Which of the following is true when a debtor pays his dues?

May 12th, 2015
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[A]The asset side of the balance sheet will decrease [B]The asset side of the balance sheet will increase [C]The liability side of the balance sheet will increase [D]There is no change in total assets or total liabilities There is no change in total assets or total liabilities

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1. Which of the following is true when a debtor pays his dues?[A]The asset side of the balance sheet will decrease[B]The asset side of the balance sheet will increase[C]The liability side of the balance sheet will increase[D]There is no change in total assets or total liabilitiesThere is no change in total assets or total liabilities2. Withdrawal of goods from stock by the owner of the business forpersonal use should be recorded by debiting[A]Drawings account and crediting cash account[B]Drawings account and crediting purchases account[C]Capital account and crediting drawings account[D]Purchases account and crediting drawings accountDrawings account and crediting purchases account3. The cost price of a machine is Rs.1,20,000 and the depreciated valueof the machine after 3 years will be Rs.66,000. If the company chargesdepreciation under straight-line method, the rate of depreciation will be[A]25%[B]20%[C]18%[D]15%15%4. Consider the following data pertaining to a firm:Credit balance as per bank column of cash book Rs.13,500Bank interest on overdraft appeared only in the pass book Rs.2,100Cheques deposited but not collected by the bank Rs.5,000The balance

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