InterviewSolution
Saved Bookmarks
InterviewSolution
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.
| 651. |
By selling a cupboard for Rs. 2,000, the agent gets a commission of Rs. 200. How much amount does the owner get? |
|
Answer» By selling a cupboard for Rs. 2,000, the agent gets a commission of Rs. 200. How much amount does the owner get? |
|
| 652. |
A company whose accounting year is a financial year, purchased on 1st July, 2014 machinery costing ₹ 30,000.It purchased further machinery on 1st January, 2015 costing ₹ 20,000 and on 1st October, 2015 costing ₹ 10,000.On 1st April, 2016, one-third of the machinery installed on 1st July, 2014 became obsolete and was sold for ₹ 3,000.Show how Machinery Account would appear in the books of the company. It being given that machinery was depreciated by Fixed Instalment Method at 10% p.a. What would be the value of Machinery Account on 1st April, 2017? |
|
Answer» A company whose accounting year is a financial year, purchased on 1st July, 2014 machinery costing ₹ 30,000. It purchased further machinery on 1st January, 2015 costing ₹ 20,000 and on 1st October, 2015 costing ₹ 10,000. On 1st April, 2016, one-third of the machinery installed on 1st July, 2014 became obsolete and was sold for ₹ 3,000. Show how Machinery Account would appear in the books of the company. It being given that machinery was depreciated by Fixed Instalment Method at 10% p.a. What would be the value of Machinery Account on 1st April, 2017? |
|
| 653. |
Rectify the following errors by passing entries: (i) Credit sale of old furniture to Mohan for 1,500 was posted as 5,100. (ii) Goods purchased from David Rs.2,000 passed through sales book. (iii) Sales Book has been totaled Rs.2,000 short. |
|
Answer» Rectify the following errors by passing entries: (i) Credit sale of old furniture to Mohan for 1,500 was posted as 5,100. (ii) Goods purchased from David Rs.2,000 passed through sales book. (iii) Sales Book has been totaled Rs.2,000 short. |
|
| 654. |
When the bill are to be produced to notary public? |
|
Answer» When the bill are to be produced to notary public? |
|
| 655. |
Which of the following specialised journals record " goods returned by the business"? |
|
Answer» Which of the following specialised journals record " goods returned by the business"? |
|
| 656. |
लेखक ने अपने पिता जी की किन-किन विशेषताओं का उल्लेख किया है? |
| Answer» लेखक ने अपने पिता जी की किन-किन विशेषताओं का उल्लेख किया है? | |
| 657. |
Which of the following is correct regarding advance from customers received as at end of the financial year? |
|
Answer» Which of the following is correct regarding advance from customers received as at end of the financial year? |
|
| 658. |
Goods worth Rs 1,00,000 were sold to Piyush on credit. He returned the goods of the value of Rs 50,000. Whose account shall be credited & with what amount in this case? |
|
Answer» Goods worth Rs 1,00,000 were sold to Piyush on credit. He returned the goods of the value of Rs 50,000. Whose account shall be credited & with what amount in this case? |
|
| 659. |
Express each of the following decimals in the form pq, where p, q are integers and q ≠ 0.(i) 0.2¯(ii) 0.53¯(iii) 2.93¯(iv) 18.48¯(v) 0.235¯(vi) 0.0032¯(vii) 1.323¯(viii) 0.3178¯(ix) 32.1235¯(x) 0.407¯ |
|
Answer» Express each of the following decimals in the form , where p, q are integers and q ≠ 0. (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) |
|
| 660. |
A business has compiled the following information for the year ended 31st March, 2018: Particulars Rs. Opening Stock 4,00,000 Purchases 10,00,000 Closing Stock 3,00,000 The gross profit during the year is 1,00,000. Based on these figures, what is the sales revenue for the year? |
||||||||
|
Answer» A business has compiled the following information for the year ended 31st March, 2018:
The gross profit during the year is 1,00,000. Based on these figures, what is the sales revenue for the year? |
