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.
| 801. |
On 1st April, 2015, a machinery was purchased for ₹ 20,000. On 1st October, 2016 another machine was purchased for ₹ 10,000 and on 1st April, 2017, one more machine was purchased for ₹ 5,000. The firm depreciates its machinery 10% p.a. on the Diminishing Balance Method.What is the amount of Depreciation for the years ended 31st March, 2016; 2017 and 2018? What will be the balance in Machinery Account as on 31st March, 2018? |
|
Answer» On 1st April, 2015, a machinery was purchased for ₹ 20,000. On 1st October, 2016 another machine was purchased for ₹ 10,000 and on 1st April, 2017, one more machine was purchased for ₹ 5,000. The firm depreciates its machinery 10% p.a. on the Diminishing Balance Method. What is the amount of Depreciation for the years ended 31st March, 2016; 2017 and 2018? What will be the balance in Machinery Account as on 31st March, 2018? |
|
| 802. |
Carriage Transport Company purchased 5 trucks at the cost of Rs 2,00,000 each on April 01, 2011. The company writes off depreciation 20% p.a. on original cost and closes its books on December 31, every year. On October 01, 2013, one of the trucks is involved in an accident and is completely destroyed. Insurance company has agreed to pay Rs 70,000 in full settlement of the claim. On the same date the company purchased a second hand truck for Rs 1,00,000 and spent Rs 20,000 on its overhauling. Prepare truck account and provision for depreciation account for the three years ended on December 31, 2013. Also give truck account if truck disposal account is prepared. |
|
Answer» Carriage Transport Company purchased 5 trucks at the cost of Rs 2,00,000 each on April 01, 2011. The company writes off depreciation 20% p.a. on original cost and closes its books on December 31, every year. On October 01, 2013, one of the trucks is involved in an accident and is completely destroyed. Insurance company has agreed to pay Rs 70,000 in full settlement of the claim. On the same date the company purchased a second hand truck for Rs 1,00,000 and spent Rs 20,000 on its overhauling. Prepare truck account and provision for depreciation account for the three years ended on December 31, 2013. Also give truck account if truck disposal account is prepared. |
|
| 803. |
From the following information, prepare Profit and Loss Account for the year ended 31st March, 2018: ₹ ₹ Gross Profit 1,20,000 Discount Received 6,000 Rent 5,000 Printing and Stationery 4,000 Salary 35,000 Legal Charges 10,000 Commission Paid 19,000 Bad Debts 2,000 Interest on Loan 5,000 Loss by Fire 6,000 Advertisement 8,000 Depreciation 4,000 Interest Received 8,000 |
||||||||||||||||||||||||||||||||
Answer» From the following information, prepare Profit and Loss Account for the year ended 31st March, 2018:
|
|||||||||||||||||||||||||||||||||
| 804. |
Discuss the importance of time in the narration of a story. |
|
Answer» Discuss the importance of time in the narration of a story. |
|
| 805. |
A bill of Rs.12,000 was discounted by A with the banker for Rs. 11,880. At maturity, the bill returned dishonoured, noting charges Rs. 20. How much amount will the bank deduct from A’s bank balance at the time of such dishonour? |
|
Answer» A bill of Rs.12,000 was discounted by A with the banker for Rs. 11,880. At maturity, the bill returned dishonoured, noting charges Rs. 20. How much amount will the bank deduct from A’s bank balance at the time of such dishonour? |
|
| 806. |
From the following information, prepare a Trial Balance of M/s. Prayag for the year ended 31st March,2018: ₹ ₹ Capital Accounts 1,25,000 Sales 1,54,500 Furniture and Fittings 6,400 Bank (Cr. Balance) 28,500 Motor Car 62.500 Purchase Returns 1,250 Buildings 75,000 Commission (Cr.) 3,750 Total Debtors 38,000 Sales Return 2,000 Total Creditors 25,000 Advertisement 2,500 Bad Debts 1,250 Interset Account (Dr.) 1,180 Stock (1st April 2017) 34,600 Cash Balance 6,500 Purchases 54,750 Insurance and Tax 12,500 Input IGST A/c 3,000 Salaries 40,820 Input IGST A/c 1,500 Output SGST A/c 1,500 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answer» From the following information, prepare a Trial Balance of M/s. Prayag for the year ended 31st March,2018:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 807. |
