Accounting - Study Mode
[#2811] The partnership of R and S was dissolved. Rs. 38,000 was received from sale of all assets. Rs. 14,000 claim of all parterres were paid. If R's capital is twice of capital balance of S, then the balance of S's capital will be
Correct Answer
(C) Rs. 8,000
[#2812] Purchased a machinery for Rs. 50,000, but debited to purchases account. It is a:
Correct Answer
(B) Error of principle
[#2813] What should the seller do if the buyer fails to make the installments?
Correct Answer
(B) take back his property
[#2814] Which of the following are shown is profit and loss appropriation account? 1. Salary to staff 2. Salary to partners 3. Interest on capital 4. Fresh capital introduced 5. Share of profit 6. Amount of drawings 7. Interest on drawings Select the correct answer:
Correct Answer
(B) 2, 3, 5, 7
[#2815] A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve the partnership and to distribute the sale proceeds as and when realised. The partner's capitals were: A - Rs. 10,000, B - Rs. 9,000 and C - Rs. 5,000, B's loan amounted to Rs. 3,000, and Sundry Creditors to Rs. 6,000. Assets realisation and expenses were as under: Assets Realised Expenses July Rs. 5,300 Rs. 500 August Rs. 3,600 Rs. 200 September Rs. 4,500 Rs. 300 October Rs. 4,500 Rs. 200 In September B will receive:
Correct Answer
(D) Rs. 1,933