Question : As per __________, only purchased goodwill can be shown in the Balance Sheet: 

Option 1: AS 37 

Option 2: As 26 

Option 3: Section 37 

Option 4: AS 37  

Question : The balance of the Profit and Loss Suspense Account is shown on the assets side of the Balance Sheet.

Option 1: True

Option 2: False

Option 3: Can’t say 

Option 4: None of the above

Question : The balance of the Profit and Loss Suspense Account is shown on the assets side of the Balance Sheet.

Option 1: True

Option 2: False

Option 3: Can’t say 

Option 4: None of the above

Question : Rent received Rs 3,500 and rent credited to Income and Expenditure Account is Rs 4,000, where would the difference be transferred?

Option 1: outstanding Rent Rs 500 shown on the liabilities side of balance sheet 

Option 2: outstanding Rent Rs 500 shown on the assets side of balance sheet 

Option 3: Rs 500 Rent received in advance shown on the liabilities side of balance sheet 

Option 4: Rs 500 paid in advance shown on the assets side of balane sheet 

Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?

Option 1: assets side of closing Balance Sheet

Option 2: assets side of opening Balance Sheet

Option 3: Liabilities side of closing Balance Sheet

Option 4: Liabilities side of opening Balance Sheet