Accounting - Study Mode
[#1826] Match List-I with List-II and select the correct answer using the options given below the lists: List-I List-II a. Heavy amount of premium on redemption of preference shares 1. Capital expenditure b. Excess of sale proceeds fixed assets over their original cost 2. Deferred revenue expenditure c. Cost of installation of an old machine 3. Capital gain d. Freight paid on purchase of raw material 4. Revenue of expenditure
Correct Answer
(C) a-2, b-3, c-1, d-4
[#1827] Which item is shown on the debit side of a trial balance?
Correct Answer
(B) Prepaid expenses
[#1828] The method of current account usually employed by the banker is known as . . . . . . . .
Correct Answer
(A) Daily balance method
[#1829] Loss on issue or discount on issue of debenture is a . . . . . . . . asset.
Correct Answer
(C) fictitious
[#1830] The following information is provided by a cultural club: Stock of sports goods : Rs. 20,000 Purchase of sports goods during the accounting period : Rs. 80,000 Sports goods sold as scrap : Rs. 500 Closing balance : Rs. 30,000 The amount to be charged to Income and Expenditure Accounts as sports goods consumed will be:
Correct Answer
(A) Rs. 69,500