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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.
| 1101. |
Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f . 1st April, 2018. The extract of their Balance Sheet as at 31st March, 2018 is as follows: Liabilities ₹ Assets ₹ Investments Fluctuation Reserve 60,000 Investments (At Cost) 4,00,000 Pass the journal entries in each of the following situations:(i) When its Market Value is not given;(ii) When its Market Value is given as ₹ 4,00,000;(iii) When its Market Value is given as ₹ 4,24,000;(iv) When its Market Value is given as ₹ 3,70,000;(v) When its Market Value is given as ₹ 3,10,000. |
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Answer» Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f . 1st April, 2018. The extract of their Balance Sheet as at 31st March, 2018 is as follows:
Pass the journal entries in each of the following situations: (i) When its Market Value is not given; (ii) When its Market Value is given as ₹ 4,00,000; (iii) When its Market Value is given as ₹ 4,24,000; (iv) When its Market Value is given as ₹ 3,70,000; (v) When its Market Value is given as ₹ 3,10,000. |
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| 1102. |
Which of the following account will be credited when interest on capital is charged against the distribution of profit? |
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Answer» Which of the following account will be credited when interest on capital is charged against the distribution of profit? |
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| 1103. |
Short term highly liquid investments that are readily convertible in to known amounts of cash and which are subject to insignificant risk of changes in value is known as ___ |
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Answer» Short term highly liquid investments that are readily convertible in to known amounts of cash and which are subject to insignificant risk of changes in value is known as |
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| 1104. |
If sum of money doubles in 2 years at simple interest.In how many years it will become 4 times ? |
| Answer» If sum of money doubles in 2 years at simple interest.In how many years it will become 4 times ? | |
| 1105. |
Spencer Paints Ltd. was registered with an authorised capital of Rs. 50,00,000 divided in 5,00,000 equity shares of Rs.10 each. Company issued 20,00,000 equity shares at a premium of Rs.3 per share, payable as follows: Rs 4 on Application, Rs 5 on Allotment (including premium), Rs 2 on First Call and Rs 2 on second and Final Call. All shares were subscribed and all the money was duly received. Share issue expenses amounted to Rs 75,000 which were fully written off against securities premium. Prepare necessary Journal Entries and Bank Account. |
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Answer» Spencer Paints Ltd. was registered with an authorised capital of Rs. 50,00,000 divided in 5,00,000 equity shares of Rs.10 each. Company issued 20,00,000 equity shares at a premium of Rs.3 per share, payable as follows: Rs 4 on Application, Rs 5 on Allotment (including premium), Rs 2 on First Call and Rs 2 on second and Final Call. All shares were subscribed and all the money was duly received. Share issue expenses amounted to Rs 75,000 which were fully written off against securities premium. Prepare necessary Journal Entries and Bank Account. |
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| 1106. |
A public limited company is a manufacturer of chemical fertilisers. Its annual turnover is ₹ 50 crores . The company had issued 5,000, 12% Debentures of ₹ 500 each at par. Calculate the amount of Debentures Redemption Reserve which needs to be created to meet the requirements of law. |
| Answer» A public limited company is a manufacturer of chemical fertilisers. Its annual turnover is ₹ 50 crores . The company had issued 5,000, 12% Debentures of ₹ 500 each at par. Calculate the amount of Debentures Redemption Reserve which needs to be created to meet the requirements of law. | |
| 1107. |
Current assets divided by current liabilities is the ___ |
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Answer» Current assets divided by current liabilities is the |
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| 1108. |
Prepare double column cash book from the following information for July 2017: Rs 01 Cash in hand 7,500 Bank overdraft 3,500 03 Paid wages 200 05 Cash sales 7,000 10 Cash deposited into bank 4,000 15 Goods purchased and paid by cheque 2,000 20 Paid rent 500 25 Drew from bank for personal use 400 30 Salary paid 1,000 |
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Answer» Prepare double column cash book from the following information for July 2017:
