D:-provision for tax

Correct Answer:- Option-D
Question66:-Royalty paid on the output produced by a firm is a part of

A:-production overhead

B:-prime cost

C:-administration overhead

D:-none of these

Correct Answer:- Option-B
Question67:-The Yuvadhara arts and sports club has a tournament fund Rs.40,000 which is invested in a fixed deposit
account with a bank.During the current year the interest received on the investment is Rs.4,000.The tournament expenses
for the year is Rs .10,000. The balance of tournament fund to be shown in the balance sheet at the end of the year would be

A:-Rs.40,000

B:-Rs.44,000

C:-Rs.30,000

D:-Rs.34,000

Correct Answer:- Option-D
Question68:-The followinging information are available from the books maintained by a not-for-profit organisatio.
Subscription received for the year 2014 as per receipts and payment account Rs.15,000.
subscription outstanding on 31-12-2014-Rs.5,000; subscription outstanding on 01-01-2014 Rs 2,000 ; subscription received
in advance on 31-12-2014 is Rs.3,000.The amount of subscription to be credited to income and expenditure account for the
year 2014 would be

A:-Rs.21,000
B:-Rs.15,000
C:-Rs.19,000
D:-Rs.14,000
Correct Answer:- Option-B

Question69:-A company issues equity shares of Rs10 each for Rs.11 per share; payable Rs 3 on application; Rs. 4 on
allotment (including premium) and Rs.2 each on first call and second call.A share holder who holds one share , failed to pay
the second call money and the share was subsequently forfeited.If the share is reissued at Rs.8 paid up for Rs.6 per share ,
the amount transferred to capital reserve is

A:-Rs.2

B:-Rs.8

C:-Rs.6

D:-Rs.9

Correct Answer:- Option-C
Question70:-The total price of a contract is RS.4,00,000;the value of work certified is Rs 2,00,000;cash received is Rs
1,00,000; and the notional profit of the contract is Rs.60,000.The profit credited to profit and loss account would be

A:-Rs.25,000

B:-Rs.10,000

C:-Rs.30,000

D:-Rs.20,000

Correct Answer:- Option-D

Question71:-When prior to the due date of performance, the promisor absolutely refuses to perform the contract, it is known
as

A:-Abandonment of contract
Remission of contract
C:-Actual breach of contract
D:-Anticipatory breach of contract
Correct Answer:- Option-D
Question72:-A contract dependent on the happening or non happening of future uncertain event is termed as
A:-Uncertain contract
B:-Contingent contract
C:-Quasi contract
D:-Voidable contract
Correct Answer:- Option-B
Question73:-Which among the following is called an agreement not supported by consideration?
A:-Nudum pactum
B:-Ab-initio
C:-Invalid consideration
D:-Namo dat quod non habet
Correct Answer:- Option-A