Explore topic-wise InterviewSolutions in .

Describe the various elements of a computer system and explain the distinctive features of a computer system and manual system.

From the following Receipts and Payments Account of a Club and from the additional information supplied, prepare Income and Expenditure

Additional Information:

(a) The club has, 50 members each paying annual subscription of 25. Subscriptions outstanding on 31st Dec. 2011 were Rs 300.

(b) On 31st December 2012 salaries outstanding amounted to f 100. Salaries paid included Rs 100 for the year 2011.

(c) On 1-1-2012,the club owned Land and Building valued at Rs 10,000, Furniture Rs 600 and Books Rs 500.

$\begin{array}{cccc}\text{Receipts}& \text{Amount (Rs)}& \text{Payments}& \text{Amount (Rs)}\\ \text{To Balance b/d}& 250& \text{By Salaries}& 1,200\\ \text{To Subscriptions :}& & \text{By General Charges}& 300\\ \text{2011}& 250& \text{By Electric Charges}& 200\\ \text{2012}& \text{1,000}& \text{By Books}& \text{100}\\ \text{2013}& 200& \text{By Newspapers}& 400\\ \text{To Sale of old Furniture (Costing}& & \text{By Postage}& \text{50}\\ \text{Rs 100)}& 60& \text{By Furniture}& 250\\ \text{To Rent received for the use of Hall}& 740& \text{Balance c/d}& 500\\ \text{To Entertainment}& 400& & \\ \text{To Sale of Newspaper}& 100& & \\ & \underset{–}{\overline{\underset{–}{3,000}}}& & \underset{–}{\overline{\underset{–}{3,000}}}\end{array}$

Aashirwad draws on Aakarshak a bill of exchange for 3 months for 10,000 which Aakarshak accept on January 01, 2011. Aashirwad endorses the bill in favour of Aakriti before maturity. Aakkarshak approaches Aashirwad with the request that the bill is renewed for a further period of 3 months 18% p.a. interest. Aashirwad pays the sum to Aakriti on the due date and agrees to the proposal of Aakarshak. Record-Journal Entries in the books of Aashirwad assuming that the second bill is duly met.

Under diminishing balance method, depreciation is calculated on ___

In ………………. Method, the value of the asset is not completely written off?

A shopkeeper bought 15 kg of rice at the rate of Rs.29/kg and 25kg of rice at the rate of Rs.20/kg. He sold the mixture of both types of rice at the rate of Rs.27/kg. His profit (in Rs) was,

Discounts are available _________ senior citizens.

Calculate the total amount to be debited to depreciation account?

$\begin{array}{cccc}\text{Asset}& \text{Cost}& \text{Salvage Value}& \text{Life}\\ \text{Computer}& 1200& 200& 5\\ \text{Monitor}& 300& 0& 5\\ \text{Desk}& 1000& 300& 7\end{array}$

Which of the following is not a part of Company`s balance sheet?

Which of the following would NOT be considered as a component of 'cost' of stock?

Michelle wants to replenish the Rs300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), Rs40; supplies, Rs25; and repairs, Rs45. A cash count shows Rs175 in the petty cash box.What is the correct journal entry to record the transaction?

Profit =

When cash is given to petty cashier, which of the following is correct?

The realisation concept determines when goods sent on credit to customers are to be included in the sales figure, for the purpose of computing the profit or loss for the accounting period. Which of the following tends to be used in practice to determine when to include a transaction in the sales figure for the period? When the goods have been

(a) despatched (b) invoiced

(c) delivered (d) paid for

Give reasons for your answer.

The person who prepares the bill is called as ______

Q54. If 38 – 15 = 32 and 62 – 91 = 7, then 74-81 = ?

Prepare Trial Balance from the following information:

Capital 1,00,000 ; Drawings 16,000; Machinery 20,000; Sales 2,00,000; Purchases 2,10,000 Sales return 20,000; Purchases return 30,000; Wages 40,000; Goodwill 60,000; Interest received 15,000; Discount allowed 6,000; Bank overdraft 22,000; Bank loan 90,000;

Debtors: Nathu 55,000; Roopa 20,000; Creditors: Reena 35,000; Ganesh 25,000 Cash 54,000; Stock on April 01, 2008 16,000.

Which accounting package best suits for large business organisations?

Agra Club has 300 members each paying annual subscription of Rs 150 each. In the year 2012 it received Rs 42,500 on account of subscription which included Rs 5,000 for the year 2013 and Rs 2,500 for the year 2011. Find the amount of Subscription outstanding at the end of the year 2012

Salary paid was debited to the employee’s personal account, the rectification entry would be to debit the ___ Account.