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| 1109. |
Return on Proprietors’ funds is also known as ___ |
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Answer» Return on Proprietors’ funds is also known as |
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| 1110. |
What is the journal entry passed when an asset is brought in by new partner? |
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Answer» What is the journal entry passed when an asset is brought in by new partner? |
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| 1111. |
The profit on Realisation is 50000. X, Y, and Z are partners in a firm sharing profits 2:1:1. The capital ratio is 1:1:2. The profit on realisation transferred to X is ? |
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Answer» The profit on Realisation is 50000. X, Y, and Z are partners in a firm sharing profits 2:1:1. The capital ratio is 1:1:2. The profit on realisation transferred to X is ? |
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| 1112. |
Pass necessary Journal entries relating to the issue of debentures for the following:(a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par.(b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%.(c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%. |
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Answer» Pass necessary Journal entries relating to the issue of debentures for the following: (a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par. (b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%. (c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%. |
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| 1113. |
Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March 31, 2017 and balance sheet as on that date: Account Title Debit Amount Rs Credit Amount Rs Opening stock 50,000 Purchases and sales 3,50,000 4,21,000 Sales returns 5,000 Capital 3,00,000 Commission 4,000 Creditors 1,00,000 Bank overdraft 28,000 Cash in hand 32,000 Furniture 1,28,000 Debtors 1,40,000 Plants 60,000 Carriage on purchases 12,000 Wages 8,000 Rent 15,000 Bad debts 7,000 Drawings 24,000 Stationery 6,000 Travelling expenses 2,000 Insurance 7,000 Discount 5,000 Office expenses 2,000 Closing stock as on March 31, 2017 Rs 2,500 |
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Answer» Prepare trading and profit and loss account of M/s Sports Equipments for the year ended March 31, 2017 and balance sheet as on that date:
Closing stock as on March 31, 2017 Rs 2,500
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| 1114. |
Direct runoff from a flood over a basin of area 50 hectare was observed as 25000 m3 during a storm. The equivalent depth of rainfall over the basin was 97 mm. The time distribution of the rainfall during the storm is given below. Determine the ϕ−index for the storm. Time(hr.)01234567Rainfall(mm)0.06.011.034.028.012.06.00.08.75 |
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Answer» Direct runoff from a flood over a basin of area 50 hectare was observed as 25000 m3 during a storm. The equivalent depth of rainfall over the basin was 97 mm. The time distribution of the rainfall during the storm is given below. Determine the ϕ−index for the storm. Time(hr.)01234567Rainfall(mm)0.06.011.034.028.012.06.00.0
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| 1115. |
Following is the Balance Sheet of Jain, Gupta and Malik as on March 31, 2016. Books of Jain, Gupta and Malik Balance Sheet as on March 31, 2016 Liabilities Amount Rs Assets Amount Rs Sundry Creditors 19,800 Land and Building 26,000 Telephone Bills Outstanding 300 Bonds 14,370 Accounts Payable 8,950 Cash 5,500 Accumulated Profits 16,750 Bills Receivable 23,450 Sundry Debtors 26,700 Capitals : Stock 18,100 Jain 40,000 Office Furniture 18,250 Gupta 60,000 Plants and Machinery 20,230 Malik 20,000 1,20,000 Computers 13,200 1,65,800 1,65,800 The partners have been sharing profits in the ratio of 5:3:2. Malik decides to retire from business on April 1, 2016 and his share in the business is to be calculated as per the following terms of revaluation of assets and liabilities : Stock, Rs 20,000; Office furniture, Rs 14,250; Plant and Machinery Rs 23,530; Land and Building Rs 20,000.A provision of Rs 1,700 to be created for doubtful debts. The goodwill of the firm is valued at Rs 9,000.The continuing partners agreed to pay Rs 16,500 as cash on retirement of Malik, to be contributed by continuing partners in the ratio of 3:2. The balance in the capital account of Malik will be treated as loan.Prepare Revaluation account, capital accounts, and Balance Sheet of the reconstituted firm. |
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Answer» Following is the Balance Sheet of Jain, Gupta and Malik as on March 31, 2016.
