Question : On 1st April 2018, X Ltd. issued 20,000, 10% Debentures of Rs.100 each at a discount of 5% redeemable at a premium of 4% after 5 years. It is decided to write off the loss on the issue of debentures in the year ended 31st March 2019. It has the following balances :
Capital Reserve Rs.1,00,000 and Securities Premium Reserve Rs.50,000.
Question:- Which of the following statements is correct /true?
Option 1: Discount or Loss on issue may also be written off during the tenure (life) of the debentures either by Writing off an equal amount each year; or
Option 2: Writing off proportionate amount each year
Option 3: Both A and B
Option 4: None of the above
Correct Answer: Both A and B
Solution : Answer = Both A and B
Discounts on the issue of debentures may be written off during the life of the debentures either by writing off an equal amount each year or a proportionate amount each year.
Hence, the correct option is 3.
Question : Comprehension:
In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank.
Due to the fact that Shakespeare didn't produce an autobiography, (1)___________ is known about many parts of his life and some of it remains a (2)__________! Sometime before 1590, Shakespeare left Stratford. But where did he go? Again, it is not clear why, although one story suggests it is because he had been forced to run away from home after poaching deer! Little is known about what he did but eventually he travelled to London, which was the biggest city in England, though much (3)_________ than it is today. London provided opportunities unavailable anywhere else in the country and many poor people went hoping to make their fortunes. Importantly for Shakespeare, London had theatres! The first of these was opened in 1576 and by 1590 there were several 'playhouses' including the Rose, the Theatre and the Curtain. (4)_____________ Shakespeare became an actor. However, he was soon writing plays too and by 1592, Shakespeare's work was being spoken about. One (5)__________ writer - Robert Greene - wrote rude things about this newcomer and referred to him as an 'upstart crow'. Disaster struck in 1593 when a terrible disease called the plague hit London. Thousands of people became unwell and died and this caused the theatres to shut. Rather than giving up, Shakespeare turned to writing poems rather than plays and soon the theatres were reopened.
Question:
Select the most appropriate option to fill in the blank no. 3.
Option 1: Smaller
Option 2: bigger
Option 3: younger
Option 4: larger
Correct Answer: Smaller
Solution : The correct choice is the first option.
"Smaller" is the appropriate term to convey the comparative aspect, emphasising the reduced size of London in the historical context being described in the passage. The term smaller accurately conveys the idea that, at the time being referred to in the passage, London was not as large or expansive as it is in contemporary times.
Therefore, the right word to fill in the blank is smaller.
Question : Comprehension:
Read the given passage and answer the questions that follow.
Plato is the earliest important educational thinker, and education is an essential element in 'The Republic' (his most important work on philosophy and political theory, written around 360 B.C.). In it, he advocates some rather extreme methods: removing children from their mothers' care and raising them as wards of the state, and differentiating children suitable to the various castes, the highest receiving the most education, so that they could act as guardians of the city and care for the less able. He believed that education should be holistic, including facts, skills, physical discipline, music, and art. Plato believed that talent and intelligence are not distributed genetically and thus can be found in children born to all classes, although his proposed system of selective public education for an educated minority of the population does not really follow a democratic model.
Aristotle considered human nature, habit, and reason to be equally important forces to be cultivated in education, the ultimate aim of which should be to produce good and virtuous citizens. He proposed that teachers lead their students systematically, and that repetition be used as a key tool to develop good habits, unlike Socrates' emphasis on questioning his listeners to bring out their own ideas. He emphasized the balancing of the theoretical and practical aspects of subjects taught, among which he explicitly mentions reading, writing, mathematics, music, physical education, literature, history, and a wide range of sciences, as well as play, which he also considered important.
Question:
Aristotle believed that virtuous citizens could be produced by cultivating:
Option 1: art and music
Option 2: mathematics and science
Option 3: theoretical aspects of education
Option 4: habit and reason
Correct Answer: habit and reason
Solution : The fourth option is the correct choice.
Aristotle believed that virtuous citizens could be produced by cultivating habit and reason.
Explanation:
In the passage, it is mentioned that Aristotle considered human nature, habit, and reason to be equally important forces to be cultivated in education. Aristotle's educational philosophy emphasised the development of good habits (habit) and the cultivation of rational thinking (reason) as crucial elements in shaping individuals into virtuous citizens.
Question : On 1st April, 2018 X Ltd. issued 20,000, 10% Debentures of Rs.100 each at a discount of 5% redeemable at a premium of 4% after 5 years. It decided to write off loss on issue of debentures in the year ended 31st March, 2019. It has the following balances :
Capital Reserve Rs.1,00,000 and Securities Premium Reserve Rs.50,000.
Question:- At the time of writing off loss on issue of debenture. Statement of profit and loss account will be __________.
Option 1: Debited by Rs. 1,80,000
Option 2: Credited by Rs. 30,000
Option 3: Debited By Rs.1,30,000
Option 4: None of the above
Correct Answer: Debited By Rs.1,30,000
Solution : Answer = Debited By Rs.1,30,000
Journal entry will be:
Securities Premium Reserve A/c Dr 50,000
The surplus in Profit and loss A/c Dr 1,30,000
To Loss on the issue of Debentures A/c 1,80,000
Hence, the correct option is 3.
Question : Comprehension:
In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank.
Due to the fact that Shakespeare didn't produce an autobiography, (1)___________ is known about many parts of his life and some of it remains a (2)__________! Sometime before 1590, Shakespeare left Stratford. But where did he go? Again, it is not clear why, although one story suggests it is because he had been forced to run away from home after poaching deer! Little is known about what he did but eventually, he travelled to London, which was the biggest city in England, though much (3)_________ than it is today. London provided opportunities unavailable anywhere else in the country and many poor people went hoping to make their fortunes. Importantly for Shakespeare, London had theatres! The first of these was opened in 1576 and by 1590 there were several 'playhouses' including the Rose, the Theatre and the Curtain. (4)_____________ Shakespeare became an actor. However, he was soon writing plays too and by 1592, Shakespeare's work was being spoken about. One (5)__________ writer - Robert Greene - wrote rude things about this newcomer and referred to him as an 'upstart crow'. Disaster struck in 1593 when a terrible disease called the plague hit London. Thousands of people became unwell and died and this caused the theatres to shut. Rather than giving up, Shakespeare turned to writing poems rather than plays, and soon the theatres were reopened.
Question:
Select the most appropriate option to fill in the blank no. 1.
Option 1: little
Option 2: insufficient
Option 3: miniscule
Option 4: ample
Correct Answer: little
Solution : The correct choice is the first option.
Little is an appropriate choice to convey the idea that only a small amount of information is available, emphasising the limited knowledge about Shakespeare's life due to the absence of an autobiography.
Therefore, the right word to fill in the blank is little.
Ilets sample paper for reading, writing, listening, speaking
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