Accounting - Study Mode
[#1211] Share premium received by issuing shares can be used for:
Correct Answer
(B) Issue of bonus shares
[#1212] The discount allowed on reissue of forfeited shares is debited to
Correct Answer
(D) Forfeited Shares A/c
[#1213] Accounting standard-19 (AS-19) relates to
Correct Answer
(A) Leases
[#1214] If a minor choose to continue as a partner on attaining the age of majority, he will be liable to the debts of the firm from the date of his
Correct Answer
(B) admission to the profits of the firm
[#1215] A manager is paid 5% commission on the net profit after charging such commission. The gross profit of the firm is Rs. 40,000 and the selling expense is Rs. 29,500. His commission will be
Correct Answer
(C) Rs. 500