Accounting - Study Mode
[#146] Real account records
Correct Answer
(B) Dealings in commodities
Explanation
Solution: Real account records Dealings in commodities.
[#147] In Journal, the business transaction is recorded
Correct Answer
(A) Same day
Explanation
Solution: In Journal, the business transaction is recorded Same day. A journal, which is also known as a book of original entry, is the first place that a transaction is written in accounting records.
[#148] A and B are partners sharing profits and losses in 3 : 2. They admitted C in the firm. C acquired $${frac{1}{3}^{{ ext{rd}}}}$$ of A's shares and $${frac{1}{2}^{{ ext{nd}}}}$$ of B's share. What is the new profit sharing ratio?
Correct Answer
(B) 2 : 1 : 2
[#149] The original amount of preference share capital should be transferred to . . . . . . . . account in the time of amalgamation in the books of vendor co.
Correct Answer
(C) Preference shareholders account
[#150] Profit prior to incorporation is credited to:
Correct Answer
(D) Capital reserve a/c