The Amalgamation Adjustment Account appears in the books, it is shown under the heading of ......... in the balance sheet. (A) Reserve and Surplus (B) Fixed Assets (C) Investments (D) Miscellaneous Expenditure

The Amalgamation Adjustment Account appears in the books, it is shown under the
heading of ......... in the balance sheet.
(A) Reserve and Surplus (B) Fixed Assets
(C) Investments (D) Miscellaneous Expenditure
by

1 Answer

Answer :

(B) Equity Shareholders Account
by

Related questions

The Amalgamation Adjustment Account appears in the books, it is shown under the heading of ......... in the balance sheet. (A)Reserve and Surplus (B)Fixed Assets (C)Investments (D)Miscellaneous expenditure

Description : The Amalgamation Adjustment Account appears in the books, it is shown under the heading of ......... in the balance sheet. (A)Reserve and Surplus (B)Fixed Assets (C)Investments (D)Miscellaneous expenditure

Last Answer : (D)Miscellaneous expenditure

The original amount of preference share capital should be transferred to ............ account in the time of amalgamation in the books of vendor co. (A) Preference shareholders Account (B) Capital Reserve Account (C) Equity share capital Account (D) Equity share capital Account

Description : The original amount of preference share capital should be transferred to ............ account in the time of amalgamation in the books of vendor co. (A) Preference shareholders Account (B) Capital Reserve Account (C) Equity share capital Account (D) Equity share capital Account

Last Answer : (A) Preference shareholders Account

Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Description : Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Last Answer : (B) Rs. 4,00,000

Which of the following statement is correct? (A) The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only (B) The amount of Goodwill or Capital Reserve is recorded in the books of vendor company only. (C) Goodwill = Net Assets – Purchase price (D) The face value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Description : Which of the following statement is correct? (A) The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only (B) The amount of Goodwill or Capital ... value of shares of purchasing company will be taken in to account while calculating purchase consideration.

Last Answer : The amount of Goodwill or Capital Reserve is recorded in the books of purchasing company only

Fixed assets, inventories and investments in Equity shares are examples of ____________ items.

Description : Fixed assets, inventories and investments in Equity shares are examples of ____________ items.

Last Answer : Non-monetary,

Surplus , if any , from the creditors having been secured on the assets specially pledged , is added to the estimated realisable value of the assets not specifically pledged.

Description : Surplus , if any , from the creditors having been secured on the assets specially pledged , is added to the estimated realisable value of the assets not specifically pledged.

Last Answer : TRUE

If amalgamation is in the ..............., the General Reserve or Profit and Loss A/c balance will not be shown in the balance sheet. (A)Form of Merger (B)Form of purchase (C)Net assets method (D)Consideration method

Description : If amalgamation is in the ..............., the General Reserve or Profit and Loss A/c balance will not be shown in the balance sheet. (A)Form of Merger (B)Form of purchase (C)Net assets method (D)Consideration method

Last Answer : (B)Form of purchase

Himanshi Ltd. purchase consideration is Rs.22,345 and Net Assets Rs.6,568, then........... (A) Goodwill Rs. 15,777 (B) Capital Reserve Rs. 15,777 (C) Goodwill Rs. 28,913 (D) Capital Reserve Rs. 28,913

Description : Himanshi Ltd. purchase consideration is Rs.22,345 and Net Assets Rs.6,568, then........... (A) Goodwill Rs. 15,777 (B) Capital Reserve Rs. 15,777 (C) Goodwill Rs. 28,913 (D) Capital Reserve Rs. 28,913

Last Answer : (A) Goodwill Rs. 15,777

Net Assets minus Capital Reserve is _________ (A) Goodwill (B) Total assets (C) Purchase consideration (D) None of these

Description : Net Assets minus Capital Reserve is _________ (A) Goodwill (B) Total assets (C) Purchase consideration (D) None of these

Last Answer : (C) Purchase consideration

When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these

Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these

Last Answer : (A) Debited to Goodwill A/c

When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these (D) Debited to Capital Reserve

Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these (D) Debited to Capital Reserve

Last Answer : While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital

Land held for future use will be reported in the ____________ section of a classified balance sheet. a. Long-term assets. b. Long-term investments. c. Property, Plant and Equipment. d. Current assets..

Description : Land held for future use will be reported in the ____________ section of a classified balance sheet. a. Long-term assets. b. Long-term investments. c. Property, Plant and Equipment. d. Current assets..

Last Answer : b. Long-term investments.

Monetary items _________ (a) Are assets and liabilities to be received or paid in money (b) Are assets to be received in fixed or determinable amounts of money (c) Are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money (d) None of the above

Description : Monetary items _________ (a) Are assets and liabilities to be received or paid in money (b) Are assets to be received in fixed or determinable amounts of money (c) Are money held and assets and ... to be received or paid in fixed or determinable amounts of money (d) None of the above

Last Answer : Are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money

The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the ____________ rate.

