2551 + Interview Questions in Accountancy Page 7 InterviewSolution

301.	Rectify the following errors assuming that there is no Suspense Account:(i) The Returns Inward Book has been overcast by ₹ 200.(ii) Purchases Book carried forward ₹ 75 less.(iii) Sales Book carried forward ₹ 41 less on Page 10 and ₹ 43 more on Page 12. (iv) Goods sold to Gautam were posted as ₹ 215 instead of ₹ 251.
Answer» Rectify the following errors assuming that there is no Suspense Account: (i) The Returns Inward Book has been overcast by ₹ 200. (ii) Purchases Book carried forward ₹ 75 less. (iii) Sales Book carried forward ₹ 41 less on Page 10 and ₹ 43 more on Page 12. (iv) Goods sold to Gautam were posted as ₹ 215 instead of ₹ 251.

Discussion

302.	The bank charged Rs 1,000 as bank charges to a client & communicates the same to him. The accountant records it in the bank account in books. Later on, the bank realised that the charges were wrongly charged & corrects the same, but forgot to communicate the same to the client. If the accountant is starting with the bank balance as per bank account in books, what will be the treatment in Bank Reconciliation Statement to arrive at balance as per bank statement:
Answer» The bank charged Rs 1,000 as bank charges to a client & communicates the same to him. The accountant records it in the bank account in books. Later on, the bank realised that the charges were wrongly charged & corrects the same, but forgot to communicate the same to the client. If the accountant is starting with the bank balance as per bank account in books, what will be the treatment in Bank Reconciliation Statement to arrive at balance as per bank statement:

Discussion

303.	Liabilities in the balance sheet include the following items?
Answer» Liabilities in the balance sheet include the following items?

Discussion

304.	Distinguish between 'revenue reserve' and 'capital reserve'.
Answer» Distinguish between 'revenue reserve' and 'capital reserve'.

Discussion

305.	19.At what temperature, the rate of effusion of N_2 would be 1.625 times than the rate of SO_2 at 500degreeC ?
Answer» 19.At what temperature, the rate of effusion of N_2 would be 1.625 times than the rate of SO_2 at 500degreeC ?

Discussion

306.	we know that if personal error is biased then it is systemstic error and if we want to reduce error by taking large no. of readings so,there is रेंडम एरर सो व्हाट विल बी द राइट आंसर प्लीज एक्सप्लेन set of defective observation of weight is used by a student to find the mass of an object using a physical balance a large number of readings will reduce what type error
Answer» we know that if personal error is biased then it is systemstic error and if we want to reduce error by taking large no. of readings so,there is रेंडम एरर सो व्हाट विल बी द राइट आंसर प्लीज एक्सप्लेन set of defective observation of weight is used by a student to find the mass of an object using a physical balance a large number of readings will reduce what type error

Discussion

307.

From the following Balance Sheet of H.P. 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: (i) Equity Share Capital 12,50,000 5,00,000 (ii) Preference Share Capital 2,50,000 2,50,000 (b) Reserves and Surplus 3,00,000 4,50,000 2. Non-Current Liabilities Long-term Borrowings: 12% Debentures 9,50,000 5,50,000 Loan from Directors 2,50,000 2,00,000 3. Current Liabilities (a)Short-term Borrowings 3,50,000 1,75,000 (b) Trade Payables 2,00,000 1,00,000 (c) Short-term Provisions 50,000 25,000 Total 36,00,000 22,50,000 II. ASSETS 1. Non-Current Assets (a) Fixed Assets (Tangible) 22,50,000 15,00,000 2. Current Assets (a) Inventories 4,50,000 2,50,000 (b) Trade Receivables 8,00,000 4,50,000 (c) Cash and Cash Equivalents 1,00,000 50,000 Total 36,00,000 22,50,000

Answer» From the following Balance Sheet of H.P. 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:
(i) Equity Share Capital		12,50,000	5,00,000
(ii) Preference Share Capital		2,50,000	2,50,000
(b) Reserves and Surplus		3,00,000	4,50,000
2. Non-Current Liabilities
Long-term Borrowings: 12% Debentures		9,50,000	5,50,000
Loan from Directors		2,50,000	2,00,000
3. Current Liabilities
(a)Short-term Borrowings		3,50,000	1,75,000
(b) Trade Payables		2,00,000	1,00,000
(c) Short-term Provisions		50,000	25,000
Total		36,00,000	22,50,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets (Tangible)		22,50,000	15,00,000
2. Current Assets
(a) Inventories		4,50,000	2,50,000
(b) Trade Receivables		8,00,000	4,50,000
(c) Cash and Cash Equivalents		1,00,000	50,000
Total		36,00,000	22,50,000

Discussion

308.	क्या आपको लगता है कि यह कहानी आज़ादी की लड़ाई की ओर भी संकेत करती है?
Answer» क्या आपको लगता है कि यह कहानी आज़ादी की लड़ाई की ओर भी संकेत करती है?

