11. When debentures are issued at a discount and then are redeemable at a premium. Which among following account is debited at the time of issue of debentures?

1. Debenture Account
2. Premium on redemption of debentures account
3. Discount on Issue of Debentures Account
4. Capital Reserve Account
5. All of the above

Option “3” is correct.
When debentures are issued at a discount and then are redeemable at a premium, then it is termed as issue of debenture at discount and redeemable at premium.
12. Loss on issue of debentures is treated as-

1. Miscellaneous expenditure
2. Tangible assets
3. Non-current liabilities
4. Non-current assets.
5. None of the above

Option “1” is correct.
Discount or loss on issue of debentures is a capital loss to be written off over a period of time depending upon the terms of issue, before the redemption of such debentures. The loss is recorded under the head of miscellaneous expenditure in balance sheet on asset side.
13. Interest Payable on debentures is-

1. An appropriation of profit of the company
2. A charge against profits of the company.
3. Transferred to Sinking Fund A/C
4. Treated as Miscellaneous Expenditure to be shown in Balance Sheet.
5. All of the above

Option “2” is correct.
Interest on debenture is a charge opposite to the profit of the enterprise and has to be paid whether the enterprise has acquired any profit.
14. Debentures can be-

I. Mortgage or Simple Debentures
II. Registered or Bearer Debentures
III. Redeemable Debentures or Irredeemable Debentures
IV. Convertible Debentures or Non-Convertible Debentures

1. Both I and II above
2. Both I and Ill above
3. Both II and III above
4. Both II and IV above
5. All of the above

Option “5” is correct.
Debentures can be
I. Mortgage or Simple Debentures
II. Registered or Bearer Debentures
III. Redeemable Debentures or Irredeemable Debentures
IV. Convertible Debentures or Non-Convertible Debentures
15. Which among the following is not correct regarding debentures?

1. They can be issued for cash
2. They can be issued for consideration other than cash
3. A company can buy its own debentures
4. They can be issued in lien of dividend
5. All of the above

Option “4” is correct.
The debentures cannot be issued in lien of dividend.
16. Debenture Interest is:

1. Accrues only in case of profits
2. Is payable out of post-tax profits
3. Accrues in case of loans or inadequate profits
4. Payable before the payment of any dividend on shares.
5. All of the above

Option “4” is correct.
Debenture interest is payable after the payment of preference dividend but before the payment of any dividend on shares.
17. When debentures are issued as collateral security for a loan then such debenture holders are entitled to:

1. Interest on the amount of loan
2. Interest on the amount of debenture
3. No interest amount
4. None of the above
5. All of the above

Option “1” is correct.
When debentures are issued as collateral security for a loan then such debenture holders are entitled to the Interest on the amount of loan but not on the debentures issued as collateral security.
18. LIC established its mutual fund in?

1. June 1980
2. April 1989
3. July 1989
4. May 1989
5. June 1981

Option “2” is correct.
LIC Mutual Fund was established on 20th April 1989
19. GIC had set up its mutual fund in?

1. December 1990
2. April 1990
3. June 1990
4. July 1990
5. None of these

Option “1” is correct.
GIC had set up its mutual fund in December 1990.
20. In which year, the first Mutual Fund Regulations came under which all mutual funds except UTI were to be registered and governed?

1. 1985
2. 1991
3. 1993
4. 1990
5. 1992

Option “3” is correct.
1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993.
Pages: 1 2 3

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