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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 601. |
Cheque sent for collection but not yet collected is: |
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Answer» Cheque sent for collection but not yet collected is: |
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| 602. |
Explain Revenue Recognition and a Verifiable Objective concept of accounting. |
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Answer» Explain Revenue Recognition and a Verifiable Objective concept of accounting. |
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| 603. |
X draws a bill on Y for Rs. 3,000. X endorsed this bill to Z. Who is the drawee ? |
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Answer» X draws a bill on Y for Rs. 3,000. X endorsed this bill to Z. Who is the drawee ? |
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| 604. |
Change speed of 6m/sec into km/hr? |
| Answer» Change speed of 6m/sec into km/hr? | |
| 605. |
'वसंत आया' कविता में कवि की चिंता क्या है? उसका प्रतिपाद्य लिखिए? |
| Answer» 'वसंत आया' कविता में कवि की चिंता क्या है? उसका प्रतिपाद्य लिखिए? | |
| 606. |
As an accountant of a company, you are disappointed to learn that the totals in your new trial balance are not equal. After going through a careful analysis, you have discovered only one error. Specifically, the balance of the Office Equipment account has a debit balance of Rs. 15,600 on the trial balance. However, you have figured out that a correctly recorded credit purchase of pen-drive for Rs 3,500 was posted from the journal to the ledger with a Rs. 3,500 debit to Office Equipment and another Rs. 3,500 debit to creditors accounts. Answer each of the following questions and present the amount of any misstatement : (a) Is the balance of the office equipment account overstated, understated, or correctly stated in the trial balance? (b) Is the balance of the creditors account overstated, understated, or correctly stated in the trial balance? (c) Is the debit column total of the trial balance overstated, understated, or correctly stated? (d) Is the credit column total of the trial balance overstated, understated, or correctly stated? (e) If the debit column total of the trial balance is Rs. 2,40,000 before correcting the error, what is the total of credit column. |
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Answer» As
(a)
(b)
(c)
(d)
(e)
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| 607. |
Select the uniform of the person who examines tickets of passengers in train. |
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Answer» Select the uniform of the person who examines tickets of passengers in train. |
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| 608. |
The cost price of 10 articles is equal to the selling price of 9 articles. Find the profit percentage. |
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Answer» The cost price of 10 articles is equal to the selling price of 9 articles. Find the profit percentage. |
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| 609. |
Hasan buys two kinds of cloth materials for school uniform, shirt material that costs him rupees 50 per meter and trouser material that costs him rupees 90 per meter. For every 3 meters of shirt material here buys 2 meters of the trouser material. He sells the material at 12%and 10% profit respectively. His total sale is rupees 36,600. How much trouser material did he buy? |
| Answer» Hasan buys two kinds of cloth materials for school uniform, shirt material that costs him rupees 50 per meter and trouser material that costs him rupees 90 per meter. For every 3 meters of shirt material here buys 2 meters of the trouser material. He sells the material at 12%and 10% profit respectively. His total sale is rupees 36,600. How much trouser material did he buy? | |
| 610. |
Write a program to calculate in how many days a work will be completed by three persons A, B and C together. A, B, C take x days, y days and z days respectively to do the job alone. The formula to calculate the number of days if they work together is xyz/(xy + yz + xz) days where x, y, and z are given as input to the program. |
| Answer» Write a program to calculate in how many days a work will be completed by three persons A, B and C together. A, B, C take x days, y days and z days respectively to do the job alone. The formula to calculate the number of days if they work together is xyz/(xy + yz + xz) days where x, y, and z are given as input to the program. | |
| 611. |
'साहित्य और समाज' पर चर्चा कीजिए। |
| Answer» 'साहित्य और समाज' पर चर्चा कीजिए। | |
| 612. |
Nikhil sold goods for Rs 23,000 to Akhil on Dec. 01, 2017. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank 12 p.a. On the due date Akhil dishonoured the bill of exchange and the bank paid Rs 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest 10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500. Nikhil agreed to Akhil’s request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil’s account in the books of Nikhil and Nikhil’s account in the books of Akhil. |
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Answer» Nikhil sold goods for Rs 23,000 to Akhil on Dec. 01, 2017. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil discounted the bill immediately with his bank 12 p.a. On the due date Akhil dishonoured the bill of exchange and the bank paid Rs 100 as noting charges. Akhil requested Nikhil to draw a new bill upon him with interest 10% p.a. which he agreed. The new bill was payable after two months. A week before the maturity of the second bill Akhil requested Nikhil to cancel the second bill. He further requested to accept Rs 10,000 in cash immediately and drew a third bill upon him including interest of Rs 500. Nikhil agreed to Akhil’s request. The third bill was payable after one month. Akhil met the third bill on its maturity. Record the necessary journal entries in the books of Nikhil and Akhil and also prepare Akhil’s account in the books of Nikhil and Nikhil’s account in the books of Akhil.