Discussion

309.	"Despite many advantages, double entry system also has some disadvantages".In the light of this statement discuss the disadvantages of the double entry system.
Answer» "Despite many advantages, double entry system also has some disadvantages".In the light of this statement discuss the disadvantages of the double entry system.

Discussion

310.	Analyse the following transactions & ascertain the profit or loss for Mr. Karan who has a grocery shop. 1. He bought 600 apples for Rs 4,800. He spent Rs 400 on transportation. He sold them for Rs 10,000 2. Rent paid for his shop Rs 5,000 3. He bought 2 dozen eggs for Rs 100. Since 6 of them broke, he could only sell them for Rs 80 4. He bought a box of chocolates for Rs 650 and sold it to Tom for Rs 800
Answer» Analyse the following transactions & ascertain the profit or loss for Mr. Karan who has a grocery shop. 1. He bought 600 apples for Rs 4,800. He spent Rs 400 on transportation. He sold them for Rs 10,000 2. Rent paid for his shop Rs 5,000 3. He bought 2 dozen eggs for Rs 100. Since 6 of them broke, he could only sell them for Rs 80 4. He bought a box of chocolates for Rs 650 and sold it to Tom for Rs 800

Discussion

311.	The balance sheet summarizes the financial position of a company for one _________
Answer» The balance sheet summarizes the financial position of a company for one _________

Discussion

312.

Raghav & Co. have two bank accounts. Account No. I and Account No. II. From the following particulars relating to Account No. I, find out the balance on that account of March 31, 2017 according to the cash book of the firm. (i) Cheques paid into bank prior to March 31, 2017, but not credited for Rs 10,000. (ii) Transfer of funds from account No. II to account no. I recorded by the bank on March 31, 2017 but entered in the cash book after that date for Rs 8,000. (iii) Cheques issued prior to March 31, 2017 but not presented until after that date for Rs 7,429. (iv) Bank charges debited by bank not entered in the cash book for Rs 200. (v) Interest Debited by the bank not entered in the cash book Rs 580. (vi) Overdraft as per Passbook Rs 18,990.

Answer» Raghav & Co. have two bank accounts. Account No. I and Account No. II. From the following particulars relating to Account No. I, find out the balance on that account of March 31, 2017 according to the cash book of the firm.

(i)	Cheques paid into bank prior to March 31, 2017, but not credited for Rs 10,000.
(ii)	Transfer of funds from account No. II to account no. I recorded by the bank on March 31, 2017 but entered in the cash book after that date for Rs 8,000.
(iii)	Cheques issued prior to March 31, 2017 but not presented until after that date for Rs 7,429.
(iv)	Bank charges debited by bank not entered in the cash book for Rs 200.
(v)	Interest Debited by the bank not entered in the cash book Rs 580.
(vi)	Overdraft as per Passbook Rs 18,990.

Discussion

313.	Explain the basic factors affecting the amount of depreciation.
Answer» Explain the basic factors affecting the amount of depreciation.

Discussion

314.	Briefly state how the cash book is both journal and a ledger.
Answer» Briefly state how the cash book is both journal and a ledger.

Discussion

315.

