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- 1. Multiple Choice
When contingent liability is waived capital reduction account
is debited
is credited
will have No effect
will be closed
will have No effect
- 2. Multiple Choice
Reducing the claims of creditor is an example of
Reduction in capital
Alteration of share holders' rights
Compromises and arrangements
Variation in share holders rights
- 3. Fill in the Blank
____________Account is debited when an asset is appreciated
- 4. Multiple Choice
In case of Internal Reconstruction , the company is
wound up
Merged with another co.
Turn around
Taken over
- 5. Multiple Choice
In case of consolidation, the number of shares
Increases
Decreases
Remains same
get doubled
- 6. Multiple Choice
Issue of new 8% preference shares for old 7% preference shares is an example of
Alteration in share holders' rights
Compromise
Reduction in capital
Variation in share holders' rights
- 7. Fill in the Blank
__________________ account is debited when contingent liability is paid.
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