Accounting MCQs

If there is a decrease of Rs. 6,000 in the value of creditors, the journal entry will be

In the absence of an agreement retiring partners share in the firm will be purchase by the remaining partners in the

Accounting for price level changes is related to

A trader does not keep a complete set of books and provides the following information- He started business on 1st June, 2004 with Rs. 10,000. He made withdrawals at the rate of Rs. 500 per month during the last 6 months. During the year, a further capital of Rs. 2,000 was invested. His total assets as on 31st December, 2004 were Rs. 23,700, his creditors were Rs. 3,000 on the same date and unpaid expenses were Rs. 500 then his net profit would be-

A and B are partners in the ratio of 2 : 1. They admit C for $${\frac{1}{4}^{{\text{th}}}}$$ share. C brings Rs. 3,000 for his share of goodwill. The total value of the goodwill of the firm is:

Recieved Rs. 5,000 from Ram wrongly posted to his account as Rs. 50,000. This is error of

Schedule VI given in Companies Act relates to:

The interest on the Capital Accounts of partners is credited to

Profit prior to incorporation of a company: