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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.
| 701. |
What is the role of data as an element of a computer? |
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Answer» What is the role of data as an element of a computer? |
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| 702. |
What is meant by debit balance in passbook? |
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Answer» What is meant by debit balance in passbook? |
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| 703. |
On 1st April, 2015, X Ltd. purchased a machine costing ₹ 4,00,000 and spent ₹ 50,000 on its installation. The estimated life of the machinery is 10 years, after which its residual value will be ₹ 50,000 only. Find the amount of annual depreciation according to the Fixed Instalment Method and prepare Machinery Account for t he first three years. The books are closed on 31st March every year. |
| Answer» On 1st April, 2015, X Ltd. purchased a machine costing ₹ 4,00,000 and spent ₹ 50,000 on its installation. The estimated life of the machinery is 10 years, after which its residual value will be ₹ 50,000 only. Find the amount of annual depreciation according to the Fixed Instalment Method and prepare Machinery Account for t he first three years. The books are closed on 31st March every year. | |
| 704. |
Cost of goods available for sale – closing inventory = |
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Answer» Cost of goods available for sale – closing inventory = |
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| 705. |
कभी-कभी तारसप्तक की ऊँचाई पर पहुँचकर मुख्य गायक का स्वर बिखरता नज़र आता है उस समय संगतकार उसे बिखरने से बचा लेता है। इस कथन के आलोक में संगतकार की विशेष भूमिका को स्पष्ट कीजिए। |
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Answer» कभी-कभी
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| 706. |
Mr. Rohit works in a NPO. He always comes late to the office. What value is not fulfilled ? |
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Answer» Mr. Rohit works in a NPO. He always comes late to the office. What value is not fulfilled ? |
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| 707. |
A Bank Reconciliation Statement is prepared with the help of ___ . |
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Answer» A Bank Reconciliation Statement is prepared with the help of |
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| 708. |
Given the following data: Purchases Rs. 4,500, Returns outwards Rs. 300, Returns inwards Rs. 150, Carriage outwards Rs. 830, Carriage inwards Rs. 260, Opening stock Rs. 935, and closing stock Rs. 1,100. The value of the cost of goods sold is: |
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Answer» Given the following data: Purchases Rs. 4,500, Returns outwards Rs. 300, Returns inwards Rs. 150, Carriage outwards Rs. 830, Carriage inwards Rs. 260, Opening stock Rs. 935, and closing stock Rs. 1,100. The value of the cost of goods sold is: |
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| 709. |
Enter the following transaction in Simple cash book for December 2017: Rs 01 Cash in hand 7,750 06 Paid to Sonu 45 08 Purchased goods 600 15 Received cash from Parkash 960 20 Cash sales 500 25 Paid to S. Kumar 1,200 30 Paid rent 600 |
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Answer» Enter the following transaction in Simple cash book for December 2017:
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| 710. |
Changes in expenses and revenue will effect which part of accounting equation? |
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Answer» Changes in expenses and revenue will effect which part of accounting equation? |
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| 711. |
Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017. Debit balances Amount Rs Credit balances Amount Rs Stock 20,000 Sales 2,45,000 Cash 5,000 Creditors 10,000 Bank 10,000 Bills payable 4,000 Carriage on purchases 1,500 Capital 2,00,000 Purchases 1,90,000 Drawings 9,000 Wages 55,000 Machinery 1,00,000 Debtors 27,000 Postage 300 Sundry expenses 1,700 Rent 4,500 Furniture 35,000 Closing stock Rs 8,000. |
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Answer» Prepare trading and profit and loss account and balance sheet of M/s Royal Traders from the following balances as on March 31, 2017.
Closing stock Rs 8,000. |
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| 712. |
Following information is given below: calculate the closing capital April.01, 2016 March.31, 2017 Rs Rs Creditors 5,000 30,000 Bills payable 10,000 – Loan – 50,000 Bills receivable 30,000 50,000 Stock 5,000 30,000 Cash 2,000 20,000 Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given) |
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Answer» Following information is given below: calculate the closing capital
Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)
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| 713. |
Mr. Raj works as an accountant of a company. He always ensures that his accounts are correct and checks them regularly. What value is followed? |
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Answer» Mr. Raj works as an accountant of a company. He always ensures that his accounts are correct and checks them regularly. What value is followed? |
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| 714. |
Given the following data: Purchases Rs. 54,533, Carriage inwards Rs. 4,324, Opening stock Rs. 17,600, and closing stock Rs. 14,342. The value of the cost of goods sold is: |
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Answer» Given the following data: Purchases Rs. 54,533, Carriage inwards Rs. 4,324, Opening stock Rs. 17,600, and closing stock Rs. 14,342. The value of the cost of goods sold is: |
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| 715. |
State any four essential features of cash book. |
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Answer» State any four essential features of cash book. |
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| 716. |
The asset which is an exception from depreciation is ………… |
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Answer» The asset which is an exception from depreciation is ………… |
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| 717. |
X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances:(a) If X retains the bill till due date.(b) If X discounts the same with his banker paying ₹ 100 for discount.(c) If X endorses the same to his creditor Z in full settlement of his debt of ₹ 4,080.(d) If X sends the bill to his banker for collection the next day. |
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Answer» X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X under each of the following circumstances: (a) If X retains the bill till due date. (b) If X discounts the same with his banker paying ₹ 100 for discount. (c) If X endorses the same to his creditor Z in full settlement of his debt of ₹ 4,080. (d) If X sends the bill to his banker for collection the next day. |
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| 718. |
How is the entrance fees treated In the case of an NPO? |
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Answer» How is the entrance fees treated In the case of an NPO? |
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| 719. |
From the following particulars what shall be balance c/d of the Petty Cash Book under Imprest system: Jan. 1. Received from the Chief Cashier as imprest cash Rs 4000. Jan. 2. Paid Taxi hire Rs 200. Jan. 3. Paid postage Rs 280 and stationery Rs 60. Jan. 7. Paid Rs 720 for repairs of typewriter. |
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Answer» From the following particulars what shall be balance c/d of the Petty Cash Book under Imprest system: |
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| 720. |
Installation charges of fixed assets are considered as expenses is an error of ________________ |
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Answer» Installation charges of fixed assets are considered as expenses is an error of ________________ |
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| 721. |
On 1st April, 2015, V.V.L.Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year. |
| Answer» On 1st April, 2015, V.V.L.Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year. | |
| 722. |
When is the closing stock shown in the trial balance ? |
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Answer» When is the closing stock shown in the trial balance ? |
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| 723. |
A, B and C were equal partners. On 31st March, 2019, their Balance Sheet stood as: Liabilities Amount (₹) Assets Amount (₹) Creditors 50,400 Cash 3,700 Reserve 12,000 Stock 20,100 Capital A/cs: Debtors 62,600 A 40,000 Loan to A 10,000 B 25,000 Investments 16,000 C 15,000 80,000 Furniture 6,500 Building 23,500 1,42,400 1,42,400 The firm was dissolved on the above date on the following terms:(a) For the purpose of dissolution, Investments were valued at ₹ 18,000 and A took over the Investments at this value.(b) Fixed Assets realised ₹ 29,700 whereas Stock and Debtors realised ₹ 80,000.(c) Expenses of realisation amounted to ₹ 1,300.(d) Creditors allowed a discount of ₹ 800.(e) One Bill receivable for ₹ 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm.Prepare Realisation Account, Partner's Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners. |
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Answer» A, B and C were equal partners. On 31st March, 2019, their Balance Sheet stood as:
The firm was dissolved on the above date on the following terms: (a) For the purpose of dissolution, Investments were valued at ₹ 18,000 and A took over the Investments at this value. (b) Fixed Assets realised ₹ 29,700 whereas Stock and Debtors realised ₹ 80,000. (c) Expenses of realisation amounted to ₹ 1,300. (d) Creditors allowed a discount of ₹ 800. (e) One Bill receivable for ₹ 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm. Prepare Realisation Account, Partner's Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners. |
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| 724. |
114.The following quantities which one has the dimensions different from the remaining three |
| Answer» 114.The following quantities which one has the dimensions different from the remaining three | |
| 725. |
Bad Debts is shown on _____ side of _____ account |
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Answer» Bad Debts is shown on _____ side of _____ account |
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| 726. |
The following balances appeared in the trial balance of M/s Kapil Traders as on March 31, 2017 Rs Sundry debtors 30,500 Bad debts 500 Provision for doubtful debts 2,000 The partners of the firm agreed to records the following adjustments in the books of the Firm: Further bad debts Rs.300. Maintain provision for bad debts 10%. Show the following adjustments in the bad debts account, provision account, debtors account, profit and loss account and balance sheet. |
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Answer» The following balances appeared in the trial balance of M/s Kapil Traders as on March 31, 2017
The partners of the firm agreed to records the following adjustments in the books of the Firm: Further bad debts Rs.300. Maintain provision for bad debts 10%. Show the following adjustments in the bad debts account, provision account, debtors account, profit and loss account and balance sheet. |
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| 727. |
(a) Describe various branches of accounting. (b) The management of ABC Ltd. changed the depreciation method for the last three years. Which principle is not followed? |
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Answer» (a) Describe various branches of accounting. (b) The management of ABC Ltd. changed the depreciation method for the last three years. Which principle is not followed? |
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| 728. |
Prepare Return Inward Journal (Book) from the following transactions of M/s Bansal Electronics for July 2017:2017July Rs 04 M/s Gupta Traders returned the goods 1,500 10 Goods returned from M/s Harish Traders 800 18 M/s Rahul Traders returned the goods not as per specifications 1,200 28 Goods returned from Sushil Traders 1,000 |
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Answer» Prepare Return Inward Journal (Book) from the following transactions of M/s Bansal Electronics for July 2017: 2017 July
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| 729. |
differentiate y= x.ex w.r.t. x |
| Answer» differentiate y= x.ex w.r.t. x | |
| 730. |
Listen and put a tick (✓) against the words that the teacher says - it at think thank fun fan much match well wall |
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Answer» Listen and put a tick (✓) against the words that the teacher says -
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| 731. |
पाठ की शैली की रोचकता पर टिप्पणी कीजिए। |
| Answer» पाठ की शैली की रोचकता पर टिप्पणी कीजिए। | |
| 732. |
In which book of original entry will: (i) The partial recovery from Mr. Ajay of an amount of Rs. 4,000 earlier written off as bad debts be recorded? (ii) In which book of original entry, a discount of Rs. 50 offered for an early payment of cash of Rs. 1,050 be recorded? |
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Answer» In which book of original entry will: (i) The partial recovery from Mr. Ajay of an amount of Rs. 4,000 earlier written off as bad debts be recorded? (ii) In which book of original entry, a discount of Rs. 50 offered for an early payment of cash of Rs. 1,050 be recorded? |
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| 733. |
What is the purpose of preparing trading and profit and loss account? |
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Answer» What is the purpose of preparing trading and profit and loss account? |
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| 734. |
Under Bank reconciliation statement, while adjusting the cash book: |
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Answer» Under Bank reconciliation statement, while adjusting the cash book: |
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| 735. |
On 1st April, 2012 Manas Ltd purchased 10 machines of Rs.30,000 each. On 30th June, 2013. 1 machine out of the 10 machines purchased on 1st April, 2012 was sold for Rs. 24,000 and on 31st December, 2014 one more machine was sold for Rs.22,500. A new machine was purchased on 30th September, 2015 for Rs.32,000. The company has adopted the practice of providing depreciation at 10 % per annum on original cost of machine. The company closes its books on 31st March, every year. You are required to prepare machinery account upto 31st March, 2016. |
