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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.
| 1301. |
Prepare a trading and profit and loss account for the year ending December 31, 2017. from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet at the end of the year. Account Title Amount Rs Account Title Amount Rs Stock 50,000 Sales 1,80,000 Wages 3,000 Purchases return 2,000 Salary 8,000 Discount received 500 Purchases 1,75,000 Provision for doubtful debts 2,500 Sales return 3,000 Capital 3,00,000 Sundry Debtors 82,000 Bills payable 22,000 Discount allowed 1,000 Commission received 4,000 Insurance 3,200 Rent 6,000 Rent Rates and Taxes 4,300 Loan 34,800 Fixtures and fittings 20,000 Trade expenses 1,500 Bad debts 2,000 Drawings 32,000 Repair and renewals 1,600 Travelling expenses 4,200 Postage 300 Telegram expenses 200 Legal fees 500 Bills receivable 50,000 Building 1,10,000 5,51,800 5,51,800 Adjustments1. Commission received in advance Rs 1,000.2. Rent receivable Rs 2,000.3. Salary outstanding Rs 1,000 and insurance prepaid Rs 800.4. Further bad debts Rs 1,000 and provision for doubtful debts 5% on debtors and discount on debtors 2%.5. Closing stock Rs 32,000.6. Depreciation on building 6% p.a. |
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Answer» Prepare a trading and profit and loss account for the year ending December 31, 2017. from the balances extracted of M/s Rahul Sons. Also prepare a balance sheet at the end of the year.
Adjustments 1. Commission received in advance Rs 1,000. 2. Rent receivable Rs 2,000. 3. Salary outstanding Rs 1,000 and insurance prepaid Rs 800. 4. Further bad debts Rs 1,000 and provision for doubtful debts 5% on debtors and discount on debtors 2%. 5. Closing stock Rs 32,000. 6. Depreciation on building 6% p.a.
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| 1302. |
Kamal Bros purchased a machine on 1st April 2012 at a cost Rs. 16,000 spent Rs. 4,000 on its installation. The firm writes off depreciation 10% per annum by written value method. The scrap value of the machine at the end of its economic life of 4 years is expected to be Rs. 13,122. Show the machine account, depreciation account and provision for depreciation account for 4 years in books Kamal Bros. The book is closed on 31st March every year. |
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Answer» Kamal Bros purchased a machine on 1st April 2012 at a cost Rs. 16,000 spent Rs. 4,000 on its installation. The firm writes off depreciation 10% per annum by written value method. The scrap value of the machine at the end of its economic life of 4 years is expected to be Rs. 13,122. Show the machine account, depreciation account and provision for depreciation account for 4 years in books Kamal Bros. The book is closed on 31st March every year. |
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| 1303. |
On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹ 4,500 on credit and drew 3 bills on him first bill for ₹ 1,000 for 1 month, second bill for ₹ 1,500 for 2 months and third bill for ₹ 2,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X.The first bill was retained by Mr. X till the date of maturity. Second bill was endorsed to his creditor Mr. Z on 3rd January, 2018 and third bill was sent to bank for collection on 4th January, 2017. On maturity all the bills were dishonoured and noting charges amount to ₹ 10, ₹ 15 and ₹ 20 respectively.Give the Journal entries in the books of X, Y and Z. |
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Answer» On 1st January, 2018, Mr. X sold goods to Mr. Y for ₹ 4,500 on credit and drew 3 bills on him first bill for ₹ 1,000 for 1 month, second bill for ₹ 1,500 for 2 months and third bill for ₹ 2,000 for 3 months. Mr. Y accepted and returned all the bills to Mr. X. The first bill was retained by Mr. X till the date of maturity. Second bill was endorsed to his creditor Mr. Z on 3rd January, 2018 and third bill was sent to bank for collection on 4th January, 2017. On maturity all the bills were dishonoured and noting charges amount to ₹ 10, ₹ 15 and ₹ 20 respectively. Give the Journal entries in the books of X, Y and Z. |
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| 1304. |
1. Who said these words and to whom? Who said To whom “Wake up, dear! Wake up fast!” _______________ _______________ “Ma, who woke me up today?” _______________ _______________ “Why do you sleep at _______________ _______________ 2. Use the help box to fill in the blanks – was were (a) Ram _______ a good football player. (b) The cows ______ grazing in the field(c) My toys _______broken.(d) Her frock ________too long.(e) The market __________ closed.(f) The children ________ happy.(g) The flowers ________ kept in a vase. 3. Look at the pictures below and complete the following paragraph. You will need these words – pulled out inside called out behind under Yesterday, I lost a book. I looked for it everywhere.I looked _____________ a door. I looked ____________ a cupboard.I looked ___________ a bed.I could not find it anywhere. Then, I ____________________Sheroo. Sheroo, my dog came running tome. I asked him to look for my book. He _________________another book from my bag.Disclaimer: Kindly refer the textbook for the images. |
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Answer» 1. Who said these words and to whom?
