Accounting - Study Mode
[#1261] A, B and C started a business by investing Rs. 1,20,000, Rs. 1,35,000 and Rs. 1,50,000, respectively. Find the share of each, out of an annual profit of Rs. 56,700.
Correct Answer
(C) Rs. 16,800, Rs. 18,900, Rs. 21,000
[#1262] After sale of investment the balance of sinking fund investment account is transferred to
Correct Answer
(C) Sinking fund account
[#1263] The only item that is not recorded in the books of account is-
Correct Answer
(C) Trade Discount
[#1264] Liability of a partner in a partnership firm
Correct Answer
(B) unlimited
[#1265] If opening stock is Rs. 2,45,000, Purchases Rs. 15,00,000, Sales Rs. 17,40,000 and Rate of gross profit on cost is 20%, then closing stock will be
Correct Answer
(B) Rs. 2,95,000