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Question : Pilot Pens Ltd. issued 5,000, 6% Debentures of Rs. 100 each at a discount of 20%. It had balance in Securities Premium Reserve of Rs. 60,000 and Rs. 10,000 in Surplus, i.e., Balance in Statement of Profit and Loss. Profit for the year before writing off the balance of Discount on the Issue of Debentures is Rs.20,000. Balance shown in the statement of profit and loss will be 

 

Option 1: Rs 1,00,000

Option 2: Rs 10,000

Option 3: Rs 20,000

Option 4: Rs 30,000

Team Careers360 22nd Jan, 2024

Correct Answer: Rs 10,000


Solution : Answer = Rs 10,000

Discount on issue of Debentures = 1,00,000

(5000 @ 100 each) = 5,00,000 x 20/100

Securities Premium Reserve A/c Dr                 60,000

Surplus in the Statement of Profit and Loss Dr 40,000

    To discount on the issue of debentures A/c                  1,00,000

25 Views

Question : Select the most appropriate idiom from the following options that can substitute the underlined part of the given sentence.

Sometimes doing something that makes it impossible to return to the previous situation later strengthens you.

Option 1: Painting the town red

Option 2: Knocking your socks off

Option 3: Burning your bridges

Option 4: A red-letter day

Team Careers360 25th Jan, 2024

Correct Answer: Burning your bridges


Solution : The correct choice is the third option.

Burning one's bridges means committing oneself to an irreversible course. This makes the third option, burning your bridges, the appropriate choice.

Therefore, the correct sentence is, "Sometimes burning your bridges strengthens you".

18 Views

Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows:
Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed:
(i) Interest on Capital will be calculated at the rate of $10 \%$ p.a.
(ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill.
(iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund.
(iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 2011-12 were Rs. $15,00,000$. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000.
Question:
Amount of Interest on capital will be

Option 1: Rs 24,000

Option 2: Rs 21,000

Option 3: Rs 20,000

Option 4: None of the above

Team Careers360 23rd Jan, 2024

Correct Answer: Rs 21,000


Solution : Answer = Rs 21,000

Verma's capital a/c
To Verma's executor A/c (b/f) 5,66,000 By Bal b/d 4,20,000
    By IOC 21,000
    ($4,20,000 \times \frac{10}{100} \times \frac{6}{12}$)  
    By Reserve fund 70,000
    ($2,10,000 \times \frac{1}{3}$)  
    By Sharma & Goyal capitals A/c 35,000
    By P & L suspense
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Question : Directions: In the following question, which one set of letters/numbers when sequentially placed at the gaps in the given letter series shall complete it?
a_baa_baa_ba

Option 1: bbb

Option 2: bab

Option 3: bba

Option 4: aab

Team Careers360 23rd Jan, 2024

Correct Answer: bbb


Solution : Given:
a_baa_baa_ba

To fill the series we have to divide the series – a_ba / a_ba / a_ba
Let's check the option –
First option: bbb; abba / abba / abba (abba is repeated in the series.)
Second option: 

6 Views

Question : The relationship between political parties and pressure groups is important because it:

 

Option 1: Reduces the need for public participation

 

Option 2: Ensures a balance of power and accountability

Option 3: Prevents any changes in government policy

Option 4: Eliminates the diversity of political opinions

Team Careers360 22nd Jan, 2024

Correct Answer: Ensures a balance of power and accountability


Solution : The relationship between political parties and pressure groups is important because it ensures a balance of power and accountability, with pressure groups advocating for specific issues and parties incorporating these concerns into their platforms.

 

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