Where is the profit or loss on sale of the asset is transferred?
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i. Increase in asset is debited and decrease in asset is _______ ii. Assets = Liabilities + ________
i. Credited ii. Capital iii. Debited iv. Double Entry System v. Income and Gains
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Balance of the depreciation account is transferred to Profit and Loss A/c.
This statement is True. Depreciation is charged to profit and Loss A/c as it is an element of Cost. It is also essential to arrive at true value of the asset...
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The Profit or Loss on the sale of the asset is ascertained only after charging depreciation.
This statement is True. Cost on date of sale can be ascertained only after deducting depreciation from date of purchase till the date of sale after that it is possible to compare...
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Profit on sale of the asset is credited to an asset account.
Profit on sale of the asset is debited to an asset account.
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i. Debit balance of Trading Account means ________ (a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profit
i. (a) Gross Loss ii. (a) Trading iii. (a) Net Profit iv. (b) less v. (b) Six
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The credit balance of the Profit & Loss account shows a net profit.
This statement is True. The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of...
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When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
When the credit side of the Profit and Loss account is greater than the debit side, it is called Net Profit.
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Capital A/c……………..Dr. To Profit and Loss Account (Being Net Profit transferred to Capital A/c)
Profit and Loss Account…………….Dr. To Capital A/c (Being Net Profit transferred to Capital A/c)
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Goodwill is - (A) Tangible asset (B) Intangible asset (C) Current asset (D) None of these
Correct option is: (B) Intangible asset
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Discount on issue of debentures is :- (A) Fixed Asset (B) Current Asset (C) Real Asset (D) Fictitious Asset
Correct option is: (D) Fictitious Asset
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