[Kavita]

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Hi buddy I am going to appear in IIBF JAIIB Exam and for its preparation looking for sample paper so would you plz provide me same here ??

[Vishal Kotkar]

JAIIB Exam (Junior Associate of the Indian Institute of Bankers) is conducted by the Indian Institute of Banking & Finance (IIBF).

As you want here I am providing IIBF JAIIB Exam sample paper

1. Select from the following , a statement which speaks about liabilities of an entity.

(a) The liabilities consist of claims of the owners
(b) The liabilities consist of claims of the owners and outsiders
(c) The liabilities consist of claims of the outsiders
(d) None of the above


2. If the net worth of the business is Rs.500, fixed assets are Rs. 500, current assets Rs.300, investments Rs.300, current liabilities Rs. Nil, what is the amount of claim to outsiders?

(a) Rs. Nil
(b) Rs. 1100
(c) Rs.500
(d) Rs.600
.
3. Select from the following a sentence which is wrong

(a) If assets increase and liabilities do not , the capital will increase
(b) If assets increase and liabilities also increase by same sum , the capital will remain same
(c) A reduction in the amount of assets will amount to equivalent reduction in the net worth
(d) An increase in the amount of liabilities with no corresponding increase in liabilities will increase the amount of capital


4. The firm sells goods on credit for Rs.50000, the cost of the goods sold is Rs.30000.The effect of the transaction is that, the capital of the firm-----
(a) increases by Rs.50000
(b) reduces by Rs.40000
(c) increases by Rs. 20000
(d) reduces by Rs. 20000
.


5. Mr.Ghatge commenced his business on 1st April, 2006 with Capital of Rs.1,00,000. He did good business during the year and earned handsome profit. At the end of 31st March, 2007, his financial position was: Fixed Assets Rs.1, 20,000 and bank balance of Rs.33000 and Creditors Rs. 17000. What was his net profit for the year 05-06?
(a) Rs. 36000
(b) Rs.70000
(c) Rs.53000
(d) None of the above
.

6. One of the pairs given below is wrong. Select the wrong pair.
(a) Outstanding expenses - Nominal account
(b) Profit and Loss Account (Dr. balance) – Application of funds
(c) Net worth less reserves & surplus - Capital
(d) Balance sheet - Financial position

7. Choose the sentence which speak about illegal association
(a) The unregistered association of 10 persons to do banking business
(b) The unregistered association of 50 persons to do non banking business
(c) The unregistered association of 20 persons to do business other than banking
(d) The unregistered association of 10 persons to do business other than banking


8. From the following ,find a sentence which is false in respect of partnership
(a) If the partnership is following the “Fixed Capital Account Method” salary payable to a partner is credited to the partner’s current account
(b) Drawings made by partners are never entered in the Profit and Loss Appropriation Account.
(c) In the “Fluctuating Capital Account Method” the balance in the capital account always remains the same
(d) The capital account of a partner is required to be opened in both the Fixed Capital Account Method and Fluctuating Capital Account Method

9. From the account given below, select the account which is wrongly included in Profit & Loss Appropriation Account at the debit side
a. Drawings Account
b. Partners Salary Account
c. Interest on Loan Account
d. Commission to Partners Account


10. The average net profits expected are Rs.108000 per annum before charging remuneration of Rs. 18000 to partner . The capital employed in the business is Rs.6,00,000. The rate of return expected on capital employed of a firm is 10%. What is the value of goodwill on the basis of two years purchase of super profits.
a. Rs.108,000
b. Rs.60,000
c. Rs.78,000
d. None of the above

11. A and B are two partners in a firm sharing profits and losses as 2:1. they admitted C as a partner with 25% share in the profits of the firm. Hence , the new profit sharing ratio , after admission of C would be -----
(a) 15:15:10
(b) 20:10:10
(c) 3:1:1
(d) None of the above
.

12. Mr. Q and Mr. R were partners of a firm sharing profit and losses in the ratio of 3:2. They take S into partnership. It was agreed that S will pay Rs.1,00,000 as his share of goodwill which will be retained in business and also bring Rs.3,00,000 as capital for one fourth share in the future profits. The book value of the stock was 41,000 but was to be revalued at Rs.50,000, Accountant has passed following entries, but Mr. Q feels that one of the entry is wrong. Select the wrong entry from the following.
(a) Debit cash and credit Goodwill for Rs.1,00,000
(b) Debit cash and credit S’s Capital for Rs.3,00,000
(c) Debit Goodwill for Rs.1,00,000 and credit Q’s Capital by Rs. 60000 & R’s Capital by Rs. 40,000
(d) Debit Stock and credit Profit & Loss Adjustment A/c by Rs.9,000
.

