On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all:

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On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all:

1.Partner’s Capitals

2.Partner’s Loan to Firm

3. Partner’s additional capital

4. Outside Creditors

Posted Date:-2022-10-19 08:39:12

More MCQS Questions and answers

  1. A company has…………
  2. A company issues its shares at premium under which Section of Indian Companies Act, 2013 ?
  3. A joint stock company is :
  4. According to Table E of the Companies Act, 2013 interest on calls in arrears charged should not exceed :
  5. Amount of calls in Arrear is :
  6. An issue of shares which is not a public issue but offered to a selected group of persons is called :
  7. As per Table F the maximum rate of interest on calls in advance paid is:
  8. As per the Companies Act, only preference shares, which are redeemable within …………. can be issued.
  9. Balance of Forfeited Shares Account after reissue of forfeited shares is transferred to :
  10. Capital included in the liabilities of a company is called :
  11. Company can utilise securities premium for :
  12. Discount allowed on reissue of forfeited shares is debited to:
  13. Equity shareholders are :
  14. Forfeiture of shares results in the reduction of:
  15. If a share of ₹ 10 on which ₹ 8 has been called and ₹ 6 is paid is forfeited, the Share Capital Account should be debited with :
  16. If a share of ₹ 10 on which ₹ 8 has been paid up is forfeited, it can be reissued at the minimum price of…….
  17. If equity share of ₹ 10 Rs. each is issued at ₹ 12 each, it is called:
  18. If the loss on reissue of shares is less than the amount forfeited, the ‘surplus’ or profit is transferred to :
  19. If the total assets are ₹ 3,25,000 and the total outside liabilities ₹ 45,000 then the amount of all partner’s capital will be:
  20. Insolvency of a partner will come under what type of dissolution of a firm ?
  21. J. Ltd. re-issue 2,000 shares which where forfeited by crediting share forfeiture account by ₹ 3,000. These shares were re-issued at ₹ 9 per share. The amount transferred to capital reserve will be :
  22. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all:
  23. On dissolution of a firm, realisation account is debited with:
  24. On firm’s dissolution, which one of the following account should be prepared at the last ?
  25. Premium on issue of shares can be used for :
  26. Premium on issue of shares is a :
  27. Premium on issue of shares is shown on which side of the Balance sheet.
  28. Reight shares are the shares, which :
  29. Reserve capital means :
  30. Reserve share capital means :
  31. Secrities Premium can not be applied :
  32. Securities Premium is shown under which head in the Balance Sheet ?
  33. Share Allotment Account is :
  34. Share Application Account is :
  35. Shareholders get:
  36. Shares can be forfeited :
  37. Shares may be issued :
  38. The difference between subscribed capital and called up capital is called :
  39. The liability of members in a company is :
  40. The maximum capital beyond which a company is not allowed to raise funds, by issue of shares is called …………..
  41. The portion of the authorised capital which can be called-up only on the liquidation of the company is called:
  42. Total amount of liabilities side includes :
  43. Under the provisions of Companies Act, company can issue:
  44. What will be the total assets (except cash) of the firm from the following: if Creditor ₹ 15,000, Partner’s loan ₹ 10,000, Partners’ capital ₹ 40,000. Cash in hand ₹ 5,000
  45. When a company issues shares at a premium, amount of premium may be received by the company :
  46. When full amount is due on any call but it is not received, then the short fall is debited to :
  47. When shares are forfeited, the Share Capital Account is debited with:
  48. Which one of the following is the registered capital of the company ?
  49. Which statement is issued before the issue of shares ?
  50. Z & Co. forfeited 100 shares of 10 Rs. each for non-payment of final call of 2 Rs. per share. All the forfeited shares were re-issued at 9 Rs. per share. What amount will be transferred to Capital Reserve A/c ?
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