VISIONARY COMMERCE ACADEMY

Financial Accounting (SEM-VI) Question Bank

Correct
Answer1 Answer2 Answer3 Answer4
Sr. No. Question Option
In Amalgamation, premium on settlement of
1 Realisation Liquidated co. debentures Cash 1
preference shares is debited to _____ A/c.
Amalgamation Adjustment Reserve A/c appears Preference
Profit & Loss Reserves & Long Term
2 in the Balance sheet of Transferee Company Shareholders 3
Account Surplus Provisions
under _____ . Account
In Amalgamation, profit on Realisation is
Equity
3 transferred to _____ A/c in the books of Pooling of Interest Pooling of Dividend cash 3
Shareholders
Transferor Company.
Amalgamation Adjustment Reserve Account is
Security
4 required in respect of _____under Purchase General Reserve Statutory Reserve
Premium
Capital Reserve 2
Method.
In Amalgamation of Company, the excess of Net
5 Asset value over Purchase Consideration is Capital Reserve Security Premium Profit & Loss Goodwill 1
_____.
Amalgamation of companies requires minimum
6
_____ companies
2 4 6 8 1
Purchase consideration as per AS–14 is the Shareholders and Shareholders and
7
amount payable to _____. Debentureholders Creditors
Shareholders Debentureholder 3
Under Pooling of Interest Method, the difference Amalgamation Amalgamation
General Reserve
8 between Purchase Consideration and Share
Account
Goodwill Account Adjustment Settlement 1
Capital is transferred to________. Account Account
If Anushka Ltd. is taken over by Virat Ltd. it is External
9
called as_______.
Amalgamation
Reconstruction
Absorption Merger 3
Meera Ltd. and Meera Ltd. and Amruta Ltd. is a Meera Ltd. is a
If Meera Ltd. and Amruta Ltd. are taken over by
10
Meeramrut Ltd a new company, then_____.
Amruta Ltd. are Meeramrut Ltd. are purchasing purchasing 1
Vendor Companies Vendor Companies Company company
In amalgamation as a merger all the assets and
Holding Subsidiary
11 liabilities of vendor company become the assets Transferee company Vendor Company
company company
1
and liabilities of _______.
providing valuation of accounting for
12 Pooling of Interest is a method of _____.
depreciation inventory amalgamation
Depreciation 3
On amalgamation, business is taken over by
13
_____.
Transferee company Transferor company Weak company Holding company 1

14 Accounting for absorption is governed by _____. AS 1 AS 13 AS 14 AS 11 3

On amalgamation Profit and Loss A/c debit
balance in Balance Sheet of Vendor Company is Equity Preference
15
transferred to _______ in the books of Transferor
Realisation A/c Cash A/c
shareholders A/c shareholders A/c
3
Company.

VCA
 On amalgamation Profit and Loss A/c credit
balance in Balance Sheet of Vendor Company is Equity Preference
16
transferred to _______ in the books of Transferor
Realisation A/c Cash A/c
shareholders A/c shareholders A/c
3
Company.
On amalgamation Generral Reserve balance in
Equity Preference
17 Balance Sheet of Vendor Company is transferred Realisation A/c Cash A/c
shareholders A/c shareholders A/c
3
to _______in the books of Transferor Company.

On amalgamation Reserve Fund balance in

Equity Preference
18 Balance Sheet of Vendor Company is transferred Realisation A/c Cash A/c
shareholders A/c shareholders A/c
3
to _______in the books of Transferor Company.

On amalgamation Sinking Fund balance in

Equity Preference
19 Balance Sheet of Vendor Company is transferred Realisation A/c Cash A/c
shareholders A/c shareholders A/c
3
to _______in the books of Transferor Company.

On amalgamation Fictitious Asset in Balance

Equity Preference
20 Sheet of Vendor Company is transferred to Realisation A/c Cash A/c
shareholders A/c shareholders A/c
3
_______in the books of Transferor Company.