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Answer» On 1st April, 2012 Manas Ltd purchased 10 machines of Rs.30,000 each. On 30th June, 2013. 1 machine out of the 10 machines purchased on 1st April, 2012 was sold for Rs. 24,000 and on 31st December, 2014 one more machine was sold for Rs.22,500. A new machine was purchased on 30th September, 2015 for Rs.32,000. The company has adopted the practice of providing depreciation at 10 % per annum on original cost of machine. The company closes its books on 31st March, every year. You are required to prepare machinery account upto 31st March, 2016. |
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| 736. |
Vinod Ltd., purchased a Machine on 1st January,2007 for Rs.19,400 and spent Rs.600 on its installation.On 1st July, in the same year additional machinery costing Rs.10,000 was acquired.On 1st July, 209 the machinery purchased on January 1,2007 having become useless was auctioned for Rs.8,000 and on the same date new machine was purchased at a cost of Rs.15,000.Depreciation is provided annually on 31st December 10% per annum on Original Cost of assets Prepare Machinery Account from 2007 to 2010. |
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Answer» Vinod Ltd., purchased a Machine on 1st January,2007 for Rs.19,400 and spent Rs.600 on its installation.On 1st July, in the same year additional machinery costing Rs.10,000 was acquired.On 1st July, 209 the machinery purchased on January 1,2007 having become useless was auctioned for Rs.8,000 and on the same date new machine was purchased at a cost of Rs.15,000.Depreciation is provided annually on 31st December 10% per annum on Original Cost of assets Prepare Machinery Account from 2007 to 2010. |
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| 737. |
Azad Ltd. purchased furniture on October 01, 2014 for Rs 4,50,000. On March 01, 2015 it purchased another furniture for Rs 3,00,000. On July 01, 2016 it sold off the first furniture purchased in 2014 for Rs 2,25,000. Depreciation is provided at 15% p.a. on written down value method each year. Accounts are closed each year on March 31. Prepare furniture account, and accumulated depreciation account for the years ended on March 31, 2015, March 31, 2016 and March 31, 2017. Also give the above two accounts if furniture disposal account is opened. |
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Answer» Azad Ltd. purchased furniture on October 01, 2014 for Rs 4,50,000. On March 01, 2015 it purchased another furniture for Rs 3,00,000. On July 01, 2016 it sold off the first furniture purchased in 2014 for Rs 2,25,000. Depreciation is provided at 15% p.a. on written down value method each year. Accounts are closed each year on March 31. Prepare furniture account, and accumulated depreciation account for the years ended on March 31, 2015, March 31, 2016 and March 31, 2017. Also give the above two accounts if furniture disposal account is opened. |
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| 738. |
Rectify the following errors by passing Journal entries:(i) A sum of ₹ 470 received from Ganga was posted to her debit as ₹ 740.(ii) A debit balance of ₹ 550 in the personal account of Mr. John was undercast.(iii) Bills Receivable from Brown for ₹ 3,000 posted to the credit of Bills Payable Account and credited to Brown’s Account.(iv) Goods returned by Mridul ₹ 225 have been entered in the Returns Outward Book. |
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Answer» Rectify the following errors by passing Journal entries: (i) A sum of ₹ 470 received from Ganga was posted to her debit as ₹ 740. (ii) A debit balance of ₹ 550 in the personal account of Mr. John was undercast. (iii) Bills Receivable from Brown for ₹ 3,000 posted to the credit of Bills Payable Account and credited to Brown’s Account. (iv) Goods returned by Mridul ₹ 225 have been entered in the Returns Outward Book. |
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| 739. |
An entry which is made on both sides of a cash book is called ___. |
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Answer» An entry which is made on both sides of a cash book is called |
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| 740. |
Which account is credited to record the issue of petty cash fund ? |
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Answer» Which account is credited to record the issue of petty cash fund ? |
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| 741. |
What happens when microprocessor gets high voltage. |
| Answer» What happens when microprocessor gets high voltage. | |
| 742. |
M/s. P & Q purchased machinery for ₹ 40,000 on 1st October, 2016. Depreciation is provided 10% p.a. on the Diminishing Balance. On 31st January, 2019, one-fourth of the machinery was found unsuitable and disposed off for ₹ 5,600. On the same date new machinery at a cost of ₹ 15,000 was purchased. Write up the Machinery account for the years ended 31st March, 2017, 2018 and 2019. Accounts are closed on 31st March each year. |
