Expenditure includes
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Solution
Expense includes expenses payable also as per Accrual concept.
Income tax in case of a sole trader is treated as ________
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Solution
Income tax of sole trader is his personal expense.
Interest is calculated on _______ of securities
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Solution
Interest is calculated on face value of securities.
Premium on issue of shares is recorded in _______
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Solution
Premium on issue of shares is recoreded on equity and liabilities side of balance sheet.
In valuation of consignment inventory only _______ expenses of the consignee are added
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Solution
Direct expenses of consigneee are added in valuation of consignment inventory.
Liability for bill discounted is a ______
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Solution
Liability for bill discounted is a contingent liability.
Suspense account debit balance Rs. 200 in trial balance, will be recorded in the _____
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Solution
Suspense A/c (Dr. balance) in Trial Balance will be recorded in P&L A/c (dr. side) as it is nominal amount, it will be expensed off.
Rs. 5,000 spent on repairs of a newly purchased old motor car is debited to _____
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Solution
Amount spent on newly purchased car is debited to car A/c only
Cost of goods sold can be calculated by ____
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Solution
Cost of goods sold is calculated by Trading A/c
Amount spent on advertisement is _____
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Solution
Advertisement exepnditure is revenue.