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| 613. |
Rectifythe following errors: (i) Credit sales to Mohan Rs 7,000 were not recorded. (ii) Credit purchases from Rohan Rs 9,000 were not recorded. (iii) Goods returned to Rakesh Rs 4,000 were not recorded. (iv) Goods returned from Mahesh Rs 1,000 were not recorded. |
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Answer» Rectify
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| 614. |
The process of designing a database for accounting begins with ______ |
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Answer» The process of designing a database for accounting begins with ______ |
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| 615. |
निबंध में आपने ये पंक्तियाँ पढ़ी हैं-'मैं अपने शाल में लपेटकर उसे संगम ले गई। जब गंगा की बीच धार में उसे प्रवाहित किया गया तब उसके पंखों की चंद्रिकाओं से बिंबित-प्रतिबिंबित होकर गंगा का चौड़ा पाट एक विशाल मयूर के समान तरंगित हो उठा।'-इन पंक्तियों में एक भावचित्र है। इसके आधार पर कल्पना कीजिए और लिखिए कि मोरपंख की चंद्रिका और गंगा की लहरों में क्या-क्या समानताएँ लेखिका ने देखी होंगी जिसके कारण गंगा का चौड़ा पाट एक विशाल मयूर पंख के समान तरंगित हो उठा। |
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Answer» निबंध में आपने ये पंक्तियाँ पढ़ी हैं-'मैं अपने शाल में लपेटकर उसे संगम ले गई। जब गंगा की बीच धार में उसे प्रवाहित किया गया तब उसके पंखों की चंद्रिकाओं से बिंबित-प्रतिबिंबित होकर गंगा का चौड़ा पाट एक विशाल मयूर के समान तरंगित हो उठा।'-इन पंक्तियों में एक भावचित्र है। इसके आधार पर कल्पना कीजिए और लिखिए कि मोरपंख की चंद्रिका और गंगा की लहरों में क्या-क्या समानताएँ लेखिका ने देखी होंगी जिसके कारण गंगा का चौड़ा पाट एक विशाल मयूर पंख के समान तरंगित हो उठा। |
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| 616. |
'प्रकृति-प्रदत्त प्रजनन-शक्ति के उपयोग का अधिकार बच्चे पैदा करें या न करें अथवा कितने बच्चे पैदा करें- इस की स्वतंत्रता स्त्री से छीन कर हमारी विश्व-व्यवस्था ने न सिर्फ़ स्त्री को व्यक्तित्व- विकास के अनेक अवसरों से वंचित किया है बल्कि जनांधिक्य की समस्या भी पैदा की है।' ऐन की डायरी के 13 जून, 1944 के अंश में व्यक्त विचारों के संदर्भ में इस कथन का औचित्य ढूँढ़ें। |
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Answer» 'प्रकृति-प्रदत्त प्रजनन-शक्ति के उपयोग का अधिकार बच्चे पैदा करें या न करें अथवा कितने बच्चे पैदा करें- इस की स्वतंत्रता स्त्री से छीन कर हमारी विश्व-व्यवस्था ने न सिर्फ़ स्त्री को व्यक्तित्व- विकास के अनेक अवसरों से वंचित किया है बल्कि जनांधिक्य की समस्या भी पैदा की है।' ऐन की डायरी के 13 जून, 1944 के अंश में व्यक्त विचारों के संदर्भ में इस कथन का औचित्य ढूँढ़ें।
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| 617. |
On Feb 01, 2006, John purchased goods for Rs 15,000 from Jimmy. He immediately made a payment of Rs 5,000 by cheque and for the balance accepted the bill of exchange drawn upon him by Jimmy. The bill of exchange was payable after 40 days. Five days before the maturity of the bill, Jimmy sent the same to his bank for collection. The bank duly presented the bill to John on the due date who met the bill. The bank informed the same to Jimmy. Prepare John’s account in the books of Jimmy and Jimmy account in the books of John. |
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Answer» On Feb 01, 2006, John purchased goods for Rs 15,000 from Jimmy. He immediately made a payment of Rs 5,000 by cheque and for the balance accepted the bill of exchange drawn upon him by Jimmy. The bill of exchange was payable after 40 days. Five days before the maturity of the bill, Jimmy sent the same to his bank for collection. The bank duly presented the bill to John on the due date who met the bill. The bank informed the same to Jimmy. Prepare John’s account in the books of Jimmy and Jimmy account in the books of John.