Record the following transactions in a cash book with cash and bank columns: 2017 (₹) Jan. 1 Bank overdraft 12,000 Cash in hand 2,300 Jan. 7 Cheque received from Ram ₹ 4,000 and discount allowed ₹ 200 Jan. 8 Deposited the above cheque into Bank 4,000 Jan. 12 Banked 200 Jan. 15 Received a money order from Gopal 500 Jan. 16 Money withdrawn from Bank for office use 300 Jan. 18 Bank Charges 20 Jan. 20 Interest on bank overdraft 1,000

Answer» Record the following transactions in a cash book with cash and bank columns:

2017		(₹)
Jan. 1	Bank overdraft	12,000
	Cash in hand	2,300
Jan. 7	Cheque received from Ram ₹ 4,000 and discount allowed ₹ 200
Jan. 8	Deposited the above cheque into Bank	4,000
Jan. 12	Banked	200
Jan. 15	Received a money order from Gopal	500
Jan. 16	Money withdrawn from Bank for office use	300
Jan. 18	Bank Charges	20
Jan. 20	Interest on bank overdraft	1,000

Discussion

316.	Following information is given of an accounting year:Opening Creditors ₹ 15,000; Cash paid to creditors ₹ 15,000; Returns Outward ₹ 1,000 and Closing creditors ₹ 12,000.Calculate Credit Purchases during the year.
Answer» Following information is given of an accounting year: Opening Creditors ₹ 15,000; Cash paid to creditors ₹ 15,000; Returns Outward ₹ 1,000 and Closing creditors ₹ 12,000. Calculate Credit Purchases during the year.

Discussion

317.	On 1st January, 2016, S purchased goods from P for Rs. 16,000 and immediately drew a promissory note in favour of P payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act, 1881. Since, P was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to P immediately. Record the necessary journal entries in the books of P and S.
Answer» On 1st January, 2016, S purchased goods from P for Rs. 16,000 and immediately drew a promissory note in favour of P payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act, 1881. Since, P was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to P immediately. Record the necessary journal entries in the books of P and S.

Discussion

318.	Explain briefly the purpose and advantages of maintaining of a Bills Receivable Book.
Answer» Explain briefly the purpose and advantages of maintaining of a Bills Receivable Book.

Discussion

319.	Suppose A withdraw Rs 10,000 in cash from business for personal use. Which account shall be credited in this case?
Answer» Suppose A withdraw Rs 10,000 in cash from business for personal use. Which account shall be credited in this case?

Discussion

320.	Subscriptions received during the year ended 31st March , 2018 are: ₹ ₹ For the year ended 31st March, 2017 1,600For the year ended 31st March,2018 84,400For the year ended 31st March,2019 3,200 89,200There are 450 members , each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2017.calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2018.
Answer» Subscriptions received during the year ended 31st March , 2018 are: ₹ ₹ For the year ended 31st March, 2017 1,600 For the year ended 31st March,2018 84,400 For the year ended 31st March,2019 3,200 89,200 There are 450 members , each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2017. calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2018.

Discussion

321.	Which of the following is not a computer device?
Answer» Which of the following is not a computer device?

Discussion

322.

M/s Ruchi trader started their cash book with the following balances on July 2017: cash in hand Rs 1,354 and balance in bank current account Rs 7,560. He had the following transaction in the month of July, 2017: Rs 03 Cash sales 2,300 05 Purchased goods, paid by cheque 6,000 08 Cash sales 10,000 12 Paid trade expenses 700 15 Sales goods, received cheque (deposited same day) 20,000 18 Purchased motor car paid by cheque 15,000 20 Cheque received from Manisha (deposited same day) 10,000 22 Cash Sales 7,000 25 Manisha’s cheque returned dishonoured 28 Paid Rent 2,000 29 Paid telephone expenses by cheque 500 31 Cash withdrawn for personal use 2,000 Prepare bank column cash book

Answer»

M/s Ruchi trader started their cash book with the following balances on July 2017: cash in hand Rs 1,354 and balance in bank current account Rs 7,560. He had the following transaction in the month of July, 2017:

		Rs
03	Cash sales	2,300
05	Purchased goods, paid by cheque	6,000
08	Cash sales	10,000
12	Paid trade expenses	700
15	Sales goods, received cheque (deposited same day)	20,000
18	Purchased motor car paid by cheque	15,000
20	Cheque received from Manisha (deposited same day)	10,000
22	Cash Sales	7,000
25	Manisha’s cheque returned dishonoured
28	Paid Rent	2,000
29	Paid telephone expenses by cheque	500
31	Cash withdrawn for personal use	2,000

Prepare bank column cash book

Discussion

323.

