Accounting - Study Mode
[#1556] Given, Net Loss Rs. 20,000 Depreciation on machinery Rs. 50,000 Amortisation of Goodwill Rs. 5,000 Loss on sale of old furniture Rs. 3,500 Profit on sale of land Rs. 8,500 Provision for Bad Debts Rs. 2,500 Funds from operation are
Correct Answer
(B) Rs. 30,000
[#1557] Partner X and Y withdraws Rs. 3,000 and Rs. 5,000 in the beginning of every month during the year. Interest on drawing @ 10% p.a. for the year will be
Correct Answer
(A) Rs. 5,200
[#1558] The practice of valuation of inventory 'at cost or market price, whichever is lower' is an example of:
Correct Answer
(C) Conservatism Concept
[#1559] Which of the following statements is incorrect?
Correct Answer
(B) Capital redemption reserve can be utilised for writing off miscellaneous expenses and losses
[#1560] In order to implement the provisions of partnership deed, the firm prepares
Correct Answer
(B) Profit and Loss Appropriation Account