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| 618. |
Question for Rishal |
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Answer» Question for Rishal |
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| 619. |
J, H and K were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2015, their Balance Sheet was as follows: Liabilities Amount (₹) Assets Amount (₹) Creditors 42,000 Land and Building 1,24,000 Investment Fluctuation Fund 20,000 Motor Vans 40,000 Profit and Loss Account 80,000 Investments 38,000 Capital A/cs: J 1,00,000 Machinery 24,000 H 80,000 Stock 30,000 K 40,000 2,20,000 Debtors 80,000 Less: Provision 6,000 74,000 Cash 32,000 3,62,000 3,62,000 On the above date, H retired and J and K agreed to continue the business on the following terms:(i) Goodwill of the firm was valued at ₹ 1,02,000.(ii) There was a claim of ₹ 8,000 for workmen's compensation.(iii) Provision for bad debts was to be reduced by ₹ 2,000. (iv) H will be paid ₹ 14,000 in cash and balance will be transferred in his Loan Account which will be paid in four equal yearly instalments together with interest 10% p.a.(v) The new profit-sharing ratio between J and K will be 3 : 2 and their capitals will be in their new profit-sharing ratio. The capital adjustments will be done by opening Current Accounts.Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm. |
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Answer» J, H and K were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2015, their Balance Sheet was as follows:
On the above date, H retired and J and K agreed to continue the business on the following terms: (i) Goodwill of the firm was valued at ₹ 1,02,000. (ii) There was a claim of ₹ 8,000 for workmen's compensation. (iii) Provision for bad debts was to be reduced by ₹ 2,000. (iv) H will be paid ₹ 14,000 in cash and balance will be transferred in his Loan Account which will be paid in four equal yearly instalments together with interest 10% p.a. (v) The new profit-sharing ratio between J and K will be 3 : 2 and their capitals will be in their new profit-sharing ratio. The capital adjustments will be done by opening Current Accounts. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm. |
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| 620. |
While preparing a bank reconciliation statement from the passbook overdraft balance, indicate whether the following item will be written in plus or minus column. (i) Interest allowed by bank. (ii) Insurance premium paid by bank. |
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Answer» While preparing a bank reconciliation statement from the passbook overdraft balance, indicate whether the following item will be written in plus or minus column. (i) Interest allowed by bank. (ii) Insurance premium paid by bank. |
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| 621. |
As it mindlessly implements its procedures, an algorithm is supposed to be devoid of bias. When an algorithm rejects a loan application or sets the price for an airline flight, it is deemed impersonal and unbending. Yet, an algorithm is not a scientific concept. It is a system, like a military chain of command. It takes knowhow, calculation and creativity to make a system work properly. And some systems, like some armies, are much more reliable than others. For, a system is a human artefact, not a mathematical truism. Which of the following options best summarizes the main idea of this paragraph? |
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Answer» As it mindlessly implements its procedures, an algorithm is supposed to be devoid of bias. When an algorithm rejects a loan application or sets the price for an airline flight, it is deemed impersonal and unbending. Yet, an algorithm is not a scientific concept. It is a system, like a military chain of command. It takes knowhow, calculation and creativity to make a system work properly. And some systems, like some armies, are much more reliable than others. For, a system is a human artefact, not a mathematical truism. Which of the following options best summarizes the main idea of this paragraph? |
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| 622. |
Prepare bank reconciliation statement of Shri Bhandari as on March 31, 2017 (i) The Payment of a cheque for Rs 550 was recorded twice in the passbook. (ii) Withdrawal column of the passbook under cast by Rs 200 (iii) A Cheque of Rs 200 has been debited in the bank column of the Cash Book but it was not sent to bank at all. (iv) A Cheque of Rs 300 debited to Bank column of the cash book was not sent to the bank. (v) Rs 500 in respect of dishonoured cheque were entered in the passbook but not in the cash book. Overdraft as per passbook is Rs 20,000. |
