Accounting - Study Mode

[#906] A cash deposit made by business appears on the bank statement as ____ balance
Correct Answer

(B) Credit

Explanation

Solution: A cash deposit made by business appears on the bank statement as Credit balance.

[#907] Rajiv Limited forfeited 20 shares of Rs. 10 each on which Rs. 6 per share had been paid. Out of these, 10 shares are re-issued as fully paid at a price of Rs. 5.50 per share. The amount to be transferred to Capital Reserve Fund would be:
Correct Answer

(C) Rs. 15

[#908] Given: Gross Profit Rs. 60,000 Gross Profit rate 20% Debtors velocity 2 Month The amount of debtors will be:
Correct Answer

(B) Rs. 50,000

[#909] Assume that M = opening stock, N = Purchases, O = Closing stock, P = Cost of goods sold. Then correct equation will be
Correct Answer

(C) M - O = P - N

[#910] A Ltd. forfeited 500 shares of M of Rs. 10 each fully called-up for non-payment of first call of Rs. 2 per share and final call of Rs. 2 per share. 300 of these shares were reissued at 9 per share, fully paid-up. What amount will be transferred to the Capital Reserve A/c?
Correct Answer

(C) Rs. 1,500