Accounting - Study Mode
[#521] Which of the following is not correct in case of 'stock' of a company? The 'stock':
Correct Answer
(B) can be directly issued to the public by the company
[#522] X and Y are partners in a firm. They withdrew @ Rs. 1,500 and Rs. 1,000 respectively on 15 th day of every month for all the twelve months during 2009. Interest on drawings is chargable @ 10% per annum. What would be the interest on drawings respectively?
Correct Answer
(B) Rs. 900 and Rs. 600
[#523] A partner in partnership
Correct Answer
(D) Can transfer his interest to an outsider with the consent of all partners
[#524] The going concern concept assumes the continuance of a business to
Correct Answer
(A) Infinite period
[#525] Net purchases Rs. 72,000, Sales Rs. 76,000, Sales returns Rs. 6,000 Cost of goods sold Rs. 60,000, the amount of gross profit will be
Correct Answer
(A) Rs. 10,000