2. Use the help box to fill in the blanks –
(a) Ram _______ a good football player. (b) The cows ______ grazing in the field (c) My toys _______broken. (d) Her frock ________too long. (e) The market __________ closed. (f) The children ________ happy. (g) The flowers ________ kept in a vase. 3. Look at the pictures below and complete the following paragraph. You will need these words –
Yesterday, I lost a book. I looked for it everywhere. I looked _____________ a door. I looked ____________ a cupboard. I looked ___________ a bed. I could not find it anywhere. Then, I ____________________ Sheroo. Sheroo, my dog came running to me. I asked him to look for my book. He _________________ another book from my bag. Disclaimer: Kindly refer the textbook for the images. |
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| 1305. |
There was a difference in the Trial Balance of M/s. Jain & Sons, prepared for the year ended 31st March, 2009. The accountant put the difference in Suspense Account.The following errors were found:(i) Purchases Return Book total ₹ 400 has not been posted to Ledger Account.(ii) ₹ 5,100 spent on legal expense for the newly acquired Building was debited to the Building Account as ₹ 1,500.(iii) A sale of ₹ 6,540 to Rajat has been credited to his account.Rectify the errors and show the Suspense Account with Nil closing balance. |
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Answer» There was a difference in the Trial Balance of M/s. Jain & Sons, prepared for the year ended 31st March, 2009. The accountant put the difference in Suspense Account. The following errors were found: (i) Purchases Return Book total ₹ 400 has not been posted to Ledger Account. (ii) ₹ 5,100 spent on legal expense for the newly acquired Building was debited to the Building Account as ₹ 1,500. (iii) A sale of ₹ 6,540 to Rajat has been credited to his account. Rectify the errors and show the Suspense Account with Nil closing balance. |
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| 1306. |
26. If n objects are arranged in a row, then the number of ways of selecting three of these objects so that no two of them are next to each other is |
| Answer» 26. If n objects are arranged in a row, then the number of ways of selecting three of these objects so that no two of them are next to each other is | |
| 1307. |
किचपिच-किचपिच करती मैना? |
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Answer» किचपिच-किचपिच करती मैना? |
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| 1308. |
Correct the following errors in Mohan Lal’s Book:(i) A payment of ₹ 5,000 for salaries (to Mr. Ram) has been posted twice to the Salaries Account.(ii) ₹ 750 received from Rajesh are entered on the debit side of the Cash Book. No posting was done in Rajesh’s Account.(iii) Sales Book was overcast by ₹ 3,000.(iv) Goods (Cost ₹ 2,000, Sales Price ₹ 2,500) distributed as free simples among prospective customers were not recorded anywhere. |
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Answer» Correct the following errors in Mohan Lal’s Book: (i) A payment of ₹ 5,000 for salaries (to Mr. Ram) has been posted twice to the Salaries Account. (ii) ₹ 750 received from Rajesh are entered on the debit side of the Cash Book. No posting was done in Rajesh’s Account. (iii) Sales Book was overcast by ₹ 3,000. (iv) Goods (Cost ₹ 2,000, Sales Price ₹ 2,500) distributed as free simples among prospective customers were not recorded anywhere. |
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| 1309. |
24. A dishonest dealer professes to sell his goods at cost price but he uses a false weight and thus gains 6is to 1 by 4 %. For a kg he uses a weight of how much? |
| Answer» 24. A dishonest dealer professes to sell his goods at cost price but he uses a false weight and thus gains 6is to 1 by 4 %. For a kg he uses a weight of how much? | |
| 1310. |
Classify the following into fixed costs and variable costs : (i) Salary of the permanent staff (ii) Interest payment (iii) Wages to daily workers (iv) Expenditure on raw materials (v) Excise duty (vi) Sales tax |
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Answer» Classify the following into fixed costs and variable costs : (i) Salary of the permanent staff (ii) Interest payment (iii) Wages to daily workers (iv) Expenditure on raw materials (v) Excise duty (vi) Sales tax |
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| 1311. |
