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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.
| 1051. |
On October 01, 2010, a Truck was purchased for Rs 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% p.a. on the diminishing balance basis on this truck. On December 31, 2013 this Truck was sold for Rs 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck Account for the four years |
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Answer» On October 01, 2010, a Truck was purchased for Rs 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% p.a. on the diminishing balance basis on this truck. On December 31, 2013 this Truck was sold for Rs 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck Account for the four years
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| 1052. |
What is referred to as an integrated set of components for collecting, storing and processing data for delivering information, knowledge and digital products? |
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Answer» What is referred to as an integrated set of components for collecting, storing and processing data for delivering information, knowledge and digital products? |
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| 1053. |
From the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date: ₹ ₹ Capital 3,50,000 Salaries 11,100 Building 1,87,500 Discount Allowed 3,000 Machinery 92,500 Interest on Investments 1,000 Debtors 35,000 Stock (1st April, 2017) 1,65,000 Investment 35,000 Bills Payable 50,000 General Expenses 8,000 Sales 6,35,000 Rent Paid 37,100 Purchases 4,68,500 Proprietor's Drawings 6,500 Wages 25,000 Electricity Charges 1,900 Cash in Hand 18,000 Carriage Inwards 8,500 Sundry Creditors 1,00,000 Cash at Bank 30,000 Returns Inward 4,500 Returns Outward 1,100 Closing Stock was valued at ₹ 1,82,100. |
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Answer» From the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date:
Closing Stock was valued at ₹ 1,82,100.
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| 1054. |
From the following balances, as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet: ₹ ₹ Capital Account 1,00,000 Returns Outward 5,000 Plant and Machinery 40,000 Rent 4,000 Sundry Debtors 24,000 Sales 1,64,000 Sundry Creditors 12,000 Manufacturing Expenses 8,000 Life Insurance Premium 12,000 Trade Expenses 7,000 Purchases 1,05,000 Bad Debts 2,000 Wages 50,000 Carriage 1,500 Bank 10,000 Bills Payable 7,000 Repairs 500 Returns Inward 4,000 Stock (1st April, 2017) 20,000 Closing Stock on 31st March, 2018 was valued at ₹ 14,500. |
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Answer» From the following balances, as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet:
Closing Stock on 31st March, 2018 was valued at ₹ 14,500. |
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| 1055. |
‘An organisation is a collection of interdependent decision-making units that exists to pursue organisational objectives. In the light of this statement, explain the relationship between information and decisions. Also explain the role of Transaction Processing System in facilitating the decision-making process in business organisations. |
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Answer» ‘An organisation is a collection of interdependent decision-making units that exists to pursue organisational objectives. In the light of this statement, explain the relationship between information and decisions. Also explain the role of Transaction Processing System in facilitating the decision-making process in business organisations. |
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| 1056. |
Distinguish between ‘ready-to-use’ and ‘tailored’ accounting software. |
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Answer» Distinguish between ‘ready-to-use’ and ‘tailored’ accounting software. |
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| 1057. |
A Plant was purchased on 1st July, 2015 at a cost of Rs 3,00,000 and Rs 50,000 were spent on its installation. The depreciation is written off at 15% p.a. on the straight line method. The plant was sold for Rs 1,50,000 on October 01, 2017 and on the same date a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31 every year.Show the machinery account and provision for depreciation account for 3 years |
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Answer» A Plant was purchased on 1st July, 2015 at a cost of Rs 3,00,000 and Rs 50,000 were spent on its installation. The depreciation is written off at 15% p.a. on the straight line method. The plant was sold for Rs 1,50,000 on October 01, 2017 and on the same date a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31 every year. Show the machinery account and provision for depreciation account for 3 years