The partners have been sharing profits in the ratio of 5:3:2. Malik decides to retire from business on April 1, 2016 and his share in the business is to be calculated as per the following terms of revaluation of assets and liabilities : Stock, Rs 20,000; Office furniture, Rs 14,250; Plant and Machinery Rs 23,530; Land and Building Rs 20,000. A provision of Rs 1,700 to be created for doubtful debts. The goodwill of the firm is valued at Rs 9,000. The continuing partners agreed to pay Rs 16,500 as cash on retirement of Malik, to be contributed by continuing partners in the ratio of 3:2. The balance in the capital account of Malik will be treated as loan. Prepare Revaluation account, capital accounts, and Balance Sheet of the reconstituted firm. |
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| 1116. |
The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each , ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50 . On 10th June, 2015, 1,800 of these shares were reissued for ₹ 6 per share . Give necessary Journal entries . |
| Answer» The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each , ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50 . On 10th June, 2015, 1,800 of these shares were reissued for ₹ 6 per share . Give necessary Journal entries . | |
| 1117. |
The income statement heading will specify which of the following? |
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Answer» The income statement heading will specify which of the following? |
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| 1118. |
Expand |
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Answer» Expand |
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| 1119. |
A, B and C were partners. Their capitals were A–₹ 30,000; B–₹ 20,000 and C–₹ 10,000 respectively. According to the Partnership Deed, they were entitled to an interest on capital 5% p.a. In addition, B was also entitled to draw a salary of ₹ 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profit for the year were ₹ 30,000 distributed in the ratio of capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2.Pass necessary adjustment entry showing the workings clearly. |
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Answer» A, B and C were partners. Their capitals were A–₹ 30,000; B–₹ 20,000 and C–₹ 10,000 respectively. According to the Partnership Deed, they were entitled to an interest on capital 5% p.a. In addition, B was also entitled to draw a salary of ₹ 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profit for the year were ₹ 30,000 distributed in the ratio of capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2. Pass necessary adjustment entry showing the workings clearly. |
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| 1120. |
A Ltd. has credit balance of ₹ 1,26,000 in Surplus, i.e., Balance in Statement of Profit and Loss . Instead of declaring dividend it is resolved to utilize the profits to redeem its ₹ 1,20,000 Debentures redeemable at a premium of 5%.Pass necessary journal entries in the books of the company. |
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Answer» A Ltd. has credit balance of ₹ 1,26,000 in Surplus, i.e., Balance in Statement of Profit and Loss . Instead of declaring dividend it is resolved to utilize the profits to redeem its ₹ 1,20,000 Debentures redeemable at a premium of 5%. Pass necessary journal entries in the books of the company. |
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| 1121. |
Find the principalvalue of |
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Answer» Find the principal |
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| 1122. |
Under which major head will the following be shown:(i) Share Capital; and (ii) Money Received Against Share Warrants? |
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Answer» Under which major head will the following be shown: (i) Share Capital; and (ii) Money Received Against Share Warrants? |
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| 1123. |
Life machine tools Limited, issued 50,000 equity shares of Rs 10 each at Rs 12 per share, payable at to Rs 5 on application (including premium), Rs 4 on allotment and the balance on the first and final call.Applications for 70,000 shares had been received. Of the cash received, Rs 40,000 was returned and Rs 60,000 was applied to the amount due on allotment, the balance of which was paid. All shareholders paid the call due, with the exception of one share holder of 500 shares. These shares were forfeited and reissued as fully paid at Rs 8 per share. Journalise the transactions. |
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Answer» Life machine tools Limited, issued 50,000 equity shares of Rs 10 each at Rs 12 per share, payable at to Rs 5 on application (including premium), Rs 4 on allotment and the balance on the first and final call. Applications for 70,000 shares had been received. Of the cash received, Rs 40,000 was returned and Rs 60,000 was applied to the amount due on allotment, the balance of which was paid. All shareholders paid the call due, with the exception of one share holder of 500 shares. These shares were forfeited and reissued as fully paid at Rs 8 per share. Journalise the transactions. |
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| 1124. |
State giving reason whether Trade Payables are classified as Current Liabilities or Non-current Liabilities in the Calance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases: Case Operating Cycle Period (Months) Expected Payment Period (Months 1 10 11 2 10 12 3 10 13 4 14 13 5 15 16 |
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Answer» State giving reason whether Trade Payables are classified as Current Liabilities or Non-current Liabilities in the Calance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases:
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| 1125. |
In a bank,principal increases continuously at the rate of 5% per year. Anamount of Rs 1000 is deposited with this bank, how much will it worthafter 10 years. |
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Answer» In a bank, |
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| 1126. |
Journalise the following:(a) A debenture issued at ₹95, repayable at ₹ 100.(b) A debenture issued at ₹95, repayable at ₹ 105.(c) A debenture issued at ₹95, repayable at ₹ 105.The face value of debenture is ₹ 100 in each of the above cases. |
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Answer» Journalise the following: (a) A debenture issued at ₹95, repayable at ₹ 100. (b) A debenture issued at ₹95, repayable at ₹ 105. (c) A debenture issued at ₹95, repayable at ₹ 105. The face value of debenture is ₹ 100 in each of the above cases. |
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| 1127. |
From the following information, Calculate: (i) Cash Flows from Investing Activities, and (ii) Cash Flows from Financing Activities. 31st March,31st March, Particulars20182017Rs.Rs.Plant and Machinery6,80,0005,60,000Accumulated Depreciation on Plant and Machinery1,70,0001,48,000Equity Share Capital12,00,00010,00,000Loan from Bank2,00,0001,50,000 Additional Information: (i) During the year a machine costing Rs. 1,20,000 was sold at a profit of Rs. 15,000. Depreciation on Plant and Machinery charged during the year amounted to Rs. 50,000. (ii) Interest paid on Bank Loan amounted to Rs. 30,000 (iii) Dividend paid Rs. 80,000 |
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Answer» From the following information, Calculate: |
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| 1128. |
A, B and C are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 .Their Balance Sheet as at 31st March, 2018 is: Liabilities Amount (₹) Assets Amount (₹) Creditors 30,000 Cash in Hand 18,000 Bills Payable 16,000 Debtors 25,000 General Reserve 12,000 Less: Provision for D. Debts 3,000 22,000 Capital A/cs: Stock 18,000 A 40,000 Furniture 30,000 B 40,000 Machinery 70,000 C 30,000 1,10,000 Goodwill 10,000 1,68,000 1,68,000 Z is admitted as a new partner on 1st April, 2018 on the following terms:(a) Provision for doubtful debts is to be maintained at 5% on Debtors.(b) Outstanding rent amounted to ₹ 15,000.(c) An accrued income of ₹ 4,500 does not appear in the books of the firm . It is now to be recorded.(d) X takes over the Investments at an agreed value of ₹ 18,000.(e) New Profit-sharing Ratio of partners will be 4 : 3 : 2 .(f) Z will bring in ₹ 60,000 as his capital by cheque.(g) Z is to pay an amount equal to his share in firm's goodwill valued at twice the average profits of the last three years which were ₹ 90,000 ; ₹ 78,000 and ₹ 75,000 respectively.(h) Half of the amount of the goodwill is to be withdrawn by X and Y . You are required to pass journal entries , prepare Revaluation Account , Partners' Capital and Current Accounts and the Balance Sheet of the new firm. B retires on 1st April, 2018 on the following terms :(a) Provision for Doubtful Debts be raised by ₹ 1,000.(b) Stock to be depreciated by 10% and Furniture by 5% .(c) Their is an outstanding claim of damages of ₹ 1,100 and it is to be provided for.(d) Creditors will be written back by ₹ 6,000.(e) Goodwill of the firm is valued at ₹ 22,000.(f) Bis paid in full with the cash brought in by A and C in such a manner that their capitals are in proportion to their profit-sharing ratio and Cash in Hand remains at ₹ 10,000.Prepare Revaluation Account , Partners' Capital Accounts and the Balance Sheet of A and C . |
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Answer» A, B and C are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1 .Their Balance Sheet as at 31st March, 2018 is:
Z is admitted as a new partner on 1st April, 2018 on the following terms: (a) Provision for doubtful debts is to be maintained at 5% on Debtors. (b) Outstanding rent amounted to ₹ 15,000. (c) An accrued income of ₹ 4,500 does not appear in the books of the firm . It is now to be recorded. (d) X takes over the Investments at an agreed value of ₹ 18,000. (e) New Profit-sharing Ratio of partners will be 4 : 3 : 2 . (f) Z will bring in ₹ 60,000 as his capital by cheque. (g) Z is to pay an amount equal to his share in firm's goodwill valued at twice the average profits of the last three years which were ₹ 90,000 ; ₹ 78,000 and ₹ 75,000 respectively. (h) Half of the amount of the goodwill is to be withdrawn by X and Y . You are required to pass journal entries , prepare Revaluation Account , Partners' Capital and Current Accounts and the Balance Sheet of the new firm. B retires on 1st April, 2018 on the following terms : (a) Provision for Doubtful Debts be raised by ₹ 1,000. (b) Stock to be depreciated by 10% and Furniture by 5% . (c) Their is an outstanding claim of damages of ₹ 1,100 and it is to be provided for. (d) Creditors will be written back by ₹ 6,000. (e) Goodwill of the firm is valued at ₹ 22,000. (f) Bis paid in full with the cash brought in by A and C in such a manner that their capitals are in proportion to their profit-sharing ratio and Cash in Hand remains at ₹ 10,000. Prepare Revaluation Account , Partners' Capital Accounts and the Balance Sheet of A and C .
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| 1129. |
Q1: Kamal buys two kinds of cloth materials for school uniform, shirt material cost him RS 50 per metre and trouser material that cost him RS 90 per metre. For every 2 metre of the trouser material he buys 3 metres of shirt material. He sells the materials at 12%and 10% profit respectively. He is total sale is RS 36,600. How much trouser material did he buy? |
| Answer» Q1: Kamal buys two kinds of cloth materials for school uniform, shirt material cost him RS 50 per metre and trouser material that cost him RS 90 per metre. For every 2 metre of the trouser material he buys 3 metres of shirt material. He sells the materials at 12%and 10% profit respectively. He is total sale is RS 36,600. How much trouser material did he buy? | |
| 1130. |
Anshul and Parul are partners sharing profits in the ratio of 3 : 2. They admit Payal as partner for 1/4th share in profits on 1st April, 2019. Payal brings ₹ 5,00,000 as capital and her share of goodwill by cheque. It was agreed to value goodwill at three years' purchase of average profit of last four years. Profits for the last four years ended 31st March, were ₹ 2015-16 4,00,000 2016-17 5,00,000 2017-18 6,00,000 2018-19 7,00,000 Additional Information:1. Closing Stock for the year ended 31st March, 2018 was overvalued by ₹ 50,000.2. ₹ 1,00,000 should be charged annually to cover management cost.Pass necessary Journal entries on Payal's admission. |
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Answer» Anshul and Parul are partners sharing profits in the ratio of 3 : 2. They admit Payal as partner for 1/4th share in profits on 1st April, 2019. Payal brings ₹ 5,00,000 as capital and her share of goodwill by cheque. It was agreed to value goodwill at three years' purchase of average profit of last four years.
