July 2016 - Paper2

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3. July 2016
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6:  

X Ltd. purchased 70 percent of the shares of Y Ltd. at a price of ₹1,00,000. Share capital

 

of Y Ltd. was of ₹70,000 and its accumulated profits amounted to ₹90,000. What would

 

be the amount of Minority Interest in the consolidated Balance Sheet ?

A.	₹25,000
B.	₹70,000
C.	₹1,00,000
D.	₹40,000
	Answer Report Discuss
	Option: A Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

7:  

Match the items in Column – I with the items in Column – II and indicate the correct code :

 

A.	i ii iii iv
B.	iii iv i ii
C.	iii iv ii i
D.	ii iii iv i
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	Option: B Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

8:  

Ram and Shyam are partners in a firm with capital of ₹4,80,000 and ₹3,10,000, respectively. They admitted Ganesh as a partner with ¼th share of profit. Ganesh brings ₹3,00,000 as his capital. Ganesh’s share of goodwill will be

A.	₹1,10,000
B.	₹27,500
C.	₹17,500
D.	₹70,000
	Answer Report Discuss
	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

9:   Which of the following is a deferred revenue expenditure ?

A.	Legal expenses incurred on the purchase of land.
B.	Expenses on a mega advertisement campaign while launching a new product.
C.	Expenses incurred on installation of a new machine.
D.	Wages paid for construction of an additional room in the building.
	Answer Report Discuss
	Option: D Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

10:   The amount of depreciation charged to Profit and Loss Account varies every year under :

A.	Fixed instalment method
B.	Annuity method
C.	Diminishing balance method
D.	Insurance policy method
	Answer Report Discuss
	Option: A Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

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