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| 1058. |
37. Find a particular solution : In a bank ,principle increases continuously at the rate of r% per year .Find the value of r if Rs 100 double itself in 10 years . |
| Answer» 37. Find a particular solution : In a bank ,principle increases continuously at the rate of r% per year .Find the value of r if Rs 100 double itself in 10 years . | |
| 1059. |
From the following Balance Sheet of Depth Ltd. as at 31st March, 2019, prepare Comparative Balance Sheet: Particulars Note No. 31st March, 2019 (₹) 31st March, 2018 (₹) I. EQUITY AND LIABILITIES 1. Shareholders' Funds (a) Share Capital 2,80,000 1,80,000 (b) Reserves and Surplus 1,00,000 1,00,000 2. Non-Current Liabilities Long-term Borrowings 80,000 20,000 3. Current Liabilities Trade Payables 50,000 30,000 Total 5,10,000 3,30,000 II. ASSETS 1. Non-Current Assets (a) Fixed Assets: (i) Tangible Assets 2,80,000 1,80,000 (ii) Intangible Assets 50,000 30,000 (b) Non-Current Investments 80,000 50,000 2. Current Assets (a) Inventories 70,000 30,000 (b) Cash and Cash Equivalents 30,000 40,000 Total 5,10,000 3,30,000 |
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Answer» From the following Balance Sheet of Depth Ltd. as at 31st March, 2019, prepare Comparative Balance Sheet:
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| 1060. |
Bank balance of Rs 40,000 showed by the cash book of Atul on December 31, 2016. It was found that three cheques of Rs 2,000, Rs 5,000 and Rs 8,000 deposited during the month of December were not credited in the passbook till January 02, 2017. Two cheques of Rs 7,000 and Rs 8,000 issued on December 28, were not presented for payment till January 03, 2017. In addition to it bank had credited Atul for Rs 325 as interest and had debited him with Rs 50 as bank charges for which there were no corresponding entries in the cash book.Prepare a bank reconciliation statement as on December 31, 2016. |
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Answer» Bank balance of Rs 40,000 showed by the cash book of Atul on December 31, 2016. It was found that three cheques of Rs 2,000, Rs 5,000 and Rs 8,000 deposited during the month of December were not credited in the passbook till January 02, 2017. Two cheques of Rs 7,000 and Rs 8,000 issued on December 28, were not presented for payment till January 03, 2017. In addition to it bank had credited Atul for Rs 325 as interest and had debited him with Rs 50 as bank charges for which there were no corresponding entries in the cash book. Prepare a bank reconciliation statement as on December 31, 2016.
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| 1061. |
A cash book that is used to record the small payments of cash is generally referred as ___. |
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Answer» A cash book that is used to record the small payments of cash is generally referred as |
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| 1062. |
Select the correct preposition for the blank. Put the files ______ to the computer. |
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Answer» Select the correct preposition for the blank. Put the files ______ to the computer. |
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| 1063. |
Rectifythe following errors: (a) Salary paid Rs 5,000 was debited to employee’s personal account. (b) Rent Paid Rs 4,000 was posted to landlord’s personal account. (c) Goods withdrawn by proprietor for personal use Rs 1,000 were debited to sundry expenses account. (d) Cash received from Kohli Rs 2,000 was posted to Kapur’s account. (e) Cash paid to Babu Rs 1,500 was posted to Sabu’s account. |
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Answer» Rectify
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| 1064. |
Raju bought some cloth marked 600 rupees from a handloom shop and he got 20% rebate. How much does Raju have to pay? |
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Answer» Raju bought some cloth marked 600 rupees from a handloom shop and he got 20% rebate. How much does Raju have to pay? |
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| 1065. |
Following errors affecting the accounts of the year 2016–17 were detected in the books of Das & Co., Meerut:(i) Sale of old furniture for ₹ 5,000 was treated as sales of goods.(ii) Rent of proprietor’s residence ₹ 6,000 was debited to Rent Account.(iii) Cash received from Rajesh ₹ 2,150 was credited to Brajesh.Pass the rectifying Journal entries. State the nature of each of these mistakes. |
