In the absence of any provision in the partnership agreement, profits and losses are shared:
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Solution
Profit and losses are shared equally unless otherwise agreed.
Which of the following statement is not true?
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Solution
If del-credere commission is allowed, bad debts will be borne by consignee and not debited to consignment A/c.
Account sale is sent by _____
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Solution
Account sale is sent by consignee to consignor.
Inventory is valued at cost or market value, whichever is less, is based on ______
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Solution
Inventory is valued at cost or market value, whichever is less, due to conservatism.
No Journal entry is required to be passed when there is ______
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Solution
No journal entry is required for normal loss.
Total of purchase return book is posted periodically to the credit of ______
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Solution
Total of purchase return book is posted to Cr. of Purchases Return A/c.
Salary Rs. 2000 payable to clerk is credited to _______
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Solution
Salary payable to clerk is credited to o/s salary A/c.
Cost of shifting of business to a more convenient locality is _____
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Solution
Cost of shifting is revenue expense.
Capital brought in by the proprietor is an example of _____
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Solution
Capital brought by proprietor is example of increase in asset and increase in liability.
Which of the following is not a sub-field of accounting?