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Hi aspirant,
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Question : Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application, Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro-rata basis and surplus of application money was adjusted for allotment money due.
Excess money adjusted towards Shares Allotment will be:
Option 1: Rs. 20,000
Option 2: Rs. 80,000
Option 3: Rs. 40,000
Option 4: Rs. 15,000
Correct Answer: Rs. 20,000
Solution : Answer = Rs. 20,000
JOURNAL OF KIRLOSKAR LTD.
Date
Particulars
L.F.
Dr.ro
Cr.( Rs.)
Bank A/c
...Dr.
1,00,000
To Shares Application A/c
(Application money received on 25,000 shares @ Rs. 4 per share)
Shares Application A/c
To Share Capital A/c (20,000 x Rs. 4)
To Shares Allotment A/c (5,000 x Rs. 4)
(Application money transferred to Share Capital Account on 20,000 shares and excess money adjusted towards Shares Allotment)
80,000
20,000
Hence, the correct option is 1.
Question : Assertion-Reason Questions: Chapter - Sources of Business Finance
Questions : Business Finance and Its Meaning
Assertion: Financial planning is necessary for achieving business objectives effectively.
Reason: Financial planning helps allocate funds optimally and avoids wastage.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Both assertion and reason are false.
Correct Answer: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Solution : The correct answer is (a) Both assertion and reason are true, and the reason is the correct explanation of the assertion.
The assertion is true. Financial planning is indeed necessary for achieving business objectives effectively. Financial planning involves setting goals, assessing the financial resources required to achieve those goals, and creating a strategy to allocate and manage those resources effectively to meet the business objectives.
The reason is the correct explanation. Financial planning helps allocate funds optimally and avoids wastage. By planning and managing finances effectively, a business can ensure that funds are allocated where they are needed most, avoiding unnecessary expenditures and optimizing resource utilization. This, in turn, helps the business achieve its objectives in a cost-effective and efficient manner.
Question : Select the option that can be used as a one-word substitute for the given group of words. Centre of public attention
Option 1: Ambiguity
Option 2: Obscurity
Option 3: Fuzziness
Option 4: Limelight
Correct Answer: Limelight
Solution : The correct choice is the fourth option.
Explanation: The term "limelight" is commonly used as a metaphor for being the centre of public attention or scrutiny. Historically, limelight was a bright light source used in theatres to illuminate performers on stage, making them the focal point for the audience. Over time, the word "limelight" has evolved to signify being in the public eye or the focus of attention. The meanings of the other options are as follows:
Therefore, the correct answer is limelight.
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