Accounting MCQs

A and B are partner in partnership firm. They admitted C for $${\frac{1}{4}^{{\text{th}}}}$$ share in profit. New profit sharing ratio between A, B and C is

Discount on issue of debenture should be shown in

Which of the following is not the responsibility centre for control purposes?

Advance payment of Income tax should be shown as

For what, a company may utilise the securities premium amount?

With the help of following information calculate provisions for bad and doubtful debts Debtors M: Rs. 3,200 Bad to be written off Debtors N: Rs. 8,000 expeected to realise only 70% Debtors O: Rs. 6,000 expected to realise only 60% Debtors P: Rs. 4,000 financial condition very poor, no recovery is likely

Which of the following accounting principles differentiates between owner and management

Arrange the following liabilities in the order of company's balance sheet. 1. Bank Overdraft 2. Bank Loan 3. Share Capital 4. Provision for Taxation

X and Y are partners in a firm having capital balances Rs. 1,08,000 and Rs. 72,000, respectively. They admit Z into a partnership for $${\frac{1}{3}^{{\text{rd}}}}$$ share, and Z brings proportion ate amount of capital. The capital amount of Z is