|||||||||
| 661. |
On 30th June, 2017, bank column of the Cash Book showed balance of ₹ 12,000 but the Pass Book showed a different balance due to the following reasons:(i) Cheques paid into the bank ₹ 8,000 but out of these only cheques of ₹ 6,500 credited by bankers.(ii) The receipt column of the Cash Book undercast by ₹ 200.(iii) On 29th June, a customer deposited ₹ 3,000 directly in the Bank Account but it was entered in the Pass Book only.(iv) Cheques of ₹ 9,200 were issued of which ₹ 2,200 were presented for payment on 15th July.(v) Pass Book shows a credit of ₹ 330 as interest and a debit of ₹ 60 as bank charges.Prepare Bank Reconciliation Statement as on 30th June, 2017. |
|
Answer» On 30th June, 2017, bank column of the Cash Book showed balance of ₹ 12,000 but the Pass Book showed a different balance due to the following reasons: (i) Cheques paid into the bank ₹ 8,000 but out of these only cheques of ₹ 6,500 credited by bankers. (ii) The receipt column of the Cash Book undercast by ₹ 200. (iii) On 29th June, a customer deposited ₹ 3,000 directly in the Bank Account but it was entered in the Pass Book only. (iv) Cheques of ₹ 9,200 were issued of which ₹ 2,200 were presented for payment on 15th July. (v) Pass Book shows a credit of ₹ 330 as interest and a debit of ₹ 60 as bank charges. Prepare Bank Reconciliation Statement as on 30th June, 2017. |
|
| 662. |
Which of the following is used to create and edit presentations? |
|
Answer» Which of the following is used to create and edit presentations? |
|
| 663. |
Mention the odd way in which the author’s grandmother behaved just before she died. |
|
Answer» Mention the odd way in which the author’s grandmother behaved just before she died. |
|
| 664. |
Which of the following are part of trading account? |
|
Answer» Which of the following are part of trading account? |
|
| 665. |
Which of the following should be the FIRST sentence after rearrangement? |
|
Answer» Which of the following should be the FIRST sentence after rearrangement? |
|
| 666. |
विशेषणपदैः सह विशेष्यपदानि योजयत- सर्वेषाम् बालिकानाम् मौलिकः विद्यालयम् एषा बालकानाम् सर्वकारीयम् अधिकार: समीपस्ये गणवेषम् सर्वासाम् अल्पवयस्का निःशुल्कम् विद्यालये |
||||||||||||||
Answer» विशेषणपदैः सह विशेष्यपदानि योजयत-
|
|||||||||||||||
| 667. |
On 1st January, 2016, A Ltd. Purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st July, 2016 an additional machinery costing ₹ 1,00,000 was purchased. On 1st July, 2018 the machine purchased on 1st January, 2016 was sold for ₹ 1,43,000 and on the same date, a new machine was purchased at a cost of ₹ 2,00,000.Show the Machinery Account for the first three calendar years after charging depreciation at 5% by the Straight Line Method. |
|
Answer» On 1st January, 2016, A Ltd. Purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st July, 2016 an additional machinery costing ₹ 1,00,000 was purchased. On 1st July, 2018 the machine purchased on 1st January, 2016 was sold for ₹ 1,43,000 and on the same date, a new machine was purchased at a cost of ₹ 2,00,000. Show the Machinery Account for the first three calendar years after charging depreciation at 5% by the Straight Line Method. |
|
| 668. |
On 1st January, 2008, A sold goods to B for ₹ 1,00,000 received ₹ 25,000 in cash and drew two bills, first ₹ 45,000 and second for ₹ 30,000 of two months each. Both bills were duly accepted by B. First bill was endorsed to C in settlement of his account of ₹ 45,000 and second bill was discounted from the bank at the rate of 12% p.a. On the due date of these bills, both bills were dishonoured, C has paid ₹ 100 and bank has paid ₹ 80 as noting charges.Pass Journal entries in the books of A, B and C. |
|
