Question # 1

The investment in partners capital accounts is to be credited to.

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Partners capital accounts

Profit and loss account

Interest account

None of these

If the price required to be paid to the company for the share is more than nominal value of that share, it is called.

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At discount

At premium

At par

None of these

The balance of revaluation accoun tis transferred to the old partners capital accounts in their.

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Sacrificing ratio

Old profit shairng ratio

New profit sharing ratio

Equal profit shairng ratio

The end or termination of partnership is called.

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Amalgamation

Dissolution

Retirement

Admission

The charter of the company containing the objects of whihc for company is being formed is called.

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Articles of association

Prospectus

Memorandum of associaton

Notice

In case of public company minimum number of members is.

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Six

Seven

Ten

Fifty

The amount of assets may rise of fell on account of.

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Depreciation

Fluctuation

Depletion

Amortization

Revaluation loss should be debited to.

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Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

In income and expenditure account

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Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

In case of dissolution, assets sold for cash are debited to

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Realization account

Cash account

Assets account

None of these

In appearance, the statement of affairs, is similar to a.

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Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

The closing balance of trade debtors can be located from.

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Total debtors account

Balance sheet

Bils receivable account

Cash book

Income and expenditure account is credited with all.

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Expenses

Incomes

Assets

Liabilities

Depreciation written off on fixed assets should be recorded in the.

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Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Good will is.

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Tangible asset

Imtamgon;e asset

Wasting assets

Frictious assets

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