Subject Code / Name: 16BBAT 45. Gross profit or Gross loss as revealed by Trading account is transferred to O A. Balance sheet O B. P&L a/c O C. Manufacturing a/c O D. P&L appropriation a/c 52. Provision for bad debts is O A. A recovery on loss incurred by bad debts it is a credit balance on TB O B. An increase in the total drs it is a debit on TB O C. A Contingency fund and it will never appear in TB D. Savings used to pay the creditors and it appears in the adjustments while preparing final accounts 54. On liquidation of company, principal amount of debentures is returned: O A. First of all O B. Last of All O C. Before Equity Shareholders are paid O D. After Equity Shareholders are paid 55. 'A' Limited purchased the assets from 'B' Limited for 28,10,000. 'A' Limited issued 10% debentures of 2100 each at 10% discount against the payment. The number of debentures received by 'B' Limited will be: O A. 8,100 O B. 9,000 O C. 90,000 O D. None of these 69. Which of the following is not required to be prepared under the Companies Act O A. Report of Director's and Auditor's O B. Statement of Profit and Loss O C. Balance Sheet O D. Funds Flow Statement 60. 'A' Limited purchased the assets from 'B' Limited for 25,40,000.'A' Limited issued 10% debentures of 2100 each at 10% discount against the payment. The number of debentures received by 'B' Limited will be: O A. 54,000 O B. 5,400 O C. 60,000 O D. None of the these Subject Code / Name : 16BBA1C06-FINANCIAL ACCOUNTING 62. If common stock is issued for an amount greater than par value, the excess should be credited to? O A. Cash O B. Retained Earnings O C. Paid-in Capital in Excess of Par Value O D. Legal Capital 63. Which option gives a review report on the firm's financial status at a specified date? O A. Income & Expenditure Account O B. Balance Sheet O C. Profit & Loss Account O D. Cash Flow Statement 64. Securities Premium Account is shown on the liabilities side in the Balance Sheet under the heading: O A. Reserve & Surplus B. Current Liabilities & Provisions O C. Share Capital O D. Contingent Liabilities 70. Which of the following is not included in Short-term Borrowings? O A. Retirement benefits to employees O B. Loans repayable on demand O C. Bank Overdraft O D. Cash Credits from Banks