Accounting - Study Mode
[#1291] A, B, C and D are equal partners. A, B and D die together in a plane crash. The accident results in:
Correct Answer
(C) both dissolution of partnership and firm
[#1292] Which of the following statement regarding the dissolution of a partnership firm is true:
Correct Answer
(C) Any amount realised from the sale of an unrecorded asset is credited to the realisation account
[#1293] Interest on loan taken for the purchase of fixed assets is a
Correct Answer
(B) Capital Expenditure
[#1294] IFRS is based on
Correct Answer
(B) Fair value
[#1295] Gopal held 100 shares of Rs. 10 each of a company on which he had paid Rs. 3 on the application and Rs. 2 on the allotment but could not pay Rs. 2 on the first call. The directors forfeited the above share. The share capital will be debited by
Correct Answer
(B) Rs. 700