Rectifythe following errors and ascertain the amount of difference in trial balance bypreparing suspense account: (a) Credit sales to Mohan Rs 7,000 were posted as Rs 9,000. (b) Credit purchases from Rohan Rs 9,000 were posted as Rs 6,000. (c) Goods returned to Rakesh Rs 4,000 were posted as Rs 5,000. (d) Goods returned from Mahesh Rs 1,000 were posted as Rs 3,000. (e) Cash sales Rs 2,000 were posted as Rs 200. |
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Answer» Rectify
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| 1312. |
Are debits or credits listed first in journal entries? Are debits or credits indented? |
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Answer» Are debits or credits listed first in journal entries? Are debits or credits indented? |
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| 1313. |
What is the main difference between state function and state variabl |
| Answer» What is the main difference between state function and state variabl | |
| 1314. |
A loss incurred on the disposal of plant and machinery should be debited to Profit or loss account. Is the statement true / false? |
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Answer» A loss incurred on the disposal of plant and machinery should be debited to Profit or loss account. Is the statement true / false? |
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| 1315. |
A cheque of Rs 10,000 was deposited in the bank but due to updation in the software, this cheque could not be cleared by bank till the last day of the month. Will the balance as per bank`s pass book & cash book tally? |
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Answer» A cheque of Rs 10,000 was deposited in the bank but due to updation in the software, this cheque could not be cleared by bank till the last day of the month. Will the balance as per bank`s pass book & cash book tally? |
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| 1316. |
Now, write a letter to your friend or relative in another city telling him/her about activities/events in your school. Follow the same pattern as the above letter.__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ |
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Answer» Now, write a letter to your friend or relative in another city telling him/her about activities/events in your school. Follow the same pattern as the above letter. _______________________ |
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| 1317. |
Why is it necessary to create a provision for doubtful debts at the time of preparation of final accounts? |
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Answer» Why is it necessary to create a provision for doubtful debts at the time of preparation of final accounts? |
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| 1318. |
Is itpossible to prepare the profit and loss account and the balance sheetfrom the incomplete book of accounts kept by a trader’? Do youagree? Explain. |
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Answer» Is it |
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| 1319. |
Which among the following is false about diminishing balance method- |
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Answer» Which among the following is false about diminishing balance method- |
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| 1320. |
Ritika got a raw deal from her employer. Therefore, she wrote a _________ letter to him. |
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Answer» Ritika got a raw deal from her employer. Therefore, she wrote a _________ letter to him. |
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| 1321. |
Jayant forms a sole proprietorship called Accounting Software Co. (ASC). On December 1, 2017, Jayant invests personal funds of Rs 10,000 to start ASC. The effect of this transaction on ASC's accounting equation is: |
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Answer» Jayant forms a sole proprietorship called Accounting Software Co. (ASC). On December 1, 2017, Jayant invests personal funds of Rs 10,000 to start ASC. The effect of this transaction on ASC's accounting equation is: |
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| 1322. |
Find the selling price of the articles listed in the table below.Item Total Cost Profit Percent Soap Rs. 16 15 Tea Rs 200 8 Rice Rs. 22 10 Grain (1 sack) Rs. 800 9 Tooth Paste Rs. 25 12 |
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Answer» Find the selling price of the articles listed in the table below.
