Adda247 Commerce Class 12
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Which of the following are NOT items of Profit and Loss Appropriation Account?
Anonymous Quiz
31%
All except A and B
32%
All except B and D
27%
All except B and C
10%
All except C and E
πŸ€”5❀1🀯1
Which account is prepared to show the opening and closing balances of cash and bank?
Anonymous Quiz
18%
Income & Expenditure Account
50%
Receipt & Payment Account
26%
Balance Sheet
6%
Journal
❀1
Income & Expenditure Account is similar to which type of account in business organizations?
Anonymous Quiz
15%
Trading Account
75%
Profit & Loss Account
6%
Balance Sheet
4%
Capital Account
❀1
😁1
Donation received for building fund is treated as:
Anonymous Quiz
51%
Capital Receipt
35%
Revenue Receipt
9%
Income
5%
Expenditure
In Income & Expenditure Account, income is recognized on:
Anonymous Quiz
28%
Cash basis
47%
Accrual basis
18%
Receipt basis
7%
Payment basis
Membership fees relating to current year but received next year is:
Anonymous Quiz
31%
Revenue income
20%
Capital income
41%
Deferred income
8%
Prepaid expense
How is the premium on the issue of debentures treated in accounting?
Anonymous Quiz
6%
As an operational expense
24%
As a capital loss
55%
As a capital profit
15%
As a liability
Ravi Ltd. issued 6,000 Debentures of β‚Ή100 each at a premium of β‚Ή10. It will credit Debentures Account by:
Anonymous Quiz
42%
β‚Ή6,60,000
47%
β‚Ή6,00,000
11%
β‚Ή4,50,000
0%
None of these
Debentures issued with following journal entry: Bank A/c Dr β‚Ή4,75,000, Loss on Issue of Debenture A/c Dr β‚Ή75,000, To 12% Debentures A/c β‚Ή5,00,000, To Premium on Redemption of Debenture A/c β‚Ή50,000. Debenture issued at a discount of:
Anonymous Quiz
22%
15%
42%
5%
33%
10%
3%
20%
Assertion (A): Premium on issue of debentures is a capital gain. Reason (R): Loss on issue of debentures is a revenue loss.
Anonymous Quiz
17%
Both A and R are true, R explains A
50%
Both A and R are true, R does not explain A
11%
A is false, R is true
22%
A is true, R is false
A company issued debentures of β‚Ή1,00,000 at par but redeemable at 5% premium. Amount debited to Loss on Issue of Debentures A/c is:
Anonymous Quiz
4%
β‚Ή1,00,000
35%
β‚Ή1,05,000
53%
β‚Ή5,000
8%
β‚Ή95,000
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A Ltd., issued 2,000, 10% debentures of β‚Ή100 each at 5% discount redeemable at 3% premium. What does 10% indicate?
Anonymous Quiz
10%
Rate of Dividend
73%
Rate of Interest on Debentures
13%
Rate of tax deducted at source
4%
None of these