Accounting - Study Mode

[#706] Wages Outstanding' is appearing in the Trial Balance of a company. While preparing the Income Statement and Balance Sheet, 'Wages Outstanding' should appear in-
Correct Answer

(A) the Balance Sheet only

[#707] Interest on loan be allowed to partners where there is no express agreement between partners to this effect and also partnership deed does not have any provision regarding this
Correct Answer

(C) Allowed Interest @ 6% per annum

[#708] The cost of the motor car as on 1 st January 1987 is Rs. 70,000. The rate of depreciation is 10% P.A. The balance of motor car on 1 st January 1991 by fixed installation method and by written down value method will be
Correct Answer

(A) Rs. 42,000, Rs. 45,927

[#709] Balance sheet shows financial position on a particular . . . . . . . . ?
Correct Answer

(A) Date

[#710] Sales book is a record of:
Correct Answer

(C) Only credit sales of goods