Podcast
Questions and Answers
When a partner retires from a firm with the consent of all other partners, what account is prepared?
When a partner retires from a firm with the consent of all other partners, what account is prepared?
- Realisation Account
- Partner Executor Account (correct)
- Profit and Loss Account
- Bank Account
What happens to the cash-in-hand of a firm on dissolution?
What happens to the cash-in-hand of a firm on dissolution?
- Transferred to Realisation Account (correct)
- Transferred to Profit and Loss Account
- Deposited in a Bank Account
- None of the above
In the event of compulsory dissolution of a firm, what happens to its bank overdraft?
In the event of compulsory dissolution of a firm, what happens to its bank overdraft?
- Transferred to Realisation Account
- Written off as a loss
- Repayment from the assets realized (correct)
- None of the above
Why do we calculate Gaining Ratio?
Why do we calculate Gaining Ratio?
In accounting, when a firm disposes of its fixed assets, the difference between the disposal proceeds and the carrying amount of the asset is known as:
In accounting, when a firm disposes of its fixed assets, the difference between the disposal proceeds and the carrying amount of the asset is known as:
In financial analysis, what does the term 'interpretation' refer to?
In financial analysis, what does the term 'interpretation' refer to?
When analyzing a firm's cash flow statement, if there is a bank overdraft, how is it typically classified?
When analyzing a firm's cash flow statement, if there is a bank overdraft, how is it typically classified?
When a company issues debentures, it is essentially:
When a company issues debentures, it is essentially:
Which of the following is NOT a tool of financial analysis?
Which of the following is NOT a tool of financial analysis?
When a fixed asset with a book value of ₹1,20,000 is sold at a loss of ₹40,000, what is the impact on cash flow?
When a fixed asset with a book value of ₹1,20,000 is sold at a loss of ₹40,000, what is the impact on cash flow?
In the context of corporate finance, what happens when shares are forfeited by shareholders?
In the context of corporate finance, what happens when shares are forfeited by shareholders?
When shares are forfeited due to non-payment and then reissued as fully paid, what accounting treatment is needed?
When shares are forfeited due to non-payment and then reissued as fully paid, what accounting treatment is needed?
