The 'Component Accounting' is required under: MCQ with Answer and Explanation
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Question #1
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When a new partner brings his share of goodwill in cash, the amount is credited to:
Correct Answer: Option D
Explanation:
The cash brought in for goodwill is initially credited to a temporary 'Premium for Goodwill A/c', which is then distributed to sacrificing partners.
The cash brought in for goodwill is initially credited to a temporary 'Premium for Goodwill A/c', which is then distributed to sacrificing partners.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Interest on partners' capital is:
Correct Answer: Option A
Explanation:
Interest on capital, when deed provides, is an appropriation of profit, not a charge.
Interest on capital, when deed provides, is an appropriation of profit, not a charge.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Reverse Charge Mechanism' (RCM) under GST applies when:
Correct Answer: Option C
Explanation:
RCM is applicable in certain cases including supplies by unregistered persons to registered persons (though now mostly suspended except specific notified items). Also for specified services like legal, goods transport agency, etc.
RCM is applicable in certain cases including supplies by unregistered persons to registered persons (though now mostly suspended except specific notified items). Also for specified services like legal, goods transport agency, etc.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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