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ranch Banking System . In India first Co-operative legislation $ passed in ?) 1904 (B) 1912 (C) 1895 D) 1897

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s: - A) 1904

The first co- operative Credit Societies Act was passed in - 1904. The first Co-operative credit societies act as fr passed in - 25th March 1904. Act of 1904 (Co-operative credit societies a ) contain - section 29. Act of 1912 (Co-operative societies act ntain sections - 50. As per the 1904 act a member cannot hold ares more than - Rs. 1000. By the act of 1904 society were classified - Rural& Urban. & to 1904 act was based on - English Friendly cieties Act - 1886. Creation of the post of registrar and Coerative department is mentioned in the act 1904. Who compiled the act of 1904 (Act X of 04) - Sir Devzil Ibbetson. The first Co-operative societies registered u ider the act of 1904 - Triplicane Urban Coerative Society (TUCS). . The first Co-operative Legislation in India 0-operative Credit Societies Act 1904. . As per 1904 act audit of Co-operative ciety must be conducted by -- Registrar i mself once in a year. Who was the viceroy during of 1st Coerative law enactment - Lord Curzon( 1904). The history of Indian Co-operative Banking si arted with passing of Co-operative societies

Act in- 1904. 2. --------- of the Kerala Co-operative Societies Act 1969 deals with disposal of net profit (B) Sec. 57 (A) Sec. 56 (D) Sec. 56 (a) (C) Sec. 58 Ans:- (A) Sec. 56 Kerala Co-operative Societies Act 1956 section 56 Rule 53 deals with - Co-operative Education Fund. Sec 56 of the KCS Act stipulates the disposal of net profit, indicate transfer of an amount not less than --- percentage of net profit to reserve fund - 15%. Net profit of any society as declared by the Director of Co-operative Audit in respect of any Co-operative year shall be apportioned in the Manner set forth in section- 56. Professional Education fund maintained by -Registrar of Co-operative societies- 5% net profit. Professional Education fund is mentioned in the section - Sec. 56cc. Agriculture Credit stabilization fund is set apart at -------Percentage - 7%. The maximum rate of dividend that a Society can give to its member is - Not exceeding 25% of net profit. 3. The discount column of a three column cash book records (A) Cash discounts (B) Trade Discount Both Cash Discount and Trade Discount All Discounts

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Ans:- (A) Cash discounts *The discount column of a three column cash book records - Cash discounts. The firm allows certain discount to purchasers simply to attract them to make bulk purchases - Trade discounts. Off season discount New Year discount etc. are the examples of-----discount - Trade discount. -----discount will not come in any book of account - Trade discount. If we allow cash discount, Discount account will - Debited. If we receive cash discount , Discount account will - Credited The incentive given for prompt settlement of a/c is - Cash discount.

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4. Credit purchase of Machinery is recorded in? (A) Journal (B) Day Book (C) Journal Proper (D) Petty Cash book Ans:- (C) Journal Proper. Purchase office furniture on credit is recorded in - Journal proper. State the journal in which the prepaid insurance is recorded - Journal Proper. Opening and closing entries are recorded in which of the following -- Journal Proper. Transaction that cannot be recorded in any of the Special journals are recorded in Journal proper Entries for rectification of errors are made in - Journal Proper. Journal proper is a book of -- Original Entiy. Miscellaneous Journal means - Journal Proper. All transactions that do not find a place in any of the other journals are placed in Journal Proper. Other name of journal proper is - General Journal. Miscellaneous Journal means - Journal Proper.

5. Rent Outstanding account is a? Personal Account Nominal Account Real Account Either Personal or Nominal Ans:- (A) Personal Account. As per ----- principles the adjustments are

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made for Outstanding expenses, Accrued incomes, Prepaid expenses and unearned income etc. while preparing financial statements at the end of an accounting period - Matching principles. Certain expenses are unpaid during the accounting period is known as - Outstanding expenses. If expenses relate to current accounting period and remain unpaid is known as Outstanding expenses. Outstanding expenses increase ---- of the business - Liability. Outstanding salary Rs. 2500, it will appear in - Balance Sheet. Journal entry for adjusting outstanding salary —Salaries A/c Dr , to outstanding salary. Prepaid Insurance is - An outstanding asset. Outstanding salary Rs. 4000 journal entry will pass through - Journal Proper. Interest Outstanding account is an example of - Personal Account. Outstanding wages is classified as Revenue Expenditure. Creditors , Bills payable, Outstanding expense, Unearned income ,Account payable Bank overdraft etc. are the examples of----liabilities - Current liabilities. 6. FEMA stands for ? Foreign Exchange Management Act. Foreign Exchange Merchantville Act. Foreign Exchange Regulation Act. Foreign Environmental Management Act Ans:- (A) Foreign Exchange \lanagewent Act Foreign Exchange Management Act (FEMA) is enacted in-- 1999 When did Foreign Exchange Management Act (FEMA) come into being -1st June 2000. FEMA was enacted in the parliament in the year - 1999 (Act No 42 of 1999) 29 December 1999. Foreign Exchange Regulation Act ( FERA) was passed in the year— 1973. FERA was replaced by - FEMA. --- is an Act to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payment and for promoting the orderly development and maintenance of Foreign exchange market in India —FEMA.