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Answer» Following errors affecting the accounts of the year 2016–17 were detected in the books of Das & Co., Meerut: (i) Sale of old furniture for ₹ 5,000 was treated as sales of goods. (ii) Rent of proprietor’s residence ₹ 6,000 was debited to Rent Account. (iii) Cash received from Rajesh ₹ 2,150 was credited to Brajesh. Pass the rectifying Journal entries. State the nature of each of these mistakes. |
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| 1066. |
On Feb. 02, 2017, Verma purchased from Sharma goods for Rs 17,500. Verma paid Rs 2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. Sharma immediately endorsed the promissory note in favour of his creditor.Gupta for the full settlement of a debt of Rs 15,400. On the due date of the bill Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs 5,000 noting charges. On the same date Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for Rs 15,500 which includes noting charges and interest. Verma settled Sharma.s claim by cheque for the same amount.Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma.s and Gupta.s accounts in the books of Sharma. Sharma.s account in the books of Verma. And also Sharma's account in the books of Gupta. |
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Answer» On Feb. 02, 2017, Verma purchased from Sharma goods for Rs 17,500. Verma paid Rs 2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. Sharma immediately endorsed the promissory note in favour of his creditor. Gupta for the full settlement of a debt of Rs 15,400. On the due date of the bill Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs 5,000 noting charges. On the same date Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for Rs 15,500 which includes noting charges and interest. Verma settled Sharma.s claim by cheque for the same amount. Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma.s and Gupta.s accounts in the books of Sharma. Sharma.s account in the books of Verma. And also Sharma's account in the books of Gupta. |
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| 1067. |
Following is the Balance Sheet of X and Y as at 31st March, 2019. Z is admitted as a partner on that date when the position of X and Y was: Liabilities ₹ Assets ₹ X's Capital 10,000 Cash in Hand 9,000 Y's Capital 8,000 18,000 Debtors 11,000 Creditors 12,000 Stock 12,000 General Reserve 16,000 Building 8,000 Workmen Compensation Reserve 4,000 Machinery 10,000 50,000 50,000 X and Y share profits in the proportion of 3 : 2. The following terms of admission are agreed upon:(a) Revaluation of assets: Building ₹ 18,000; Stock ₹ 16,000.(b) The liability on Workmen Compensation Reserve is determined at ₹ 2,000.(c) Z brought in as his share of goodwill ₹ 10,000 in cash.(d) Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and Y after above revaluation and adjustments are carried out.(e) The further profit-sharing proportions were: X−2/5th, Y−2/5th and Z−1/5th.Prepare new Balance Sheet of the firm and Capital Accounts of the Partners. |
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Answer» Following is the Balance Sheet of X and Y as at 31st March, 2019. Z is admitted as a partner on that date when the position of X and Y was:
X and Y share profits in the proportion of 3 : 2. The following terms of admission are agreed upon: (a) Revaluation of assets: Building ₹ 18,000; Stock ₹ 16,000. (b) The liability on Workmen Compensation Reserve is determined at ₹ 2,000. (c) Z brought in as his share of goodwill ₹ 10,000 in cash. (d) Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and Y after above revaluation and adjustments are carried out. (e) The further profit-sharing proportions were: X−2/5th, Y−2/5th and Z−1/5th. Prepare new Balance Sheet of the firm and Capital Accounts of the Partners. |
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| 1068. |
आपने गौर किया होगा कि मनुष्य, पशु, पक्षी-इन तीनों में ही माँ! अपने बच्चों का पूरा-पूरा ध्यान रखती हैं। प्रकृति की इस अद्भुत देन का अवलोकन कर अपने शब्दों में लिखिए। |
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Answer» आपने
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| 1069. |
No trees except the one which grows and seethes in one's dreams'– why is the phrase 'grows and seethes' used? |
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Answer» No trees except the one which grows and seethes in one's dreams'– why is the phrase 'grows and seethes' used? |
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| 1070. |
Using the figures given below, frame problems based on profit percent or loss percent Cost price Rs1600, selling price Rs 2800 |