Which of the following is not a business transaction? |
|
Answer» Which of the following is not a business transaction? |
|
| 808. |
Which account is debited while doing the journal entries related to salaries paid to employees? |
|
Answer» Which account is debited while doing the journal entries related to salaries paid to employees? |
|
| 809. |
घड़ीसाज़ी का इम्तहान पास करने से लेखक का क्या तात्पर्य है? |
| Answer» घड़ीसाज़ी का इम्तहान पास करने से लेखक का क्या तात्पर्य है? | |
| 810. |
A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2017 is Rs 40,00,000. On October 01, 2017 it sold one of its cranes whose value was Rs 5,00,000 on April 01, 2017 at a 10% profit. On the same day it purchased 2 cranes for Rs 4,50,000 each. Prepare cranes account. It closes the books on December 31 and provides for depreciation on 10% written down value. |
|
Answer» A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2017 is Rs 40,00,000. On October 01, 2017 it sold one of its cranes whose value was Rs 5,00,000 on April 01, 2017 at a 10% profit. On the same day it purchased 2 cranes for Rs 4,50,000 each. Prepare cranes account. It closes the books on December 31 and provides for depreciation on 10% written down value. |
|
| 811. |
What is a balance sheet? What are its characteristics? |
|
Answer» What is a balance sheet? What are its characteristics? |
|
| 812. |
An asset was purchased for ₹ 10,500 on 1st April, 2011. The scrap value was estimated to to be ₹ 500 at the end of asset's 10 years' life. Straight Line Method of depreciation was used. The accounting year ends on 31st March every year. The asset was sold for ₹ 600 on 31st March, 2018. Calculate the following.(i) The Depreciation expense for the year ended 31st March, 2012.(ii) The net book value of the asset on 31st March, 2016.(iii) The grain or loss on sale of the asset on 31st March, 2018. |
|
Answer» An asset was purchased for ₹ 10,500 on 1st April, 2011. The scrap value was estimated to to be ₹ 500 at the end of asset's 10 years' life. Straight Line Method of depreciation was used. The accounting year ends on 31st March every year. The asset was sold for ₹ 600 on 31st March, 2018. Calculate the following. (i) The Depreciation expense for the year ended 31st March, 2012. (ii) The net book value of the asset on 31st March, 2016. (iii) The grain or loss on sale of the asset on 31st March, 2018. |
|
| 813. |
निम्नलिखितप्रश्न का उत्तरदीजिए −शाल के वृक्ष भयभीत होकर धरती में क्यों धँस गए? |
|
Answer» निम्नलिखितप्रश्न का उत्तरदीजिए − शाल के वृक्ष भयभीत होकर धरती में क्यों धँस गए? |
|
| 814. |
The need for balancing an account may arise when___ |
|
Answer» The need for balancing an account may arise when |
|
| 815. |
X bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight. ₹ 1,000 for brokerage of the middleman, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machine is depreciated 10% every year on Written Down Value basis. After three years, the machine was sold to Y for ₹ 30,500 and ₹ 500 was paid as commission to the broker through whom the sale was effected. Find out the profit and loss on sale of machine. |
| Answer» X bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight. ₹ 1,000 for brokerage of the middleman, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machine is depreciated 10% every year on Written Down Value basis. After three years, the machine was sold to Y for ₹ 30,500 and ₹ 500 was paid as commission to the broker through whom the sale was effected. Find out the profit and loss on sale of machine. | |
| 816. |
आपके अनुसार भारत यूरोप की तुलना में तकनीकी-विकास की दौड़ में क्यों पिछड़ गया था? |
|
Answer»
|
|
| 817. |