An asset is considered to be a current asset if:

Discuss the different types of update operations in relation to the integrity constraints which must be satisfied in a relational database model.

What is meant by provision for discount on debtors?

An enterprise sells on 1 January 2005 a van which it bought on 1 January 2002 for Rs. 3,000, and has been depreciating the van each year at 10% per annum on a straight line basis. It trades this van for Rs. 5,000.
What is the gain or loss on the disposal of the old van?

Mr. Ram has a business of selling shoes. He bought goods worth Rs 50,000 on credit from Mr. Ajay. Also, he borrowed a sum of Rs 1,00,000 from his friend Mr.Shyam. What would be the amount of creditors which wil be recorded in his books?

When goods are purchased, they are considered to be ________

Write each of the following using if and only if.

(i) In order to get A grade, it is necessary and sufficient that you do all the homework regularly.

(ii) If you watch television then your mind is free and if your mind is free then you watch television.

The purpose of accommodation bill is :

Who pays the noting charges in case of dishonor of bills of exchange sent for collection for bank?

Goods purchased from Ravi on credit for Rs 450 has been recorded as for Rs 540. To rectify the same, which account shall be debited by Rs 90 ?

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 credited?

Depreciation is a non-cash expense which should not be provided for in the profit and loss account. Comment.

Timothy wants to replenish the Rs300 petty cash fund. He has receipts for the following total payments:postage (Office Expense), Rs35; supplies, Rs25; and repairs, Rs95. A cash count shows Rs140 in the petty cash box.What is the correct journal entry to record the transaction?

Which of the following account will be credited, when the interest on drawings is charged?

When closing stock is given in trial balance, then it will effect:

I'm having few confusion in this chapter please help me ASAP

One of the question is 1/ ³√4

Repairs to machinery is shown as __________ in profit or loss account.

Show the accounting equation on the basis of the following transactions and present a balance sheet on the last new equation balances. Varun and Raj entered into a partnership agreement to deal in furniture. They contributed Rs. 2,10,000 and Rs. 1,50,000 as capital respectively. Other transactions were as under.
$$\begin{array}{cc}\text{(i)Timber purchased by them}& 1,20,000\\ \text{(ii)Wages paid to carpenters}& 28,000\\ \text{(iii) Furniture sold (Costing Rs. 1,20,000)}& 1,50,000\\ \text{(iv) Furniture sold on credit(Costing Rs. 27,000)}& 30,000\\ \text{(v) Amount received from debtors}& 29,700\\ \text{Discount allowed}& 300\\ \text{(vi) Timber purchased on credit}& 18,000\\ \text{(vii) Furniture Purchased}& 15,000\\ \text{(viii)Payment to creditors Rs. 17,850 in full settlement}& \\ \text{(ix) Amount withdrawn}& \\ \text{Varun}& 6,000\\ \text{Raj}& 3,000\end{array}$$

Distinguish between Memorandum of Association and article of association on the basis of objective, position, relationship, validity and necessity.

Drawings are shown as _______ in the vertical form of the balance sheet.

What do you mean by programmed and casual reports?

Sunny ltd. purchased a vehicle for Rs. 4,00,000 After 4 years its salvage value is estimated at Rs. 40,000. Find out the amount of depreciation to be charged every year based on a straight line basis and show how to vehicle account would appear for 4 years assuming, it is sold for Rs. 50,000 at the end, when provision for depreciation account is maintained.

If the total of the debit side exceeds the total of credit side, then this would be represented by a ______ balance.

Soloman purchases a machine for Rs. 1,00,000 . Its estimated useful life is 5 years and scrap Values Rs. 10,000. It is decided to write off depreciation under the straight-line method. The correct journal entry to record the same is ___

The supply of a commodity at a price of Rs 20 per unit is 500 units. A 10 per cent rise in its price results in a 15 per cent rise in its supply. Calculate its price elasticity of supply. Is its supply elastic?

The annual depreciation charge in ________ remains fixed during the life of the asset. In contrast, the amount of depreciation in ______ method diminishes every year.

The only vehicle owned by a company is reported at its cost of Rs. 60,000 in the Motor Vehicle account, while the depreciation on the vehicle written off in each of the three years of use is reported in an Accumulated depreciation account at Rs. 36,000.
Which of the following statements is incorrect regarding when the whole of Rs. 36,000 need to be transferred away from the Accumulated depreciation account.

Balance as per Cash Book is Rs 5,000. Cheques issued but not presented for payment Rs 2,000 and cheques sent for collection but not collected Rs 1,500. The bank had wrongly debited the account of firm by Rs 20. Balance as per pass book will be:

Which financial statements are prepared under IFRS?