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61.

Premium on redemption of debentures is accounted for in the:

A.	Personal account	B.	Real account
C.	Nominal account	D.	Assets account

62.

After debentures are redeemed, the balance in the sinking fund account is transferred to:

A.	Capital reserve	B.	General reserve
C.	Profit and loss account	D.	Secret reserve

63.

To the extent redemption of preferece shares takes place out of profits, an equal amount has to be transferred to:

A.	Development rebate reserve	B.	Capital redemption reserve
C.	General reserve	D.	Share premium account

64.

When shares are forfeited, the share capital account is debited by:

A.	Calls-in-arrears	B.	Called-up-amount
C.	Paid-up amount	D.	Face value of shares

65.

The profit on re-issuing forfeited shares is transferred to:

A.	Capital reserve	B.	Capital redumption reserve
C.	General reserve	D.	Revaluation reserve

66.

The share application account is a:

A.	Real account	B.	Personal account
C.	Nominal account	D.	Asset account

67.

The excess of purchase price over net assets is:

A.	Goodwill	B.	Capital reserve
C.	Preliminary expense	D.	Revenue reserve

68.

In the balance sheet of a company, the items goodwill, patents and trade marks are shown under the heading:

A.	Current assets	B.	Loans and advances
C.	Fixed assets	D.	Investments

69.

A preliminary expense is a:

A.	Current asset	B.	Fictitious asset
C.	Current liability	D.	Non-current liability

70.

Divisible profits do not include:

A.	Reserve fund	B.	Profit on revaluation of assets
C.	Post-incorporation profits	D.	None of the above