Additional Information: 1. Closing Stock for the year ended 31st March, 2018 was overvalued by ₹ 50,000. 2. ₹ 1,00,000 should be charged annually to cover management cost. Pass necessary Journal entries on Payal's admission. |
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| 1131. |
Singh, Gupta and Khan are partners in a firm sharing profits in 3 :2 : 3 ratio. They admitted Jain as a new partner. Singh surrendered 13 of his share in favour of Jain, Gupta surrendered 14 of his share in favour of Jain and Khan surrendered 15 in favour of Jain. Calculate new profit sharing ratio. |
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Answer» Singh, Gupta and Khan are partners in a firm sharing profits in 3 :2 : 3 ratio. They admitted Jain as a new partner. Singh surrendered 13 of his share in favour of Jain, Gupta surrendered 14 of his share in favour of Jain and Khan surrendered 15 in favour of Jain. Calculate new profit sharing ratio. |
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| 1132. |
Losses, including deficiencies of capital, shall be first paid ___ |
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Answer» Losses, including deficiencies of capital, shall be first paid |
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| 1133. |
A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1 . They decided to share profit w.e.f. 1st April, 2018 in the ratio of 5 : 3 : 2 . They also decided not to change the values of assets and liabilities in the books of account . The book values and revised values of assets and liabilities as on the date of change were as follows: Book value (₹) Revised value (₹) Machinery 2,50,000 3,00,000 Computers 2,00,000 1,75,000 Sundry Creditors 90,000 75,000 Outstanding Expenses 15,000 25,000 Pass an adjustment entry. |
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Answer» A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1 . They decided to share profit w.e.f. 1st April, 2018 in the ratio of 5 : 3 : 2 . They also decided not to change the values of assets and liabilities in the books of account . The book values and revised values of assets and liabilities as on the date of change were as follows:
Pass an adjustment entry. |
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| 1134. |
The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017: Receipts Amount Rs Payments Amount Rs Balance from last year 2,270 Rent 6,600 Subscriptions 32,500 Electric charges 3,200 Life membership fee 3,250 Lecturer’s fee 730 Donation 2,500 Office expenses 1,480 Profit from entertainment 7,250 Printing and Stationery 1,050 Sale of old Books (books value Rs 1,000) 750 Legal fee 1,870 Interest 350 Books 6,500 Furniture purchased 8,600 Expenses on nukar drama 1,300 Cash in hand 8,040 Cash at bank 9,500 48,870 48,870 You are required to prepare an Income and Expenditure Account after the following adjustments:(a) Subscription still to be received are Rs 750, but subscription include Rs 500 for the year 2018.(b) In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs 3,000 and Books Rs 2,000.(c) Provide depreciation on furniture 5% (including purchase), books 10% and building 5%. |
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Answer» The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017:
You are required to prepare an Income and Expenditure Account after the following adjustments: (a) Subscription still to be received are Rs 750, but subscription include Rs 500 for the year 2018. (b) In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs 3,000 and Books Rs 2,000. (c) Provide depreciation on furniture 5% (including purchase), books 10% and building 5%. |
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| 1135. |
what is entropy |
| Answer» what is entropy | |
| 1136. |
Find the principalvalue of |
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Answer» Find the principal |
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| 1137. |
Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a Bill of Exchanged and for the balance the company issued 9% Debenture of ₹ 100 each at a premium of 10% in favour of M/s. Furniture Mart.Pass Journal entries in the books of Deepak Ltd. |
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Answer» Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a Bill of Exchanged and for the balance the company issued 9% Debenture of ₹ 100 each at a premium of 10% in favour of M/s. Furniture Mart. Pass Journal entries in the books of Deepak Ltd. |
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| 1138. |
Following information of an accounting year is given:Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit or Loss for the year. |
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Answer» Following information of an accounting year is given: Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit or Loss for the year. |
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| 1139. |