Journalise the following transactions: 2018 April 1 April 2 April 4 April 5 April 10 April 14 April 16 April 17 Paid into bank ₹ 21,000 for opening a Current Account. Withdrew for private expenses ₹ 5,000. Withdrew from bank ₹ 3,000. Place on Fixed Deposit Account at Bank by transfer from Current Account ₹ 5,000. Received a cheque from Shiv & Co. to whom goods were sold for ₹ 3,000 last year. Allowed him 2% discount. Shiv & Co.'s cheque deposited into bank. Shiv & Co.'s cheque dishonoured (Bank charges ₹ 10) Shiv & Co. settled his account by means of a cheque for ₹ 3,000, ₹ 40 being interest charged. |
||
Answer» Journalise the following transactions:
|
|||
| 818. |
{ The cost function at American Gadget is }C(x)=x^3}{-6x^2+15x(x is thousands of units and }x>0) . }} The production level at which average cost is } minimum is |
| Answer» { The cost function at American Gadget is }C(x)=x^3}{-6x^2+15x(x is thousands of units and }x>0) . }} The production level at which average cost is } minimum is | |
| 819. |
If capital of a business is ₹ 1,40,000 and liabilities are of ₹ 80,000, calculate the total assets of the business. |
| Answer» If capital of a business is ₹ 1,40,000 and liabilities are of ₹ 80,000, calculate the total assets of the business. | |
| 820. |
आपकी दृष्टि में कन्या के साथ दान की बात करना कहाँ तक उचित है? |
|
Answer» आपकी दृष्टि में कन्या के साथ दान की बात करना कहाँ तक उचित है? |
|
| 821. |
IFCI Ltd.(An All India Financial Institution) issued 10,00,000; 9% Debentures of ₹ 50 each on 1st April, 2011 redeemable on 1st April, 2019. How much amount of Debentures Redemption Reserve is required before the redemption of debentures? Also, pass Journal entries for issue and redemption of debentures. |
| Answer» IFCI Ltd.(An All India Financial Institution) issued 10,00,000; 9% Debentures of ₹ 50 each on 1st April, 2011 redeemable on 1st April, 2019. How much amount of Debentures Redemption Reserve is required before the redemption of debentures? Also, pass Journal entries for issue and redemption of debentures. | |
| 822. |
A reserve is part of _____ that have been appropriated for a particular purpose. |
|
Answer» A reserve is part of _____ that have been appropriated for a particular purpose. |
|
| 823. |
The total on the debit side of the cash account of a company is Rs 27600, while the total on the credit side is Rs 20500. What shall be the balance of the cash account as at year end & on which side of the ledger account will it be written? |
|
Answer» The total on the debit side of the cash account of a company is Rs 27600, while the total on the credit side is Rs 20500. What shall be the balance of the cash account as at year end & on which side of the ledger account will it be written? |
|
| 824. |
A fixed asset was bought for Rs. 5,000. Its accumulated depreciation is Rs. 3,000 and rate of depreciation is 20%. Calculate its depreciation expenses for the current accounting period using reducing balance method? |
|
Answer» A fixed asset was bought for Rs. 5,000. Its accumulated depreciation is Rs. 3,000 and rate of depreciation is 20%. Calculate its depreciation expenses for the current accounting period using reducing balance method? |
|
| 825. |
विद्यालय, गुरुजी, छुट्टी, बंदर, डंडा, पेड़, केला, ताली, बच्चे, भूख। इन शब्दों को पढ़कर तुम्हारे मन में कुछ बातें आई होंगी। इन सब चीज़ों के बारे में एक छोटी-सी कहानी बनाओ और अपने साथियों को सुनाओ। |
|
Answer» विद्यालय, गुरुजी, छुट्टी, बंदर, डंडा, पेड़, केला, ताली, बच्चे, भूख। इन शब्दों को पढ़कर तुम्हारे मन में कुछ बातें आई होंगी। इन सब चीज़ों के बारे में एक छोटी-सी कहानी बनाओ और अपने साथियों को सुनाओ। |
|
| 826. |
M/s Excel Computers has a debit balance of Rs 50,000 (original cost Rs 1,20,000) in Computers account on April 1, 2000. On July 1, 2000, it purchased another computer costing Rs 2,50,000. One more computer was purchased on January 1, 2001, for Rs 30,000. On April 1, 2004, the computer which has purchased on July 1, 2000, became obsolete and was sold for Rs 20,000. A new version of the IBM computer was purchased on August 1, 2004, for Rs 80,000. Show Computers account in the books of Excel Computers for the years ended on March 31, 2001, 2002, 2003, 2004 and 2005. The computer is depreciated 10% per annum on straight-line method basis. |
