Correct the following statement and rewrite the statement:
Profit on sale of the asset is credited to an asset account.
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i. A loan account is a personal account. ii. A goodwill account is a real account. iii. A discount account is a nominal account.
i. This statement is True. The loan is taken from a person or bank and they are persons either natural or person or artificial persons. ii. This statement is True. All properties/assets come under real...
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Where is the profit or loss on sale of the asset is transferred?
The profit or loss on the sale of assets is transferred to the profit and loss account.
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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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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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i. All indirect/operating expenses are transferred to _______ account. ii. Interest of proprietor’s drawing is credited to ________ account.
i. Profit and Loss A/c ii. Profit and Loss A/c iii. Net Loss iv. Trading A/c v. Statement
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Receipts and payments Account is a - (A) Personal Account (B) Real Account (C) Nominal Account
Correct option is: (B) Real Account
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Current Account is - (A) Personal Account (B) Real Account (C) Nominal Account (D) None of these
Correct option is: (A) Personal Account
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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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On dissolution of a firm, amount realised from an unrecorded asset is credited to :-
Correct option is: (C) Realisation A/C
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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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