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Answer» Using the figures given below, frame problems based on profit percent or loss percent Cost price Rs1600, selling price Rs 2800 |
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| 1071. |
Narayanan purchased goods for Rs. 25,000 from Ravinderan on February 1, 2011. Ravinderan drew upon Narayanan a bill of exchange from the same amount payable after 30 days. On the due date, Narayanan dishonoured his acceptance. Pass the necessary Journal entries in the books of Ravinderan and Narayanan in folloiwng cases I. When the bill was retained by Ravinderan with him till the date of its maturity. II. When the bill was discounted by Ravinderan immediately with his bank at the rate of 6% per annum. III. When the bill was endorsed to his creditor Ganeshan. IV. When the bill was sent by ravideran to his bank for collection a few days before it maturity. |
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Answer» Narayanan purchased goods for Rs. 25,000 from Ravinderan on February 1, 2011. Ravinderan drew upon Narayanan a bill of exchange from the same amount payable after 30 days. On the due date, Narayanan dishonoured his acceptance. |
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| 1072. |
What is meant by the maturity of a bill of exchange? |
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Answer» What is meant by the maturity of a bill of exchange? |
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| 1073. |
Sunny, Honey and Rupesh were partners in a firm. On 31st March, 2014, their Balance Sheet was as follows: Liabilities ₹ Assets ₹ Creditors 10,000 Plant and Machinery 40,000 General Reserve 30,000 Furniture 15,000 Capital A/cs: Investments 20,000 Sunny 30,000 Debtors 20,000 Honey 30,000 Stock 20,000 Rupesh 20,000 80,000 25,000 1,20,000 1,20,000 Honey died on 31st December, 2014. The Partnership Deed provided that the representatives of the deceased partner shall be entitled to:(a) Balance in the Capital Account of the deceased partner.(b) Interest on Capital 6% per annum up to the date of his death.(c) His share in the undistributed profits or losses as per the Balance Sheet.(d) His share in the profits of the firm till the date of his death, calculated on the basis of rate of net profit on sales of the previous year. The rate of net profit on sales of previous year was 20%. Sales of the firm during the year till 31st December, 2014 was ₹ 6,00,000.Prepare Honey's Capital Account to be presented to his executors. |
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Answer» Sunny, Honey and Rupesh were partners in a firm. On 31st March, 2014, their Balance Sheet was as follows:
Honey died on 31st December, 2014. The Partnership Deed provided that the representatives of the deceased partner shall be entitled to: (a) Balance in the Capital Account of the deceased partner. (b) Interest on Capital 6% per annum up to the date of his death. (c) His share in the undistributed profits or losses as per the Balance Sheet. (d) His share in the profits of the firm till the date of his death, calculated on the basis of rate of net profit on sales of the previous year. The rate of net profit on sales of previous year was 20%. Sales of the firm during the year till 31st December, 2014 was ₹ 6,00,000. Prepare Honey's Capital Account to be presented to his executors. |
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| 1074. |
Rectify the following errors:(i) The Sales Book of December was added short by ₹ 500.(ii) A periodical total of the Purchases Book was cast short by ₹ 5,000.(iii) The total of Purchases Return Book has been undercast by ₹ 1,500.(iv) The Sales Return Book is added ₹ 200 short. |
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Answer» Rectify the following errors: (i) The Sales Book of December was added short by ₹ 500. (ii) A periodical total of the Purchases Book was cast short by ₹ 5,000. (iii) The total of Purchases Return Book has been undercast by ₹ 1,500. (iv) The Sales Return Book is added ₹ 200 short. |
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| 1075. |
32. how to find a reaction whether it is a substitution or addition ? |
| Answer» 32. how to find a reaction whether it is a substitution or addition ? | |
| 1076. |
What is meant by qualitative information? |
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Answer» What is meant by qualitative information? |
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| 1077. |
