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.

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.
by

1 Answer

Answer :

TRUE
by

Related questions

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

Amount of calls in advance is treated as a) Secured creditor b) Preferential creditor c) Asset not specifically pledged d) Unsecured creditor

Description : Amount of calls in advance is treated as a) Secured creditor b) Preferential creditor c) Asset not specifically pledged d) Unsecured creditor

Last Answer : b) Preferential creditor

Any sum due to an employee out of provident fund is an example of : a) Unsecured creditors b) Preferential creditors c) Secured creditors d) Partly secured creditor

Description : Any sum due to an employee out of provident fund is an example of : a) Unsecured creditors b) Preferential creditors c) Secured creditors d) Partly secured creditor

Last Answer : b) Preferential creditors

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

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Last Answer : b) List B

Preferential creditors are treated as fully secured creditors when they can be fully paid.

Description : Preferential creditors are treated as fully secured creditors when they can be fully paid.

Last Answer : FALSE

Local taxes are an examples of secured creditors.

Description : Local taxes are an examples of secured creditors.

Last Answer : FALSE

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

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Preference dividend in arears on the date of winding up is a) Treated as Secured creditor b) Treated as Preferential creditor c) Treated as Over – riding preferential creditor d) Added to Preference Share Capital

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If a default is made in delivering the annual return to the Registrar , the company is likely to facea) Compulsory winding up by the tribunal. b) Voluntary winding by members. c) Voluntary winding up by creditors. d) None of the above

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When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

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As per AS-14 purchase consideration is payable to _________________. (A) Shareholders (B) Creditors (C) Debenture holders (D) Bank

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

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Last Answer : TRUE

Liability for compensation under Workmen’s Compensation Act is treated a) Secured creditor b) Preferential creditor c) Over – riding preferential creditor d) Unsecured creditor

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Last Answer : Over – riding preferential creditor

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

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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.

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

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

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Last Answer : TRUE

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

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Last Answer : Non-monetary,

___________ 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 _________ (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

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

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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

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