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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.
| 51. |
What are the five most important elements of accounting? |
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Answer» What are the five most important elements of accounting? |
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| 52. |
Why is statement of affairs prepared under single entry system not referred to as balance sheet? |
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Answer» Why is statement of affairs prepared under single entry system not referred to as balance sheet? |
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| 53. |
a furniture seller is offering a cash discount of 14% for making payment if Ravi bought a sofa by making a cash payment of rupees 8600 find the discounted amount |
| Answer» a furniture seller is offering a cash discount of 14% for making payment if Ravi bought a sofa by making a cash payment of rupees 8600 find the discounted amount | |
| 54. |
Compute cash from operations from the following figures:(i) Profit for the year 2016-17 is a sum of Rs. 10,000 after providing for depreciation of Rs. 2,000.(ii) The current assets and current liabilities of the business for the year ended March 31, 2016 and 2015 are as follows: Particular March 31, 2016 (Rs) March 31, 2017 (Rs) Trade Receivables 14,000 15,000 Provision for Doubtful Debts 1,000 1,200 Trade Payables 13,000 15,000 Inventories 5,000 8,000 Other Current Assets 10,000 12,000 Expenses payable 1,000 1,500 Prepaid Expenses 2,000 1,000 Accrued Income 3,000 4,000 Income received in advance 2,000 1,000 |
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Answer» Compute cash from operations from the following figures: (i) Profit for the year 2016-17 is a sum of Rs. 10,000 after providing for depreciation of Rs. 2,000. (ii) The current assets and current liabilities of the business for the year ended March 31, 2016 and 2015 are as follows:
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| 55. |
A debit balance in bank column of cash book is always equal to the credit balance in the account of Mr. X in the books of bank. |
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Answer» A debit balance in bank column of cash book is always equal to the credit balance in the account of Mr. X in the books of bank. |
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| 56. |
Calculate the amount of billsreceivable during the year. Rs Opening balance of bills receivable 75,000 Bill dishonoured 25,000 Bills collected (honoured) 1,30,000 Bills receivable endorsed to creditors 15,000 Closing balance of bills receivable 65,000 |
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Answer» Calculate the amount of bills
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| 57. |
Whitaker was able to fulfill his ambition with the help of(a) his friends and colleagues(b) Whitley award money(c) Rolex award money(d) his personal savings |
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Answer» Whitaker was able to fulfill his ambition with the help of (a) his friends and colleagues (b) Whitley award money (c) Rolex award money (d) his personal savings |
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| 58. |
A company using the accrual method of accounting performed services in August. The services are for Rs 2,000 which needs to be paid in the month of september. Assuming that the company prepares monthly income statements, what account will be debited for Rs 2,000 in August? |
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Answer» A company using the accrual method of accounting performed services in August. The services are for Rs 2,000 which needs to be paid in the month of september. Assuming that the company prepares monthly income statements, what account will be debited for Rs 2,000 in August? |
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| 59. |
The closing stock forms part of the ___________ of the NPO |
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Answer» The closing stock forms part of the ___________ of the NPO |
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| 60. |
Rectify the following errors. (a) Sales book overcast by Rs. 700. (b) Purchase book overcast by Rs. 500. (c) Sales return book overcast by Rs. 300. (d) Purchase return book overcast by Rs. 200. |
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Answer» Rectify the following errors. (a) Sales book overcast by Rs. 700. (b) Purchase book overcast by Rs. 500. (c) Sales return book overcast by Rs. 300. (d) Purchase return book overcast by Rs. 200. |
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| 61. |
Name the external user of accounting information from whom the firm purchases goods on credit. |
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Answer» Name the external user of accounting information from whom the firm purchases goods on credit. |
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| 62. |
A machine was purchased on 1st April, 2014 for Rs. 10,00,000. On 1st October, 2014 another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided 10 % per annum on the machines under the fixed instalment method. (i) Show the machinery account for the year ended 31st March, 2015 and 2016. (ii) Show how the machinery account will appear in the balance sheet as at 31st March, 2016. |
