Accounting - Study Mode
[#2546] "Discount" on issue of debenture is a:
Correct Answer
(B) Fictitious asset
[#2547] Which of the following is not a cash flow?
Correct Answer
(B) Purchase of machinery on credit
[#2548] P, Q and R are equal partners with fixed capitals of Rs. 5,00,000, 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 @ 7% per annum instead of 9% per annum. In the adjusting entry
Correct Answer
(D) P will be credited with Rs. 2,000 and R will be debited with Rs. 2,000
[#2549] Which of the following transactions results in flow of funds:
Correct Answer
(D) Debentures issued partly for cash and partly for raw materials
[#2550] Subscription received in 1998: For the year 1997 For the year 1998 For the year 1999 Subscription outstanding on 31 st December, 1998 was Rs. 4,000. What amount of subscription will appear in income and Expenditure account of 1998:
Correct Answer
(A) Rs. 20,000