Answer» On 1st January, 2008, A sold goods to B for ₹ 1,00,000 received ₹ 25,000 in cash and drew two bills, first ₹ 45,000 and second for ₹ 30,000 of two months each. Both bills were duly accepted by B. First bill was endorsed to C in settlement of his account of ₹ 45,000 and second bill was discounted from the bank at the rate of 12% p.a. On the due date of these bills, both bills were dishonoured, C has paid ₹ 100 and bank has paid ₹ 80 as noting charges. Pass Journal entries in the books of A, B and C. |
|
| 669. |
A and B dissolve their partnership . Their position as at 31st March , 2018 was: Particulars ₹ A's Capital 25,000 B's Capital 15,000 Sundry Creditors 20,000 Cash in Hand and at Bank 750 The balance of A's Loan Account to the firm stood at ₹ 10,000. The realisation expenses amounted to ₹ 350. Stock realised ₹ 20,000 and Debtors ₹ 25,000 . B took a machine at the agreed valuation of ₹ 7,500.You are required to close the books of the firm. |
||||||||||||||||||
Answer» A and B dissolve their partnership . Their position as at 31st March , 2018 was:
The balance of A's Loan Account to the firm stood at ₹ 10,000. The realisation expenses amounted to ₹ 350. Stock realised ₹ 20,000 and Debtors ₹ 25,000 . B took a machine at the agreed valuation of ₹ 7,500. You are required to close the books of the firm. |
|||||||||||||||||||
| 670. |
Briefly explain the benefits of maintaining a Bills Payable Book and state how is its posting is done in the ledger? |
|
Answer» Briefly explain the benefits of maintaining a Bills Payable Book and state how is its posting is done in the ledger? |
|
| 671. |
Mohan maintains books on Single Entry System. He gives you the following information: ₹ Capital on 1st April, 2018 15,200 Capital on 31st March, 2019 16,900 Drawings made during the year 4,800 Capital introduced on 1st August, 2018 2,000 You are required to calculate the Profit or Loss made by Mohan. |
||||||||||
Answer» Mohan maintains books on Single Entry System. He gives you the following information:
You are required to calculate the Profit or Loss made by Mohan. |
|||||||||||
| 672. |
Bank balance as per cash Book is Rs 12,000 taking into account cheques worth Rs 20,000 deposited into the bank. Of the cheques deposited, one cheque of Rs 5,000 was yet to be cleared & another cheque of Rs 4,000 was dishonoured. The balance as per pass book shall be: |
|
Answer» Bank balance as per cash Book is Rs 12,000 taking into account cheques worth Rs 20,000 deposited into the bank. Of the cheques deposited, one cheque of Rs 5,000 was yet to be cleared & another cheque of Rs 4,000 was dishonoured. The balance as per pass book shall be: |
|
| 673. |
'Our daily life reflects a double allegiance to 'the life in time' and 'the life by values'. |
|
Answer» 'Our daily life reflects a double allegiance to 'the life in time' and 'the life by values'. |
|
| 674. |
A firm earns a revenue of Rs.21,000 and the expenses to earn this revenue are Rs.15,000.Calculate its income. |
|
Answer» A firm earns a revenue of Rs.21,000 and the expenses to earn this revenue are Rs.15,000.Calculate its income. |
|
| 675. |
Trialbalance of Madan did not agree and he put the difference to suspense account.He discovered the following errors: (a) Sales return book overcast by Rs 800. (b) Purchases return to Sahu Rs 2,000 were not posted. (c) Goods purchased on credit from Narula Rs 4,000 though taken into stock, but no entry was passed in the books. (d) Installation charges on new machinery purchased Rs 500 were debited to sundry expenses account as Rs 50. (e) Rent paid for residential accommodation of madam (the proprietor) Rs 1,400 was debited to Rent account as Rs 1,000. Rectifythe errors and prepare suspense account to ascertain the difference in trialbalance. |
||||||||||
|
Answer» Trial
Rectify
|
|||||||||||
| 676. |
If the business assets are not sufficient to repay all the debt then ___ assets are used. |
|
Answer» If the business assets are not sufficient to repay all the debt then |
|
| 677. |