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows: Liabilities Amount (₹) Assets Amount (₹) Creditors 1,70,000 Bank 1,10,000 Workmen Compensation Reserve 2,10,000 Debtors 2,40,000 General Reserve 2,00,000 Stock 1,30,000 Ramesh's Current Account 80,000 Furniture 2,00,000 Capital A/cs: Machinery 9,30,000 Ramesh 7,00,000 Umesh's Current Account 50,000 Umesh 3,00,000 10,00,000 16,60,000 16,60,000 On the above date the firm was dissolved.(a) Ramesh took over 50% of stock at ₹ 10,000 less than book value. The remaining stock was sold at a loss of ₹ 15,000. Debtors were realised at a discount of 5%.(b) Furniture was taken over by Umesh for ₹ 50,000 and machinery was sold for ₹ 4,50,000.(c) Creditors were paid in full.(d) There was an unrecorded bill for repairs for ₹ 1,60,000 which was settled at ₹ 1,40,000.Prepare Realisation Account.

Answer» Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013, their Balance Sheet was as follows:


Liabilities		Amount (₹)	Assets	Amount (₹)
Creditors		1,70,000	Bank	1,10,000
Workmen Compensation Reserve		2,10,000	Debtors	2,40,000
General Reserve		2,00,000	Stock	1,30,000
Ramesh's Current Account		80,000	Furniture	2,00,000
Capital A/cs:			Machinery	9,30,000
Ramesh	7,00,000		Umesh's Current Account	50,000
Umesh	3,00,000	10,00,000

		16,60,000		16,60,000

On the above date the firm was dissolved.

(a) Ramesh took over 50% of stock at ₹ 10,000 less than book value. The remaining stock was sold at a loss of ₹ 15,000. Debtors were realised at a discount of 5%.

(b) Furniture was taken over by Umesh for ₹ 50,000 and machinery was sold for ₹ 4,50,000.

(c) Creditors were paid in full.

(d) There was an unrecorded bill for repairs for ₹ 1,60,000 which was settled at ₹ 1,40,000.

Prepare Realisation Account.

Discussion

324.	Trace the effect of demand shifts on equilibrium price and quantity.
Answer» Trace the effect of demand shifts on equilibrium price and quantity.

Discussion

325.	Which of the following are end products of accounting?
Answer» Which of the following are end products of accounting?

Discussion

326.	(a) Give necessary Journal entries to rectify the following errors: (i) Rent received : 1,000 was wrongly entered as commission received : 1,000 in the Cash Book. (ii) 2,500 paid for rent, has been wrongly debited to Interest Account. (iii) An amount of 8,000 received on account of interest, was credited wrongly to Commission Account. (iv) 35,000 paid for the purchase of a motor cycle to proprietor has been charged to Miscellaneous Expenses Account. (v) Contractor's Bill of 27,500 for expansion of building was wrongly debited to Repairs Account. (vi) 5,000 paid in installment to an injured worker for compensation. The worker's compensation claim was debited to Wages Account. (b) Goods worth : 10,000 returned by Keshwari were taken into stock but the transaction was not recorded by Mr. Shaad (accountant) in the books of accounts as he was doing some of his personal work and left the company after office hours, not caring for the transaction to be entered in the books of accounts. (i) Identify the value missing in the above case. (ii) Rectify the error. Or Write the following transactions in Cash Book with Discount and Bank Columns: Jan. 1 Opening balance of cash : 2,00,000. Jan. 3 He pays : 1,80,000 into Bank's Current A/c. Jan. 4 He receives cheque of =6,000 from Kirti & Co., on account. Jan. 7 He pays into Bank Kirti & Co's cheque for : 6,000. Jan. 10 He pays Ratan & Co., by cheque : 3,300 and is allowed discount : 200. Jan. 12 Tripathi & Co., pay into his Bank AIc: 4,750. Jan. 15 He receives cheque for : 4,500 from Warsi and allows him discount : 350. Jan. 20 He receives cash : 750 and cheque : 1,000 for Cash Sales. Jan. 25 He pays into Bank : 10,000. Jan. 27 He pays John & Co. : 3,750 in cash and is allowed discount : 350. Jan. 30 He pays sundry expenses in cash : 500. Jan. 31 He pays office rent by cheque : 2,000. Jan. 31 He pays staff salaries by cheque : 3,000. Jan. 31 He draws a cheque for personal use : 2,500. Jan. 31 He pays Jagpal by cheque for commission : 3,000.
Answer» (a) Give necessary Journal entries to rectify the following errors: (i) Rent received : 1,000 was wrongly entered as commission received : 1,000 in the Cash Book. (ii) 2,500 paid for rent, has been wrongly debited to Interest Account. (iii) An amount of 8,000 received on account of interest, was credited wrongly to Commission Account. (iv) 35,000 paid for the purchase of a motor cycle to proprietor has been charged to Miscellaneous Expenses Account. (v) Contractor's Bill of 27,500 for expansion of building was wrongly debited to Repairs Account. (vi) 5,000 paid in installment to an injured worker for compensation. The worker's compensation claim was debited to Wages Account. (b) Goods worth : 10,000 returned by Keshwari were taken into stock but the transaction was not recorded by Mr. Shaad (accountant) in the books of accounts as he was doing some of his personal work and left the company after office hours, not caring for the transaction to be entered in the books of accounts. (i) Identify the value missing in the above case. (ii) Rectify the error. Or Write the following transactions in Cash Book with Discount and Bank Columns: Jan. 1 Opening balance of cash : 2,00,000. Jan. 3 He pays : 1,80,000 into Bank's Current A/c. Jan. 4 He receives cheque of =6,000 from Kirti & Co., on account. Jan. 7 He pays into Bank Kirti & Co's cheque for : 6,000. Jan. 10 He pays Ratan & Co., by cheque : 3,300 and is allowed discount : 200. Jan. 12 Tripathi & Co., pay into his Bank AIc: 4,750. Jan. 15 He receives cheque for : 4,500 from Warsi and allows him discount : 350. Jan. 20 He receives cash : 750 and cheque : 1,000 for Cash Sales. Jan. 25 He pays into Bank : 10,000. Jan. 27 He pays John & Co. : 3,750 in cash and is allowed discount : 350. Jan. 30 He pays sundry expenses in cash : 500. Jan. 31 He pays office rent by cheque : 2,000. Jan. 31 He pays staff salaries by cheque : 3,000. Jan. 31 He draws a cheque for personal use : 2,500. Jan. 31 He pays Jagpal by cheque for commission : 3,000.