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Answer» A machine was purchased on 1st April, 2014 for Rs. 10,00,000. On 1st October, 2014 another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided 10 % per annum on the machines under the fixed instalment method. |
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| 63. |
A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2015 was as follows: Liabilities Amount (₹) Assets Amount (₹) Creditors 50,000 Land 50,000 Bills Payable 20,000 Building 50,000 General Reserve 30,000 Plant 1,00,000 Capital A/cs: Stock 40,000 A 1,00,000 Debtors 30,000 B 50,000 Bank 5,000 C 25,000 1,75,000 2,75,000 2,75,000 From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that:(i) Goodwill of the firm will be valued at ₹ 1,50,000.(ii) Land will be revalued at ₹ 80,000 and building be depreciated by 6%.(iii) Creditors of ₹ 6,000 were not likely to be claimed and hence should be written off.Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm. |
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Answer» A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2015 was as follows:
From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that: (i) Goodwill of the firm will be valued at ₹ 1,50,000. (ii) Land will be revalued at ₹ 80,000 and building be depreciated by 6%. (iii) Creditors of ₹ 6,000 were not likely to be claimed and hence should be written off. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm. |
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| 64. |
29.Out of 5 women and 3 men a committee of 3 persons is to be formed . In how many ways it can be formed selection 1)Exact |
| Answer» 29.Out of 5 women and 3 men a committee of 3 persons is to be formed . In how many ways it can be formed selection 1)Exact | |
| 65. |
Enter the following transactions in sales (journal) book of M/s. Bansal electronics : 01 Sold to Amit Traders as per bill no. 4321 20 Pocket Radio 70 per Radio 2 T.V. sets, B & W 800 per T.V. 10 Sold to Arun Electronics as per bill no. 4351 5 T.V. sets B & W Rs. 3,000 per T.V. 2 T.V. sets Colour Rs. 4,800 per T.V. 22 Sold to Handa Electronics as per bill no. 4399 10 Tape recorders Rs 600 each 5 Walkman Rs 300 each 28 Sold to Harish Traders as per bill no. 4430 10 Mixer Juicer Grinder Rs 800 each. |
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Answer» Enter the following transactions in sales (journal) book of M/s. Bansal electronics : 01 Sold to Amit Traders as per bill no. 4321 10 Sold to Arun Electronics as per bill no. 4351 22 Sold to Handa Electronics as per bill no. 4399 28 Sold to Harish Traders as per bill no. 4430 |
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| 66. |
X sells goods for ₹ 40,000 to Y on 1st January, 2012 and on the same day draws a bill on Y at three months for the amount. Y accepts it and returns it to X, who discounted it on 4th January, 2018 with his bank at 6% p.a. The acceptance is dishonoured on the due date and the noting charges were paid by bank being ₹ 200.On 4th April, 2018, Y accepts a new bill at three months for the amount then due to X together with interest at 12% p.a.Make Journal entries to record these transactions in the books of X. |
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Answer» X sells goods for ₹ 40,000 to Y on 1st January, 2012 and on the same day draws a bill on Y at three months for the amount. Y accepts it and returns it to X, who discounted it on 4th January, 2018 with his bank at 6% p.a. The acceptance is dishonoured on the due date and the noting charges were paid by bank being ₹ 200. On 4th April, 2018, Y accepts a new bill at three months for the amount then due to X together with interest at 12% p.a. Make Journal entries to record these transactions in the books of X. |
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| 67. |
A company has incurred losses in the current year and has not provided for depreciation. Is the action of company correct ? |
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Answer» A company has incurred losses in the current year and has not provided for depreciation. Is the action of company correct ? |
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| 68. |
Rectifythe following errors : (a) Credit sales to Mohan Rs 7,000 were posted to Karan. (b) Credit purchases from Rohan Rs 9,000 were posted to Gobind. (c) Goods returned to Rakesh Rs 4,000 were posted to Naresh. (d) Goods returned from Mahesh Rs 1,000 were posted to Manish. (e) Cash sales Rs 2,000 were posted to commission account. |
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Answer» Rectify
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| 69. |
Describe the informational needs of external users. |
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Answer» Describe the informational needs of external users. |
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| 70. |
A firm receives an order for goods, but it would not be included in the sales figure. This is due to which concept? |
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Answer» A firm receives an order for goods, but it would not be included in the sales figure. This is due to which concept? |
