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Accounting
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Q1581

Balance sheet shows financial position on a particular . . . . . . . . ?

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Q1582

Sales book is a record of:

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Q1583

Consider the following statements:
Assertion (A): Balance Sheet shows realisable value of business on a particular date.
Reason (R): Accounting provides all information needed by a businessman.
Now select your answer:

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Q1584

When a partner draws a fixed sum at the beginning of each month, interest on total drawings will be equal to interest of . . . . . . . . at an agreed rate

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Q1585

When purchase account is credited?

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Q1586

Match the following.

List-I	List-II
a. Expenses of scheme	1. Not transferable to capital reduction
b. Statutory reserve	2. Indicate and reduced
c. Balance sheet after reduction	3. Transfer difference to capital reserve
d. Reduction in paid-up value of shares	4. Debit capital reduction account

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Q1587

Share allotment account is when share allotment becomes due

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Q1588

Double entry system was started in-

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Q1589

A, B and C are partners in a firm sharing profits in the ratio

\frac{2}{5} : \frac{2}{5} : \frac{1}{5} .

C retires from the firm and his share is bought by A and B in equal ratio. New profit sharing ratio will be.

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Q1590

Subsequent expenditures that extend the useful life, improve the quality of output, or reduce operating costs of an existing asset beyond their originally estimated levels are

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Q1591

A and B are partners sharing profits and losses in the ratio of 1 : 2. They admit c and agree to give him

\frac{1}{5}

of the share. The new profit sharing ratio will be:

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Q1592

Share forfeiture account is shown in the liabilities side under

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Q1593

Amount of minimum share subscritption is

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Q1594

Right shares means those shares which are

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Q1595

When shares are forfeited, the share capital account is debited by

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Q1596

Realisation principle of accounting does not apply to:

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Q1597

In an organization purchase book records-

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Q1598

An insurance claim of Rs. 3,000 was accepted in respect of stock of Rs. 5,000 which was destroyed by fire. Balance of Rs. 2,000 would be debited to

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Q1599

The balance amount in the Joint Life Insurance Policy Reserve Account is transferred to

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Q1600

As shareholders holding 500 shares of Rs. 10 each issued at 10% discount pays Rs. 2 on application and Rs. 3 on allotment. However he fails to pay Rs. 3 on first call. His shares were forfeited and re-issued at Rs. 6 per share. Amount transferred to capital reserve will be

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