Accounting - Study Mode
[#756] The directors of Murfi Ltd made a final call of Rs. 50 per share on 1 st August, indicating the last date of payment of call money to be 31 st August. Mr. Akshit holding 5,000 shares paid the call money on 15 th October, if the company adopts Table A, the amount of interest on calls-in-arrears to be paid
Correct Answer
(B) Rs. 1,562.50
[#757] The Accounting Standards Board of India does not perform the following function:
Correct Answer
(D) Propagate the Accounting Standards and persuade business houses to adopt them
[#758] An entity issues shares as consideration for the purchase of inventory. The shares were issued on 1 st January, 2017. The inventory is eventually sold on 31 st December, 2018. The value of the inventory on 1 st January, 2017, was Rs. 8,00,000. This value was unchanged upto the date of sale. The sale proceed was Rs. 12,00,000. The shares issued have a market value of Rs. 9,00,000. Which of the following statement correctly describes the accounting treatment of this share based payment transaction?
Correct Answer
(A) Equity is increased by Rs. 8,00,000 and inventory is increased by Rs. 8,00,000. The inventory value is expensed on sale on 31 st December, 2018
[#759] State which of the following errors will not be revealed by the trial balance?
Correct Answer
(A) errors of complete omission
[#760] . . . . . . . . is a reserve created to meet any loss due to natural calamities.
Correct Answer
(C) Catastrophe reserve