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| 71. |
Give any two standards that can be used by a company to evaluate the performance of its Finance & Accounting department. |
| Answer» Give any two standards that can be used by a company to evaluate the performance of its Finance & Accounting department. | |
| 72. |
Mr. John started a T-shirts business to be known as “John T-shirts”. Mr. John invested Rs 15,000 into his business. Which of the following shall be effected by this transaction in the accounting equation? |
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Answer» Mr. John started a T-shirts business to be known as “John T-shirts”. Mr. John invested Rs 15,000 into his business. Which of the following shall be effected by this transaction in the accounting equation? |
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| 73. |
Calculate the gross profit /loss if: Sales Rs. 90,000; Closing stock Rs. 40,000; Opening stock Rs. 40,000; Purchases Rs.40,000; Wages Rs. 20,000. |
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Answer» Calculate the gross profit /loss if: Sales Rs. 90,000; Closing stock Rs. 40,000; Opening stock Rs. 40,000; Purchases Rs.40,000; Wages Rs. 20,000. |
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| 74. |
In how many ways can an examinee choose 5 questions out of 8 in a paper of Physics? |
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Answer» In how many ways can an examinee choose 5 questions out of 8 in a paper of Physics? |
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| 75. |
Which of the following accounts will be used in equation, if the goods are sold on credit to Mr. Mahmood? |
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Answer» Which of the following accounts will be used in equation, if the goods are sold on credit to Mr. Mahmood? |
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| 76. |
Decrease in expenses will be shown on _____ side of an account. |
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Answer» Decrease in expenses will be shown on _____ side of an account. |
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| 77. |
How are computers useful in processing the accounting data? |
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Answer» How are computers useful in processing the accounting data? |
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| 78. |
Under which heads the following items on the Assets part of the Balance Sheet of a company will be presented? (i) Sundry Debtors; (ii) Patents and Trademarks; (iii) Shares in Quoted Companies: (iv) Advances recoverable in cash; (v) Prepaid Insurance; and (vi) Work-in-Progress (Machinery)? |
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Answer» Under which heads the following items on the Assets part of the Balance Sheet of a company will be presented?
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| 79. |
The total of Sales Return book is posted to the ___ of sales return account. |
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Answer» The total of Sales Return book is posted to the |
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| 80. |
Which of the following shall be added in the closing balance of cash book while preparing BRS? (1). Interest credited in the bank Rs 200 (2). Interest charged by bank Rs 200 |
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Answer» Which of the following shall be added in the closing balance of cash book while preparing BRS? |
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| 81. |
Distinguish between debtors and creditors; Profit and Gain. |
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Answer» Distinguish between debtors and creditors; Profit and Gain. |
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| 82. |
Accounts payable or creditors ledgers will generally have a _____ balance. |
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Answer» Accounts payable or creditors ledgers will generally have a _____ balance. |
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| 83. |
The following balances have been extracted from the books of M/s Green House for the year ended March 31, 2017, prepare trading and profit and loss account and balance sheet as on this date. Account Title Amount Rs Account Title Amount Rs Purchases 80,000 Capital 2,10,000 Bank balance 11,000 Bills payable 6,500 Wages 34,000 Sales 2,00,000 Debtors 70,300 Creditors 50,000 Cash in hand 1,200 Return outwards 4,000 Legal expenses 4,000 Building 60,000 Machinery 120,000 Bills receivable 7,000 Office expenses 3,000 Opening stock 45,000 Gas and fuel 2,700 Freight and Carriage 3,500 Factory lighting 5,000 Office furniture 5,000 Patent right 18,800 4,70,500 4,70,500 adjustments :(a) Machinery is depreciated at 10% and buildings depreciated at 6%.(b) Interest on capital 4%.(c) Outstanding wages Rs 50.(d) Closing stock Rs 50,000. |
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Answer» The following balances have been extracted from the books of M/s Green House for the year ended March 31, 2017, prepare trading and profit and loss account and balance sheet as on this date.
adjustments : (a) Machinery is depreciated at 10% and buildings depreciated at 6%. (b) Interest on capital 4%. (c) Outstanding wages Rs 50. (d) Closing stock Rs 50,000.
