Investment at cost of a company is to be disclosed under
Trading accounts
Profit and loss account
Balance sheet
Source and application of fund
Correct answer is C
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity. The balance sheet is one of the three (income statement and statement of cash flows being the other two) core financial statements used to evaluate a business.
Application and allotment account and credit unsubscribed shares
Application and allotment account and credit cash
Oversubscribed shares and credit allotment account
Oversubscribed shares and credit allotment account
Correct answer is B
You will debit application and allotment account and credit cash because monies that have been collected from the public wil have to be returned
1 and 11
1, 11 and 111
1 and 111
11 and 111
Correct answer is B
Documents presented to the Registrar of companies for incorporation
From the above explanation, its safe to the Memorandum of Association of the Company, Article of Association of the Company and the Incorporation documents are all required for incorporation
Business purchase account and ordinary share capital account
Business purchase account, vendor account and ordinary share capital account
Business purchase account and vendor account
Ordinary share capital account, vendor account and unpaid share capital account
Correct answer is B
No explanation has been provided for this answer.
Debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000
Credit goodwill #15,000, cash #20,000 and debit Mary's #35,000
Debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000
Debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000
Correct answer is A
Mary's capital contributed will be 15000 + 20000 = 35000 and will reflect a credit balance because money has gone out of Mary's purse
Goodwill will have a debit balance and moved to the balance sheet