Accounting - Study Mode
[#1466] Five years ago, on old machine was purchased for Rs. 1,00,000 and Rs. 10,000 was paid on its repairing charges. There was also accumulated depreciation of Rs. 50,000 on this machinery. At the beginning of the sixth year it was sold for Rs. 60,000. Profit or loss from this sale will be
Correct Answer
(D) No profit or no loss
[#1467] If preference share capital of Rs. 5,00,000 is to be redeemed, and 25,000 equity shares of Rs. 10 each have been issued at a discount of 10%. For this purpose, the amount to be transferred to Capital Redemption Reserve will be:
Correct Answer
(C) Rs. 2,75,000
[#1468] A bank pass book is a copy of:
Correct Answer
(C) the customer's account in the banks ledger
[#1469] LIFO inventory method was used in year I, FIFO in year II and weighted average in year III. Which accounting principle is violated?
Correct Answer
(B) Consistency
[#1470] Life insurance is a contract of . . . . . . . .
Correct Answer
(B) guarantee