13. Read the following four journal entries which are passed to consider revaluation of assets and liabilities at the time of admission of a partner. One of the journal entries is wrong, choose the entry which is wrong.
(a) For increase in the value of assets-Debit Asset Account and Credit Revaluation Account.
(b) For decrease in the value of liabilities- Debit Liabilities Account and Credit Revaluation Account.
(c) For Profit on revaluation of assets and liabilities – Debit Old Partners Capital Account in old profit sharing ratio and Credit Revaluation Account
(d) For decrease in the value of assets -Debit Revaluation Account and Credit Asset Account

14. Any facts, observations, occurrences are called -----
(a) data
(b) record
(c) file
(d) system
15. In the books of ABC Enterprises, a partnership firm, when Mr. C, a partner decided to resign from the firm, a revaluation of assets and liabilities was done and Revaluation account was prepared which showed the following position: At the credit side of Revaluation Account, Stock A/c Rs.25000, Premises A/c Rs.52000 and Creditors A/c Rs. 8000 were shown while at debit side of Revaluation Account Reserve for Doubtful Debts A/c. Rs.15000, A’s Capital A/c.Rs.20000, B’s Capital A/c. Rs.20,000 and C’s Capital A/c. Rs.20000 were shown. Accountant has interpreted the Revaluation Account as follows. One of the interpretations by him is incorrect. Select the incorrect sentence.
(a) Stock is revalued upwardly by Rs. 25000
(b) Creditors are revised upwardly by Rs.8000
(c) Premises are revised upwardly by Rs.52000
(d) A provision on debtors of Rs. 15,000 is made for doubtful debts
.

16. Select the True statement from the following
(a) Interest on drawing is an income to the partnership firm
(b) Joint Venture is a permanent partnership firm
(c) Goodwill is a tangible asset of the firm
(d) In the absence of partnership agreement , partners share profit and loss in proportion to the capital contributed by the partners.
17. Select the incorrect statement in respect of companies.
(a) A member of a company can enter into contract with a company
(b) It is compulsory to register a joint stock company
(c) If all but one member of a private company becomes insolvent ,it affects the existence of the organisation
(d) Shareholders are not liable for the acts of the company


18. Select the incorrect sentence
(a) Whenever, there is no profit or inadequate profit, dividend cannot be declared
(b) The right to claim dividend lapses when there is no profit in case of cumulative preference shares
(c) When the company makes profit , arrears of preference dividend are cleared first
(d) The Act prohibits the issue of any preference shares which are irredeemable


19. Select the incorrect statement
(a) Authorized capital is the capital with which the company is registered
(b) Issued capital is equal to its authorized capital
(c) Authorized capital, issued capital, subscribed capital, called up capital and paid up capital cannot be same
(d) The amount which the company has asked its shareholders to pay is called up capital of the company.


20. Following are the journal during the process of application to allotment stage . One of the entries is wrong. Select the wrong entry.
(a) Debit bank account and credit share application account ( when application money is received)
(b) Debit share application account and credit share capital account (application transferred to share capital account)
(c) Debit share capital and credit share allotment account ( for recording allotment money being fallen due )
(d) Debit bank account and credit share allotment account ( for receipt of allotment money)

21. Select the incorrect statement in respect of calls in advance

(a) The company may accept from shareholders , the uncalled amount on shares even before it is fallen due
(b) The article of association must permit such acceptance of advance call money
(c) Interest on calls in advance can be paid but the maximum is upto 6%
(d) The amount of calls in advance is part of the paid up share capital


22. Select the incorrect statement in respect of utilization of share premium

(a) it is used for the purpose of buy back of shares
(b) it used for payment of dividend in case of inadequacy of profits
(c) it is used for writing off preliminary expenses
(d) it is used for issue of fully paid bonus shares



23. Mr. X was issued 100 shares of Rs.10 each. He failed to pay call money of Rs. 5 per share. The shares were forfeited and re-issued to Mr. Y at Rs.9. When the entry recording the re-issue of shares was passed in all, four accounts were affected. The debit and credit effect of these four accounts is given below. One of the accounts is given wrong effect. Select that account from the following.
(a) Debit bank account by Rs.900
(b) Debit forfeited shares by Rs.500
(c) Credit share capital by Rs.1000
(d) Credit forfeited shares by Rs.400