Accounting - Study Mode
[#1811] As per Section 37 of the Indian Partnership Act 1932, the executors of a deceased partner would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the partner at . . . . . . . . per annum.
Correct Answer
(C) 6%
[#1812] Which of the following are the applications of funds? 1. Redemption of preference share capital 2. Payment of dividend 3. Increase in working capital
Correct Answer
(D) All of the above
[#1813] Memorandum Joint Venture account is a
Correct Answer
(C) Nominal account
Explanation
Solution: Memorandum Joint Venture account is a Nominal account.
[#1814] _____ is not required in Promissory Note
Correct Answer
(A) Acceptance
Explanation
Solution: Acceptance is not required in Promissory Note. It does not require any acceptance because payer is only the maker of the promissory note. It requires acceptance by the drawee or someone else on his behalf as the drawer is not the payer.
[#1815] Loss leads to reduction in
Correct Answer
(A) Capital
Explanation
Solution: Loss leads to reduction in Capital. The reduction of capital is done by companies for numerous reasons, including increasing shareholder value and producing a more efficient capital structure.