|
Answer» M/s Excel Computers has a debit balance of Rs 50,000 (original cost Rs 1,20,000) in Computers account on April 1, 2000. On July 1, 2000, it purchased another computer costing Rs 2,50,000. One more computer was purchased on January 1, 2001, for Rs 30,000. On April 1, 2004, the computer which has purchased on July 1, 2000, became obsolete and was sold for Rs 20,000. A new version of the IBM computer was purchased on August 1, 2004, for Rs 80,000. Show Computers account in the books of Excel Computers for the years ended on March 31, 2001, 2002, 2003, 2004 and 2005. The computer is depreciated 10% per annum on straight-line method basis. |
|
| 827. |
If book value of a fixed asset equals to market value or sale proceeds of a fixed asset then : |
|
Answer» If book value of a fixed asset equals to market value or sale proceeds of a fixed asset then : |
|
| 828. |
An employee was given an advance of Rs 5,000 for travelling. He came back & claimed a total expense of Rs 8000. He was issued a cheque for balance, which of the following is correct? |
|
Answer» An employee was given an advance of Rs 5,000 for travelling. He came back & claimed a total expense of Rs 8000. He was issued a cheque for balance, which of the following is correct? |
|
| 829. |
What is the difference between internal and external sources of raising funds ? Explain. |
|
Answer» What is the difference between internal and external sources of raising funds ? Explain. |
|
| 830. |
Rs 2740 paid for repairs to motor car was debited to Motor car . Which of the following is correct with regards to its rectification? |
|
Answer» Rs 2740 paid for repairs to motor car was debited to Motor car . Which of the following is correct with regards to its rectification? |
|
| 831. |
भारत के विकास को लेकर आप क्या सपने देखते हैं? चर्चा कीजिए। |
| Answer» भारत के विकास को लेकर आप क्या सपने देखते हैं? चर्चा कीजिए। | |
| 832. |
A contract on construction job specifies a penalty for delay of completion beyond a a certain date as follows: ₹200 for the first day, ₹250 for the second day, ₹300 for the third day, etc., the penalty for each succeeding day being ₹50 more than for the preceding day. How much money the contractor has to pay as penalty, if he delayed the work by 30 days? |
| Answer» A contract on construction job specifies a penalty for delay of completion beyond a a certain date as follows: ₹200 for the first day, ₹250 for the second day, ₹300 for the third day, etc., the penalty for each succeeding day being ₹50 more than for the preceding day. How much money the contractor has to pay as penalty, if he delayed the work by 30 days? | |
| 833. |
On 15.8.05 X draws a bill on Y for 3 months for Rs.20,000. 18th Nov was a sudden holiday, due date of the bill will be : |
|
Answer» On 15.8.05 X draws a bill on Y for 3 months for Rs.20,000. 18th Nov was a sudden holiday, due date of the bill will be : |
|
| 834. |
Examine the subtle humour in the narration of the story that lightens the gravity of the subject matter. |
|
Answer» Examine the subtle humour in the narration of the story that lightens the gravity of the subject matter. |
|
| 835. |
Vinod sold goods to Darbara Singh for ₹ 1,000. He drew on the latter a bill for the amount payable 3 months after date.He discounted the bill with his bankers for ₹ 990. On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh. |
| Answer» Vinod sold goods to Darbara Singh for ₹ 1,000. He drew on the latter a bill for the amount payable 3 months after date.He discounted the bill with his bankers for ₹ 990. On maturity, the bill is duly met. Make the Journal entries in the books of Vinod and Darbara Singh. | |
| 836. |
When an entry is to be made in the journal, ___. |
|