326.

(a) Give necessary Journal entries to rectify the following errors: (i) Rent received : 1,000 was wrongly entered as commission received : 1,000 in the Cash Book. (ii) 2,500 paid for rent, has been wrongly debited to Interest Account. (iii) An amount of 8,000 received on account of interest, was credited wrongly to Commission Account. (iv) 35,000 paid for the purchase of a motor cycle to proprietor has been charged to Miscellaneous Expenses Account. (v) Contractor's Bill of 27,500 for expansion of building was wrongly debited to Repairs Account. (vi) 5,000 paid in installment to an injured worker for compensation. The worker's compensation claim was debited to Wages Account. (b) Goods worth : 10,000 returned by Keshwari were taken into stock but the transaction was not recorded by Mr. Shaad (accountant) in the books of accounts as he was doing some of his personal work and left the company after office hours, not caring for the transaction to be entered in the books of accounts. (i) Identify the value missing in the above case. (ii) Rectify the error. Or Write the following transactions in Cash Book with Discount and Bank Columns: Jan. 1 Opening balance of cash : 2,00,000. Jan. 3 He pays : 1,80,000 into Bank's Current A/c. Jan. 4 He receives cheque of =6,000 from Kirti & Co., on account. Jan. 7 He pays into Bank Kirti & Co's cheque for : 6,000. Jan. 10 He pays Ratan & Co., by cheque : 3,300 and is allowed discount : 200. Jan. 12 Tripathi & Co., pay into his Bank AIc: 4,750. Jan. 15 He receives cheque for : 4,500 from Warsi and allows him discount : 350. Jan. 20 He receives cash : 750 and cheque : 1,000 for Cash Sales. Jan. 25 He pays into Bank : 10,000. Jan. 27 He pays John & Co. : 3,750 in cash and is allowed discount : 350. Jan. 30 He pays sundry expenses in cash : 500. Jan. 31 He pays office rent by cheque : 2,000. Jan. 31 He pays staff salaries by cheque : 3,000. Jan. 31 He draws a cheque for personal use : 2,500. Jan. 31 He pays Jagpal by cheque for commission : 3,000.

Answer»

(a) Give necessary Journal entries to rectify the following errors:

(i) Rent received : 1,000 was wrongly entered as commission received : 1,000 in the Cash Book.

