Profit on sale of old plant is:___________?

✅ B. P&L A/C is debited with 1,200

Option A : P&L A/C is debited with 1,400 Option B : P&L A/C is debited with 1,200 Option C : 200 is shown as current asset Option D : Both Correct Answer : Both and above Read more

✅ C. Cash book

Option A : Cash receipt journal Option B : Cash payment journal Option C : Cash book Option D : Financial statements Correct Answer : Cash book Read more

✅ C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c

Option A : Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c Option B : Debit Accounts Payable A/c and Credit P&L A/c Option C : Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c Option D : Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c Read More Details… Read more

✅ C. Budget

Option A : Direct cost Option B : Cost Sheet Option C : Budget Option D : Marginal Costing. Correct Answer : Budget Read more

✅ B. The person responsible for dishonour

Option A : The drawer of the bill Option B : The person responsible for dishonour Option C : The holder of the bill Option D : The endorser of the bill Read More Details about this Mcq Correct Answer : The person responsible for dishonour Read more

✅ D. The Trial Balance has no statutory importance from the point of view of law

Option A : The Trial Balance is prepared after preparing the Profit and Loss Account Option B : The Trial Balance shows only balances of Assets and Liabilities Option C : The Trial Balance shows only nominal account balances Option D : The Trial Balance has no statutory importance from the point of view of law Correct Answer : The… Read more

✅ C. 24

Option A : 37.5 Option B : 38.25 Option C : 24 Option D : 35 Correct Answer : 24 Read more

✅ D. Seller

Option A : Payee Option B : Payer Option C : Bank Option D : Seller Correct Answer : Seller Read more