A 'Pay-in-slip' is a source document used for: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
A business has opening capital of Rs 2,00,000. During the year, it earned a profit of Rs 50,000, owner withdrew Rs 30,000, and fresh capital of Rs 40,000 was introduced. What is the closing capital?
Correct Answer: Option C
Explanation:
Closing Capital = Opening (2,00,000) + Profit (50,000) + Fresh (40,000) - Drawings (30,000) = Rs 2,60,000.
Closing Capital = Opening (2,00,000) + Profit (50,000) + Fresh (40,000) - Drawings (30,000) = Rs 2,60,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
Which of the following is NOT a feature of cash basis accounting?
Correct Answer: Option D
Explanation:
Cash basis does not follow the matching principle, as revenues and expenses are recorded only when cash is exchanged.
Cash basis does not follow the matching principle, as revenues and expenses are recorded only when cash is exchanged.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
The 'Goods and Services Tax' on services provided by a director to a company is:
Correct Answer: Option B
Explanation:
Services provided by a non-executive director are taxable under RCM.
Services provided by a non-executive director are taxable under RCM.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!