Accounting - Study Mode
[#1326] Net sales for the whole year is Rs. 2,50,000 and the debtor is Rs. 50,000, the daily average of credit sales will be
Correct Answer
(D) 72 days
[#1327] On dissolution of a firm while transferring the assets to realisation account. The realisation account is:
Correct Answer
(A) Debit
[#1328] In the absence of a partnership Deed, the allowable rate of interest on a partner's loan account will be:
Correct Answer
(C) 6% p.a./Annual
[#1329] X Ltd. forfeited 30 shares of Rs. 10 each fully called up for non payment of allotment money of Rs. 3 per share and call money of Rs. 4 per share. These share were re-issued for Rs. 8 per share fully paid. What is the amount to be transferred to Capital Reserve A/c:
Correct Answer
(C) Rs. 30
[#1330] As per the decision in the Garner vs Murray case, when the partner's capital accounts are fixed, any loss arising due to the capital deficiency in the insolvent partner's capital account is to be borne by solvent partners in the ratio of . . . . . . . .
Correct Answer
(B) last agreed capital ratio