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| 1323. |
Define foreign key. How is this concept useful in relational data model? Illustrate with suitable example. |
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Answer» Define foreign key. How is this concept useful in relational data model? Illustrate with suitable example. |
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| 1324. |
Rectify the following errors:(i) A purchase of ₹ 5,000 from Ram was omitted to be entered in the Purchases Book.(ii) A credit sale of ₹ 257 to Messrs Goodluck & Co. was recorded as ₹ 275.(iii) A purchase of office furniture for ₹ 500 from Salwan Furnitures was entered through the Purchases Book.(iv) Rent paid to Landlord ₹ 500 was debited to his Personal Account.(v) A debt balance of ₹ 2,000 on the Personal Account of Mr. John (correctly shown in the Ledger) has been omitted when extracting a Trial Balance. |
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Answer» Rectify the following errors: (i) A purchase of ₹ 5,000 from Ram was omitted to be entered in the Purchases Book. (ii) A credit sale of ₹ 257 to Messrs Goodluck & Co. was recorded as ₹ 275. (iii) A purchase of office furniture for ₹ 500 from Salwan Furnitures was entered through the Purchases Book. (iv) Rent paid to Landlord ₹ 500 was debited to his Personal Account. (v) A debt balance of ₹ 2,000 on the Personal Account of Mr. John (correctly shown in the Ledger) has been omitted when extracting a Trial Balance. |
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| 1325. |
From the following Balance Sheet of SRS Ltd. and the additional information as on 31st March, 2016, prepare a Cash Flow Statement: SRS Ltd. BALANCE SHEET as on 31st March, 2016 Particulars ulars Note No. 31st March, 2016 (₹) 31st March, 2015 (₹) I. EQUITY AND LIABILITIES 1. Shareholders' Funds (a) Share Capital 4,50,000 3,50,000 (b) Reserves and Surplus 1 1,25,000 50,000 2. Non-Current Liabilities Long-term Borrowings 2 2,25,000 1,75,000 3. Current Liabilities (a) Short-term Borrowingst 3 75,000 37,500 (b) Shrot-term Provisions 4 1,00,000 62,500 Total Total Expenses 9,75,000 6,75,000 II. ASSETS 1, Non-Current Assets (a) Fixed Assets: (i) Tangible 5 7,32,500 4,52,500 (ii) Intangible 6 50,000 75,000 (b) Non-current Investments 75,000 50,000 2. Current Assets (a) Current Investments 20,000 35,000 (b) Inventories 7 61,000 36,000 (c) Cash and Cash Equivalents 36,500 26,500 Total 9,75,000 6,75,000 Notes to Accounts Particular 31st March 2016 (₹) 31st March 2015 (₹) 1. Reserves and Surplus Surplus, i.e., Balance in Statement of Profit and Loss 1,25,000 50,000 2. Long-term Borrowings 12% Debentures 2,25,000 1,75,000 3. Short-term Borrowings Bank Overdraft 75,000 37,500 4. Short-term Provisions Provision for Tax 1,00,000 62,500 5. Tangible Assets Machinery 8,37,500 5,22,500 Accumulated Depreciation (1,05,000) (70,000) 7,32,500 4,52,500 6. Intangible Assets Goodwill 50,000 75,000 7. Inventories Stock-in-Trade 61,000 36,000 Additional Information:(i) ₹50,000, 12% Debentures were issued on 31st March, 2016.(ii) During the year, a piece of machinery costing ₹40,000, on which accumulated depreciation was ₹20,000, was sold at a loss of ₹5,000. |
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Answer» From the following Balance Sheet of SRS Ltd. and the additional information as on 31st March, 2016, prepare a Cash Flow Statement:
Notes to Accounts
Additional Information: (i) ₹50,000, 12% Debentures were issued on 31st March, 2016. (ii) During the year, a piece of machinery costing ₹40,000, on which accumulated depreciation was ₹20,000, was sold at a loss of ₹5,000. |
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| 1326. |
Pass the rectifying entries for the following(i) Sales of goods ₹ 6,000 to Madan were recorded as ₹ 600 in the Sales Book.(ii) Credit purchase of goods from Mohan amounting to ₹ 2,000 has been wrongly passed through the Sales Book.(iii) Return of goods worth ₹ 500 by a customer was entered in ‘Purchases Return Book’.(iv) Cheque of ₹ 400 received from Ranjan was dishonoured and debited to the Discount Account.(v) Bill for ₹ 820 received from Ramesh for repair of machinery was entered in the Purchases Book as ₹ 720. |
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Answer» Pass the rectifying entries for the following (i) Sales of goods ₹ 6,000 to Madan were recorded as ₹ 600 in the Sales Book. (ii) Credit purchase of goods from Mohan amounting to ₹ 2,000 has been wrongly passed through the Sales Book. (iii) Return of goods worth ₹ 500 by a customer was entered in ‘Purchases Return Book’. (iv) Cheque of ₹ 400 received from Ranjan was dishonoured and debited to the Discount Account. (v) Bill for ₹ 820 received from Ramesh for repair of machinery was entered in the Purchases Book as ₹ 720. |
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| 1327. |
Why is it necessary for accountants to assume that business entity will remain a going concern? |
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Answer» Why is it necessary for accountants to assume that business entity will remain a going concern? |
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| 1328. |
When 10 observations are taken the random error is x. When 100 observations are taken the random error becomes? |
| Answer» When 10 observations are taken the random error is x. When 100 observations are taken the random error becomes? | |
| 1329. |
Ongoing expenditures, such as general and administrative expenses, which occur in the process of selling and managing a company are known as: |
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Answer» Ongoing expenditures, such as general and administrative expenses, which occur in the process of selling and managing a company are known as: |
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| 1330. |
Give the performa of a Bills Payable Book. |
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Answer» Give the performa of a Bills Payable Book. |
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| 1331. |
