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Income and Expenditure Account is a ________ Account.
Concept: Income and Expenditure Account
To find out Net Profit or Net Loss of the business __________ account is prepared.
Concept: Partnership Final Accounts
Find odd one.
Concept: Partnership Final Accounts
Cash receipts which are recurring in nature are called as__________ Receipts.
Concept: Partnership Final Accounts
Trading Account is prepared on the basis of ______ expenses.
Concept: Partnership Final Accounts
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Concept: Accounts of “Not for Profit” Concerns
Answer in one sentence only.
What is ‘Legacy’?
Concept: Income and Expenditure Account
What do you mean by 'sacrifice ratio'?
Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Answer in one sentence only.
What is revaluation account?
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Answer in one sentence only.
What is revaluation account?
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
If any asset is taken over by partner from the firm ______ account will be debited.
Concept: Capital Brought by New Partner
Write a word/phrase/term which can substitute the following statement.
Reputation of business measured in terms of money.
Concept: Concept of Goodwill
Write a word/phrase/term which can substitute the following statement.
Reputation of business measured in terms of money.
Concept: Concept of Goodwill
Find the Odd one.
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Find the Odd one.
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Dissolution expenses are credited to ______.
Concept: Dissolution of Partnership Firm
If an asset is taken over by partner from firm his capital account will be ___________.
Concept: Dissolution of Partnership Firm
State whether the following statement is True or False.
On dissolution Cash or Bank Account is closed automatically.
Concept: Dissolution of Partnership Firm
State whether the following statement is true or false with reason.
Retiring partner is not entitled to share in general reserve and accumulated profit.
Concept: Transfer of Reserve Fund Or General Reserve/Accumulated Profit Or Loss
Write the word/phrase/term/ which can substitute the following statement.
Expenses incurred on dissolution of firm.
Concept: Dissolution of Partnership Firm
