Accounting - Study Mode
[#1131] In an organization purchase book records-
Correct Answer
(D) Credit purchase of goods
[#1132] An insurance claim of Rs. 3,000 was accepted in respect of stock of Rs. 5,000 which was destroyed by fire. Balance of Rs. 2,000 would be debited to
Correct Answer
(B) Profit and Loss Account
[#1133] The balance amount in the Joint Life Insurance Policy Reserve Account is transferred to
Correct Answer
(C) All Partner's Personal Accounts
[#1134] As shareholders holding 500 shares of Rs. 10 each issued at 10% discount pays Rs. 2 on application and Rs. 3 on allotment. However he fails to pay Rs. 3 on first call. His shares were forfeited and re-issued at Rs. 6 per share. Amount transferred to capital reserve will be
Correct Answer
(A) Rs. 1,000
[#1135] Income and expenditure account of a non-profit organization is a
Correct Answer
(B) Nominal account