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L,K and P are partners. The following differences as listed at i to iv have arisen due to misunderstanding. The answer to each point is given at a to d. One of the solutions is incorrect. Identify the wrong solution. K wants the amount to be given to the firm ii P used Rs. P does not agree iv L has given loan of Rs.
L must pay Rs. Firm should bear profit as well as losses. No new partner can be admitted without the consent of all. Below are some statements about partnership. One of them is correct, identify that statement. O and P are two partners sharing profits in the ratio of Amlan Dutta. Premdeep Singh.
Manikantha Pattugarala. Ankita Joshi. Avinash Shahi. Shilpi Chaudhary. Rizz Ahammad. Popular in Culture.
Jaime Nikolai. Omar Perozo. Jeffrey Arsenault. Ed Pitishov Whitehead. Ketan Tiwari. December Avinash Bankolli. Nadine Oosterveer.
Travis Gibson. All of the above. Which of the following are true? Nominal accounts always have credit balances. Real accounts always have debit balances. Debit balance in ledger account is credit balance in trial balance. Freight expenses for moving new machinery to factory is.
Revenue expenses. Deferred revenue expenditure. Capital expenditure. Want help in Preparation? Get Tips: Practice Which Helps In Preparation. Which of the following is false?
Replacement of defective part of mac hinery is revenue expenditure. Excess of sale price of Machinery over its W D Value but less than cost price is treated as revenue receipt.
Which of the following is not a deferred revenue expenditure? Preliminary expenses for setting up a company. Amount raised through Rights issue. Huge sales promotion expenditure in launch of new product. Cost of preparing project report. For an expense to be classified as revenue or capital depends on.
Kind of expense. Duration of the benefit of the expenditure. Effect on revenue earning capacity. Check Here: Cost of goods sold is. None of above. In LIFO method of inventory valuation. Issue of stocks to production is at latest price. Closing stock is at latest price.
Neither a nor b. In FIFO method of inventory valuation. Issue of stocks to production is at earliest price. Read Here: Which of the following is most desirable? Pricing issue of goods to match current material costs. Overstating profits. Understating profits. As per accounting standards which of the following is not a preferred method. All of them.