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Answer» Prepare bank reconciliation statement of Shri Bhandari as on March 31, 2017
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| 623. |
17. A man saves Rs 200 in each of this first three month of his service. In each of the subsequent months his saving increases by Rs 40 more than the saving of his immediately previous month. Find the total time for his saving from the start of the service is Rs 11040. |
| Answer» 17. A man saves Rs 200 in each of this first three month of his service. In each of the subsequent months his saving increases by Rs 40 more than the saving of his immediately previous month. Find the total time for his saving from the start of the service is Rs 11040. | |
| 624. |
The Balance Sheet of X, Y and Z as at 31st March, 2018 was: Liabilities Amount (₹) Assets Amount (₹) Bills Payable 2,000 Cash at Bank 5,800 Employees' Provident Fund 5,000 Bills Receivable 800 Workmen Compensation Reserve 6,000 Stock 9,000 General Reserve 6,000 Sundry Debtors 16,000 Loans 7,100 Furniture 2,000 Capital A/cs: Plant and Machinery 6,500 X 22,750 Building 30,000 Y 15,250 Advertising Suspense 6,000 Z 12,000 50,000 76,100 76,100 The profit-sharing ratio was 3 : 2 : 1. Z died on 31st July, 2018. The Partnership Deed provides that:(a) Goodwill is to be calculated on the basis of three years' purchase of the five years' average profit. The profits were: 2017-18: ₹ 24,000; 2016-17: ₹ 16,000; 2015-16: ₹ 20,000 and 2014-15: ₹ 10,000 and 2013-14: ₹ 5,000.(b) The deceased partner to be given share of profits till the date of death on the basis of profits for the previous year.(c) The Assets have been revalued as: Stock ₹ 10,000; Debtors ₹ 15,000; Furniture ₹ 1,500; Plant and Machinery ₹ 5,000; Building ₹ 35,000. A Bill Receivable for ₹ 600 was found worthless.(d) A Sum of ₹ 12,233 was paid immediately to Z's Executors and the balance to be paid in two equal annual instalments together with interest 10% p.a. on the amount outstanding.Give Journal entries and show the Z's Executors' Account till it is finally settled. |
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Answer» The Balance Sheet of X, Y and Z as at 31st March, 2018 was:
The profit-sharing ratio was 3 : 2 : 1. Z died on 31st July, 2018. The Partnership Deed provides that: (a) Goodwill is to be calculated on the basis of three years' purchase of the five years' average profit. The profits were: 2017-18: ₹ 24,000; 2016-17: ₹ 16,000; 2015-16: ₹ 20,000 and 2014-15: ₹ 10,000 and 2013-14: ₹ 5,000. (b) The deceased partner to be given share of profits till the date of death on the basis of profits for the previous year. (c) The Assets have been revalued as: Stock ₹ 10,000; Debtors ₹ 15,000; Furniture ₹ 1,500; Plant and Machinery ₹ 5,000; Building ₹ 35,000. A Bill Receivable for ₹ 600 was found worthless. (d) A Sum of ₹ 12,233 was paid immediately to Z's Executors and the balance to be paid in two equal annual instalments together with interest 10% p.a. on the amount outstanding. Give Journal entries and show the Z's Executors' Account till it is finally settled. |
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| 625. |
If the capital of a business is Rs. 5,00,000 and liablilites are Rs. 1,00,000, Loss Rs. 60,000, Calculate the total assets of the business. |
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Answer» If the capital of a business is Rs. 5,00,000 and liablilites are Rs. 1,00,000, Loss Rs. 60,000, Calculate the total assets of the business. |
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| 626. |
Total sales in the year 2000 was what per cent of the total sales in the year 2003? (rounded off to two digits after decimal) |
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Answer» Total sales in the year 2000 was what per cent of the total sales in the year 2003? (rounded off to two digits after decimal) |
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| 627. |
The auditor noticed that the financial statements of Meta Company were missing some footnotes important for users for decision making. This action of the management is a violation of: |
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Answer» The auditor noticed that the financial statements of Meta Company were missing some footnotes important for users for decision making. This action of the management is a violation of: |
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| 628. |
Which accounts will be credited when electricity bill pertaining to the current month is not paid till the end of the month? |
