Capital loss can be carried forward 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 'Non-Resident' is a person who:
Correct Answer: Option D
Explanation:
Non-resident status is determined by fulfilling conditions under Section 6 of Income Tax Act.
Non-resident status is determined by fulfilling conditions under Section 6 of Income Tax Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
In the absence of an agreement, what is the profit-sharing ratio among partners?
Correct Answer: Option B
Explanation:
Under the Indian Partnership Act, 1932, if the deed is silent, all partners share profits and losses equally.
Under the Indian Partnership Act, 1932, if the deed is silent, all partners share profits and losses equally.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
S1: The Profit and Loss Appropriation Account is prepared after the Profit and Loss Account. S2: It shows the distribution of net profit among partners. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
The P&L Appropriation Account is an extension of the P&L Account, prepared after it. Its purpose is to distribute the net profit among partners by accounting for interest, salaries, and profit shares. Both are correct.
The P&L Appropriation Account is an extension of the P&L Account, prepared after it. Its purpose is to distribute the net profit among partners by accounting for interest, salaries, and profit shares. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!