Accounting - Study Mode
[#1801] Sometimes all the partners including the new partner may agree not to alter the book value of assets and liabilities even when they agree to revalue them. In order to record this, . . . . . . . . is opened.
Correct Answer
(D) Memorandum Revaluation A/c
[#1802] A and B are partners sharing profit and loss in 2 : 1 ratio. They admitted C who agreed to contribute Rs. 50,000 towards his capital. The future profit sharing ratio of A, B and C is 2 : 3 : 3 respectively. C agreed to transfer Rs. 15,000 for Goodwill from his capital account. A's capital account will be credited by
Correct Answer
(C) Rs. 16,667
[#1803] Which of the following transactions affects the flow of funds?
Correct Answer
(C) A transaction one aspect of which affects current accounts and the other affects non current accounts
[#1804] Debit is equal to credit-
Correct Answer
(C) Always true in accounting
[#1805] Redeemable preference shares of Rs. 1,00,000 are redeemed at par for which purpose fresh equity shares of Rs. 80,000 are issued at a discount of 10%. The amount to be transferred to Capital Redemption Reserve Fund will be:
Correct Answer
(B) Rs. 28,000