Last Answer : Closing

The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the __________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Description : The contingent liability denominated in foreign currency at the balance sheet date is disclosed by using the __________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Last Answer : Closing

Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above

Description : Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above

Last Answer : b) Transaction

The exchange rate at the balance sheet date is known as ________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Description : The exchange rate at the balance sheet date is known as ________ (a) Average Rate (b) Closing Rate (c) Non-monetary Rate (d) Monetary Rate

Last Answer : (b) Closing Rate

Amalgamation of companies is governed by - (A) AS -14 (B) AS-11 (C) AS- 13 (D) AS-9

Description : Amalgamation of companies is governed by - (A) AS -14 (B) AS-11 (C) AS- 13 (D) AS-9

Last Answer : (A) AS -14

When company purchases the business of another company ........ comes into existence. (A) Amalgamation (B) Absorption (C) External Reconstruction (D) Internal Reconstruction

Description : When company purchases the business of another company ........ comes into existence. (A) Amalgamation (B) Absorption (C) External Reconstruction (D) Internal Reconstruction

Last Answer : (B) Absorption

Both of the old companies will not exist in ........... (A) Internal reconstruction (B) Absorption (C) External reconstruction (D) Amalgamation

Description : Both of the old companies will not exist in ........... (A) Internal reconstruction (B) Absorption (C) External reconstruction (D) Amalgamation

Last Answer : (D) Amalgamation

In amalgamation of two companies (A) Both companies lose their existence (B) Both companies continue (C) Any one company continues

Description : In amalgamation of two companies (A) Both companies lose their existence (B) Both companies continue (C) Any one company continues

Last Answer : (A) Both companies lose their existence

In case of .............., one existing company takes over the business of another company and no new company is formed.(A) Amalgamation (B) Absorption (C) Reconstruction (D) None of the Above

Description : In case of .............., one existing company takes over the business of another company and no new company is formed.(A) Amalgamation (B) Absorption (C) Reconstruction (D) None of the Above

Last Answer : (B) Absorption

When one of the existing companies take over business of another company or companies, it is known as ........... (A) Amalgamation (B) Absorption (C) Internal reconstruction (D) External reconstruction

Description : When one of the existing companies take over business of another company or companies, it is known as ........... (A) Amalgamation (B) Absorption (C) Internal reconstruction (D) External reconstruction

Last Answer : (B) Revised Value

When two or more companies carrying on similar business decide to combine, a new company is formed, it is known as .................. (A) Amalgamation (B) Absorption (C) Internal reconstruction (D) External reconstruction

Description : When two or more companies carrying on similar business decide to combine, a new company is formed, it is known as .................. (A) Amalgamation (B) Absorption (C) Internal reconstruction (D) External reconstruction

Last Answer : (A) Amalgamation

Amalgamation of companies is governed by AS 13.

Description : Amalgamation of companies is governed by AS 13.

Last Answer : FALSE

External reconstruction is more or less same as that of amalgamation in the nature of purchase.

Description : External reconstruction is more or less same as that of amalgamation in the nature of purchase.

Last Answer : TRUE

On amalgamation , payment to creditors do not form part Purchase of Consideration

Description : On amalgamation , payment to creditors do not form part Purchase of Consideration

Last Answer : TRUE

Accounting standard (AS) 14 not distinguish between amalgamation and absorption.

Description : Accounting standard (AS) 14 not distinguish between amalgamation and absorption.

Last Answer : TRUE

In amalgamation of companies there are two or more liquidation and one formation.

Description : In amalgamation of companies there are two or more liquidation and one formation.

Last Answer : TRUE

In the Statement of Affairs , unpaid calls are to be included under assets.

Description : In the Statement of Affairs , unpaid calls are to be included under assets.

Last Answer : TRUE

The assets which is not taken under the net assets method of calculating Purchase Consideration is: (A) Loose Tools (B) Bills Receivable (C) Machinery (D) Share issued expenses

Description : The assets which is not taken under the net assets method of calculating Purchase Consideration is: (A) Loose Tools (B) Bills Receivable (C) Machinery (D) Share issued expenses

Last Answer : (D) Share issued expenses

List A in statement of affairs gives in the list of a) Assets specifically pledged b) Assets not specifically pledged c) Preferential creditors d) Unsecured creditors

Description : List A in statement of affairs gives in the list of a) Assets specifically pledged b) Assets not specifically pledged c) Preferential creditors d) Unsecured creditors

Last Answer : b) Assets not specifically pledged

___________ items are assets and liabilities other than monetary items.

Description : ___________ items are assets and liabilities other than monetary items.

