Accounting - Study Mode
[#1611] Public limited companies cannot issue . . . . . . . .
Correct Answer
(B) deferred shares
[#1612] When a bill is discharged, the acceptor debits . . . . . . . .
Correct Answer
(C) Bills payable account
[#1613] When a bill drawn by A on B (and retained till the date of maturity is dishonoured on the due date), it is debited (in the books of A) to . . . . . . . .
Correct Answer
(B) B's Account
[#1614] If the rate of gross profit on sales is 25% and the cost of goods sold is Rs. 75,000, then the amount of total sales will be:
Correct Answer
(A) Rs. 1,00,000
[#1615] If the cost of goods sold is Rs. 1,20,000 and the rate of gross loss is $$frac{1}{4}$$ on sales, the amount of sales is:
Correct Answer
(C) Rs. 80,000