(ii) 2,500 paid for rent, has been wrongly debited to Interest Account.

(iii) An amount of 8,000 received on account of interest, was credited wrongly to Commission Account.

(iv) 35,000 paid for the purchase of a motor cycle to proprietor has been charged to Miscellaneous Expenses Account.

(v) Contractor's Bill of 27,500 for expansion of building was wrongly debited to Repairs Account.

(vi) 5,000 paid in installment to an injured worker for compensation. The worker's compensation claim was debited to Wages Account.

(b) Goods worth : 10,000 returned by Keshwari were taken into stock but the transaction was not recorded by Mr. Shaad (accountant) in the books of accounts as he was doing some of his personal work and left the company after office hours, not caring for the transaction to be entered in the books of accounts.

(i) Identify the value missing in the above case.

(ii) Rectify the error.

Or

Write the following transactions in Cash Book with Discount and Bank Columns:

Jan. 1 Opening balance of cash : 2,00,000.

Jan. 3 He pays : 1,80,000 into Bank's Current A/c.

Jan. 4 He receives cheque of =6,000 from Kirti & Co., on account.

Jan. 7 He pays into Bank Kirti & Co's cheque for : 6,000.

Jan. 10 He pays Ratan & Co., by cheque : 3,300 and is allowed discount : 200.

Jan. 12 Tripathi & Co., pay into his Bank AIc: 4,750.

Jan. 15 He receives cheque for : 4,500 from Warsi and allows him discount : 350.

Jan. 20 He receives cash : 750 and cheque : 1,000 for Cash Sales.

Jan. 25 He pays into Bank : 10,000.

Jan. 27 He pays John & Co. : 3,750 in cash and is allowed discount : 350.

Jan. 30 He pays sundry expenses in cash : 500.

Jan. 31 He pays office rent by cheque : 2,000.

Jan. 31 He pays staff salaries by cheque : 3,000.

Jan. 31 He draws a cheque for personal use : 2,500.

Jan. 31 He pays Jagpal by cheque for commission : 3,000.

Discussion

327.	……………….. = Revenue - cost of goods sold, labor, and other day-to-day expenses incurred in the normal course of business.
Answer» ……………….. = Revenue - cost of goods sold, labor, and other day-to-day expenses incurred in the normal course of business.

Discussion

328.	whar is conservative forc
Answer» whar is conservative forc

Discussion

329.	When goods are returned by customer for whom cash is paid is recorded in ____ book
Answer» When goods are returned by customer for whom cash is paid is recorded in ____ book

Discussion

330.	Modern Ltd. purchased a machinery on 1st August, 2015 for ₹ 60,000. On 1st October, 2016, it purchased another machine for ₹ 20,000 plus CGST and SGST 6% each. On 30th June, 2017, it sold the first machine purchased in 2015 for ₹ 38,500 charging IGST 12%. Depreciation is provided 20% p.a. on the original cost each year. Accounts are closed on 31st March every year. Prepare the Machinery A/c for three years.
Answer» Modern Ltd. purchased a machinery on 1st August, 2015 for ₹ 60,000. On 1st October, 2016, it purchased another machine for ₹ 20,000 plus CGST and SGST 6% each. On 30th June, 2017, it sold the first machine purchased in 2015 for ₹ 38,500 charging IGST 12%. Depreciation is provided 20% p.a. on the original cost each year. Accounts are closed on 31st March every year. Prepare the Machinery A/c for three years.

Discussion

331.	Discuss the steps you would take to transform an ER Model into various relations of Relational Data Model. Give suitable examples.
Answer» Discuss the steps you would take to transform an ER Model into various relations of Relational Data Model. Give suitable examples.

Discussion

332.	Sales return account is overcasted by Rs 1000. To rectify this, which account shall be debited by Rs 1000?
Answer» Sales return account is overcasted by Rs 1000. To rectify this, which account shall be debited by Rs 1000?

Discussion

333.	Explainerrors of principle and give two examples with measures to rectifythem.
Answer» Explain errors of principle and give two examples with measures to rectify them.