Answer» When an entry is to be made in the journal, |
|
| 837. |
Which of the following is correct relating to depreciation? |
|
Answer» Which of the following is correct relating to depreciation? |
|
| 838. |
A piece of equipment cost a certain factory `1000000. If it depreciates in value, 2% every year then its value at the end of 10 years, all percentages applying to the original cost, is |
|
Answer» A piece of equipment cost a certain factory `1000000. If it depreciates in value, 2% every year then its value at the end of 10 years, all percentages applying to the original cost, is |
|
| 839. |
On Jan 01,2016, Shankar purchased goods from Parvati for Rs 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act 1881. Since, Parvati was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to Parvati immediately. Record the necessary Journal entries in the books of Parvati and Shankar. |
|
Answer» On Jan 01,2016, Shankar purchased goods from Parvati for Rs 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act 1881. Since, Parvati was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to Parvati immediately. Record the necessary Journal entries in the books of Parvati and Shankar.
|
|
| 840. |
The sales day book is best described as: |
|
Answer» The sales day book is best described as: |
|
| 841. |
Which account is debited while creating a provision for doubtful debts in the books? |
|
Answer» Which account is debited while creating a provision for doubtful debts in the books? |
|
| 842. |
Journalise the following transactions in the journal of shri padukone. (i) Paid cash to Anil 2,400 and discount received from Him 100 (ii) Received cash from Vijay 1,225 and discount allowed to him 25 (iii) Goods sold to Ravish 7,500 Ravish returned goods 500 Received cash from Ravish Rs. 6,875 in full settlement of his account. (iv) sold goods to Rohan of the list price of Rs. 15,000 at 10% trade discount. (v) Purchased goods from Bindu of the list price of 5,000 at 15% trade discount. (vi) Purchased fruniture worth Rs. 20,000 and tools worth Rs. 4,000. (vii) Paid to Nishant out of business funds for repair fo shri padukone's House Rs. 8,000. (viii) Supplied goods costing Rs. 12,000 to Peter, issued invoice at 10% above cost less 5% trade discount. |
|
Answer» Journalise the following transactions in the journal of shri padukone. |
|
| 843. |
13. Find the number of permutations of n distinct things taken r together, in which 3 particular things must occur together. |
| Answer» 13. Find the number of permutations of n distinct things taken r together, in which 3 particular things must occur together. | |
| 844. |
Which of the following errors effect the Trial Balance i.e. Trial Balance do not tally due to which of the following errors? |
|
Answer» Which of the following errors effect the Trial Balance i.e. Trial Balance do not tally due to which of the following errors? |
|
| 845. |
List some variables where accurate measurement is difficult. |
|
Answer» List some variables where accurate measurement is difficult. |
|
| 846. |
(Endorsement, discounted with bank, dishonoured) On 1st July, 2016, Ashu draws on Vishu who owed him Rs. 25,000, two bills, one for Rs 15,000 for three months and another for Rs. 10,000 for two months. Vishu accepts these bills. Ashu endorses on 3rd July the first bill to his creditor Krish in full settlement of his account of Rs. 15,500 and discounts the second bill on 4th July with his banker 12% per annum. The first bill is duly paid at maturity but the second bill is dishonoured and Rs. 150 are paid as noting charges. On 5th September, Ashu draws and Vishu accepts a third bill for three months for Rs. 10,450 in lieu of the dishonoured bill. This bill is duly paid at maturity. Give journal entries to record these transactions in the books of Ashu and Vishu. |
|
