Accounting - Study Mode
[#676] On admission of new partner, increase in value of assets is credited to
Correct Answer
(A) Profit and loss adjustment A/c
[#677] Match the following: List-I List-II a. Admission 1. Gaining ratio b. Retirement 2. Equal ratio c. Revaluation 3. Sacrificing ratio d. No partnership deed 4. Old ratio
Correct Answer
(D) a-3, b-1, c-4, d-2
[#678] The first person to publish principles of double entry system was
Correct Answer
(A) Lucas Pacioli
[#679] Match List-I with List-II and choose correct answer: List-I List-II P. Partner's loan 1. Debit balance of profit and loss Q. Death of a partner 2. 6% interest R. Loss in business 3. Joint life insurance policy S. Revolution account 4. Profit and loss adjustment account
Correct Answer
(A) P-2, Q-3, R-1, S-4
[#680] Accounting Standard relating to Accounting Policies is
Correct Answer
(A) AS-1