Approval by __% of Shareholders is required for

21
amalgamation in the nature of merger
51 75 90 80 3
In amalgamation in nature of purchase, excess of
22 purchase consideration over net assets is treated Goodwill Capital Reserve General Reserve Reserve Fund 1
as_______.
Which of the following asset is not considered
Discount on issue of
23 for calculating purchase consideration under Net
shares
Loose Tools Furniture Bills Receivable 1
Asset Method.
If A Ltd. and P Ltd. are taken over by S Ltd., a Internal
24
new company, then it is called as ______.
Absorption
Reconstruction
Amalgamation Demerger 3
25 On merger, Vendor Companies are______. Liquidated Formed Destroyed Demerged 1
Accounting for amalgamation in the nature of
26
merger is governed by _____.
AS 1 AS 13 AS 14 AS 11 3
Accounting for amalgamation in the nature of
27
purchase is governed by _____.
AS 1 AS 13 AS 14 AS 11 3
which is which is in which another
As per AS-14, Transferor company means the which is newly
28
company______.
amalgamated into
registered
registered prior company is 1
another company to 2013 amalgamated

which is which is in which another

As per AS-14, Transferee company means the which is registered
29
company______.
amalgamated into
prior to 1956
registered prior company is 4
another company to 2013 amalgamated
 On amalgamation, Debetures appearing in
Balance Sheet of Vendor company is transferred Purchasing Equity Preference
30
to credit side of _____A/c, in the books of
Realisation
Company Shareholders shareholders
1
Transferor Company.
Which of the following asset is not considered
Underwriting
31 for calculating purchase consideration under Net
Commission
Plant & Machinery Stock Bills Receivable 1
Asset Method.
In Net Asset Method of amalgamation, Creditors
appearing in Balance Sheet of Vendor company Purchasing Equity Preference
32
is transferred to credit side of _____A/c, in the
Realisation
Company Shareholders shareholders
1
books of Transferor Company.
On amalgamation, Bills Payable appearing in
Balance Sheet of Vendor company is transferred Purchasing Equity Preference
33
to credit side of _____A/c, in the books of
Realisation
Company Shareholders shareholders
1
Transferor Company.
On amalgamation, Outstanding Expenses
appearing in Balance Sheet of Vendor company Purchasing Equity Preference
34
is transferred to credit side of _____A/c, in the
Realisation
Company Shareholders shareholders
1
books of Transferor Company.

Purchase Consideration under Payment Method Shareholders and

35
in amalgamation is payment made to________.
Shareholders
Debentureholders
Trade Creditors Government 1

On amalgamation, Land & Building appearing in

Balance Sheet of Vendor company is transferred Purchasing Equity Preference
36
to debit side of _____A/c, in the books of
Realisation
Company Shareholders shareholders
1
Transferor Company.

On amalgamation, Plant & Machinery appearing

in Balance Sheet of Vendor company is Purchasing Equity Preference
37
transferred to debit side of _____A/c, in the
Realisation
Company Shareholders shareholders
1
books of Transferor Company.
On amalgamation, Furniture appearing in
Balance Sheet of Vendor company is transferred Purchasing Equity Preference
38
to debit side of _____A/c, in the books of
Realisation
Company Shareholders shareholders
1
Transferor Company.
on amalgamation, Debtors appearing in Balance
Sheet of Vendor company is transferred to debit Purchasing Equity Preference
39
side of _____A/c, in the books of Transferor
Realisation
Company Shareholders shareholders
1
Company.
 On amalgamation, Stock appearing in Balance
Sheet of Vendor company is transferred to debit Purchasing Equity Preference
40
side of _____A/c, in the books of Transferor
Realisation
Company Shareholders shareholders
1
Company.
In foreign currency transactions, fixed assets are
41 non-monetary monetary Closing rate Settling rate 1
the examples of _____ items.

