shareholders before it is actually called up by the directors is

Shareholders receive _______ from the company as a benefit against their investment.

A company issued 10,000 shares of  ₹10 each. Amount is payable as ₹ 2 on application, ₹ 5 on allotment and ₹ 3 on first and final call. A shareholder who had 1,000 shares failed to pay allotment and first call amount on due date. What will be the amount received by company against issue of shares?

Preference shareholders have ______

The shares on which there is no any pre fixed rate of dividend decided, but is fluctuating every year according to the availability profits, are called

Penalty for delay in refunding application money is charged at

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 preference share which does not carry the right of sharing in surplus profits is called

As per SEBI guidelines, application m oney should not be less than ______of the issue price of each shares

If shares of  ₹ 4,00,000 are issued for purchase of assets of ₹ 5,00,000, ₹ 1,00,000 will be treated as ______

600 shares of ₹ 10 each were forfeited for non-payment of ₹ 2 per share on first call and ? 5 per share on final call. Share forfeiture account will be credited with