Accounting - Study Mode
[#981] Which of the following is a capital loss?
Correct Answer
(D) Loss of a machine due to theft
[#982] The director of 'M' Ltd., resolved to forfeit 2,000 equity shares of Rs. 10 each Rs. 7.50 per share paid up for non-payment of Final call of Rs. 2.50 per share. 1,000 of the forfeited shares were reissued of Rs. 6 per share fully paid up. Capital Reserve Account will be credited by
Correct Answer
(A) Rs. 3,500
[#983] Accounting equation, "Assets = Liabilities + Owners Equity", is represented through
Correct Answer
(C) Balance Sheet
[#984] In the absence of a partnership deed
Correct Answer
(A) Interest will not be charged on partner's drawings
[#985] Assertion (A) Accounting information refers to only events which are concerned with business firm. Reason (R) Accounting information is presented in financial statements.
Correct Answer
(C) (A) is true, but (R) is false