If a fixed amount is withdrawn by a partner on the first day of every month, interest on the total amount is charged for
6 ½ months
method of calculating goodwill when profits are fluctuating
Weighted average
If the date of drawings of the partner is not given in the question interest is charged for
6 months
When drawings of equal amount are made in the beginning of each quarter, interest on the whole amount of drawings will be charged for
7 ½ months
__________ is opened to credit the share of profit of the deceased partner, till the time of his death to his capital account
Profit and Loss Suspense a/c
Retiring Partner is compensated for parting with the firm’s future profits in favour of the remaining partners. The remaining partners contribute to such compensation amount in
Gaining Ratio.
On the death of a partner, the amount due to him will be credited to which account?
Executor’s A/c.
The portion of the Capital which can be called up only on the winding up of the company is called
Reserve Capital
As per SEBI Guidelines, Application money should not be less than
25% of the issue price of each share.
A preference share which does not carry the right of sharing in surplus profit is called
Non participating preference share
At the time of retirement, if nothing is mentioned about the payment made due to him, the amount will be transferred to which account?
retiring partners Loan a/c
Equity shares cannot be issued for the purpose of
distribution of dividend
Maximum limit of premium on shares is
no limit
Interest on Calls in arrears is charged according to Table F is
10% p.a
The debentures whose principal amount is not repayable by the company during its lifetime, but the payment is made only at the time of liquidation of the company, such debentures are called
Irredeemable debentures
A Company issuing debentures with a maturity period of not more than _____ need not create Debenture Redemption Reserve.
18 months
In Which Analysis total cost are equal to total revenue from operations ?
Break Even Point Analysis
Cash flow statement is prepared for financial planning of _________
short range
Debentures issued as collateral security will be debited to ________
Debenture Suspense Account.
Calls in Arrears appear in Company’s Balance Sheet under
Shareholder’s Funds
“Claims against the company not acknowledged as debts” is shown under the head
contingent liabilities
Ideal Current ratio is
2 :1
An Investment normally qualifies as Cash- Equivalent only when, from the date of acquisition, it has a short maturity period of __________
3 months or less
In the event of dissolution of the firm, the partner’s assets are first used for payment of ________
partner’s personal liabilities
According to SEBI guidelines, minimum Subscription has been fixed at
90% of the issued amount.