The accounting equation for a business on a particular date: Assets ₹5,00,000; Liabilities ₹2,00,000. Capital will be: MCQ with Answer and Explanation

Question

Share Report Error

The accounting equation for a business on a particular date: Assets ₹5,00,000; Liabilities ₹2,00,000. Capital will be:

A. ₹7,00,000

B. ₹5,00,000

C. ₹3,00,000

D. ₹2,00,000

Answer: Option C

Solution (By JKSSB Mock Tests)

Capital = Assets - Liabilities = ₹5,00,000 - ₹2,00,000 = ₹3,00,000.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

The 'GST on Crypto transactions' (transfer of VDA) is:

A. 5%

B. 28%

C. 18% on services, and classification of VDA as goods/services being debated; treated as goods, 18% GST on margin? Presently GST is levied at 18% on the value of supply.

D. Exempt

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
GST on cryptocurrency transactions is generally 18% on the service/value.

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

Question #2

Share Report

The 'Updated Return' under Income Tax (Section 139(8A)) can be filed within:

A. 3 years

B. 2 years from end of relevant assessment year

C. 1 year from end of relevant assessment year

D. No time limit

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Updated return can be filed within 24 months from the end of the relevant assessment year, subject to conditions.

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

Question #3

Share Report

The 'Target Costing' approach begins with:

A. Calculating actual cost

B. Determining cost of production

C. Setting a desired selling price and then deducting desired profit margin to arrive at target cost

D. Budgeting

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Target costing is a market-driven approach: Target cost = Target selling price - Desired profit.

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

Explore All Accountancy and Book Keeping MCQs