Accounting - Study Mode
[#1346] The cost of three small files (of Rs. 4 each) was charged to expenses when purchased even though they had useful life of several years. This was done according to the
Correct Answer
(D) materiality principle
[#1347] If goodwill account is already opened in the books and new partner brings his share of goodwill in cash, then accounting effect would be
Correct Answer
(C) A and B both
[#1348] In case of debit balance, the words _____ are written on the debit side
Correct Answer
(A) To Balance b/d
Explanation
Solution: In case of debit balance, the words To Balance b/d are written on the debit side.
[#1349] Bank pass book is also known as
Correct Answer
(D) Bank statement
Explanation
Solution: Bank pass book is also known as Bank statement. A bank passbook or statement is a truncated copy of the record of your account maintained by the bank.
[#1350] Ram and Shyam are partners in a firm with capital of Rs. 4,80,000 and Rs. 3,10,000, respectively. They admitted Ganesh as a partner with $${frac{1}{4}^{{ ext{th}}}}$$ share of profit. Ganesh brings Rs. 3,00,000 as his capital. Ganesh's share of goodwill will be
Correct Answer
(B) Rs. 27,500