Discuss the following in groups of four. Each group can deal with one topic. Present the views of your group to the whole class. The reader’s sympathy is with the peddler right from the beginning of the story. Why is this so? Is the sympathy justified? |
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Answer» Discuss the following in groups of four. Each group can deal with one topic. Present the views of your group to the whole class. The reader’s sympathy is with the peddler right from the beginning of the story. Why is this so? Is the sympathy justified? |
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| 1140. |
There was an oldcomputer which was written-off in the books of Accounts in thepervious year. The same has been taken over by a partner Nitin for Rs3,000. Journalise the transaction, supposing. That the firm has beendissolved. |
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Answer» There was an old |
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| 1141. |
A, B and C are partners sharing profits in the ratio of 2 : 2 : 1. A retires and after all adjustments relating to revaluation, goodwill and accumulated profits the capital account of B showed a credit balance of Rs 1,40,000 and that of C Rs 1,00,000. It was decided to adjust the capitals of B and C in their profit sharing ratio. Calculate the new capitals of the partners and record necessary entry for bringing in or withdrawing cash. |
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Answer» A, B and C are partners sharing profits in the ratio of 2 : 2 : 1. A retires and after all adjustments relating to revaluation, goodwill and accumulated profits the capital account of B showed a credit balance of Rs 1,40,000 and that of C Rs 1,00,000. It was decided to adjust the capitals of B and C in their profit sharing ratio. Calculate the new capitals of the partners and record necessary entry for bringing in or withdrawing cash. |
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| 1142. |
Anu,Manu and Tanu invested capitals in the ratio 4:6:9.Atthe end of the business term,they received the profits in the ratio 2:3:5.Find the ratio of time for which they invested their capitals. 1~ 9:9:10 2~10:9:9 3~9:10:9 |
| Answer» Anu,Manu and Tanu invested capitals in the ratio 4:6:9.Atthe end of the business term,they received the profits in the ratio 2:3:5.Find the ratio of time for which they invested their capitals. 1~ 9:9:10 2~10:9:9 3~9:10:9 | |
| 1143. |
X and Y are partners in a firm. X is entitled to a salary of ₹ 10,000 per month and commission of 10% of the net profit after partners' salaries but before charging commission. Y is entitled to a salary of ₹ 25,000 p.a. and commission of 10% of the net profit after chaging all commission and partners' salaries. Net profit before providing for partners' salaries and commission for the year ended 31st March, 2018 was ₹ 4,20,000, show distribution of profit. |
| Answer» X and Y are partners in a firm. X is entitled to a salary of ₹ 10,000 per month and commission of 10% of the net profit after partners' salaries but before charging commission. Y is entitled to a salary of ₹ 25,000 p.a. and commission of 10% of the net profit after chaging all commission and partners' salaries. Net profit before providing for partners' salaries and commission for the year ended 31st March, 2018 was ₹ 4,20,000, show distribution of profit. | |
| 1144. |
Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017: Receipt and Payment Account for the year ending December 31, 2017 Receipts Amount Rs Payments Amount Rs Balance b/d 7,890 Salary 11,000 Subscriptions 52,000 Electric charges 5,500 Life member ship fee 2,200 Billiard Table 17,500 Entrance fee 3,200 Office expenses 4,100 Tournament fund 26,000 Printing and Stationery 2,300 Locker Rent 1,250 Tournament expenses 18,500 Sale of old sports goods (Costing Rs 2,200) 2,500 Repair of ground 2,000 Sale of Old Newspaper 750 Furniture purchased 7,700 Legacy 37,500 Sports equipments 12,000 Cash in Hand 12,690 Cash at Bank 10,000 Fixed Deposit (on 1.10.17 for 10% p.a) 30,000 1,33,290 1,33,290 Other Information:Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2017 Rs 250. Salary outstanding on December 31, 2017 Rs 1,000.On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items 10% (including Purchase). |
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Answer» Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017:
Other Information: Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2017 Rs 250. Salary outstanding on December 31, 2017 Rs 1,000. On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items 10% (including Purchase). |
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| 1145. |
When debentures are issued at premium & redeemed at premium, the loss on issue of debentures account is debited with ___ |
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Answer» When debentures are issued at premium & redeemed at premium, the loss on issue of debentures account is debited with |
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| 1146. |
