Which account is the odd one out?

Office Furniture & Equipment.

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Freehold Land and Buildings.

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Stock of raw materials.

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Plant and Machinery.

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Solution

The correct option is C Stock of raw materials.
Assets are classified as Current Assets and Fixed Assets.

In the given situation, below are termed as Fixed Assets:
Office Furniture & Equipment
Freehold Land & Building
Plant & Machinery

Below is termed as Current Assets:
Stock of Raw Material

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Similar questions

Q. Consider the following groups of items:
(i)Factory buildings
(ii)Plant and Machinery
(iii) Stocks of raw materials
(iv)Wage bills
Which of these are known as working capital?

Q. Arrange assets in the order of permanence:
Sundry Debtors, Stock, Investment, Land and Building, Cash in Hand, Motor Vehicle, Cash at Bank, Goodwill, Plant and Machinery, Furniture, Loose Tools, Marketable Securities.

Q. The failure, refusal or inability or n employer on account of shortage of coal, power or raw materials or the accumulation of stocks or the breakdown of machinery is called __________.

Following is the Balance Sheet of Jain, Gupta and Malik as on March 31, 2016.

Books of Jain, Gupta and Malik Balance Sheet as on March 31, 2016
Liabilities		Amount Rs	Assets	Amount Rs
Sundry Creditors		19,800	Land and Building	26,000
Telephone Bills Outstanding		300	Bonds	14,370
Accounts Payable		8,950	Cash	5,500
Accumulated Profits		16,750	Bills Receivable	23,450
			Sundry Debtors	26,700
Capitals :			Stock	18,100
Jain	40,000		Office Furniture	18,250
Gupta	60,000		Plants and Machinery	20,230
Malik	20,000	1,20,000	Computers	13,200
		1,65,800		1,65,800

The partners have been sharing profits in the ratio of 5:3:2. Malik decides to retire from business on April 1, 2016 and his share in the business is to be calculated as per the following terms of revaluation of assets and liabilities : Stock, Rs 20,000; Office furniture, Rs 14,250; Plant and Machinery Rs 23,530; Land and Building Rs 20,000.

A provision of Rs 1,700 to be created for doubtful debts. The goodwill of the firm is valued at Rs 9,000.

The continuing partners agreed to pay Rs 16,500 as cash on retirement of Malik, to be contributed by continuing partners in the ratio of 3:2. The balance in the capital account of Malik will be treated as loan.

Prepare Revaluation account, capital accounts, and Balance Sheet of the reconstituted firm.

Q. Jaya and Maya are partners in a firm sharing profits and losses in the ratio of 2 : 3 respectively. With the help of the trial balance and adjustments given below, you are required to prepare their Trading, Profit and Loss Account for year ended

31^{s t}

March, 2013 and the Balance Sheet as on that date:
Adjustments:
(1) Closing stock was valued at Rs. 22,600.
(2) Purchases include purchase of furniture of 10,000 made on $1^{st} October, 2012.
(3) Depreciate land and buildings at 10% p.a.; plant and machinery at 10% p.a. and furniture at 20% p.a.
(4) Create R.D.D. at %% on sundry debtors.

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Which account is the odd one out?

The correct option is C Stock of raw materials.Assets are classified as Current Assets and Fixed Assets. In the given situation, below are termed as Fixed Assets:Office Furniture & EquipmentFreehold Land & BuildingPlant & MachineryBelow is termed as Current Assets:Stock of Raw Material

The correct option is C Stock of raw materials.
Assets are classified as Current Assets and Fixed Assets.

In the given situation, below are termed as Fixed Assets:
Office Furniture & Equipment
Freehold Land & Building
Plant & Machinery

Below is termed as Current Assets:
Stock of Raw Material