From the following information, prepare a Trial Balance of M/s. Prayag for the year ended 31st March, 2019: ₹ ₹ 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 Interest Account (Dr.) 1,180 Stock (1st April 2018) 34,600 Cash Balance 6,500 Purchases 54,750 Insurance and Taxes 12,500 Input IGST A/c 3,000 Salaries 40,820 Output CGST A/c 1,500 Output SGST A/c 1,500 |
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Answer» From the following information, prepare a Trial Balance of M/s. Prayag for the year ended 31st March, 2019:
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| 1078. |
Mukesh found that the Trial Balance did not agree. He found the following errors:(i) In the Sales Book for the month of January, total of Page No. 3 was carried forward to Page No. 4 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 7 was carried forward to Page No. 8 as ₹ 5,600 instead of ₹ 5,000.(ii) Goods returned to Anshuka ₹ 10,000 were recorded in the Sales Book.(iii) Bill Receivable for ₹ 800 from Riya was dishonoured and posted to the debit of Allowances Account. |
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Answer» Mukesh found that the Trial Balance did not agree. He found the following errors: (i) In the Sales Book for the month of January, total of Page No. 3 was carried forward to Page No. 4 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 7 was carried forward to Page No. 8 as ₹ 5,600 instead of ₹ 5,000. (ii) Goods returned to Anshuka ₹ 10,000 were recorded in the Sales Book. (iii) Bill Receivable for ₹ 800 from Riya was dishonoured and posted to the debit of Allowances Account. |
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| 1079. |
A owed to B Rs. 25,000 on 1st April, 2016. On the same date, B drew a bill of the same amount at 3 months on A. The bill was accepted by A. B discounted the bill with his bank on 4th April, 2016 18 % per annum. On the due date, the bill was dishonoured and noting charges Rs. 250 were paid by the bank. A agreed to pay Rs. 5,250 and accepted another bill for the remaining amount for 2 months together with interest 12 % per annum. On the due date, the bill was duly met. Give the journal entries in the books of B. |
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Answer» A owed to B Rs. 25,000 on 1st April, 2016. On the same date, B drew a bill of the same amount at 3 months on A. The bill was accepted by A. B discounted the bill with his bank on 4th April, 2016 18 % per annum. On the due date, the bill was dishonoured and noting charges Rs. 250 were paid by the bank. A agreed to pay Rs. 5,250 and accepted another bill for the remaining amount for 2 months together with interest 12 % per annum. On the due date, the bill was duly met. Give the journal entries in the books of B. |
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| 1080. |
Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as at 31st March, 2018 from the following balances: ₹ ₹ Capital (Cr.) 3,60,000 Salaries 60,000 Machinery 70,000 General Expenses 20,000 Sales 8,20,000 Rent 50,000 Purchases 4,00,000 Purchases Return 5,000 Sales Return 10,000 Debtors 3,00,000 Stock on 1st April, 2017 1,00,000 Cash 40,000 Drawing 40,000 Carriage Outwards 20,000 Wages 1,00,000 Advertising 20,000 Carriage Inwards 5,000 Creditros 50,000 The Closing Stock was valued at ₹ 2,00,000. |
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Answer» Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as at 31st March, 2018 from the following balances:
The Closing Stock was valued at ₹ 2,00,000. |
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| 1081. |
तुम्हारे प्रदेश में कौन-कौन से त्योहार मनाए जाते हैं? तुम्हें कौन-सा त्योहार सबसे अच्छा लगता है? |
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Answer» तुम्हारे प्रदेश में कौन-कौन से त्योहार मनाए जाते हैं? तुम्हें कौन-सा त्योहार सबसे अच्छा लगता है? |
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| 1082. |
Whatare the different types of errors that are usually committed inrecording business transaction? |
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Answer» What |
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| 1083. |
Leena sold goods to Meena on 1st March, 2009 for ₹ 68,000 and drew two Bills of Exchange of the equal amount upon Meena payable after three months. Leena immediately discounted the first bill with her bank at 12% p.a. The bill was dishonoured by Meena and Bank paid ₹ 55 as noting charges.The second bill was retired on 4th May, 2009 under a rebate of 6% p.a. with mutual agreement.Journalise the above in the books of Leena and Meena. |
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Answer» Leena sold goods to Meena on 1st March, 2009 for ₹ 68,000 and drew two Bills of Exchange of the equal amount upon Meena payable after three months. Leena immediately discounted the first bill with her bank at 12% p.a. The bill was dishonoured by Meena and Bank paid ₹ 55 as noting charges. The second bill was retired on 4th May, 2009 under a rebate of 6% p.a. with mutual agreement. Journalise the above in the books of Leena and Meena. |
