Accounting - Study Mode
[#691] Arrange the following in correct sequence in the event of dissolution of a partnership firm. 1. Residue, if any, divided among the partners. 2. Paying to each partner for his capital. 3. Paying the debts of third party. 4. Paying to each partner for advances made by him. Select the correct answer:
Correct Answer
(B) 2, 1, 4, 3
[#692] Subscription recieved in 2009 is For the year 2008 ⇔ Rs. 1,300 For the year 2009 ⇔ Rs. 10,000 For the year 2010 ⇔ Rs. 1,200 Subscription outstanding on 31 st December, 2009 ⇔ Rs. 700. The amount of subscription to be posted to Income and Expenditure account of 2009 will be
Correct Answer
(D) Rs. 10,700
[#693] An asset was purchased for Rs. 5,00,000 with the down payment of Rs. 1,00,000 and bills adopted for Rs. 4,00,000. What would be the effect on the total asset and total liabilities in the Balance Sheet?
Correct Answer
(A) Assets increased by Rs. 4,00,000 and liabilities increased by Rs. 4,00,000
[#694] Securities premium can be used by a company for
Correct Answer
(A) Issuing fully paid bonus shares to its members
[#695] By underwriting of shares, it is-
Correct Answer
(B) easier to collect capital for the company