60. In the absence of an agreement, Section 13 of Indian Partnership Act says that interest on

61.

62,

06.

66.

loan given by a partner will be calculated at the rate of
(A) 5% B) 8%
(0) 10% (D) 6%

X’ and Y’ are partners in a firm sharing profits and losses in the ratio 2:1. They admit ‘2’ as
new partner who will be paid 1/69 share in profits. The new profit sharing ratio will be :

(4) 83 (8) 6231
(C) 6 (D) 2:1:6

On admission of a partner if goodwill is raised at its full value, it should be debited to :
(ಯ) Cash A/IC (B) 016 partner’s capital A/C
(€) Goodwill A/C (D) None of the above

The amount of compensation payable to a retiring partner by remaining partners will be
based on :

(ಗಿ) Old ratio (B) Gaining ratio
(0) New ratio (D) Capital ratio

When a partner dies and the remaining partners carry on business without final settlement
the executers of the deceased partner are entitled to :

(A) 6% interest on the amount due up to date of payment

(B) Such share of profits as may be attributable to the use of the amount due in the
business

(C) Either of the above two options at the discretion of executors

(D} None of the above

Which of the following statement is not true in relation to stocks issued by a company?
[A) Stocks are fully paid up
(B) Stocks can be registered or unregistered
(0) Shares of a company cannot be offered directly in the form of stocks
(10) Btocks cannot be transferred in parts

Section 78 of Companies Act gives the purposes for which securities premium A/C can be
applied. Identify the inappropriate one :

(ಗಿ) Issue of bonus shares

(8) Acquisition of capital assets

(C) Premium payable on redemption of preference shares or ordinary shares
(D) Writing off preliminary expenses

43/2014 10 A