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| 1084. |
A TV manufacture reduces the price of a particular model by 5% every year. The current price of this model is 8000 rupees. What would be the price after 3 years? |
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Answer» A TV manufacture reduces the price of a particular model by 5% every year. The current price of this model is 8000 rupees. What would be the price after 3 years? |
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| 1085. |
A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Delhi, Bank of India. Show what entries should be passed in the books of A under each of the following circumstances:(a) If A retained the bill till the due date and then realized it on maturity.(b) If A discounted it with his bank for ₹ 950.(c) If A endorsed it to his creditor C in full settlement of his debt.(d) If A sent it to his bank for collection.Also, give the necessary entries in each of the cases if the bill is dishonoured. |
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Answer» A bill for ₹ 1,000 is drawn by A on B and accepted by the latter payable at the New Delhi, Bank of India. Show what entries should be passed in the books of A under each of the following circumstances: (a) If A retained the bill till the due date and then realized it on maturity. (b) If A discounted it with his bank for ₹ 950. (c) If A endorsed it to his creditor C in full settlement of his debt. (d) If A sent it to his bank for collection. Also, give the necessary entries in each of the cases if the bill is dishonoured. |
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| 1086. |
Lilly sold goods to Methew on 01.03.2011 for Rs. 12,000 and drew upon Methew a bill of exchange for the same amount payable after two months. Lilly immediately discounted the bill with her bank at 9% per annum. The maturity date of the bill was a non-business day (holiday), therefore, Lilly had to present the bill as per the provisions of the Indian Instruments Act 1881. The bill was dishonoured by Methew and Lilly paid Rs. 45 as noting charges. Methew settled the claim of Lilly five days afer the dishonour of the bill by a cheque, which includes interest at the rate of 12% for the term of the bill. Journalise the above transactions in the books of Lilly and Methew and prepare Methew's account in the books of Lilly and Lilly's account in the books of Methew. |
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Answer» Lilly sold goods to Methew on 01.03.2011 for Rs. 12,000 and drew upon Methew a bill of exchange for the same amount payable after two months. Lilly immediately discounted the bill with her bank at 9% per annum. The maturity date of the bill was a non-business day (holiday), therefore, Lilly had to present the bill as per the provisions of the Indian Instruments Act 1881. The bill was dishonoured by Methew and Lilly paid Rs. 45 as noting charges. Methew settled the claim of Lilly five days afer the dishonour of the bill by a cheque, which includes interest at the rate of 12% for the term of the bill. |
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| 1087. |
Repairs bill for the proprietor`s car Rs 410 has been paid by the firm & has been debited to the repairs account. Which of the following is correct with regards to its rectification? |
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Answer» Repairs bill for the proprietor`s car Rs 410 has been paid by the firm & has been debited to the repairs account. Which of the following is correct with regards to its rectification? |
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| 1088. |
Mr. Gopal thought of starting a business of readymade garments. For this, he withdrew cash of Rs 10,00,000 from his savings bank account & purchased goods worth Rs 7,00,000. Out of the balance, Rs 1,00,000 was paid by him as security for rent of the shop in which he shall start his business. He purchased furniture of Rs 1,00,000 for his shop & the rest was held as cash by him. What is value of capital introduced by him in the business? |
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Answer» Mr. Gopal thought of starting a business of readymade garments. For this, he withdrew cash of Rs 10,00,000 from his savings bank account & purchased goods worth Rs 7,00,000. Out of the balance, Rs 1,00,000 was paid by him as security for rent of the shop in which he shall start his business. He purchased furniture of Rs 1,00,000 for his shop & the rest was held as cash by him. What is value of capital introduced by him in the business? |
