Accounting - Study Mode
[#2646] A and B are partners in a partnership firm without any agreement. A has given a loan of Rs. 50,000 to the firm. At the end of the year, the business incurred loss. The following interest may be paid to A by the firm
Correct Answer
(B) 6% per annum
[#2647] In which method of depreciation, asset account is debited with interest?
Correct Answer
(B) Annuity method
[#2648] Unless otherwise stated, a Preference Share is always presumed to be
Correct Answer
(C) cumulative, non-participating and non convertible
[#2649] Which of the following is not business transaction?
Correct Answer
(B) Paid his son's fee Rs. 20,000 from his personal bank account
[#2650] Consider the following statements. 1. Atleast three persons are necessary for forming a partnership. 2. The right to share a profit is full proof of one being a partner. 3. The business of the firm can be conducted even by one partner. Which of the statement(s) given above is/are correct?
Correct Answer
(C) All of the above