Accounting - Study Mode
[#1601] In the case of dissolution of a firm, which one of the following statements is correct?
Correct Answer
(A) All the types of assets are not transferred to Realisation A/c
[#1602] Indicate the item that appears in the surplus account
Correct Answer
(A) Proposed dividend
[#1603] Consider the following statements. 1. Inventory includes raw material, finished goods and goods in process. 2. Inventory is the part of working capital. 3. Inventory includes goods likely to be purchased in the coming months. Which of the statements given above are correct?
Correct Answer
(A) Both 1 and 2
[#1604] Which of the following is not incorporated in the Partnership Act?
Correct Answer
(D) All drawings are to be charged interest
[#1605] A and B are partners sharing profits in the ratio of 2 : 1 They admit C who agrees that his share of goodwill Rs. 15,000 be debited to his capital he is required to bring in. The future profit sharing ratio of A, B and C will be 2 : 3 : 3 respectively. A's Capital account in lieu of goodwill will be credited by:
Correct Answer
(D) Rs. 16,667