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Answer in one sentence only.
What is the effect of the adjustment of provision for discount on debtors in the final accounts of partnership?
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Answer in one sentence only.
As per which principle of accounting, closing stock is valued at cost price or at market price whichever is less?
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Answer in one sentence only.
Why is Balance Sheet prepared?
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Answer in one sentence only.
Why wages paid for installation of machinery are not shown in Trading Account?
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Answer in one sentence only.
What do you mean by indirect incomes?
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Answer in one sentence only.
Why partners capital is treated as long-term liability of business?
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Current account always shows a debit balance.
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Do you agree/disagree with the following statement:
Profit and Loss Account reflects the true Financial position.
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Do you agree/disagree with the following statement:
Amount borrowed by partner from his business will be debited to Current Account.
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Do you agree/disagree with the following statement:
Sold but undispatched goods must be part of valuation of closing stock.
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Do you agree/disagree with the following statement:
Carriage Inward is a selling and distribution overhead.
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Do you agree/disagree with the following statement:
Gross profit is an operation profit.
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Do you agree/disagree with the following statement?
All direct expenditures are debited to profit and loss account.
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Do you agree/disagree with the following statement:
Free distribution of goods is debited to the trading account.
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Gain ratio _______ Ratio less Old Ratio.
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New Ratio = Old Ratio + _____ Ratio
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Apte, Bhate and Chitale are sharing `1/2, 3/10, "and" 1/5` if Apte retire their new ratio will be ______.
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Write the Word/Term/Phrase which can substitute of the following statement:
The ratio in which the continuing partners are benefited due to the retirement of partner.
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Write the word/phrase/term/ which can substitute of the following statement:
The ratio which is obtained by deducting the Old Ratio from New Ratio.
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State whether the following statement is true or false with reason.
Gain ratio means New ratio minus Old ratio.
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