In the following question, there is a sentence which is divided into four parts. Choose the fragment that carries an error (if any). Ignore punctuation errors if any. He went on committing crime after crime / but in spite of my best efforts / I could not / prevent him to do so. |
|
Answer» In the following question, there is a sentence which is divided into four parts. Choose the fragment that carries an error (if any). Ignore punctuation errors if any. He went on committing crime after crime / but in spite of my best efforts / I could not / prevent him to do so. |
|
| 678. |
On 1st October, 2010, Meenal Sharma bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight; ₹ 1,000 for brokerage of the middle-man, ₹ 4,000 for installation. The machine is depreciated 10% p.a. on written down value basis. On 31st March, 2013 the machine was sold to Deepa for ₹ 30,500 and ₹ 500 was paid as commission to broker through whom the sales was effected. Find out the profit or loss on sale of machine if accounts are closed on 31st March, every year. |
| Answer» On 1st October, 2010, Meenal Sharma bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight; ₹ 1,000 for brokerage of the middle-man, ₹ 4,000 for installation. The machine is depreciated 10% p.a. on written down value basis. On 31st March, 2013 the machine was sold to Deepa for ₹ 30,500 and ₹ 500 was paid as commission to broker through whom the sales was effected. Find out the profit or loss on sale of machine if accounts are closed on 31st March, every year. | |
| 679. |
From the following Trial Balance extracted from the books of Sh. Pawan Kumar, prepare a Trading Account, Profit & Loss Account for the year ended 31st March, 2014 and a Balance Sheet as at that date : Dr. Balances (₹) Cr. Balances (₹) Drawings 1,20,000 Capital 16,00,000 Plant and Machinery 12,00,000 Creditors 2,60,000 Horses and Carts 2,60,000 Sales 8,20,000 Debtors 3,40,000 Bills Payable 2,21,200 Purchases 2,00,000 Interest on Ram's Loan 1,800 Wages 80,000 Rent Received 12,000 Cash at Bank 2,60,000 Salaries 80,000 Repairs 5,000 Stock (1-4-2013) 7,000 Stock (31-3-2014) 92,000 Rent 45,000 Manufacturing expenses 15,000 Bad-Debts 50,000 Carriage 15,000 Income Tax 20,000 Life Insurance Premium 30,000 Loan to Ram at 12% p.a. 20,000 Insurance 12,000 Insurance Prepaid 1,000 29,15,000 29,15,000 Adjustments:- 1. Plant and Machinery includes a new machinery purchased on 1st October, 2013 for ₹ 2,00,000.2. Depreciate Plant and Machinery by 10% p.a. and Horses and Carts by 20% p.a.3. Salaries for the month of February and March 2014 are outstanding.4. Goods worth ₹ 15,000 were sold and dispatched on 27th March but no entry was passed to this effect.5. Make a provision for Doubtful Debts at 5% on Debtors. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answer» From the following Trial Balance extracted from the books of Sh. Pawan Kumar, prepare a Trading Account, Profit & Loss Account for the year ended 31st March, 2014 and a Balance Sheet as at that date :
Adjustments:- 1. Plant and Machinery includes a new machinery purchased on 1st October, 2013 for ₹ 2,00,000. 2. Depreciate Plant and Machinery by 10% p.a. and Horses and Carts by 20% p.a. 3. Salaries for the month of February and March 2014 are outstanding. 4. Goods worth ₹ 15,000 were sold and dispatched on 27th March but no entry was passed to this effect. 5. Make a provision for Doubtful Debts at 5% on Debtors. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 680. |
Debit balance as per Cash Book: Rs 2,000 Cheques deposited but not cleared: Rs 100 Cheques issued but not presented: Rs 150 Bank allowed interest: Rs 50 Bank collected dividend: Rs 50 Balance as per Pass Book will be : ___ |
|
Answer» Debit balance as per Cash Book: Rs 2,000 |
|
| 681. |
If the second bill is drawn and accepted under fresh terms of agreement, it is termed as ? |
|
Answer» If the second bill is drawn and accepted under fresh terms of agreement, it is termed as ? |
