Accounting - Study Mode
[#1581] A business entity has assets of Rs. 26,000 and liabilities of Rs. 6,000. Owner's equity in this case is:
Correct Answer
(C) Rs. 20,000
[#1582] Excess of income over expenditure is shown on the . . . . . . . . side of income and expenditure account.
Correct Answer
(B) Debit
[#1583] Final Account is:
Correct Answer
(C) three account
[#1584] When a bill is drawn by A on B and before the date of maturity, B becomes insolvent then in the books of A it is debited to . . . . . . . .
Correct Answer
(C) B's account
[#1585] When an existing company takes over the business of one or more existing companies, it is called . . . . . . . .
Correct Answer
(B) absorption