Contingent liability shown in foreign currency at

42 closing opening Average rate Settling rate 1
the Balance Sheet date by using the _____ rate.
In foreign currency transactions, exchange
43 difference can arise only in respect of _____ Non-monetary Sales Account monetary barter 3
items.
In foreign currency transactions, fixed asset is a
44 monetary Closing rate Non-monetary semi monetary 3
_____ item.
In foreign currency transactions, inventory is a
45 Closing rate monetary Non-monetary semi monetary 3
_____ item.
In foreign currency transactions, investment in
46 monetary Closing rate Non-monetary semi monetary 3
equity shares is a _____ item.
In foreign currency transactions, Debtors A/c is a
47 Sales Account Monetory Non-monetary Semi monetary 2
_____item .
In foreign currency transactions,Creditors A/c is
48 Non-monetary Monetory Closing rate Semi monetary 2
a _____item.
In foreign currency transactions,Cash is a
49 Sales Account Monetory Non-monetary Semi monetary 2
_____item.
Exchange rate on the date of transaction is a
50 Closing rate spot rate Average rate Settling rate 2
_____ .

51 AS-11 is issued by________.

VCA
In foreign currecy transactions, the balance in
ICSI ICMAI ICAI

on the date of
ACCA 3

on the date of sale on the date of on the date of first

52 receivable as on the date of Balance Sheet is subsequent 2
goods Balance Sheet recovery
converted at rate _____. recovery
In foreign currecy transactions, the amount date of
date of Balance
53 payable creditors on the date of Balance Sheet is date of purchase date first payment subsequent 1
Sheet
converted at rate on _____. payment
Export Sales A/c
A. Ltd. export goods worth $1000 to Sam of USA Sams A/c Dr $1000 Sams A/c Dr Export Sales A/c
Dr Rs.70000 To
54 when exchange rate was 1$ = Rs.70. Journal To Export Sales A/c Rs.70000 To Export Dr $1000 To 2
Sams A/c
Entry will be______. $1000 Sales A/c Rs.70000 Sams A/c $1000
Rs.70000
In foreign currecy transactions,the interest on
55 of loan borrowed of accrual of interest of payment of Balance Sheet 2
loan is converted at rate on the date _____.
 Foreign
In foreign currecy transactions,the balance in
Exchange
56 exchange difference on transaction of export sale Sales Account Debtors Account Trading Account 3
Fluctuation
is transferred to _____.
Account

57 Conversion of currency is covered in AS-____. 9 13 11 14 3

The exchange difference on settlement of liability

58 specially for purchase of fixed asset is transferred asset exchange difference depreciation profit & loss 1
_____.
Foreign
The exchange difference arising due to import of Exchange
59 Purchase Trading Suppliers 3
raw material is transferred to_____A/c. Fluctuation
Account

60 For India Reporting Currency is_______. Dollars Yen Rupees Pounds 3

61 Following is not a Monetary Item. Bills Receivable Cash Inventory Bills Payable 3

Import Purchase Import Purchase Donald A/c Dr

X. Ltd import goods worth $1000 from Donald of Import Purchase A/c
A/c Dr Rs.71000 To A/c Dr $71000 Rs.71000 To
62 USA when exchange rate was $1= Rs.71. Journal Dr $1000 To Donald 2
Donald A/c To Donald A/c Import Purchase
Entry will be_____. A/c $1000
Rs.71000 $71000 A/c Rs.71000

63 Non-monetary items are valued at______. market price current price cost fluctuting price 3

in presenting other than the

used in recording preparing cash
64 Foreign currency is a currency ____. foreign financial reporting 3
foreign transactions flow
statements currency
recording
settiling financial presenting financial preparing cash
65 Reporting currency is the currency _____. financial 2
transactions statements flow
statements
proportion rate at which asset
rate at the Balance mean of the
66 Exchange rate is the________. between two could be 3
Sheet date exchange rate
currencies exchanged

