A Suspense Account is generally closed when: MCQ with Answer and Explanation
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Question #1
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Under the Partnership Act, if a partner is expelled, what happens to his liability for acts of the firm done before his expulsion?
Correct Answer: Option B
Explanation:
Under Section 36 of the Indian Partnership Act, an expelled partner remains liable to third parties for acts of the firm up to the date of his expulsion, until a public notice of his expulsion is given.
Under Section 36 of the Indian Partnership Act, an expelled partner remains liable to third parties for acts of the firm up to the date of his expulsion, until a public notice of his expulsion is given.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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TDS (Tax Deducted at Source) must be deposited to the credit of the Central Government by the deductor usually within:
Correct Answer: Option A
Explanation:
Generally, TDS deducted in a month must be deposited to the government by the 7th of the following month.
Generally, TDS deducted in a month must be deposited to the government by the 7th of the following month.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Drawings' of the proprietor are deducted from:
Correct Answer: Option A
Explanation:
Drawings are withdrawal of capital, shown as deduction from capital in balance sheet.
Drawings are withdrawal of capital, shown as deduction from capital in balance sheet.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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