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Answer» Which accounts will be credited when electricity bill pertaining to the current month is not paid till the end of the month? |
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| 629. |
What is the need for database normalisation? |
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Answer» What is the need for database normalisation? |
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| 630. |
Which of the following is incorrect? |
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Answer» Which of the following is incorrect? |
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| 631. |
Find the balance as per pass book from the following details: Balance as per cash book: Rs 10,000 Cheques issued but not presented: Rs 3,000 Cheques deposited but not collected: Rs 4,000 Bank charges debited by bank: Rs 250 |
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Answer» Find the balance as per pass book from the following details: Balance as per cash book: Rs 10,000 Cheques issued but not presented: Rs 3,000 Cheques deposited but not collected: Rs 4,000 Bank charges debited by bank: Rs 250 |
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| 632. |
What type of bank accounts are best for everyday transactions? |
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Answer» What type of bank accounts are best for everyday transactions? |
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| 633. |
125 pencils cost Rs 75. Find the cost of 1 million pencils if a discount of 40% is offered on the purchase. |
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Answer» 125 pencils cost Rs 75. Find the cost of 1 million pencils if a discount of 40% is offered on the purchase. |
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| 634. |
What adjusting entries would you record for the following (a) Depreciation (b) Discount on debtors (c) Interest on capital (d) Manager's commission |
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Answer» What adjusting entries would you record for the following (a) Depreciation (b) Discount on debtors (c) Interest on capital (d) Manager's commission |
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| 635. |
Rs. 580 received from Shyam were posted to his account as Rs. 850. To rectify this error, suspense account shall be ___ With Rs ___ . |
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Answer» Rs. 580 received from Shyam were posted to his account as Rs. 850. To rectify this error, suspense account shall be |
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| 636. |
A cheque received from Ramesh of Rs 20,000 to whom the goods were sold on credit was dishonoured. Which of the following accounts shall be effected after preparation of Bank Reconciliation? |
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Answer» A cheque received from Ramesh of Rs 20,000 to whom the goods were sold on credit was dishonoured. Which of the following accounts shall be effected after preparation of Bank Reconciliation? |
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| 637. |
A sells goods for ₹ 30,000 to B on 1st January, 2017 and on the same day draws a bill on B at three months for the amount. B accepts it and returns it to A, who discounts it on 4th February, 2017 with his bank at 18% per annum. The acceptance is dishonoured on the due date, the noting charges paid by the bank being ₹ 200.On 4th April, 2017, B accepts a new bill at two months for the amount then due to A together with interest at 12 per cent per annum.Make Journal entries to record these transactions in the books of A and B. |
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Answer» A sells goods for ₹ 30,000 to B on 1st January, 2017 and on the same day draws a bill on B at three months for the amount. B accepts it and returns it to A, who discounts it on 4th February, 2017 with his bank at 18% per annum. The acceptance is dishonoured on the due date, the noting charges paid by the bank being ₹ 200. On 4th April, 2017, B accepts a new bill at two months for the amount then due to A together with interest at 12 per cent per annum. Make Journal entries to record these transactions in the books of A and B. |
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| 638. |
Explain the purpose of creating provisions. |
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Answer» Explain the purpose of creating provisions. |
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| 639. |
