From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.

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If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

A. Yes B. No C. Transactions can’t be omitted D. none of these...

Liability are arisen from which of the following events?

A. Present event B. Future event C. Past event D. None of them...

If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?

A. $5000 B. $10,000 C. $15,000 D. $20,000...

Which of the following entries is correct in respect of reserve for discounts on accounts payable?

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

Under which of the following situations, is journal entry not passed in the books of the drawer?

A. When a discounted bill is honoured by the drawee on the due date B. When a bill is sent to the bank for collection C. When a bill is renewed at the request of the drawee D. When a debtor accepts a bill drawn by the drawer...