|
| 682. |
The parties to a bill of exchange are ? |
|
Answer» The parties to a bill of exchange are ? |
|
| 683. |
X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March, 2019. On that date, their Capitals were X − ₹ 40,000 and Y − ₹ 30,000. Creditors amounted to ₹ 24,000.Assets were realised for ₹ 88,500. Creditors of ₹ 16,000 were taken over by X at ₹ 14,000. Remaining Creditors were paid at ₹ 7,500. The cost of realisation came to ₹ 500.Prepare necessary accounts. |
|
Answer» X and Y were partners sharing profits and losses in the ratio of 3 : 2. They decided to dissolve the firm on 31st March, 2019. On that date, their Capitals were X − ₹ 40,000 and Y − ₹ 30,000. Creditors amounted to ₹ 24,000. Assets were realised for ₹ 88,500. Creditors of ₹ 16,000 were taken over by X at ₹ 14,000. Remaining Creditors were paid at ₹ 7,500. The cost of realisation came to ₹ 500. Prepare necessary accounts. |
|
| 684. |
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019, their Balance Sheet was as follows: BALANCE SHEET as at 31st March, 2019 Liabilities Amount (₹) Assets Amount (₹) Creditors 38,000 Cash at Bank 11,500 Mrs. A's Loan 10,000 Stock 6,000 B's Loan 15,000 Debtors 19,000 Reserve 5,000 Furniture 4,000 A's Capital 10,000 Plant 28,000 B's Capital 8,000 18,000 Investments 10,000 Profit and LossA/C 7,500 86,000 86,000 The firm was dissolved on 31st March, 2019 and both the partners agreed to the following:(a) A took Investments at an agreed value of ₹ 8,000. He also agreed to settle Mrs. A's Loan.(b) Other assets realised as: Stock − ₹ 5,000; Debtors − ₹ 18,500; Furniture − ₹ 4,500; Plant − ₹ 25,000.(c) Expenses of realisation came to ₹ 1,600.(d) Creditors agreed to accept ₹ 37,000 in full settlement of their claims.Prepare Realisation Account, Partners' Capital Accounts and Bank Account. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answer» A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019, their Balance Sheet was as follows:
The firm was dissolved on 31st March, 2019 and both the partners agreed to the following: (a) A took Investments at an agreed value of ₹ 8,000. He also agreed to settle Mrs. A's Loan. (b) Other assets realised as: Stock − ₹ 5,000; Debtors − ₹ 18,500; Furniture − ₹ 4,500; Plant − ₹ 25,000. (c) Expenses of realisation came to ₹ 1,600. (d) Creditors agreed to accept ₹ 37,000 in full settlement of their claims. Prepare Realisation Account, Partners' Capital Accounts and Bank Account. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 685. |
A scooter was bought at Rs 42,000. Its value depreciated at the rate of 8% per annum. Find its value after one year. |
|
Answer» A scooter was bought at Rs 42,000. Its value depreciated at the rate of 8% per annum. Find its value after one year. |
|
| 686. |
Enumeratemain objectives of accounting. |
|
Answer» Enumerate |
|
| 687. |
The software which is vital for operating a computer is called ________ |
|
Answer» The software which is vital for operating a computer is called ________ |
|
| 688. |
An extract of Trial balance from the books of Tahiliani and Sons Enterprises on Marc 31 2017 is given below: Name of the Account Debit Amount Rs Credit Amount Rs Sundry debtors 50,000 Bad debts 6,000 Provision for doubtful debts 4,000 Additional Information: Bad Debts proved bad; however, not recorded amounted to Rs 2,000. Provision is to be maintained at 8% of debtorsGive necessary accounting entries for writing off the bad debts and creating the provision for doubtful debts account. Also, show the necessary accounts. |
|||||||||||||||
|
Answer» An extract of Trial balance from the books of Tahiliani and Sons Enterprises on Marc 31 2017 is given below:
Additional Information:
Give necessary accounting entries for writing off the bad debts and creating the provision for doubtful debts account. Also, show the necessary accounts.
