Accounting - Study Mode
[#1341] The salary paid to a clerk Ramesh should be credited to:
Correct Answer
(C) Cash Account
[#1342] If the amalgamation is in the . . . . . . . ., the general reserveor profit and loss A/c balance will not be shown in the balance sheet.
Correct Answer
(B) Form of purchase
[#1343] On 31 st December 2004, the assets and liabilities of a firm were Rs. 40,000 and Rs. 30,000 respectively. The firm was dissolved and a sum of 60 paisa per rupee was paid to the creditors. Profit/loss on realisation-
Correct Answer
(B) Rs. 12,000
[#1344] Identify the true statement of the following. 1. Balance sheet is always prepared from the point of view of the business, but not from, that of the owners. 2. The financial relationship of the business to its owners is shown in the balance sheet. 3. Balance sheet is always related to a period of time.
Correct Answer
(D) All of the above
[#1345] An asset was purchased for Rs. 10,00,000 with the down payment of Rs. 2,00,000 and bills accepted for Rs. 8,00,000. What is the effect on the total asset and total liabilities in the balance sheet?
Correct Answer
(D) Assets increased by Rs. 8,00,000 and liabilities increased by Rs. 8,00,000