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| 84. |
(क) बच्चों ने मंच की व्यवस्था किस प्रकार की? (ख) पर्दे की आड़ में खड़े अन्य साथी मन-ही-मन राकेश की तुरतबुद्धि की प्रशंसा क्यों कर रहे थे? (ग) नाटक के लिए रिहर्सल की जरूरत क्यों होती है? |
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Answer» (क) बच्चों ने मंच की व्यवस्था किस प्रकार की? (ख) पर्दे की आड़ में खड़े अन्य साथी मन-ही-मन राकेश की तुरतबुद्धि की प्रशंसा क्यों कर रहे थे? (ग) नाटक के लिए रिहर्सल की जरूरत क्यों होती है? |
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| 85. |
Pass the rectification entries for the following transactions:(i) Repairs to plant amounting to ₹ 2,000 had been charged to Plant and Machinery Account.(ii) Wages paid to the firm's workmen for making certain additions to machinery amounting to ₹ 1,340 were debited to Wages Account.(iii) A cheque for ₹ 7,500 received from S. Desai was credited to the account of R. Gupta.(iv) Goods to the value of ₹ 7,000 returned by X were included in closing stock, but no entry was made in the books.(v) Goods costing ₹ 5,000 were purchased for various members of the staff and the cost was included in 'Purchases'. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account.(vi) Credit purchase of old machinery from Sohan for ₹ 1,70,000 was entered in the Purchase Book as purchase from Mohan for ₹ 7,10,000. ₹ 30,000 paid as repairing charges on the reconditioning of a newly purchased second had machinery were debited to General Expenses Account.(vii) Debit and Credit totals of discount columns in the Cash Book which come to ₹ 400 and ₹ 370 respectively have not been posted to Discount Accounts. |
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Answer» Pass the rectification entries for the following transactions: (i) Repairs to plant amounting to ₹ 2,000 had been charged to Plant and Machinery Account. (ii) Wages paid to the firm's workmen for making certain additions to machinery amounting to ₹ 1,340 were debited to Wages Account. (iii) A cheque for ₹ 7,500 received from S. Desai was credited to the account of R. Gupta. (iv) Goods to the value of ₹ 7,000 returned by X were included in closing stock, but no entry was made in the books. (v) Goods costing ₹ 5,000 were purchased for various members of the staff and the cost was included in 'Purchases'. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to Salaries Account. (vi) Credit purchase of old machinery from Sohan for ₹ 1,70,000 was entered in the Purchase Book as purchase from Mohan for ₹ 7,10,000. ₹ 30,000 paid as repairing charges on the reconditioning of a newly purchased second had machinery were debited to General Expenses Account. (vii) Debit and Credit totals of discount columns in the Cash Book which come to ₹ 400 and ₹ 370 respectively have not been posted to Discount Accounts. |
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| 86. |
'जीयत खाइ मुएँ नहिं छाँड़ा' पंक्ति के संदर्भ में नायिका की विरह-दशा का वर्णन अपने शब्दों में कीजिए। |
| Answer» 'जीयत खाइ मुएँ नहिं छाँड़ा' पंक्ति के संदर्भ में नायिका की विरह-दशा का वर्णन अपने शब्दों में कीजिए। | |
| 87. |
On 1st April 2011, Rohan sold goods to Shyam for Rs. 30,000 on credit against his acceptance for 3 months. Rohan discounted the bill with his bank on 4th May 2011 9% per annum. Find out the amount of discounting charges. |
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Answer» On 1st April 2011, Rohan sold goods to Shyam for Rs. 30,000 on credit against his acceptance for 3 months. Rohan discounted the bill with his bank on 4th May 2011 9% per annum. Find out the amount of discounting charges. |
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| 88. |
According to which concept, Income received in advance should be considered as liability and not as revenue? |
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Answer» According to which concept, Income received in advance should be considered as liability and not as revenue? |
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| 89. |
"If you owe your bank a hundred pounds, you have a problem, but if you owe your bank a million pounds, it has." In this context, critically analyse the impact of rising NPAs on the Indian economy. |
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Answer» "If you owe your bank a hundred pounds, you have a problem, but if you owe your bank a million pounds, it has." In this context, critically analyse the impact of rising NPAs on the Indian economy. |
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| 90. |
When drawee pays the amount on due date of endorsed bill, cash a/c will be debited and___a/c will be credited in the books of Endorsee. |
