Accounting - Study Mode
[#2186] In Sinking Fund for redemption of Debentures Account, the amount is transferred every year from
Correct Answer
(D) Surplus Account
[#2187] Sony and Romy are equal partners with fixed capitals of Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31 st March 2019, it was discovered that the interest on capitals was provided @ 8% per annum instead of 10% per annum. In the adjusting entry
Correct Answer
(D) Sony will be credited with Rs. 1,000 and Romy will be debited with Rs. 1,000
[#2188] The return of goods by a customer is debited to:
Correct Answer
(A) Sales Return Account
[#2189] . . . . . . . . is a document which either creates or acknowledges a debt.
Correct Answer
(A) Debenture
[#2190] Which of the following is a statutory reserve?
Correct Answer
(A) Development Allowance Reserve