Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve

✅ C. Results in the acquisition of a permanent asset

Option A : Benefits the current accounting period Option B : Will benefit the next accounting period Option C : Results in the acquisition of a permanent asset Option D : Results in the acquisition of a current asset Correct Answer : Results in the acquisition of a permanent asset Read more

✅ C. Damage paid on account of breach of a contract to supply certain goods

Option A : 1000 paid for the execution of a new plant Option B : Loss of 10,000 incurred in increasing the sitting accommodation of a hotel Option C : Damage paid on account of breach of a contract to supply certain goods Option D : Repair to machinery purchased, second hand. Correct Answer : Damage paid on account of… Read more

✅ C. Notes on account to Balance Sheet

Option A : Balance Sheet Option B : Directors report Option C : Notes on account to Balance Sheet Option D : Chairmans report Correct Answer : Notes on account to Balance Sheet Read more

✅ C. Assets

Option A : Liability Option B : Gain Option C : Assets Option D : Loss Correct Answer : Assets Read more

✅ C. Ledger

Option A : Subsidiary books Option B : Journal Option C : Ledger Option D : Trial Balance Correct Answer : Ledger Read more

✅ C. The total of the sales journal has not been posted to the Sales Account

Option A : Sale of ` 100 was recorded in the Purchases Journal Option B : Wages paid to Mohan have been debited to his account Option C : The total of the sales journal has not been posted to the Sales Account Option D : Repairs to buildings have been debited to buildings account Correct Answer : The total… Read more

✅ B. Profit & Loss A/c

Option A : Debtors A/c Option B : Profit & Loss A/c Option C : Profit & Loss Adjustment A/c Option D : Profit & Loss Appropriation A/c Correct Answer : Profit & Loss A/c Read more

✅ E. above Read More About this Mcq

Option A : Debtors Account Option B : Profit and Loss Account Option C : Provision for Doubtful Debt Account Option D : Either (b )or Correct Answer : Either (b )or above Read more