Who is considered the father of the Double Entry System? MCQ with Answer and Explanation
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Question #1
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A and B share profits 3:2. They admit C for 1/5th share. C brings ₹50,000 as capital and ₹20,000 as goodwill. Goodwill is withdrawn by old partners. The amount credited to A's capital for goodwill will be:
Correct Answer: Option D
Explanation:
Goodwill brought by C is distributed in sacrificing ratio, which is old ratio 3:2. A's share = 20,000 * 3/5 = ₹12,000.
Goodwill brought by C is distributed in sacrificing ratio, which is old ratio 3:2. A's share = 20,000 * 3/5 = ₹12,000.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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When a bill is dishonoured, the drawer records:
Correct Answer: Option C
Explanation:
On dishonour, drawee's account is debited (debtor again), and bank is credited as bank returns the bill.
On dishonour, drawee's account is debited (debtor again), and bank is credited as bank returns the bill.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Equalisation Levy' was expanded in 2020 to cover:
Correct Answer: Option D
Explanation:
Finance Act 2020 expanded scope to include e-commerce operators, even if they don't have a permanent establishment.
Finance Act 2020 expanded scope to include e-commerce operators, even if they don't have a permanent establishment.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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