Answer» (Endorsement, discounted with bank, dishonoured) On 1st July, 2016, Ashu draws on Vishu who owed him Rs. 25,000, two bills, one for Rs 15,000 for three months and another for Rs. 10,000 for two months. Vishu accepts these bills. Ashu endorses on 3rd July the first bill to his creditor Krish in full settlement of his account of Rs. 15,500 and discounts the second bill on 4th July with his banker 12% per annum. The first bill is duly paid at maturity but the second bill is dishonoured and Rs. 150 are paid as noting charges. On 5th September, Ashu draws and Vishu accepts a third bill for three months for Rs. 10,450 in lieu of the dishonoured bill. This bill is duly paid at maturity. Give journal entries to record these transactions in the books of Ashu and Vishu. |
|
| 847. |
A drew a bill of ₹ 1,000 on B for 3 months which was duly accepted by the latter. A endorsed the bill to C in full payment of his own acceptance to C for a like amount. C endorsed the bill to B.Pass the Journal entries in the books of A, B and C. |
|
Answer» A drew a bill of ₹ 1,000 on B for 3 months which was duly accepted by the latter. A endorsed the bill to C in full payment of his own acceptance to C for a like amount. C endorsed the bill to B. Pass the Journal entries in the books of A, B and C. |
|
| 848. |
Workmen compensation reserve is given in the balance sheet at ₹ 50,000. Workmen compensation liability arose for ₹ 55,000. Pass the journal entry to provide workmen compensation.[0.88 marks] |
|
Answer» Workmen compensation reserve is given in the balance sheet at ₹ 50,000. Workmen compensation liability arose for ₹ 55,000. Pass the journal entry to provide workmen compensation. |
|
| 849. |
21. argument of ipoweri |
| Answer» 21. argument of ipoweri | |
| 850. |
Akhil, Nikhil and Sunil were partners sharing profits and losses equally. Following was their Balance Sheet as at 31st March, 2018: Liabilities ₹ Assets ₹ Trade Creditors 40,000 Building 2,00,000 General Reserve 45,000 Plant and Machinery 80,000 Capital A/cs: Stock 35,000 Akhil 1,95,000 Debtors 80,000 Nikhil 1,20,000 Cash at Bank 85,000 Sunil 80,000 3,95,000 4,80,000 4,80,000 Sunil died on 1st August, 2018. The Partnership Deed provided that the executor of a deceased partner was entitled to:(a) Balance of Partners' Capital Account and his share of accumulated reserve.(b) Share of profits from the closure of the last accounting year till the date of death on the basis of the profit of the preceding completed year before death.(c) Share of goodwill calculated on the basis of three times the average profit of the last four years.(d) Interest on deceased partner's capital 6% p.a.(e) ₹ 50,000 to be paid to deceased's executor immediately and the balance to remain in his Loan Account.Profits and Losses for the preceding years were: 2014-15 − ₹ 80,000 Profit; 2015-16 − ₹ 1,00,000 Loss; 2016-17 − ₹ 1,20,000 Profit; 2017-18 − ₹ 1,80,000 Profit.Pass necessary Journal entries and prepare Sunil's Capital Account and Sunil's Executor Account. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Answer» Akhil, Nikhil and Sunil were partners sharing profits and losses equally. Following was their Balance Sheet as at 31st March, 2018:
Sunil died on 1st August, 2018. The Partnership Deed provided that the executor of a deceased partner was entitled to: (a) Balance of Partners' Capital Account and his share of accumulated reserve. (b) Share of profits from the closure of the last accounting year till the date of death on the basis of the profit of the preceding completed year before death. (c) Share of goodwill calculated on the basis of three times the average profit of the last four years. (d) Interest on deceased partner's capital 6% p.a. (e) ₹ 50,000 to be paid to deceased's executor immediately and the balance to remain in his Loan Account. Profits and Losses for the preceding years were: 2014-15 − ₹ 80,000 Profit; 2015-16 − ₹ 1,00,000 Loss; 2016-17 − ₹ 1,20,000 Profit; 2017-18 − ₹ 1,80,000 Profit. Pass necessary Journal entries and prepare Sunil's Capital Account and Sunil's Executor Account. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||