Accounting - Study Mode
[#221] X, Y and Z are partners sharing profit and loss equally. Their capital balances on 31 th March 2012 are Rs. 80,000, Rs. 60,000 and Rs. 40,000, respectively. Their personal assets are worth as follows: X - Rs. 20,000, Y - Rs. 15,000 and Z - Rs. 10,000. The extent of their liability in the firm would be
Correct Answer
(B) X - Rs. 20,000, Y - Rs. 15,000, Z - Rs. 10,000
[#222] When a company whatever amount is demanded after allotment is known as:
Correct Answer
(A) Call money
[#223] Match the following: List-I List-II a. New share (Admission) 1. Old share + Gaining share b. Gaining ratio 2. Old ratio - New ratio c. Sacrificing ratio 3. New ratio - Old ratio d. New share (Retirement) 4. Old share - Sacrifice share
Correct Answer
(C) a-4, b-3, c-2, d-1
[#224] Which of the following equation is not correct?
Correct Answer
(D) Cost of goods sold - Closing stock - Purchases = Opening stock
(H) Liabilities = Assets + Capital
[#225] If the gross loss is $$frac{1}{4}$$ of the sales and the cost of goods sold is Rs. 3,60,000 the sales will be
Correct Answer
(B) Rs. 2,88,000