Vinod has the following transactions.Show accounting equation for the same: (i) Commenced business with Cash Rs.50,000; and Stock Rs.30,000 and Machinery Rs.20,000. (ii) Goods purchases on credit Rs.10,000. (iii) Rent Received Rs.5,000. (iv) Sold goods costing Rs.9,000 for Cash Rs.12,000. |
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Answer» Vinod has the following transactions.Show accounting equation for the same: (i) Commenced business with Cash Rs.50,000; and Stock Rs.30,000 and Machinery Rs.20,000. (ii) Goods purchases on credit Rs.10,000. (iii) Rent Received Rs.5,000. (iv) Sold goods costing Rs.9,000 for Cash Rs.12,000. |
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| 1332. |
Better-Cars Selection, a used car dealer, has total assets and liabilities of Rs 50,000 and Rs18,000, respectively. The firm constructed a shelter for its automobiles by promising to pay the building contractor, upon completion of the building, Rs 500 per month for twenty-four months. Upon completion, owner's capital account will: |
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Answer» Better-Cars Selection, a used car dealer, has total assets and liabilities of Rs 50,000 and Rs18,000, respectively. The firm constructed a shelter for its automobiles by promising to pay the building contractor, upon completion of the building, Rs 500 per month for twenty-four months. Upon completion, owner's capital account will: |
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| 1333. |
“The Emperor may rule over the territory he has conquered, but only the artist knows the way within.” |
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Answer» “The Emperor may rule over the territory he has conquered, but only the artist knows the way within.” |
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| 1334. |
Transactions that a business doesn`t record in any of the special journals are recorded in which of the following journals/ day books? |
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Answer» Transactions that a business doesn`t record in any of the special journals are recorded in which of the following journals/ day books? |
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| 1335. |
Forthe reaction, |
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Answer» For
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| 1336. |
What are the objectives of preparing financial statements? |
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Answer» What are the objectives of preparing financial statements? |
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| 1337. |
Fees paid in cash to Notary Pubilc is charged by : |
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Answer» Fees paid in cash to Notary Pubilc is charged by : |
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| 1338. |
'ईंटों को जोड़कर बनाए चूल्हे में जलती लकड़ियों की चिट-पिट जैसे मन में पसरी दुश्चिंताओं और तकलीफ़ों की प्रतिध्वनियाँ थीं जहाँ सब कुछ अनिश्चित था।' – यह वाक्य मानो की किस मनोस्थिति को उजागर करता है? |
| Answer» 'ईंटों को जोड़कर बनाए चूल्हे में जलती लकड़ियों की चिट-पिट जैसे मन में पसरी दुश्चिंताओं और तकलीफ़ों की प्रतिध्वनियाँ थीं जहाँ सब कुछ अनिश्चित था।' – यह वाक्य मानो की किस मनोस्थिति को उजागर करता है? | |
| 1339. |
What is meant by capital receipts ? |
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Answer» What is meant by capital receipts ? |
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| 1340. |
What is meant by closing stock? Show its treatment in final accounts. |
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Answer» What is meant by closing stock? Show its treatment in final accounts. |
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| 1341. |
A owed B ₹ 400. A accepted a Bill of Exchange at 3 months for this amount which B discounted for ₹ 380.Give the necessary Journal entries in the books of A and B if this bill is:(a) dishonoured on the due date;(b) met at maturity and(c) retired under rebate at 6% p.a. 2 months before its maturity. |
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Answer» A owed B ₹ 400. A accepted a Bill of Exchange at 3 months for this amount which B discounted for ₹ 380. Give the necessary Journal entries in the books of A and B if this bill is: (a) dishonoured on the due date; (b) met at maturity and (c) retired under rebate at 6% p.a. 2 months before its maturity. |
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| 1342. |
Give the Journal entries to rectify the following errors:(i) Purchases Book was overcast by ₹ 1,000.(ii) Installation charges on new machinery purchased ₹ 500 were debited to Sundry Expenses Account as ₹ 50.(iii) Radhey Shyam returned goods worth ₹ 500 which was entered in the Purchases Return Book.(iv) Goods taken by the proprietor for ₹ 5,000 have not been entered in the books at all. |
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Answer» Give the Journal entries to rectify the following errors: (i) Purchases Book was overcast by ₹ 1,000. (ii) Installation charges on new machinery purchased ₹ 500 were debited to Sundry Expenses Account as ₹ 50. (iii) Radhey Shyam returned goods worth ₹ 500 which was entered in the Purchases Return Book. (iv) Goods taken by the proprietor for ₹ 5,000 have not been entered in the books at all. |
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| 1343. |
Mrs Bhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars : Summary of Cash Dr. Cr. Receipts Amount Rs Payments Amount Rs Opening balance of cash 12,000 Paid to creditors 53,000 Further capital 20,000 Business expenses 12,000 Received from debtors 1,20,000 Wage paid 30,000 Bhavana’s drawings 15,000 Balance at bank on 35,000 March. 31,2017 Cash in hand 7,000 1,52,000 1,52,000 The following information is also available: April. 01, 2016 March. 31, 2017 Rs Rs Debtors 55,000 85,000 Creditors 22,000 29,000 Stock 35,000 70,000 Plant 10,00,000 1,00,000 Machinery 50,000 50,000 Land and Building 2,50,000 2,50,000 Investment 20,000 20,000 All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%. |
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Answer» Mrs Bhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars :
The following information is also available:
All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%.
