State whether the following statements are True or False with reason:
Wages paid for the installation of Machinery are debited to Wages A/c.
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Which account is debited, when rent is paid by Debit card?
The rent account is debited when rent is paid by debit card.
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If rent is paid to the landlord, the landlord’s A/c should be debited.
This statement is False. Correct Statement: If rent is paid to the landlord, the Rent account should be debited. Reasons: Rent paid is an expense and hence it is a nominal...
2 Answers 1 views
GST paid on the purchase of goods Input tax A/c should be debited.
This statement is True. Reasons: GST is abbreviated from Goods and Service Tax. GST is levied by the government on the purchases of Goods and Services at a specified rate. Since...
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State with reasons, whether the Operating Ratio of a company will increase, decrease or not change due to the following transactions: (a) Paid Wages R
(a) Increase, (b) No change, (c ) Decrease, (d) Increase and (e) Increase.
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A company purchased a machinery and settled the consideration by issuing fully paid 10 % Preference shares. How would it be shown in Cash Flow Stateme
It it will not be shown in Cash Flow Statement because it does not involve cash.
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Which account is debited when expenses are paid on the installation of the Machinery?
The machinery account is debited when expenses are paid for the installation of machinery.
2 Answers 1 views
i. Depreciation is charged on _________ asset. ii. Wages paid for Installation/fixation of Machinery is debited to ______ account.
i. Fixed ii. Machinery iii. Diminishing Balance iv. Scrap value v. Depreciation vi. Constant vii. Capital viii. Scrap value ix. Nominal x. Depretium
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i. Rent, Salary, Insurance, Plant, and Machinery. ii. Capital, Bills Payable, Debtors, Outstanding wages.
i. Plant and Machinery ii. Debtors iii. Factory Rent iv. Reserve for Doubtful Debts
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The machinery of ₹ 35,500 is purchased on 1st July 2018 and on the same day ₹ 4,500 are spent on the installation of the Machinery.
Cost of Machinery = Purchase Price + Installation Charges = 35,500 + 4,500 = ₹ 40,000 Depreciation for 9 months = 40,000 × \(\frac{7}{100}\times\frac{9}{12}\) = ₹ 2,100
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Which among the following are final and which are intermediate products? (i) A machine purchased for installation in a factory (ii) Fees paid to the l
(i) A machine purchased for installation in a factory is a final product because expenditure on machine is investment expenditure. (ii) Fees paid to the lawyer by a producer is...
2 Answers 1 views