67 Following is not an example of Monetary Item. Cash Payable Receivables Fixed Assets 4

68 Following is an example of Non-monetary Item. Debtors Creditors Bank Stock 4

On 1/1/2018; XYZ Ltd. invoiced goods to its
USA client for $10000 payment was received on
69 1/3/2018. The exchange rate was: 1/1/2018: Rs.20000 Rs.10000 Rs.15000 Rs.25000 2
$1=Rs.39, 1/3/2018: $1=Rs40. The amount of
exchange difference is_____.
 to be received in
to be received or
Monetary items are the assets and liabilities to be received or fixed or to be received or
70 paid in fixed 3
_______. paid in money determinable paid in kind
amount
amount of money
The amount of exchange difference is recorded Foreign Exchange
71 General Reserve Profit & Loss Capital Reserve 1
in_____A/c. Fluctuation
At the end of the year the balance in Foreign
Foreign Exchange
72 Exchange Fluctuation A/c is transferred to _____ General Reserve Profit & Loss Capital Reserve 3
Fluctuation
A/c
Which one is Non-monetary Item out of the Stock of Raw
73 Debtors Creditor Bills Receivable 1
following Material
Which one is Non-monetary Item out of the Stock of Finished
74 Debtors Creditor Bills Receivable 1
following Goods
Which one is Non-monetary Item out of the Stock of Work in
75 Debtors Creditor Bills Receivable 1
following Progress
Investment in Equity
Which one is Non-monetary Item out of the
76 Shares of other Debtors Creditor Bills Receivable 1
following
company
Which one is Non-monetary Item out of the
77 Land & Building Debtors Creditor Bills Receivable 1
following

VCA
Which one is Non-monetary Item out of the
78 Plant & Machinery Debtors Creditor Bills Receivable 1
following
Which one is Non-monetary Item out of the
79 Furniture Debtors Creditor Bills Receivable 1
following
Which one is Non-monetary Item out of the
80 Motor Vehicle Debtors Creditor Bills Receivable 1
following
When a company is wound up, all persons who
ceased to be the shareholders within a year before
81 A B C D 2
the winding up are placed in the List__
Contributories.
If default is made in delivering the annual return compulsory voluntary voluntary
voluntary winding
82 to the Registrar, the company is likely to winding up by winding up by winding up by 1
face____.
up by members
NCLT creditors debtors
Salary due to
Following is treated as overriding preferential Retirement benfits Retirement benfits employees Remuneration to
83 2
creditor of employees of workers exceeding investigator
Rs.20000
Over-riding
Remuneration to investigator upon investigation Preferential Unsecured
84 Secured Creditor Preferential 3
of the affairs of company is treated as_____. creditor Creditor
Creditor
 whether
if Board of
Interest on debentures and unsecured loan is if the company is if the company is company is
85 Directors found 1
payable upto the date of actual payment______. solvent insolvent solvent/insolve
currupt
nt
Over-riding
Accrued holiday remuneration becoming payable Preferential Unsecured
86 Secured Creditor Preferential 2
to any workman is treated as____. creditor Creditor
Creditor
Over-riding
Liability for compensation under Workmen's Preferential Unsecured
87 Secured Creditor Preferential 2
Compensation Act is treated as______. creditor Creditor
Creditor
exclude both
include opening exclude closing exclude
if the remuneration to liquidator is payable as a opening and
88 cash & bank cash & bank opening cash & 3
percentage of collection, then____. closing cash &
balance balance bank balance
bank balance
exclude
include
distribution to
distribution to include
exclude preferential
preferential and distribution to
distribution to creditors but
if the remuneration to liquidator is payable on unsecured preferential and
89 preferential and include 4
distribution, then____. creditors but unsecured
unsecured creditors distribution to
exclude creditors and
and contributories unsecured
distribution to contributories
creditors and
contributories
contributories
Preferential
Preferential
creditor unless the
creditor unless
All contributories payable during the 12 months Over-riding company is being
Unsecured the company is
90 next under the Employees State Insurance Act, Preferential wound up 2
1948 are treated as_____.
Creditor being wound up
Creditor voluntarily for the
compulsorily by
purpose of
the court
reconstruction
Debenture
91 Shareholder only can become______ Contributory Creditors Liquidator 1
Trustee
Assets not
List 'A' in statement of affairs gives the list of Assets specifically Preferential Unsecured
92 specifically 2
_____. pledged creditor Creditor
pledged
List 'E' in statement of affairs gives the list of Preferential Unsecured Secured
93 Debentureholders 3
_____. creditor Creditor Creditors
 Secured Creditors are shown in the Statement of
94 A B C D 2
Affairs under List___.
Preferential Creditors are shown in the Statement
95 A B C D 3
of Affairs under List___.