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| 1344. |
Following Trial Balance is given but it is not correct. Prepare correct Trial Balance. Debit Balances Amount (₹) Credit Balances Amount (₹) Building 3,00,000 Capital 3,68,000 Machinery 85,000 Furniture 28,000 Returns Outward 13,000 Sales 5,20,000 Bad Debts 14,000 Debtors 3,00,000 Cash 2,000 Interest Received 13,000 Discount Received 15,000 Bank Overdraft 50,000 Creditors 2,50,000 Purchases 5,00,000 12,29,000 12,29,000 |
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Answer» Following Trial Balance is given but it is not correct. Prepare correct Trial Balance.
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| 1345. |
Explain the qualitative characteristics of accounting information. |
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Answer» Explain the qualitative characteristics of accounting information. |
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| 1346. |
While doing the yearly accounting for a company, an accountant notices that an important calculation has some digits missing.K÷( )7=42( )If the missing digits in both fractions are the same, help the accountant find the value of "K". |
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Answer» While doing the yearly accounting for a company, an accountant notices that an important calculation has some digits missing. |
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| 1347. |
A cheque of Rs 15,000 was received from a customer Mr. Ram & it was sent for clearance to bank on the same day. Next day, Mr. Ram informed us that the amount has been deducted from his account, so the entry to this regard was made in the books. But later on, it was discovered that the amount has not been credited in our account but credited to some one else's account due to a mistake by the bank. It was credited to our account in the next month. How should this be treated in the bank reconciliation of both the months if starting point is cash book balance? |
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Answer» A cheque of Rs 15,000 was received from a customer Mr. Ram & it was sent for clearance to bank on the same day. Next day, Mr. Ram informed us that the amount has been deducted from his account, so the entry to this regard was made in the books. But later on, it was discovered that the amount has not been credited in our account but credited to some one else's account due to a mistake by the bank. It was credited to our account in the next month. How should this be treated in the bank reconciliation of both the months if starting point is cash book balance? |
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| 1348. |
Which of the following is the benefit of using GAAP while preparation of financial statements? |
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Answer» Which of the following is the benefit of using GAAP while preparation of financial statements? |
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| 1349. |
A machinery for packing processed food products is claimed to have a useful life of 10 years by the manufacturer. But the buyer of the company fears that the machine will be obsolete in the next 5 years. What is the useful life of the asset for charging depreciation ? |
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Answer» A machinery for packing processed food products is claimed to have a useful life of 10 years by the manufacturer. But the buyer of the company fears that the machine will be obsolete in the next 5 years. What is the useful life of the asset for charging depreciation ? |
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| 1350. |
Enter the following transactions in a simple cash book for December 2010 Rs.1Cash in hand12,0005Cash received from Bhanu4,0007Rent paid2,00010Purchased goods from Murari for cash6,00015Sold goods for cash9,00018Purchase stationery30022Cash paid to Rahul on account2,00028Paid salary1,00030Paid rent500 |
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Answer» Enter the following transactions in a simple cash book for December 2010 Rs.1Cash in hand12,0005Cash received from Bhanu4,0007Rent paid2,00010Purchased goods from Murari for cash6,00015Sold goods for cash9,00018Purchase stationery30022Cash paid to Rahul on account2,00028Paid salary1,00030Paid rent500 |
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