Accounting - Study Mode
[#2121] The cost of a machine having a span of life 5 years is Rs. 10,000. It has a scrap value of Rs. 1,000. The amount of depreciation in the first year under the sum of year's digit method will be:
Correct Answer
(D) Rs. 3,000
[#2122] Depreciation on fixed assets is: OR Depreciation is:
Correct Answer
(C) Neither a source nor an application of funds
[#2123] . . . . . . . . rule is applicable at the time of any partner becoming insolvent.
Correct Answer
(A) Garner vs Murray
[#2124] X and Y are partners in a firm. X is entitled to a salary of Rs. 2,000 per month together with a commission of 10% of net profit before chargin any commission. Y is entitled to a salary of Rs. 5000 per annum together with a commission of 10% of net profit after charging all commissions. Net profit before charging any commission for the year was Rs. 55,000. What will be the net profits to be distributed to X and Y respectively?
Correct Answer
Rs. 20,000 and Rs. 2,30,000
[#2125] The quick ratio is 1.5 : 1 and the quick assets is Rs. 30,000. The quick liability will be
Correct Answer
(A) Rs. 20,000