Legal Charges,
The proceeds of assets not specifically pledged Liquidator's
Preferential Unsecured Preference
96 and the surplus of the assets specifically pledged Remuneration, 3
is first available for____.
creditor Creditor Shareholders
Liquidation
Expenses

VC A
Any sum due to an employee out of Provident Unsecured Preferential Secured Partly Secured
97 2
Fund is an example of____. Creditor creditor Creditor Creditor
Bills were discounted to the extent of Rs.10000
of which bills of Rs.4000 are likely to be
98 10000 4000 6000 14000 2
dishonoured. Hence, the liability to bank in
respect of these bills will be___.
When the sale proceeds of pledged security is not
Unsecured Preferential Equity Share Preference
99 sufficient to pay off secured creditors fully, the 1
balance due to them should be added to____.
Creditor creditor Capital Share Capital

When the liquidated company has adequate cash commencement of payment to payment to
actual payment of
100 to pay off all liabilities, the interest on liabilities insolvency equity preference 2
should be paid upto the date of____.
liabilities
proceedings shareholders shareholders
In the case of compulsory winding up, official The Central The State The Registrar of
101 The High Court 1
liquidator is appointed by Government Government Companies
In the case of member’s Voluntary winding up The Central The Company in The Board of The Registrar of
102 2
liquidator is appointed by Government General Meeting Directors Companies
The Statement of Affairs is required to be
Preferencial Official Supreme Court
103 submitted to the _____ in case of winding up by NCLT 2
creditors Liquidator Judge
Tribunal.
Winding up by NCLT is called Semi-
104 Voluntary Compulsory Semi-Voluntary 2
as______Winding Up. Compulsory
A company may be wound up by NCLT when
105 Special Extra-ordinary Extra-Special Ordinary 1
_____ resolution is passed.
Financial
106 Taxes Payable Trade Creditor Bank 1
Preferential Creditors are amount due to_______. Institution
Financial
107 Wages Payable Trade Creditor Bank 1
Preferential Creditors are amount due to_______. Institution
 Financial
108 Salaries Payable Trade Creditor Bank 1
Preferential Creditors are amount due to_______. Institution
Voluntary transfer is made by the company
109 1 2 3 5 1
within__Year.
Liquidator's Statement is prepared Under
110 143 153 156 173 3
Section__.
Central Government can present petition to
111 NCLT when the company acts against _____ Security of India Special order Contributory Debtors 1
_____.
Central Government can present petition to
112 NCLT when the company acts against _____ Sovereignty of India Special order Contributory Debtors 1
_____.
Debentureholders secured by a floating
113 charge will be appended in List __ of A B C D 4
Statement of Affairs.
Equity Shareholders will be appended in List
114 D E F G 4
__ of Statement of Affairs.
For TI Ltd., Plant & Machinery is not
offerred as security for any liability then, it
115 A B C D 1
will be appended in List __ of Statement of
Affairs.
Preference Shareholders secured by a
116 floating charge will be appended in List __ D E F G 3
of Statement of Affairs.
Unclaimed Dividend on Preference Shares
117 will be appended in List __ of Statement of D E F G 3
Affairs.
Contingent Liability in case of Preferential
118 Payments will be appended in List __ of A B C D 3
Statement of Affairs.
Contingent Liability in case of Unsecured
119 Creditors will be appended in List __ of D E F G 2
Statement of Affairs.
Deficiency in case of Unsecured Crediotrs
120 will be appended in List __ of Statement of D E F G 2
Affairs.
 Vide SEBI guidelines underwriting
commission for Preference shares and
121 2.00% 2.70% 1.50% 5.00% 3
Debentures upto Rs. 5,00,000 should not
exceed.
Vide SEBI guidelines underwriting
commission for Preference shares and
122 2.00% 2.70% 1.00% 5.00% 3
Debentures more than Rs. 5,00,000 should
not exceed.
Who is
Who underwrites Who is
123 representative of who is debtor 1
the issue Creditor
An underwriter is a person________. Government
A person cannot act as an underwriter unless
124 RBI SEBI ROC MCA 2
he holds a certificate granted by

