Accounting - Study Mode
[#2651] A new partner for acquiring his share in the profit brings
Correct Answer
(B) Goodwill
[#2652] X Ltd. forfeited 20 shares of Rs. 10 each on which Rs. 6 per share were paid. Out of these shares, 8 shares were reissued as fully paid up on payment of Rs. 5.50 per share. The amount to be transferred to capital reserve account will be:
Correct Answer
(A) Rs. 12
[#2653] Accounting rules, procedures and methods should be observed alike and should not be changed from year to year. This is called accounting convention of:
Correct Answer
(A) Consistency
[#2654] Cost of capital from all the sources of funds is called
Correct Answer
(B) Composite cost
[#2655] The famous case of Garner Vs. Murray in Partnership is applicable in the event of:
Correct Answer
(B) dissolution of partnership in the event of insolvency