Accounting - Study Mode
[#1956] Which of the following items will not appear in the Balance Sheet of a club:
Correct Answer
(B) Subscriptions received for the current year
[#1957] The Nature of advance tax payment is:
Correct Answer
(A) Assets
[#1958] In accounting, the profit prior to incorporation is treated as
Correct Answer
(C) Capital reserve
[#1959] If opening stock is Rs. 10,000, purchases Rs. 30,000 direct expenses Rs. 4,000 and closing stock Rs. 5,000, the cost of goods sold would be:
Correct Answer
(A) Rs. 39,000
[#1960] Choose the odd one out. The court has the option to order dissolution of a firm, where 1. a partner is of sound mind. 2. a partner do not suffer from permanent in capacity. 3. a partner is not guilty of misconduct of the business. 4. a partner transfers his interest or share to a third party. Select the correct answer:
Correct Answer
(B) Only 3