Accounting - Study Mode
[#371] If original cost of a machine is Rs. 1,26,000 and its scrap value is Rs. 6000. what will be the amount of depreciation for II yr by using WDV method
Correct Answer
(A) Rs. 10,800
[#372] X and Y sharing profits in the ratio of 7 : 3, admit Z for $${frac{3}{7}^{{ ext{th}}}}$$ share in the new firm in which he takes $${frac{2}{7}^{{ ext{th}}}}$$ from X and $${frac{1}{7}^{{ ext{th}}}}$$ form Y. The new ratio of X, Y and Z will be
Correct Answer
(D) 29 : 11 : 30
[#373] The loss prior to incorporation cannot be treated
Correct Answer
(A) by debiting it to Profit & Loss A/c
[#374] On the insolvency of partner, the deficiency of his capital account is borne by the solvent partners, according to the decision of Garner Vs. Murray's in
Correct Answer
(B) capital ratio
[#375] Read the following Assertion (A): ''Share premium cannot be utilised for any purpose other than mentioned in Sec. 78 of the Companies Act." Reason (R): "Share premium is a capital receipt." Select the correct answer:
Correct Answer
(B) Both A and R are true but R is not a correct explanation of A