On 15th June, 2017, X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date, X discounted the first bill with his bankers at 6% p.a. and endorsed the second bill in favour of his creditor, Z. The first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. On 1st October, Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 a s interest. |
| Answer» On 15th June, 2017, X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date, X discounted the first bill with his bankers at 6% p.a. and endorsed the second bill in favour of his creditor, Z. The first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. On 1st October, Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 a s interest. | |
| 640. |
Give an example for each of the following types of transaction. (i) Increase in one asset, decrease in another asset. (ii) Increase in asset, increase in liability. (iii) Increase in asset, increase in owner's capital. (iv) Decrease in asset, decrease in liability. (v) Decrease in asset, decrease in owner's capital. (vi) Decrease in liabilities, increase in owner's capital. (vii) Increase in one liability, decrease in another liability. (viii) Increase in liabilities, decrease in owner's capital. |
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Answer» Give an example for each of the following types of transaction. |
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| 641. |
On comparing the cash book with passbook of Naman it is found that on March 31, 2017, bank balance of Rs 40,960 showed by the cash book differs from the bank balance with regard to the following: (a) Bank charges Rs 100 on March 31, 2017, are not entered in the cash book. (b) On March 21, 2017, a debtor paid Rs 2,000 into the company’s bank in settlement of his account, but no entry was made in the cash book of the company in respect of this. (c) Cheques totaling Rs 12,980 were issued by the company and duly recorded in the cash book before March 31, 2017, but had not been presented at the bank for payment until after that date. (d) A bill for Rs 6,900 discounted with the bank is entered in the cash book with recording the discount charge of Rs 800. (e) Rs 3,520 is entered in the cash book as paid into bank on March 31st, 2017, but not credited by the bank until the following day. (f) No entry has been made in the cash book to record the dishonour or on March 15, 2017 of a cheque for Rs 650 received from Bhanu. Prepare a reconciliation statement as on March 31, 2017. |
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Answer» On comparing the cash book with passbook of Naman it is found that on March 31, 2017, bank balance of Rs 40,960 showed by the cash book differs from the bank balance with regard to the following:
Prepare a reconciliation statement as on March 31, 2017. |
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| 642. |
There are the people who design data processing systems. Name them. |
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Answer» There are the people who design data processing systems. Name them. |
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| 643. |
The following balances have been extracted from the trial of M/s Haryana Chemical Ltd. You are required to prepare a trading and profit and loss account and balance sheet as on March 31, 20170 from the given information. Account Title Amount Rs Account Title Amount Rs Opening stock 50,000 Sales 3,50,000 Purchases 1,25,500 Purchases return 2,500 Sales return 2,000 Creditors 25,000 Cash in hand 21,200 Rent 5,000 Cash at bank 12,000 Interest 2,000 Carriage 100 Bills payable 1,71,700 Free hold land 3,20,000 Capital 3,00,000 Patents 1,20,000 General Expenses 2,000 Sundry Debtors 32,500 Building 86,000 Machinery 34,500 Insurance 12,400 Drawings 10,000 Motor vehicle 10,500 Bad debts 2,000 Light and Water 1,200 Trade expenses 2,000 Power 3,900 Salary and Wages 5,400 Loan a 15% (01.09.2010) 3,000 8,56,200 8,56,200 Adjustments1. Closing stock was valued at the end of the year Rs 40,000.2. Salary amounting Rs 500 and trade expense Rs 300 are due.3. Depreciation charged on building and machinery are 4% and 5% respectively.4. Make a provision of 5% on sundry debtors. |
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Answer» The following balances have been extracted from the trial of M/s Haryana Chemical Ltd. You are required to prepare a trading and profit and loss account and balance sheet as on March 31, 20170 from the given information.
Adjustments 1. Closing stock was valued at the end of the year Rs 40,000. 2. Salary amounting Rs 500 and trade expense Rs 300 are due. 3. Depreciation charged on building and machinery are 4% and 5% respectively. 4. Make a provision of 5% on sundry debtors.