|
||||||||||||||||
| 689. |
लेखिका की अपने पिता से वैचारिक टकराहट को अपने शब्दों में लिखिए। |
|
Answer» लेखिका
|
|
| 690. |
Rectify the following errors by passing Journal entries:(i) Old furniture sold for ₹ 500 has been credited to Sales Account.(ii) Machinery purchased on credit from Raman for ₹ 2,000 recorded through Purchases Book as ₹ 16,000.(iii) Cash received from Rajat ₹ 5,000 was posted to the debit of Bhagat as ₹ 6,000.(iv) Depreciation provided on machinery ₹ 3,000 was posted to Machinery Account as ₹ 300. |
|
Answer» Rectify the following errors by passing Journal entries: (i) Old furniture sold for ₹ 500 has been credited to Sales Account. (ii) Machinery purchased on credit from Raman for ₹ 2,000 recorded through Purchases Book as ₹ 16,000. (iii) Cash received from Rajat ₹ 5,000 was posted to the debit of Bhagat as ₹ 6,000. (iv) Depreciation provided on machinery ₹ 3,000 was posted to Machinery Account as ₹ 300. |
|
| 691. |
A firm’s SMC schedule is shown in the following table. The total fixed cost of the firm is Rs 100. Find the TVC, TC, AVC and SAC schedules of the firm. L TPL 0 − 1 500 2 300 3 200 4 300 5 500 6 800 |
||||||||||||||||
|
Answer» A firm’s SMC schedule is shown in the following table. The total fixed cost of the firm is Rs 100. Find the TVC, TC, AVC and SAC schedules of the firm.
|
|||||||||||||||||
| 692. |
Now look at the pictures and discuss in groups why the following events happened. You may find more than onereason for each of them.Disclaimer: Kindly refer the textbook for the images. |
|
Answer» Now look at the pictures and discuss in groups why the following events happened. You may find more than one reason for each of them. Disclaimer: Kindly refer the textbook for the images. |
|
| 693. |
A manager gets 5% commission on sales, the cost price of goods sold is Rs. 40,000 which he sells at a margin of 20% on sale. Manager's Commission will be: |
|
Answer» A manager gets 5% commission on sales, the cost price of goods sold is Rs. 40,000 which he sells at a margin of 20% on sale. Manager's Commission will be: |
|
| 694. |
Y purchased goods for ₹ 6,000 on 1st June, 2011 from X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. On maturity, the bill was dishonoured for non-payment and Z had to pay ₹ 50 as noting charges. Two days after the dishonour of bill, Y paid ₹ 2,000 to X and requested him to draw a second bill for the balance plus ₹ 90 for the amount of interest, payable after two months. X accepted the proposal and draws the bill on Y, which was accepted by Y and was duly met on maturity.Pass Journal entries for the above transactions in the books of X. |
|
Answer» Y purchased goods for ₹ 6,000 on 1st June, 2011 from X and on the same date accepted a bill payable after three months. 3 days later, X endorsed the bill to Z. On maturity, the bill was dishonoured for non-payment and Z had to pay ₹ 50 as noting charges. Two days after the dishonour of bill, Y paid ₹ 2,000 to X and requested him to draw a second bill for the balance plus ₹ 90 for the amount of interest, payable after two months. X accepted the proposal and draws the bill on Y, which was accepted by Y and was duly met on maturity. Pass Journal entries for the above transactions in the books of X. |
|
| 695. |
A Bank Reconciliation Statement is a ___. |
|
Answer» A Bank Reconciliation Statement is a |
|
| 696. |
What is a database management system? Explain its components. |
|
Answer» What is a database management system? Explain its components. |
|
| 697. |