Discussion

334.	A company's cash account showed a balance of Rs 6,000 without taking into effect the following transactions: 1. The bank statement shows interest earned of Rs 19 2. Service charges of Rs 30 3. A customer's cheque got dishonored of Rs 1,000 4. Cheque book printing fee of Rs 90 What will be the balance as per pass book?
Answer» A company's cash account showed a balance of Rs 6,000 without taking into effect the following transactions: 1. The bank statement shows interest earned of Rs 19 2. Service charges of Rs 30 3. A customer's cheque got dishonored of Rs 1,000 4. Cheque book printing fee of Rs 90 What will be the balance as per pass book?

Discussion

335.	5.A man buys lemons at Rs 5 and an equal number at 2 for Rs 4.He mixes them and sells at 5 for Rs 9.find his gain or loss percent.
Answer» 5.A man buys lemons at Rs 5 and an equal number at 2 for Rs 4.He mixes them and sells at 5 for Rs 9.find his gain or loss percent.

Discussion

336.

N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2016 their Balance Sheet was as under: Liabilities Amount (₹) Assets Amount (₹) Creditors 1,65,000 Cash 1,20,000 General Reserve 90,000 Debtors 1,35,000 Capitals: Less: Provision 15,000 1,20,000 N 2,25,000 Stock 1,50,000 S 3,75,000 Machinery 4,50,000 G 4,50,000 10,50,000 Patents 90,000 Building 3,00,000 Profit and Loss Account 75,000 13,05,000 13,05,000 G retired on the above date and it was agreed that:(a) Debtors of ₹ 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.(b) Patents will be completely written off and stock, machinery and building will be depreciated by 5%. (c) An unrecorded creditor of ₹ 30,000 will be taken into account. (d) N and S will share the future profits in 2 : 3 ratio.(e) Goodwill of the firm on G's retirement was valued at ₹ 90,000.Pass necessary Journal entries for the above transactions in the books of the firm on G's retirement.

Answer» N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2016 their Balance Sheet was as under:

Liabilities		Amount (₹)	Assets		Amount (₹)
Creditors		1,65,000	Cash		1,20,000
General Reserve		90,000	Debtors	1,35,000
Capitals:			Less: Provision	15,000	1,20,000
N	2,25,000		Stock		1,50,000
S	3,75,000		Machinery		4,50,000
G	4,50,000	10,50,000	Patents		90,000
			Building		3,00,000
			Profit and Loss Account		75,000
		13,05,000			13,05,000

G retired on the above date and it was agreed that:

(a) Debtors of ₹ 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.

(b) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.

(c) An unrecorded creditor of ₹ 30,000 will be taken into account.

(d) N and S will share the future profits in 2 : 3 ratio.

(e) Goodwill of the firm on G's retirement was valued at ₹ 90,000.

Pass necessary Journal entries for the above transactions in the books of the firm on G's retirement.

Discussion

337.	After rationalizing the denominator of 733-22, we get the denominator as __________.
Answer» After rationalizing the denominator of $\frac{7}{3 \sqrt{3} - 2 \sqrt{2}}$ , we get the denominator as __________.

Discussion

338.	The symbol used to depict the relationship in ER model is _______.
Answer» The symbol used to depict the relationship in ER model is _______.

Discussion

339.

From the following information, calculatecapital at the beginning: Rs Capital at the end of the year 4,00,000 Drawings made during the year 60,000 Fresh capital introduce during the year 1,00,000 Profit of the current year 80,000

Answer»

From the following information, calculate
capital at the beginning:

	Rs
Capital at the end of the year	4,00,000
Drawings made during the year	60,000
Fresh capital introduce during the year	1,00,000
Profit of the current year	80,000

Discussion

340.	Explain the major components of DBMS.
Answer» Explain the major components of DBMS.

Discussion

341.	State the three fundamental steps in the accounting process
Answer» State the three fundamental steps in the accounting process

Discussion

342.	Trade Payables are recorded in ………………
Answer» Trade Payables are recorded in ………………

Discussion

343.	Which technical difficulties did you face while using the computer? What did you do to overcome them?
Answer» Which technical difficulties did you face while using the computer? What did you do to overcome them?

