Accounting - Study Mode
[#1196] Nominal account that shows debit balance is-
Correct Answer
(A) Expense
[#1197] Which of the following account will be debited if purchases of goods are made on credit?
Correct Answer
(D) Puchases
[#1198] Del-credere commision is paid to the agent for:
Correct Answer
(C) Undertaking responsibility of payment from buyers
[#1199] Anu and Tanu are equal partners with fixed capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31 st March 2019, it was dis covered that the interest on capitals @ 8% per annum was omitted to be provided. In the adjusting entry
Correct Answer
(C) Anu will be credited with Rs. 4,000 and Tanu will be debited with Rs. 4,000
[#1200] On 28 th March, 2019 stock worth Rs. 10,000 was lost by fire. The insurance company admitted full claim. On 31 st March. 2019 while preparing Final Accounts, it will be shown
Correct Answer
(D) Both in Trading Account and Balance Sheet