Show the forfeiture and reissue entries under each of the following cases:(i) X Ltd. forfeited 300 shares of ₹ 10 each, ₹ 8 called-up held by Mr. A for non-payment of second call money of ₹ 3 per share. These shares were reissued to Mr. Z for ₹ 10 per share as fully paid-up.(ii) Y Ltd. forfeited 400 shares of ₹ 10 each, fully called-up, held by Mr. B for non-payment of final call money of ₹ 4 per share. These shares were reissued to Mr. T at ₹ 12 per share as fully paid-up. (iii) Light Ltd. forfeited 250 shares of ₹ 10 each, fully called-up held by Mr. C for non-payment of allotment money of ₹ 3 per share and first and final call money of ₹ 4 per share. These shares were reissued ₹ 8 per share as fully paid-up to Mr. P. |
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Answer» Show the forfeiture and reissue entries under each of the following cases: (i) X Ltd. forfeited 300 shares of ₹ 10 each, ₹ 8 called-up held by Mr. A for non-payment of second call money of ₹ 3 per share. These shares were reissued to Mr. Z for ₹ 10 per share as fully paid-up. (ii) Y Ltd. forfeited 400 shares of ₹ 10 each, fully called-up, held by Mr. B for non-payment of final call money of ₹ 4 per share. These shares were reissued to Mr. T at ₹ 12 per share as fully paid-up. (iii) Light Ltd. forfeited 250 shares of ₹ 10 each, fully called-up held by Mr. C for non-payment of allotment money of ₹ 3 per share and first and final call money of ₹ 4 per share. These shares were reissued ₹ 8 per share as fully paid-up to Mr. P. |
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| 1147. |
Why did he show the thirty kroner to the peddler? |
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Answer» Why did he show the thirty kroner to the peddler? |
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| 1148. |
When Debt to Equity Ratio is 2, state giving reason, whether this ratio will increase or decrease or will have no change in each of the following cases:(i) Sale of Land (Book value ₹4,00,000) for ₹5,00,000; (ii) Issue of Equity Shares for the purchase of Plant and Machinery worth ₹10,00,000; (iii) Issue of Preference Shares for redemption of 13% Debentures, worth ₹10,00,000. |
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Answer» When Debt to Equity Ratio is 2, state giving reason, whether this ratio will increase or decrease or will have no change in each of the following cases: (i) Sale of Land (Book value ₹4,00,000) for ₹5,00,000; (ii) Issue of Equity Shares for the purchase of Plant and Machinery worth ₹10,00,000; (iii) Issue of Preference Shares for redemption of 13% Debentures, worth ₹10,00,000. |
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| 1149. |
X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 1 : 2. On 31st March, 2019, their Balance Sheet was: Liabilities Amount (₹) Assets Amount (₹) Bills Payable 12,000 Freehold Premises 40,000 Sundry Creditors 28,000 Machinery 30,000 General Reserve 12,000 Furniture 12,000 Capital A/cs: Stock 22,000 X 30,000 Sundry Debtors 20,000 Y 20,000 Less: Provision for Doubtful Debts 1,000 19,000 Z 28,000 78,000 Cash 7,000 1,30,000 1,30,000 Z retired on 1st April, 2019 from the business and the partners agree to the following:(a) Freehold Premises and Stock are to be appreciated by 20% and 15% respectively.(b) Machinery and Furniture are to be reduced by 10% and 7% respectively.(c) Provision for Doubtful Debts is to be increased to ₹ 1,500.(d) Goodwill of the firm is valued at ₹ 21,000 on Z's retirement.(e) Continuing partners to adjust their capitals in their new profit-sharing ratio after retirement of Z. Surplus/deficit, if any, in their Capital Accounts will be adjusted through Current Accounts.Prepare necessary Ledger Accounts and draw the Balance Sheet of the reconstituted firm. |
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Answer» X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 1 : 2. On 31st March, 2019, their Balance Sheet was:
Z retired on 1st April, 2019 from the business and the partners agree to the following: (a) Freehold Premises and Stock are to be appreciated by 20% and 15% respectively. (b) Machinery and Furniture are to be reduced by 10% and 7% respectively. (c) Provision for Doubtful Debts is to be increased to ₹ 1,500. (d) Goodwill of the firm is valued at ₹ 21,000 on Z's retirement. (e) Continuing partners to adjust their capitals in their new profit-sharing ratio after retirement of Z. Surplus/deficit, if any, in their Capital Accounts will be adjusted through Current Accounts. Prepare necessary Ledger Accounts and draw the Balance Sheet of the reconstituted firm. |
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| 1150. |
Giving reasons, explain how should the following be treated in estimating National Income: (i) Interest paid by banks on deposits by individuals (ii) National debt interest |
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Answer» Giving reasons, explain how should the following be treated in estimating National Income: (i) Interest paid by banks on deposits by individuals (ii) National debt interest |
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