Firm underwriting Firm underwriting

Firm
is not treated as is not treated as Underwriter gets
125 underwriting is 1
unmarked marked certificate
When the benefit of firm underwriting is ignored
applications applications
given to the underwriters,_____.

Firm underwriting Firm underwriting

Firm Underwriter
is treated as is treated as
126 underwriting is does not get 1
unmarked marked
When the benefit of firm underwriting is not ignored certificate
applications applications
given to the underwriters, _______.

The underwriting commission in case of Rs.4

127 2.50% 1.00% 2.00% 1.50% 4
Lakh Preference Shares Capital subscribed to
by the public should not exceed____.
R Ltd. issued debentures of Rs.100 each at
128 Rs.90. The underwriting commission will be 100 95 105 90 4
paid on Rs.___.
M Ltd. issued shares at a face value of
Rs.100 with a premium of Rs.20 per share.
129 100 90 80 120 4
The underwriting commission will be
calculated on______.

130 When the entire issue is underwritten by one Sole Double Half Tripple 1
person, it is called_____underwriting.
 Mr.X has underwritten 40000 Shares, but the
public applied for 50000 shares. Therefore,
131 40000 42000 50000 48000 1
Mr.A will get commission on the issue price
of _____ Shares.
Mr.A has underwritten 20000 Shares, but the
public applied for 18000 shares. Therefore,
132 18000 20000 17000 19000 2
Mr.A will get commission on the issue price
of _____ Shares.

An underwriter may reduce his burden of Additional Sub- Pro-

133 Extra-underwriting 3
buying shares through entering an agreement underwriting underwriting underwriting
with another person known as _____.
When the net amount due from the
134 underwriters on the shares taken up by them Debited Credited Tallied not given effect 1
is received, Bank A/c is_______.
Every Company issuing shares to public
135 must collect minimum subscription of 90% 15 20 25 30 1
within _ days.

136 SEBI Company FEMA SCRA 1

___Rules primarily deals with underwriting.
Initial
Initial Primary Initial Public Initial Payment
137 Premature 2
Offer Offer Offer
IPO stands for_______. Offer
Underwritng is done to avoid risk of
138 Low High Under Over 3
_____Subscription.
Obligation of Underwriter is disclosed Memorandum of Articles of
139 Prospectus Annual Report 3
in_____. Association Association
Consideration payable to Underwriters is
140 Commission Brokerage Incentive Perquisite 1
called as Underwriting______.

Section _____ places certain restrictions with

141 40(5) 40(6) 40(7) 40(8) 2
reference to commission to be paid for
underwriting the shares.

142 Underwring Commission will not be paid on Public Government Creditors Debtors 1
shares which are not offerred to______.
Along with Prospectus, Underwriting Central State
143 High Court ROC 1
Contract must be submitted to_______. Government Government
 No underwriting commission will be paid on
144 Promoters Government Creditors Debtors 1
shares taken up by_______.
No underwriting commission will be paid on
145 Employees Government Creditors Debtors 1
shares taken up by_______.
No underwriting commission will be paid on
146 Directors Government Creditors Debtors 1
shares taken up by_______.
No underwriting commission will be paid on Business
147 Government Creditors Debtors 1
shares taken up by_______. Associates
To work as underwriter, minimum net worth
148 10 15 20 25 3
of Rs.____lakhs is required.
The total underwring obligation under all
149 underwriting shall not exceed ___times the 10 15 20 25 3
net worth.
Underwriter shall subscribe to securities VCA
150 within ___days of receipt of intimation from 30 35 40 45 4
body corporate.
Additional commission paid by company to
Over-riding Additional Pro- Super
151 Principal underwriter to encourage sub- 1
Commission Commission Commission Commission
underwriting is called as_____.
Person responsible for all the formalities
152 right from planning till closure of issue is Director CEO Manager CFO 3
called____to issue.

