Identify the treatment of Government Grant received from the government from following: Option 1: Treated as Revenue Income Option 2: Treated as capital Income Option 3: Treated as deferred Income Option 4: Treated as both capital as well as deferred income

The answer is 'Treated as capital Income'. View full solution:

CUET Accountancy - Identify the treatment of Government Grant received from the government from following: | PYQs + Solutions

CUET Accountancy 2022 15 July Shift 2

Partnership

Medium

Treated as Revenue Income

Treated as capital Income

Treated as deferred Income

Treated as both capital as well as deferred income

✅ Correct Option: 2

Related questions:

28 May Shift 1

The steps in the Process of Preparing Profit and Loss Appropriation account are :

(A) Transfer the net profit to the credit side of P & L Appropriation A/c

(B) Divide the Profit among partners in the Profit Sharing ratio

(D) Debit the P & L Appropriation A/c with all appropriations like partners salary etc.

(E) Credit the P & L Appropriation A/c with interest on drawing and deficiency on account of partner's guarantee of earnings to the firm.

Choose the correct answer from the options given below :

22 May Shift 2

'The business of a partnership concern may be carried on by all the partners or any of them acting for all.'

Which feature of partnership is indicated by the above statement?

22 May Shift 1

When the date of drawing is not specified, interest on drawings is calculated for