Solved Paper JOA Accounts Exam 2021 [Part-2] – HPSSC Hamirpur

61. Antonym of ‘Debilitating’ is

1. Strengthening
2. enfeebling
3. occupying
4. inhabiting

62. One word substitution for ‘Food’ which agrees with one’s taste’ is

1. pungent
2. palatable
3. sensuous
4. edible

63. Just try ………… it.

1. Do
2. Doing
3. To do
4. And do

64. Meaning of the idiom ‘To give/ get the bird’ is

1. To get awaited
2. To have good luck
3. To send away
4. To get the impossible

65. शुद्ध शब्द है

1. साहित्यीक
2. साहित्यिक
3. सहितियक
4. सहितियककक

66. ‘प्रारम्भ’ का संधि विछेद है

1. प्र+आरम्भ
2. प्र:+ आरम्भ
3. प्रार:+आरम्भ
4. प्रारब्ध+य

67. ‘देशरत्न’ में समास है

1. दन्त
2. तत्पुरुष
3. अव्यईभाव
4. बहुब्रीहि

68. ‘हत्या’ का विशेषण है

1. हत्या
2. हत्यारी
3. हत्त्यारा
4. हितैसी

69. Accounting furnishes data on

1. Income and cost for the managers
2. Financial conditions of the Institution
3. Company tax liability for a particular year
4. All of these

70. Long term assets having no physical existence but, possessing a value are called

1. Intangible assets
2. Fixed assets
3. Current assets
4. Investments

71. The Debts which are to be repaid within a short period (a year or less) are referred to as,

1. Current liabilities
2. Fixed liabilities
3. Contingent liabilities
4. All of these

72. Gross profit is

1. Cost of goods sold + opening stock
2. Excess of sales over cost of goods sold
3. Sales fewer purchases
4. Net profit fewer expenses of the period

73. In order to find out the value of closing stock during the end of financial year, we

1. Do this by stock taking
2. Deduct the cost of goods sold from sales
3. Deduct opening stock from the cost of goods sold
4. Look in the stock account

74. The charges of pacing commodities into a saleable condition should be changed to

1. Trading account
2. P &L A/c
3. Balance Sheet
4. None of these

75. Supplier Personal Account are seen in the

1. Sales Ledger
2. Nominal ledger
3. General Ledger
4. Purchase Ledger

76. Discounts received are

1. Deducted when we receive cash.
2. Given by us when we sell goods on credit
3. Deducted by us when we pay our accounts.
4. None of these

77. Sales invoices are first entered in

1. Cash Book
2. The sales Journal
3. The sales Account
4. The Purchase Journal

78. It is required to maintain fixed capitals then the Partner’s share of profits must be

1. Credited to Capital Account.
2. Credited to Partner’s Capital Accounts.
3. Debited to Capital Accounts.
4. Debited to Partner’s Capital Account

79. In case of Partnership the act of any partner is

1. Binding on all partners
2. Binding on that partner only
3. Binding on all partners except that particular partner
4. None of these

80. The relationship of partner with the firm is that of

1. An owner
2. An agent
3. Manager
4. An owner and an agent

81. Every partner is bound to attend diligently to his in the conduct of the business.

1. Rights
2. Meetings
3. Duties
4. Capital

82. On 1^st June, 2009 a partner introduced in the firm additional capital Rs. 50,000. In the absence of partnership deed, on 31-3-2020, he will receive interest.

1. 3000
2. Zero
3. 2,500
4. 1,800

83. A partner introduced additional capital of Rs 30,000 and advanced a loan of Rs. 40,000 to the firm at the beginning of the year. Partner will receive interest

1. 2,400
2. 4,200
3. Nil
4. 1,800

84. A & B are partner’s in a firm. A’s capital is Rs. 70,000 and B’s capital is Rs. 50,000. Firm’s profit is Rs. 60,000. B’s share in profit will be

1. 25,000
2. 35,000
3. 20,000
4. 30,000

85. Equity shares cannot be issued for the purpose of

1. Cash Receipts
2. Purchase of Assets
3. Redemption of Debentures
4. Distribution of Dividend

86. Reserve capital is also known by

1. Capital reserve
2. Called-up-capital
3. Subscribed Capital
4. None of these

87. In case of private placement of shares, the lock in period is

1. 5 years
2. 2 years
3. 3 years
4. None of these

88. As per SEBI guidelines, Application money should not be less than ……….. of the issue price of each share.

1. 25 %
2. 10%
3. 30%
4. 5%

89. A company issued 50,000 share of Rs 20 each at 5% premium. Rs. 10 were payable on application and balance on allotment. What will be the allotment account.?

