PGT (Commerce previous year questions) (HTET) (Part – I)

Total Questions: 100

11. In the absence of any provision in the partnership agreement, the partners have right to receive interest on loan at:

Correct Answer: В. 6% р.а.

12. Goods Outward Journal is meant for recording all returns of goods:

Correct Answer: B. Purchased on credit

13. A, B and C are equal partners. D is admitted to the firm for one-fourth share. D brings ₹ 20,000 capital and ₹ 5,000 for goodwill. The value of goodwill of the firm is:

Correct Answer: C. ₹ 20,000

14. A company issued 5,000 10% Debentures of ₹ 100 each at 10% discount. All the debentures were subscribed and allotted by crediting 10% Debentures account with:

Correct Answer: C. ₹ 5,00,000

15. Bajaj Ltd. issued 5,000 equity shares of ₹ 10 each payable as ₹ 2 on application, ₹ 3 on allotment, ₹ 2 on first call and the balance in the final call. The amount to be debited to bank account at the time of receipt of first call money will be:

Correct Answer: B. ₹ 10,000

16. Mr. Verma holding 1000 equity shares of ₹ 10 each issued at a discount of 10% could not pay final call of ₹ 3.50 and his shares were forfeited. In the books of the company, shares forfeited account will be credited by:

Correct Answer: B. ₹ 5,500

17. Making provision for bad debts in respect of doubtful debts is based on the convention of ____________.

Correct Answer: C. Conservatism

18. Preference shares can be redeemed only if they are:

Correct Answer: B. Fully paid up

19. If sales revenues are ₹ 4,00,000; cost of goods sold is ₹ 3,10,000, the gross profit is:

Correct Answer: A. ₹ 90,000

20. If Average Stock = ₹ 24,000, Closing stock is ₹ 6,000 more than opening stock then the value of closing stock will be:

Correct Answer: D. ₹ 27,000