On the admission of a new partner increase in the value of assets is debited to:

The Profit on reissue of forfeited shares is transferred to-

Which of the following statements are correct about partnership- (A) Each partner carrying on the business is the principal as well as the agent for all the other partners (B) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made by the part…

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital: (A) Out of Profits (B) Out of capital of Partners (C) By partners individually in their profit sharing ratio (D) Creditors Assets Choos…

Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm - (A) The balance should be applied to repay loans made by the partners to the firm. (B) The assets of the firm should be used in paying…

Match List-I with List-II List-I | List-II (A) Unregistered Debentures | (I) Perpetual Debentures (B) Unsecured Debentures | (II) Naked Debentures (C) Secured Debentures | (III) Bearer Debentures (D) Irredeemable Debentures | (IV) Mortgage Debentures Choose the correct answer fro…

The Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm, which, among the following, is not shown in the Profit and Loss Appropriation Account?

Under the fixed capital method, the capital of the partners shall remain fixed unless additional capital is introduced or a part of the capital is withdrawn as per the agreement between the partners. Which among the following is NOT the feature of the fixed capital method?

Blue Prints Ltd., purchased building worth Rs.1,50,000, machinery worth Rs.1,40,000 and furniture worth Rs.10,000 from XYZ Co., and took over its liabilities of Rs. 20,000 for a purchase consideration of Rs. 3,15,000. Blue Prints Ltd., paid the purchase consideration by issuing 1…