Accounting - Study Mode
[#1516] Under the scheme of buyback of shares, the company in order to perform its obligations, is required to open an . . . . . . . . account.
Correct Answer
(B) escrow deposit
[#1517] The credit balance of bank account indicates:
Correct Answer
(B) amount payable to the bank
[#1518] A private company does not:
Correct Answer
(D) Publicly invite subscription to shares
[#1519] A and B are partners sharing profit and losses in 5 : 3. They decided to admit C and provide him $${frac{3}{{10}}^{{ ext{th}}}}$$ share in profits. what will be new profit sharing ratio between A, B and C?
Correct Answer
(D) 35 : 21 : 24
[#1520] In case of insolvency of a partner, any balance in Reserve Fund or Profit and Loss A/c is distributed in all partners
Correct Answer
(B) in profit sharing ratio