153 Manager to the issue gets commission to the 3 4 5 2 3

extent of __% for issue upto 5 crore.

154 Manager to the issue gets commission to the 1 2 3 4 2

extent of __% for issue above 5 crore.

155 Underwriting done by many underwriters in collaborative joint group venture 2

agreed ratio is called as_____ underwriting.
Number of shares taken by each underwriter
Marked
156 when not subscribed by public is called Net Liability Gross Liability Firm Liability 1
Liability
as____.
When securities are taken over by
157 underwriter, they are said to have _____ on revolved devolved resolved involved 2
underwriter.
 Mr.A has underwritten 20000 Shares, but the
public applied for 18000 shares. Therefore,
158 18000 20000 17000 19000 2
Mr.A will get commission on the issue price
of _____ Shares.
Manager to
159 Broker Underwriter ROC 2
______gives gurantee to issuer of Securities Issue
_____ is liable to take up securities not Manager to
160 Broker Underwriter ROC 2
subscibed by public. Issue
As specified by
As specified in As specified by
161 Contribution by a partner to LLP is_____. Compulsory the LLP 3
Companies Act Government
Agreement
Contribution Contribution Contribution
Contribution exceeds
162 Audit of LLP is compulsory when______. exceeds Rs. exceeds Rs. exceeds Rs. 1
Rs. 25,00,000
5,00,000 10,00,000 20,00,000
Contribution received from partner of LLP is
163 Partner's Fund Liabilities Provisions Investments 1
shown under _____ heading of Balance Sheet
164 LLP can be dissolved by the order of_____. NCLT High court District Court District Magistrate 1
Amount receivable from Customer of LLP is Creditor & Trade Debtors &
165 Fixed Assets Inventories 3
shown under _____ heading of Balance Sheet Payables Receivables

In books of LLP, loss by fire is disclosed under Administrative Personnel

166 Other Expenses Selling Expenses 1
the heading_____ in Income & Expenditure A/c. Expenses Expenses

In case of LLP, Closing Stock was valued at

167 market price at Rs. 92,000 which is 15% above Rs. 90,000 Rs. 80,000 Rs. 75,000 Rs. 70,000 2
its cost price. The cost of closing stock is______.
Provision for Outstanding Expenses is shown
Creditors & Trade
168 under heading ______ in the Balance Sheet of Partner's Fund Investment Trade Receivable 1
Payables
LLP
Short Term Borrowings is shown under heading
169 Fixed Assets Liabilities Investment Trade Receivable 2
______ in the Balance Sheet of LLP
Unsecured Loan is shown under heading ______
170 Fixed Assets Liabilities Investment Trade Receivable 2
in the Balance Sheet of LLP
Provision for Outstanding Salary is shown under Creditors & Trade
171 Partner's Funds Investment Trade Receivable 1
heading ______ in the Balance Sheet of LLP Payables
Every LLP shall have at least __ designated
172 7 50 2 3 3
partners who are individuals.
173 At least _____of the designated partners of 1 2 3 7 1
every LLP shall be a resident in India.
In absence of LLP Agreement, the mutual
rights of Partners and in relation to LLP will
174 I II VI VIII 1
be determined as per Schedule____of the
LLP Act,2008.

Material Personnel Selling

175 Wages appear under the heading _____in Other Expenses 2
Consumed Expenses Expenses
Income & Expenditure A/c of LLP.

Material Selling
176 Bad Debts appear under the heading _____in Selling Expenses Other Expenses 2
Consumed Expenses
Income & Expenditure A/c of LLP.
Advertisement Expenses appear under the
Material Selling
177 heading _____in Income & Expenditure A/c Selling Expenses Other Expenses 2
Consumed Expenses
of LLP.