1. 5,00,000
2. 5,50,000
3. 4,75,000
4. 5,25,000

90. Quick Ratio or Assets do not include

1. Cash in hand
2. Marketable securities
3. Prepaid expenses
4. Trade receivable

91. Current Assets Rs . 4,00,000, current liabilities Rs. 2,00,000 and inventory is Rs. 50,000. Liquid ratio will be

1. 75 : 1
2. 2:1
3. 25 :1
4. 4:7

92. Fixed assets of a company increased from Rs. 3,00,000 to Rs. 4,00,000. What is the percentage of change ?

1. 25%
2. 5%
3. 3 %
4. 3%

93. Payment of income tax is considered as

1. Direct expenses
2. Indirect expenses
3. Operating expenses
4. None of these

94. What is Gross Profit+ Material Consumed?

1. Purchases
2. Opening inventory
3. Revenue from operation
4. Closing inventory

95. Maximum number of members in a private company is

1. 50
2. 150
3. 200
4. No limit

96. Mention the net amount if ‘Source’ or ‘Use’ of cash when a fixed asset having book value of Rs. 15,000 is sold at a loss of Rs. 5,000

1. 5000
2. 7000
3. 12500
4. 10000

97. Which of the following item is considered as cash equivalents?

1. Marketable securities
2. Creditor
3. B/R
4. B/P

98. Zero coupon bonds are issued

1. At zero interest rate
2. Without specified rate of interest
3. With specified rate of interest
4. None of these

99. Debenture of a company can be issued

1. For cash
2. For consideration other than cash
3. As a collateral security
4. Any of the above

100. Interest on debenture issued as a collateral security is paid on

1. No interest is paid
2. Nominal value of debenture
3. Faced value of debenture
4. Paid value of debenture

101. Premium on Redemption of Debenture Account is

1. Real a/c
2. Nominal a/c
3. Personal a/c
4. None of these

102. A Ltd. Issued 1,000, 10% debentures of Rs. 100 each at a premium of 5 % What will be the total amount of interest for one year?

1. 11,000
2. 8,000
3. 10,000
4. 5,000

103. Subscription received by a college for organizing annual function is treated as

1. Capital Receipt
2. Revenue Receipt
3. Asset
4. Earned income

104. Subscription received in advance during the current year is

1. An income
2. A liability
3. an asset
4. An expenses

104. Salary paid for the year ended 31^st March, 2010 amounted to Rs. 75000. How much amount will be recorded in Income and Expenditure a/c. In following case?

31-3-2009              31-3-2010

Outstanding salary        6,500                        6,000

Prepaid salary                 1,200                       1,000

1. 65000
2. 64300
3. 75300
4. 74700

106. Out of the following items, which one is shown in the ‘Receipts and Payment Account’ of a not-for- profit organization?

1. Accrued subscription
2. Outstanding salary
3. Depreciation
4. None of these

107. On firm’s dissolution, which one of the following account should be prepared at the last?

1. Realisation a/c
2. Partner’s Capital a/c
3. Cash a/c
4. Partner’s Loan a/c

108. Profit or loss of Realization Account is transferred to

1. P & L a/c
2. Capital a/c of Partner’s
3. B/S
4. None of these

109. X agrees not to carry on a similar business with ‘Y’ for two years in consideration of Rs. 50,000 as goodwill. The agreement is

1. Void due to restraint of trade
2. Valid
3. Against X’s fundamental rights
4. None of these

110. An obligation arises from

1. A contract
2. From a wrongful Act
3. Both A and B
4. None of these

111. In India, the GST is a dual model of

1. U.K.
2. Canada
3. U.S.A.
4. Japan

112. The maximum amount deductible u/s 80TTA in respect on interest on saving bank account is

1. 150000
2. 20000
3. 90000
4. 10000

113. Service tax was introduced in India in the year?

1. 1993
2. 1996
3. 1980
4. 1994

114. Which ITR form number is to be used for filling the return of income by an individual having business income?

1. Form No. 2
2. Form No. 3
3. Form No. 1
4. Form No. 5

115. Unabsorbed Depreciation can be carried forward for

1. Any number of years
2. 8 years
3. 4 years
4. 7 years

116. Stock and debtor system is generally used when goods are sent to branch at

1. Cost price
2. Selling price
3. An invoice price
4. Credit sales

117. Under hired purchases system depreciation is charged on

1. Market price
2. Sale value of asset
3. Sales-cum-cost price
4. Cash price

118. Which of the following is known as dual method of share valuation?

1. Fair value method
2. Yield method
3. Growth model
4. Price earning ratio

119. Which of the following is an accounting system of paying out and subsequently replenishing petty cash?

1. Double entry system
2. Reimbursement system
3. Imprest system
4. All of these

120. Accounting is a

1. Physical Science
2. Social Science
3. Biological Science
4. Natural Science

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