Accounting - Study Mode

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[#2371] ABC Ltd was incorporated with an authorised share capital of Rs. 1,00,000 equity shares of Rs. 10 each. The Board of Directors of the company decided to allot 10,000 shares credited as fully paid to the promoters of the company for their services. Which account should be debited in the books of ABC Ltd?

(A) Promoter's A/c

(B) Service's A/c

(C) Goodwill A/c

(D) Share Capital A/c

Correct Answer

(C) Goodwill A/c

[#2372] Jagdish and Brij are partners in a firm who share profits and losses in 3 : 2. They admitted Ramesh for $$frac{1}{3}$$ share. Their new profit sharing ratio will be?

(A) 3 : 2 : 1

(B) 6 : 4 : 5

(C) 3 : 2 : 3

(D) 3 : 2 : 2

Correct Answer

(B) 6 : 4 : 5

[#2373] Which of the following is accounting equation:

(A) Capital = Assets + Liabilities

(B) Capital = Assets - Liabilities

(C) Assest = Liabilities - Capital

(D) Liabilities = Assets + Capital

Correct Answer

(B) Capital = Assets - Liabilities

[#2374] If a partner takes leaves from the firm then his share of goodwill is debited to remaining partners capital account in . . . . . . . . ratio?

(A) Sacrifice

(B) Profit gained

(C) Old

(D) New

Correct Answer

(B) Profit gained

[#2375] After redemption of debentures, the balance of Sinking Fund Account is transferred to

(A) General Reserve Account

(B) Capital Reserve Account

(C) Profit and Loss Account

(D) Debenture Account

Correct Answer

(A) General Reserve Account