As part of our Winner’s Curry Series, We will bring you 10 questions daily for IBPS RRB Specialist officers exam. Have a look at the questions, Check their answers at the bottom and don’t forget comment your queries below

Today’s RRB Specialist : Chartered Accountant (Scale II)

1.For how many proceeding years should the Account books be preserved in good condition?
1 5
2 8
3 10
4 135

 

 2.According to companies Act, a “reserve capital” is created
1 for a specific purpose at any time during its working life.
2 for issue to the existing shareholders as rights issue of shares
3 as the uncalled portion of share capital of a limited company to be called only in the event of winding up.
4 for conversion of FCDS into equity shares
3.When a firm is dissolved, profit or loss on realisation is shared by the partners
1 equally
2 in the ratio of their capital balances
3 in the profit sharing ratio
4 in the ratio laid down in Garner. V.Murray

 

4.C and D are equal partners. Their capital balances on dissolution of the firm are C Rs.25000 and D Rs.15000. Total Cash available is Rs.30000. how should this cash be distributed between C and D?

1 Rs.15000 each
2 Rs.20000 to C and Rs.10000 to D
3 Rs.18750 to C and 11250 to D
4 According to decision in Garner V Murray

 

5.At the time of dissolution, an unrecorded asset taken by Mr. X, a partner should be debited to

1 Mr. X’s capital account
2 realisation account
3 assets account
4 all of these

 

6.In Garner V. Murray the deficiency of the insolvent partners in borne by other partner in the

1 profit sharing ratio
2 ratio of their capitals
3 equal share by each
4 all of these

 

7.The remuneration payable to a whole-time director of the company should not exceed

1 5% of the net profits
2 5% of the net profits
3 7% of the net profits
4 10% of the net profits

 

8.In what order the following items are shown on the liability side of the balance-sheet
I. Share capital
II. Debentures
III. Sundry creditors
IV. Proposed dividends
Codes:

1 I, II, III, IV
2 I, III, II, IV
3 II, III, IV, I
4 I, IV, II, III

 

9.If on a share of Rs.100 and called-up capital Rs.90 while the company received Rs.80, the capital account should be credited with

1 Rs.100
2 Rs.90
3 Rs.80
4 Rs.70

 

10.Unclaimed dividend is shown in the balance sheet under the heading as

1 current liabilities
2 unsecured loans
3 reserves and surplus
4 all of these

 

Answers:

1: 2
2: 3
3: 3
4: 2
5: 1
6: 2
7: 1
8: 1
9: 2
10: 1
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