Discussion

344.	Give journal entries to rectify the following errors assuming that suspense account had been opened. (i) Goods distributed as free sample Rs. 5,000 were not recorded in the books. (ii) Goods withdrawn for personal use by the proprietor Rs. 2,000 were not recorded in the books. (iii) Bills receivable received from a debtor Rs. 6,000 was not posted to his account. (iv) Total of return inwards book Rs. 1,200 was posted to return outwards account. (v) Discount allowed to Reema Rs. 700 on receiving cash from her was recorded in the books as Rs. 70.
Answer» Give journal entries to rectify the following errors assuming that suspense account had been opened. (i) Goods distributed as free sample Rs. 5,000 were not recorded in the books. (ii) Goods withdrawn for personal use by the proprietor Rs. 2,000 were not recorded in the books. (iii) Bills receivable received from a debtor Rs. 6,000 was not posted to his account. (iv) Total of return inwards book Rs. 1,200 was posted to return outwards account. (v) Discount allowed to Reema Rs. 700 on receiving cash from her was recorded in the books as Rs. 70.

Discussion

345.

From the following balances taken from the books of Simmi and Vimmi Ltd.for the year ending March 31, 2017, calculate the gross profit. Rs Closing stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000

Answer»

From the following balances taken from the books of Simmi and Vimmi Ltd.

for the year ending March 31, 2017, calculate the gross profit.

	Rs
Closing stock	2,50,000
Net sales during the year	40,00,000
Net purchases during the year	15,00,000
Opening stock	15,00,000
Direct expenses	80,000

Discussion

346.

Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet on the last new equation balance: ₹ (i) Raj commenced business with cash 70,000 (ii) Purchased goods on credit 14,000 (iii) Withdrew for Private use 1,700 (iv) Goods purchased for cash 10,000 (v) Paid wages 300 (vi) (vii) (viii) (ix) Paid to creditors Sold goods on credit for Sold goods for cash (cost price was Purchased motorcycle for cash ₹ 3,000) Purchased furniture for 10,000 15,000 4,000 500

Answer» Show the Accounting Equation on the basis of the following transactions and present a Balance Sheet on the last new equation balance:

		₹
(i)	Raj commenced business with cash	70,000
(ii)	Purchased goods on credit	14,000
(iii)	Withdrew for Private use	1,700
(iv)	Goods purchased for cash	10,000
(v)	Paid wages	300
(vi) (vii) (viii) (ix)	Paid to creditors Sold goods on credit for Sold goods for cash (cost price was Purchased motorcycle for cash ₹ 3,000) Purchased furniture for	10,000 15,000 4,000 500

Discussion

347.	What is meant by Journal proper ?
Answer» What is meant by Journal proper ?

Discussion

348.	State two limitations of mail order business.
Answer» State two limitations of mail order business.

Discussion

349.

Calculate the amount of bills receivable dishonoured fromthe following information. Rs Opening balance of bills receivable 1,20,000 Bills collected (honoured) 1,85,000 Bills receivable endorsed 22,800 Closing balance of bills receivable 50,700 Bills receivable received 1,50,000

Answer»

Calculate the amount of bills receivable dishonoured from
the following information.

	Rs
Opening balance of bills receivable	1,20,000
Bills collected (honoured)	1,85,000
Bills receivable endorsed	22,800
Closing balance of bills receivable	50,700
Bills receivable received	1,50,000

Discussion

350.	Give examples of two types of operating systems.
Answer» Give examples of two types of operating systems.

Discussion

Explore topic-wise InterviewSolutions in .

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After rationalizing the denominator of 733-22, we get the denominator as __________.

The symbol used to depict the relationship in ER model is _______.

From the following information, calculatecapital at the beginning: Rs Capital at the end of the year 4,00,000 Drawings made during the year 60,000 Fresh capital introduce during the year 1,00,000 Profit of the current year 80,000

Explain the major components of DBMS.

State the three fundamental steps in the accounting process

Trade Payables are recorded in ………………

Which technical difficulties did you face while using the computer? What did you do to overcome them?

From the following balances taken from the books of Simmi and Vimmi Ltd.for the year ending March 31, 2017, calculate the gross profit. Rs Closing stock 2,50,000 Net sales during the year 40,00,000 Net purchases during the year 15,00,000 Opening stock 15,00,000 Direct expenses 80,000

What is meant by Journal proper ?

State two limitations of mail order business.

Calculate the amount of bills receivable dishonoured fromthe following information. Rs Opening balance of bills receivable 1,20,000 Bills collected (honoured) 1,85,000 Bills receivable endorsed 22,800 Closing balance of bills receivable 50,700 Bills receivable received 1,50,000

Give examples of two types of operating systems.