Which of these are not required in a promissory note?
AAcceptance
BProperly stamped
CUnconditional promise to pay
D
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Correct answer
A. Acceptance
Explanation
Acceptance is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. 1881
Explanation
1881 is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Day book
Explanation
Day book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales
Explanation
Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. 5,80,000
Explanation
Explanation: Using production related budgets, units to produce equals budgeted sales + desired ending finished goods inventory + desired equivalent units in ending W-I-P inventory – beginning finished goods inventory – equivalent units in beginning W-I-P inventory. Therefore, in this case, units to produce is equal to 5,00,000 + 1,50,000 + 60,000 – 80,000 – 50,000 = 5,80,000
Correct answer
B. Profit & Loss A/c
Explanation
Bad debt recovered is a windfall gain and it is transferred to Profit & Loss Account at the time of preparation of Final Accounts. If provisions account is there in the books it will be transferred to Provision A/c and the balance if any in the provision account will be transferred to Profit & Loss Account. It is recovery of bad debt written off and hence it is not transferred to Debtors Account. It is not transferred to Profit & Loss Adjustment Account. It is not an appropriation to be transferred to Profit & Loss Appropriation Account. Thus, the answer is B
Correct answer
B. Day book
Explanation
Day book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Both A. and C. above
Explanation
Both A. and C. above is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Asset side
Explanation
Asset side is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. (i), (iii), (iv) and (v) above
Explanation
Stock at the end of the financial year is the closing stock, drawings are the amounts withdrawn by the owner of the business for personal use; and prepaid rent is the amount of rent which is paid in advance of the current financial year and interest received but not yet earned is the amount of interest received which does not pertain to the current year are the items that appear in the Balance Sheet of a business. Stock at the beginning of the financial year is the opening stock that appears in Trading Account of a business and not in the Balance Sheet. Thus D., the combination of all the accounts in alternatives (i), (iii), (iv) and (v) is the correct answer.]