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Answer» When drawee pays the amount on due date of endorsed bill, cash a/c will be debited and |
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| 91. |
From the following particulars prepare a bank reconciliation statement showing the balance as per cash book on December 31, 2016. (a) Two cheques of Rs 2,000 and Rs 5,000 were paid into bank in October, 2016 but were not credited by the bank in the month of December. (b) A cheque of Rs 800 which was received from a customer was entered in the bank column of the cash book in December 2016 but was omitted to be banked in December, 2016. (c) Cheques for Rs 10,000 were issued into bank in November 2016 but not credited by the bank on December 31, 2016. (d) Interest on investment Rs 1,000 collected by bank appeared in the passbook. Balance as per Passbook was Rs 50,000 |
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Answer» From the following particulars prepare a bank reconciliation statement showing the balance as per cash book on December 31, 2016.
Balance as per Passbook was Rs 50,000 |
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| 92. |
what is linner programing |
| Answer» what is linner programing | |
| 93. |
What are the transactions involved in selling goods for cash? |
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Answer» What are the transactions involved in selling goods for cash? |
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| 94. |
If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors. |
| Answer» If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors. | |
| 95. |
Statement 1: Aman purchases a piece of land for Rs. 1 lakh in 1985. This impacted an increase in his land account and a decrease in cash account. What is the concept behind this impact? Statement 2: The price of the same piece of land in 2017 is Rs. 1 crore. Aman is excited about the price and plans to record it in his books of account. His accountant, Ravi, calms him down and lets him know that the price of the land is still Rs. 1 lakh and cannot be recorded otherwise. What made Ravi stop Aman from recording it as Rs. 1 crore? |
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Answer» Statement 1: Aman purchases a piece of land for Rs. 1 lakh in 1985. This impacted an increase in his land account and a decrease in cash account. What is the concept behind this impact? |
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| 96. |
Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2017–18.Opening Capital–₹ 1,30,000 Drawing during the year ₹ 50,000Closing Capital–₹ 2,00,000 Profit made during the year ₹ 1,00,000 |
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Answer» Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2017–18. Opening Capital–₹ 1,30,000 Drawing during the year ₹ 50,000 Closing Capital–₹ 2,00,000 Profit made during the year ₹ 1,00,000 |
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| 97. |
Discuss the various characteristics/attributes of accountancy. |
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Answer» Discuss the various characteristics/attributes of accountancy. |
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| 98. |
लेखक बुढ़िया से बोधिसत्व की आठ फुट लंबी सुंदर मूर्ति प्राप्त करने में कैसे सफल हुआ? |
| Answer» लेखक बुढ़िया से बोधिसत्व की आठ फुट लंबी सुंदर मूर्ति प्राप्त करने में कैसे सफल हुआ? | |
| 99. |
The company made a purchases of Rs 3,30,000 on credit in the month of May. The creditor was paid one cheque of Rs 2,00,000 in the month of June & another cheque of Rs 1,30,000 in the month of July. Cheque issued in the month of July was presented for payment in August. In which of the following months will there be a difference in bank account as per cash book & bank balance as per bank pass book? |
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Answer» The company made a purchases of Rs 3,30,000 on credit in the month of May. The creditor was paid one cheque of Rs 2,00,000 in the month of June & another cheque of Rs 1,30,000 in the month of July. Cheque issued in the month of July was presented for payment in August. In which of the following months will there be a difference in bank account as per cash book & bank balance as per bank pass book? |
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| 100. |
Which of the following needs to be debited in cash book, when they are reflected in pass book? |
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Answer» Which of the following needs to be debited in cash book, when they are reflected in pass book? |
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