Commerce MCQ Question and Answer
Commerce MCQ Question and Answer
121. A Balance Sheet shows only—
- Personal Accounts and Nominal Accounts
- Real Accounts and Nominal Accounts
- Personal Accounts and Real Accounts
- Personal, Real and Nominal Accounts
122. Discount on Issue of Shares A/c is shown at the—
- Debit side of P & L A/c
- Assets side of B/S
- Liabilities side of B/S
- None of the above
123. Pre-incorporation Profit is transferred to—
- General Reserve
- Capital Reserve
- Profit and Loss A/c
- Trading A/c
124. Which of the following is shown in Profit & Loss Appropriation A/c ?
- Provision for Income Tax
- Provision for Depreciation
- Provision for Doubtful Debts
- Contribution to General Reserve
125. On liquidation of a Company first payment is made in respect of—
- Liquidator’s remuneration
- Legal expenses
- Preferential creditors
- None of the above
127. Debentures of Rs. 4,25,000 are issued against the purchase of assets of Rs. 4,50,000. In this case the amount of Rs. 25,000 is—
- Capital Reserve
- Securities Premium
- Revenue Profit
- Goodwill
128. A Company can reissue its forfeited shares—
- At a premium
- At a face value
- At a discount
- All of the above
129. Which of the following is an example of capital expenditure ?
- Insurance Premium
- Taxes and Legal expenses
- Depreciation
- Custom duty on import of machinery
130. Given :
Average profit of a firm Rs. 21,000
Normal Profit Rs. 18,000
Value of goodwill on the basis of 3 years purchases of super profit shall be—
Average profit of a firm Rs. 21,000
Normal Profit Rs. 18,000
Value of goodwill on the basis of 3 years purchases of super profit shall be—
- Rs. 39,000
- Rs. 9,000
- Rs. 3,000
- Rs. 12,000