Last Answer : Non-monetary,

Monetary items are defined by AS 11 as assets and liabilities other than non-monetary items.

Description : Monetary items are defined by AS 11 as assets and liabilities other than non-monetary items.

Last Answer : FALSE

Net Assets of D.Co. for Purchase Consideration worth Rs. 4,00,000. At the time of absorption, the company has paid 32,000 equity shares each of Rs.10 each at 10% premium, then remaining cash will be - (A) Rs. 48,000 (B) Rs. 84,000 (C) Rs. 80,000 (D) Rs. 90,000

Description : Net Assets of D.Co. for Purchase Consideration worth Rs. 4,00,000. At the time of absorption, the company has paid 32,000 equity shares each of Rs.10 each at 10% premium, then remaining cash will be - (A) Rs. 48,000 (B) Rs. 84,000 (C) Rs. 80,000 (D) Rs. 90,000

Last Answer : (A) Rs. 48,000

If the intrinsic values of shares exchanged are not equal, the difference is paid in ........... (A) Cash (B) Debenture (C) Pref. share (D)Assets

Description : If the intrinsic values of shares exchanged are not equal, the difference is paid in ........... (A) Cash (B) Debenture (C) Pref. share (D)Assets

Last Answer : (A) Cash

While calculating purchase price, the following values of assets are considered (A) Book value (B) Revised Value

Description : While calculating purchase price, the following values of assets are considered (A) Book value (B) Revised Value

Last Answer : (B) Revised Value

In computing purchase consideration by ‘net asset method’ all assets including fictitious assets should be considered.

Description : In computing purchase consideration by ‘net asset method’ all assets including fictitious assets should be considered.

Last Answer : FALSE

Secured creditors are shown in the statement of affairs under a) List A b) List B c) List C d) List D

Description : Secured creditors are shown in the statement of affairs under a) List A b) List B c) List C d) List D

Last Answer : b) List B

When liquidation expenses is paid and borne by seller company then it is debited to_____ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.

Description : When liquidation expenses is paid and borne by seller company then it is debited to_____ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.

Last Answer : (C) Realisation A/c

The income summary account a. is a permanent account. b. appears on the balance sheet. c. appears on the income statement. d. is a temporary account.

Description : The income summary account a. is a permanent account. b. appears on the balance sheet. c. appears on the income statement. d. is a temporary account.

Last Answer : d. is a temporary account.

Under purchase method the difference between the purchase consideration and share capital of the transferee company should be adjusted to: A. General reserve B. Amalgamation adjustment account C. Goodwill or capital reserve D. None of the above

Description : Under purchase method the difference between the purchase consideration and share capital of the transferee company should be adjusted to: A. General reserve B. Amalgamation adjustment account C. Goodwill or capital reserve D. None of the above

Last Answer : C. Goodwill or capital reserve

Under pooling of interest method the difference between the purchase consideration and share capital of the transferee company should be adjusted to: A. General reserve B. Amalgamation adjustment account C. Goodwill or capital reserve D. None of the above

Description : Under pooling of interest method the difference between the purchase consideration and share capital of the transferee company should be adjusted to: A. General reserve B. Amalgamation adjustment account C. Goodwill or capital reserve D. None of the above

Last Answer : A. General reserve

The liquidator is not entitled to claim remuneration on the cash balance unless otherwise given.

Description : The liquidator is not entitled to claim remuneration on the cash balance unless otherwise given.

Last Answer : TRUE

The heading for a post-closing trial balance has a date line that is similar to the one found on a. a balance sheet. b. an income statement. c. an stockholders' equity statement. d. the worksheet.

Description : The heading for a post-closing trial balance has a date line that is similar to the one found on a. a balance sheet. b. an income statement. c. an stockholders' equity statement. d. the worksheet.

Last Answer : a balance sheet.

In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.

Description : In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.

Last Answer : a. in current assets immediately following accounts receivable.

Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.

Description : Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.

Last Answer : Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.

patient has complete ptosis in hih rt eye. pupil is out and down, fixed dilated. restricted ocular movements. dx a. 3rd n palsy. b. 4th n palsy. c. 3rd and 4th. d. 6th n palsy

Description : patient has complete ptosis in hih rt eye. pupil is out and down, fixed dilated. restricted ocular movements. dx a. 3rd n palsy. b. 4th n palsy. c. 3rd and 4th. d. 6th n palsy

Last Answer : a. 3rd n palsy.

Following is not a fixed asset - (A) Goodwill (B) Loose Tools (C) Copyright (D) Livestock

Description : Following is not a fixed asset - (A) Goodwill (B) Loose Tools (C) Copyright (D) Livestock

Last Answer : B) Loose Tools

LLP must Maintain books of accounts on accrual basis.

Description : LLP must Maintain books of accounts on accrual basis.

Last Answer : FALSE