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| 644. |
While selling an article for R264, the profit percentage equals the cost price of thearticle in rupees. Find the cost price of the article. |
| Answer» While selling an article for R264, the profit percentage equals the cost price of thearticle in rupees. Find the cost price of the article. | |
| 645. |
By selling oranges at the rate of Rs 634 per orange, a man gets Rs 378. How many oranges does he sell? |
| Answer» By selling oranges at the rate of Rs per orange, a man gets Rs 378. How many oranges does he sell? | |
| 646. |
From the following particulars, prepare the proprietor's Capital Account: ₹ 1st April, 2017—Commenced business with cash 2,00,000 31st March, 2018—Net Loss as per Profit and Loss Account 18,000 31st March, 2018—Drawings during the period 15,000 Balance the same and explain what the closing balance indicates. |
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Answer» From the following particulars, prepare the proprietor's Capital Account:
Balance the same and explain what the closing balance indicates. |
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| 647. |
Sharma & Co. whose books are closed on 31st March, purchased a machinery for ₹ 1,50,000 on 1st April, 2015, Additional machinery was acquired for ₹ 50,000 on 1st October, 2015. Certain machinery which was purchased for ₹ 50,000 on 1st October, 2015 was sold for ₹ 40,000 on 30th September, 2017.Prepare the Machinery Account and Accumulated Depreciation Account for all the years up to the year ended 31st March, 2018. Depreciation is charged 10% p.a. on Straight Line Method. Also, show the Machinery Disposal Account. |
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Answer» Sharma & Co. whose books are closed on 31st March, purchased a machinery for ₹ 1,50,000 on 1st April, 2015, Additional machinery was acquired for ₹ 50,000 on 1st October, 2015. Certain machinery which was purchased for ₹ 50,000 on 1st October, 2015 was sold for ₹ 40,000 on 30th September, 2017. Prepare the Machinery Account and Accumulated Depreciation Account for all the years up to the year ended 31st March, 2018. Depreciation is charged 10% p.a. on Straight Line Method. Also, show the Machinery Disposal Account. |
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| 648. |
Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017. ₹ Opening Stock 50,000 Net Sales 11,00,000 Net Purchases 6,00,000 Direct Expenses 60,000 Administration Expenses 45,000 Selling and Distribution Expenses 65,000 Loss due to Fire 20,000 Closing Stock 70,000 |
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Answer» Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
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| 649. |
On March 31 2017 the cash book showed a balance of Rs 3,700 as cash at bank, but the bank passbook made up to same date showed that cheques for Rs 700, Rs 300 and Rs 180 respectively had not presented for payment, Also, cheque amounting to Rs 1,200 deposited into the account had not been credited. Prepare a bank reconciliation statement. |
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Answer» On March 31 2017 the cash book showed a balance of Rs 3,700 as cash at bank, but the bank passbook made up to same date showed that cheques for Rs 700, Rs 300 and Rs 180 respectively had not presented for payment, Also, cheque amounting to Rs 1,200 deposited into the account had not been credited. Prepare a bank reconciliation statement.
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| 650. |
Rectifying the following errors:(i) Sales Book has been totalled ₹ 1,000 short.(ii) Goods worth ₹ 1,500 returned by Green & Co. have not been recorded anywhere.(iii) Goods purchased worth ₹ 2,500 have been posted to the debit of the supplier, Gupta & Co.(iv) Furniture purchased from Gulab & Co. worth ₹ 10,000 has been entered in Purchases Book.(v) Cash received from A ₹ 2,500 has not been posted in his account. |
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Answer» Rectifying the following errors: (i) Sales Book has been totalled ₹ 1,000 short. (ii) Goods worth ₹ 1,500 returned by Green & Co. have not been recorded anywhere. (iii) Goods purchased worth ₹ 2,500 have been posted to the debit of the supplier, Gupta & Co. (iv) Furniture purchased from Gulab & Co. worth ₹ 10,000 has been entered in Purchases Book. (v) Cash received from A ₹ 2,500 has not been posted in his account. |
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