Material Selling
178 Discount Allowed appear under the heading Selling Expenses Other Expenses 2
Consumed Expenses
_____in Income & Expenditure A/c of LLP.
Travelling Expenses appear under the
Material Administrative Selling
179 heading _____in Income & Expenditure A/c Other Expenses 2
Consumed Expenses Expenses
of LLP.
Travelling Expenses of Salesman appear
Material Selling
180 under the heading _____in Income & Selling Expenses Other Expenses 2
Consumed Expenses
Expenditure A/c of LLP.

Material Administrative Selling

181 Loss by Theft appear under the heading Other Expenses 4
Consumed Expenses Expenses
_____in Income & Expenditure A/c of LLP.
Interest payable on Partner's Capital appears
Contribution Creditor & Cash & Cash
182 under the heading_______in the Balance Fixed Assets 1
Received Trade Payable Equivalent
Sheet of LLP
Interest receivable on Drawings appears
Contribution Creditor & Cash & Cash
183 under the heading_______in the Balance Fixed Assets 1
Received Trade Payable Equivalent
Sheet of LLP

Contribution Creditor & Cash & Cash

184 Cash in hand appears under the Fixed Assets 4
Received Trade Payable Equivalent
heading_______in the Balance Sheet of LLP
 Debtors/Trade Cash & Cash
185 Computer Software appears under the Fixed Assets Inventories 3
Receivables Equivalents
heading______ in the Balance Sheet of LLP.

In case there is any change in name and

186 12 13 14 15 4
address of partner he shall inform the same
to LLP within____days of such change.

187 If any partner of LLP wishes to resign then 10 20 30 40 3

he must give___days notice to other partners.
The liability of partner of LLP is limited to
188 Contribution Profit Share Loss Share Loan 1
the extent of their______.
Vacancy in the office of designated partner
189 10 20 30 40 3
shall be filled within ___ days.

LLP which mandatorily requires auditing,

190 10 20 30 40 3
shall appoint auditor within___days before
end of financial year.
191 Agreement for LLP is filed with____. ICAI NCLT ROC MCA 3
The consent of designated partner is filed
192 Form 1 Form 2 Form 3 E-Form 4 4
with the ROC in____.
Practicing Practicing
Government ROC
193 Valuation of contribution of LLP may be Chartered Company 1
Official Representative
made by____. Accountant Secretary
194 LLP is governed by LLP Act____. 2008 2009 1956 2013 1
Office Expenses appear under the
Administrative Personnel
195 heading_____ in Income & Expenditure A/c Selling Expenses Other Expenses 1
Expenses Expenses
of LLP.
Designated partner must obtain DPIN Central
196 State Government ROC ROF 1
from____. Government
Foreign national can be patner in LLP
197 FEMA SEBI SCRA Company 1
subject to ______ Regulations.
Does LLP need to appoint Key Management
198 Yes No May be Sometimes 2
Person?
Does LLP need to maintain Statutory
199 Yes No May be Sometimes 2
Registers?
Vacancy of designated partner is covered
200 under section___ of LLP Act. 7 8 9 10 3
Module/Chapter No./Unit
No.
Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies
V C A
Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies
Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies
Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies
Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies

Amalgamation of Companies
Amalgamation of Companies

Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions
 Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions

Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions
Foreign Currency
Transactions

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies
Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies
Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies
Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies

Liquidation of Companies
Underwriting of Shares &
Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures
Underwriting of Shares &
Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures
Underwriting of Shares &
Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures
Underwriting of Shares &
Debentures

Underwriting of Shares &

Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures

Underwriting of Shares &

Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures
Underwriting of Shares &
Debentures

LLP

LLP

LLP
LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP
LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP

LLP
LLP

LLP

LLP

LLP

LLP

LLP
LLP

LLP

LLP
LLP

LLP

LLP

LLP

LLP

LLP

LLP