Following is the Balance Sheet of X and Y as at 31st March, 2019 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively: Liabilities Amount (₹) Assets Amount (₹) Creditors 45,000 Cash at Bank 15,000 General Reserve 36,000 Debtors 60,000 Capital A/cs: Less: Provision for Doubtful Debts 2,400 57,600 X 1,80,000 Patents 44,400 Y 90,000 2,70,000 Investments 24,000 Current A/cs: Fixed Assets 2,16,000 X 30,000 Goodwill 30,000 Y 6,000 36,000 3,87,000 3,87,000 Z is admitted as a new partner on 1st April, 2019 on the following terms:(a) Provision for doubtful debts is to be maintained at 5% on Debtors.(b) Outstanding rent amounted to ₹ 15,000.(c) An accrued income of ₹ 4,500 does not appear in the books of the firm. It is now to be recorded.(d) X takes over the Investments at an agreed value of ₹ 18,000.(e) New Profit-sharing Ratio of partners will be 4 : 3 : 2.(f) Z will bring in ₹ 60,000 as his capital by cheque.(g) Z is to pay an amount equal to his share in firm's goodwill valued at twice the average profit of the last three years which were ₹ 90,000; ₹ 78,000 and ₹ 75,000 respectively.(h) Half of the amount of goodwill is to be withdrawn by X and Y. You are required to pass Journal entries, prepare Revaluation Account, Partners' Capital and Current Accounts and the Balance Sheet of the new firm. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answer» Following is the Balance Sheet of X and Y as at 31st March, 2019 who are partners in a firm sharing profits and losses in the ratio of 3 : 2 respectively:
Z is admitted as a new partner on 1st April, 2019 on the following terms: (a) Provision for doubtful debts is to be maintained at 5% on Debtors. (b) Outstanding rent amounted to ₹ 15,000. (c) An accrued income of ₹ 4,500 does not appear in the books of the firm. It is now to be recorded. (d) X takes over the Investments at an agreed value of ₹ 18,000. (e) New Profit-sharing Ratio of partners will be 4 : 3 : 2. (f) Z will bring in ₹ 60,000 as his capital by cheque. (g) Z is to pay an amount equal to his share in firm's goodwill valued at twice the average profit of the last three years which were ₹ 90,000; ₹ 78,000 and ₹ 75,000 respectively. (h) Half of the amount of goodwill is to be withdrawn by X and Y. You are required to pass Journal entries, prepare Revaluation Account, Partners' Capital and Current Accounts and the Balance Sheet of the new firm. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 698. |
Jouranlise thefollowing transactions in the books of Harpreet Bros.: (a) Rs 1,000 due from Rohit are now bad debts. (b) Goods worth Rs 2,000 were used by the proprietor. (c) Charge depreciation 10% p.a for two month on machine costing Rs 30,000. (d) Provide interest on capital of Rs 1,50,000 at 6% p.a. for 9 months. (e) Rahul become insolvent, who owed is Rs 2,000 a final dividend of 60 paise in a rupee is received from his estate. |
||||||||||
|
Answer» Jouranlise the
|
|||||||||||
| 699. |
Find out the amount of billsmatured during the year on the basis of information given below; Rs Bills payable dishonoured 37,000 Closing balance of Bills payable 85,000 Opening balance of Bills payable 70,000 Bills payable accepted 90,000 Cheque dishonoured 23,000 |
||||||||||||
|
Answer» Find out the amount of bills
|
|||||||||||||
| 700. |
What are the children doing? Choose the correct word from the ribbon and then fill in the blanks.Disclaimer: Kindly refer the textbook for the images.__________ breakfast _____________ a bicycle ____________ to school__________ with friends ______________ in class _____________ from school |
|
Answer»
|
|