| Answer» M/s. P & Q purchased machinery for ₹ 40,000 on 1st October, 2016. Depreciation is provided 10% p.a. on the Diminishing Balance. On 31st January, 2019, one-fourth of the machinery was found unsuitable and disposed off for ₹ 5,600. On the same date new machinery at a cost of ₹ 15,000 was purchased. Write up the Machinery account for the years ended 31st March, 2017, 2018 and 2019. Accounts are closed on 31st March each year. | |
| 743. |
State the need for the preparation of bank reconciliation statement? |
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Answer» State the need for the preparation of bank reconciliation statement? |
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| 744. |
Mohit has the following transactions, prepare accounting equation: Rs (a) Business started with cash 1,75,000 (b) Purchased goods from Rohit 50,000 (c) Sales goods on credit to Manish (Costing Rs 17,500) 20,000 (d) Purchased furniture for office use 10,000 (e) Cash paid to Rohit in full settlement 48,500 (f) Cash received from Manish 20,000 (g) Rent paid 1,000 (h) Cash withdrew for personal use 3,000 |
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Answer» Mohit has the following transactions, prepare accounting equation:
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| 745. |
The Balance Sheet of X, Y and Z who were sharing profits in the ratio of 5 : 3 : 2 as at 31st March, 2019 is as follows: Liabilities ₹ Assets ₹ Creditors 50,000 Cash at Bank 40,000 Employees' Provident Fund 10,000 Sundry Debtors 1,00,000 Profit and Loss A/c 85,000 Stock 80,000 Capital A/cs: Fixed Assets 60,000 X 40,000 Y 62,000 Z 33,000 1,35,000 2,80,000 2,80,000 X retired on 1st April, 2019 and Y and Z decided to share profits in future in the ratio of 3 : 2 respectively.The other terms on retirement were:(a) Goodwill of the firm is to be valued at ₹ 80,000.(b) Fixed Assets are to be depreciated to ₹ 57,500.(c) Make a Provision for Doubtful Debts at 5% on Debtors.(d) A liability for claim, included in Creditors for ₹ 10,000, is settled at ₹ 8,000.The amount to be paid to X by Y and Z in such a way that their Capitals are proportionate to their profit-sharing ratio and leave a balance of ₹ 15,000 in the Bank Account.Prepare Profit and Loss Adjustment Account and Partners' Capital Accounts. |
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Answer» The Balance Sheet of X, Y and Z who were sharing profits in the ratio of 5 : 3 : 2 as at 31st March, 2019 is as follows:
X retired on 1st April, 2019 and Y and Z decided to share profits in future in the ratio of 3 : 2 respectively. The other terms on retirement were: (a) Goodwill of the firm is to be valued at ₹ 80,000. (b) Fixed Assets are to be depreciated to ₹ 57,500. (c) Make a Provision for Doubtful Debts at 5% on Debtors. (d) A liability for claim, included in Creditors for ₹ 10,000, is settled at ₹ 8,000. The amount to be paid to X by Y and Z in such a way that their Capitals are proportionate to their profit-sharing ratio and leave a balance of ₹ 15,000 in the Bank Account. Prepare Profit and Loss Adjustment Account and Partners' Capital Accounts. |
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| 746. |
Subsidiary books do not have both the debit and credit sides. They simply have either debit or credit balance. Is this statement correct? |
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Answer» Subsidiary books do not have both the debit and credit sides. They simply have either debit or credit balance. Is this statement correct? |
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| 747. |
What does a novel do? |
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Answer» What does a novel do? |
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| 748. |
Enter the following transaction in a double column cash book of M/s Mohit Traders for January 2017: Rs 01 Cash in hand 3,500 Bank overdraft 2,300 03 Goods purchased for cash 1,200 05 Paid wages 200 10 Cash sales 8,000 15 Deposited into bank 6,000 22 Sold goods for cheque which was deposited into bank same day 2,000 25 Paid rent by cheque 1,200 28 Drew from bank for personal use 1,000 31 Bought goods by cheque 1,000 |
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Answer» Enter the following transaction in a double column cash book of M/s Mohit Traders for January 2017:
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| 749. |
Classify the following into Assets, Liabilities, Capital, Expenses and Revenue: (i) Land; (ii) Investments; (iii) Building; (iv) Interest Received; (v) Salary; (vi) Bank Overdraft; (vii) Debtors; (viii) Creditors; (ix) Bad Debts; (x) Capital; (xi) Depreciation; (xii) Motor Vehicles; (xiii) Freight; (xiv) Wages; (xv) Goodwill; (xvi) Repairs. |
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Answer» Classify the following into Assets, Liabilities, Capital, Expenses and Revenue:
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| 750. |
Closing Trade Receivables ₹ 1,20,000, Revenue from Operations ₹ 14,40,000. Provision for Doubtful Debts ₹ 20,000. Calculate Trade Receivables Turnover Ratio. |
| Answer» Closing Trade Receivables ₹ 1,20,000, Revenue from Operations ₹ 14,40,000. Provision for Doubtful Debts ₹ 20,000. Calculate Trade Receivables Turnover Ratio. | |