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| 1089. |
Which of the following is incorrect with regards to the sales return book? |
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Answer» Which of the following is incorrect with regards to the sales return book? |
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| 1090. |
From the following information, prepare Profit and Loss Account for the year ended 31st March, 2019: ₹ ₹ 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 Input IGST A/c 2,000 Output IGST A/c 1,000 |
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Answer» From the following information, prepare Profit and Loss Account for the year ended 31st March, 2019:
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| 1091. |
The company sells Product A for Rs 65,000 on credit. The company receives a payment for the Rs 65,000 invoice above in cash. Which account shall be debited? |
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Answer» The company sells Product A for Rs 65,000 on credit. The company receives a payment for the Rs 65,000 invoice above in cash. Which account shall be debited? |
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| 1092. |
how to guess which overlapping has happened like s-p ,s-s ,p-p. |
| Answer» how to guess which overlapping has happened like s-p ,s-s ,p-p. | |
| 1093. |
Drawer and Payee can be the same person in case of a bill of exchange. Is the statement true? |
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Answer» Drawer and Payee can be the same person in case of a bill of exchange. Is the statement true? |
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| 1094. |
On 1st January 2006, Vimal sold goods worth Rs. 20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with the bank on 4th February 2006 15% p.a. The discounting charges will be: |
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Answer» On 1st January 2006, Vimal sold goods worth Rs. 20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with the bank on 4th February 2006 15% p.a. The discounting charges will be: |
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| 1095. |
Givejournal entries to rectify the following errors assuming that suspense accounthad been opened. (a) Goods distributed as free sample Rs 5,000 were not recorded in the books. (b) Goods withdrawn for personal use by the proprietor Rs 2,000 were not recorded in the books. (c) Bill receivable received from a debtor Rs 6,000 was not posted to his account. (d) Total of Returns inwards book Rs 1,200 was posted to Returns outwards account. (e) Discount allowed to Reema Rs 700 on receiving cash from her was recorded in the books as Rs 70. |
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Answer» Give
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| 1096. |
Mayank does not keep proper records of his business, he gives you the following information: ₹ Opening Capital 1,00,000 Closing Capital 1,25,000 Drawings during the year 30,000 Capital added during the year 37,500 Calculate the profit or loss for the year. |
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Answer» Mayank does not keep proper records of his business, he gives you the following information:
Calculate the profit or loss for the year. |
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| 1097. |
Under which circumstance drawer and payee will be the same person : |
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Answer» Under which circumstance drawer and payee will be the same person : |
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| 1098. |
Which one of these is correct with regard to profit? |
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Answer» Which one of these is correct with regard to profit? |
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| 1099. |
A firm earns a revenue of Rs.50,000 and the expenses to earn this revenue are Rs.30,000. Calculate its income. |
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Answer» A firm earns a revenue of Rs.50,000 and the expenses to earn this revenue are Rs.30,000. Calculate its income. |
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| 1100. |
Have you ever stayed in a tent? Where? What was it like? Imagine that you were to stay alone in a small tent for two days and could take with you only ten things. Make a list of those ten things. What are the different types of houses that you have seen? Tell your friends about it. Make drawings too. |
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