Question : When the Company decided not to record the issue of Debentures as Collateral Security. Which of the following accounts will be credited?
Option 1: % debentures
Option 2: No entry required
Option 3: Capital reserve
Option 4: Debenture suspense account
Correct Answer: No entry required
Solution : Answer = No entry required
If the company decides not to record the issue of debentures as collateral security, no entry is required in the accounting records because no transaction is taking place. Therefore, no account needs to be credited in this scenario, hence the correct answer is "No entry required." Hence, the correct option is 2.
Question : When the Company decided to record the issue of Debentures as Collateral Security: Which of the following accounts should be debited?
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Question : When a new partner is admitted the balance of 'General Reserve' appearing in the Balance Sheet at the time of admission is credited to
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 20,000. Claim for workmen compensation Rs. 45,000.
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