S1: In a partnership, if a partner retires, his loan to the firm is transferred to his loan account, which is a liability for the firm. S2: If the retiring partner's loan is not settled immediately, it is treated as a loan and interest is allowed as per the deed or at 6% p.a. if the deed is silent. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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A 'Rectifying Entry' is passed to:
Correct Answer: Option A
Explanation:
Rectifying entries correct errors found after posting.
Rectifying entries correct errors found after posting.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Cash Book' serves as:
Correct Answer: Option D
Explanation:
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of recent developments, what is the convergence of Ind-AS with?
Correct Answer: Option C
Explanation:
Ind-AS (Indian Accounting Standards) are converged with IFRS (International Financial Reporting Standards) issued by the IASB.
Ind-AS (Indian Accounting Standards) are converged with IFRS (International Financial Reporting Standards) issued by the IASB.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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