A Trial Balance shows a difference of ₹5,000 debit side excess. This difference is transferred to: MCQ with Answer and Explanation

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A Trial Balance shows a difference of ₹5,000 debit side excess. This difference is transferred to:

A. Suspense A/c (Debit)

B. Suspense A/c (Credit)

C. Profit & Loss A/c

D. Capital A/c

Answer: Option B

Solution (By JKSSB Mock Tests)

If debit side is more, credit side is short. To balance, Suspense Account is credited. So, Suspense A/c (Credit) ₹5,000.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'National Pension System' (NPS) for government employees was made mandatory for those joining after:

A. 1 Jan 2010

B. 1 Jan 2004

C. 1 Jan 2015

D. 1 Jan 1991

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Correct Answer: Option B

Explanation:
NPS replaced the old defined benefit pension for central government employees joining on or after 1/1/2004.

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Question #2

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Under the partnership act, in the absence of a deed, the profit sharing ratio is:

A. Equal

B. Based on service rendered

C. Determined by the court

D. Based on capital contribution

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Correct Answer: Option A

Explanation:
The Indian Partnership Act, 1932, states that if there is no partnership deed, profits and losses must be shared equally among all partners.

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Question #3

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Revenue expenditure is intended to benefit:

A. None

B. Future periods

C. Current period only

D. Both current and future periods

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Correct Answer: Option C

Explanation:
Revenue expenditure benefits only the current accounting period and is charged to income.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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