Accounting - Study Mode
[#1251] General Journal is a book of _____ entries
Correct Answer
(B) Original
Explanation
Solution: General Journal, sometimes also known as the Book of Original Entry, because it is the first place a transaction is entered into the books. Journal Entries are made from source documents, which can be anything from receipts to invoices to bank statements.
[#1252] A, B and C are partner in a partnership firm sharing profit and losses in the ratio 5 : 3 : 2. What will be their sacrificing ratio upon admission of D
Correct Answer
(D) 5 : 3 : 2
[#1253] A partnership comes into existence by
Correct Answer
(A) An agreement
[#1254] Deficiency A/c is prepared in the event of:
Correct Answer
(A) Dissolution of partnership firm under insolvency
[#1255] Arrange the following steps of adjustment of capital (reconstitution of firm) incorrect order. 1. Calculation of total capital of new firm. 2. Finding out the surplus/deficiency in each of partner's capital account. 3. Calculation of adjusted old capitals of partners. 4. Finding out the new capitals of partners. Select the correct answer:
Correct Answer
(C) 3, 1, 4, 2