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InterviewSolution
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.
| 1201. |
When the firm has agreed to pay the partner a fixed amount for realisation work irrespective of the actual amount spent, such fixed amount is debited to ___ |
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Answer» When the firm has agreed to pay the partner a fixed amount for realisation work irrespective of the actual amount spent, such fixed amount is debited to |
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| 1202. |
Kabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in favour of Jyoti; the new partner. Calculate new profit-sharing ratio and sacrificing ratio. |
| Answer» Kabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in favour of Jyoti; the new partner. Calculate new profit-sharing ratio and sacrificing ratio. | |
| 1203. |
Issue of debentures can be classified as ___________. |
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Answer» Issue of debentures can be classified as ___________. |
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| 1204. |
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. The have a manager, Z, who gets ₹ 10,000 p.m. salary plus commission of 5% of the profit after charging his salary and commission, Now, they decide to admit Z as a partner, giving him 1/5th share in the profits of the firm. Any excess amount which Z receives as a partner (over his salary and commission) will be borne by X. The profit for the year ended 31st March, 2018 amounted to ₹ 8,40,000 after charging Z's salary. Prepare Profit and Loss Appropriation Account showing the division of profit for the year. |
| Answer» X and Y are partners in a firm sharing profits in the ratio of 3 : 2. The have a manager, Z, who gets ₹ 10,000 p.m. salary plus commission of 5% of the profit after charging his salary and commission, Now, they decide to admit Z as a partner, giving him 1/5th share in the profits of the firm. Any excess amount which Z receives as a partner (over his salary and commission) will be borne by X. The profit for the year ended 31st March, 2018 amounted to ₹ 8,40,000 after charging Z's salary. Prepare Profit and Loss Appropriation Account showing the division of profit for the year. | |
| 1205. |
From the following information, calculate Debt to Equity Ratio: ₹ 10,000 Equity Shares of ₹ 10 each fully paid 1,00,000 5,000; 9% Preference Shares of ₹ 10 each fully paid 50,000 General Reserve 45,000 Surplus, i.e., Balance in Statement of Profit and Loss 20,000 10% Debentures 75,000 Current Liabilities 50,000 |
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Answer» From the following information, calculate Debt to Equity Ratio:
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| 1206. |
Lavanya and Priya were partners sharing profits in the ratio of 2 : 1. Pass journal entries for the following transactions at the time of dissolution firm: (i) Workmen Compensation Reserve stood Rs 1,50,000 in the Balance Sheet and there was no liability towards Workmen Compensation. (ii) Workmen Compensation Reserve stood at Rs 1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs 90,000. (iii) Workmen Compensation Reserve stood at Rs 1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs 1,50,000. (iv) Workmen Compensation Reserve stood at Rs 1,50,000. In the Balance Sheet and liability in respect of it was ascertained at Rs 2,00,000. (v) There was no Workmen Compensation Reserve in the Balance Sheet and firm had to pay Rs 40,000 as compensation to the workers. |
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Answer» Lavanya and Priya were partners sharing profits in the ratio of 2 : 1. Pass journal entries for the following transactions at the time of dissolution firm: (i) Workmen Compensation Reserve stood Rs 1,50,000 in the Balance Sheet and there was no liability towards Workmen Compensation. (ii) Workmen Compensation Reserve stood at Rs 1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs 90,000. (iii) Workmen Compensation Reserve stood at Rs 1,50,000 in the Balance Sheet and liability in respect of it was ascertained at Rs 1,50,000. (iv) Workmen Compensation Reserve stood at Rs 1,50,000. In the Balance Sheet and liability in respect of it was ascertained at Rs 2,00,000. (v) There was no Workmen Compensation Reserve in the Balance Sheet and firm had to pay Rs 40,000 as compensation to the workers. |
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| 1207. |
A, B and C are partners in a firm sharing Profits and losses in the ratio of 2:3:5. Their fixed capitals were Rs 15,00,000, Rs 30,00,000 and Rs 60,00,000 respectively. For the year ended 31st March, 2014 interest on capital was credited to them at 12% instead of 10%. Pass the necessary adjustment entry. |
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Answer» A, B and C are partners in a firm sharing Profits and losses in the ratio of 2:3:5. Their fixed capitals were Rs 15,00,000, Rs 30,00,000 and Rs 60,00,000 respectively. For the year ended 31st March, 2014 interest on capital was credited to them at 12% instead of 10%. Pass the necessary adjustment entry. |
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| 1208. |
Himanshu, Gagan and Naman are partners sharing profits and losses in the ratio of 3:2:1. On March 31, 2017, Naman retires.The various assets and liabilities of the firm on the date were as follows:Cash Rs 10,000, Building Rs 1,00,000, Plant and Machinery Rs 40,000, Stock Rs 20,000, Debtors Rs 20,000 and Investments Rs 30,000.The following was agreed upon between the partners on Naman’s retirement: (i) Building to be appreciated by 20%. (ii) Plant and Machinery to be depreciated by 10%. (iii) A provision of 5% on debtors to be created for bad and doubtful debts. (iv) Stock was to be valued at Rs 18,000 and Investment at Rs 35,000. Record the necessary journal entries to the above effect and prepare the Revaluation Account. |
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Answer» Himanshu, Gagan and Naman are partners sharing profits and losses in the ratio of 3:2:1. On March 31, 2017, Naman retires. The various assets and liabilities of the firm on the date were as follows: Cash Rs 10,000, Building Rs 1,00,000, Plant and Machinery Rs 40,000, Stock Rs 20,000, Debtors Rs 20,000 and Investments Rs 30,000. The following was agreed upon between the partners on Naman’s retirement:
Record the necessary journal entries to the above effect and prepare the Revaluation Account. |
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| 1209. |
Rahul, Rohit and Karan started partnership business on April 1, 2016 with capitals of Rs 20,00,000, Rs 18,00,000 and Rs 16,00,000, respectively. The profit for the year ended March 2017 amounted to Rs 1,35,000 and the partner’s drawings had been Rahul Rs 50,000, Rohit Rs 50,000 and Karan Rs 40,000. The profits are distributed among partner’s in the ratio of 3:2:1. Calculate the interest on capital 5% p.a. |
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Answer» Rahul, Rohit and Karan started partnership business on April 1, 2016 with capitals of Rs 20,00,000, Rs 18,00,000 and Rs 16,00,000, respectively. The profit for the year ended March 2017 amounted to Rs 1,35,000 and the partner’s drawings had been Rahul Rs 50,000, Rohit Rs 50,000 and Karan Rs 40,000. The profits are distributed among partner’s in the ratio of 3:2:1. Calculate the interest on capital 5% p.a. |
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| 1210. |
Calculate Debt to Equity Ratio: Equity Share Capital ₹ 5,00,000; General Reserve ₹ 90,000; Accumulated Profits ₹ 50,000; 10% Debentures ₹ 1,30,000; Current Liabilities ₹ 1,00,000. |
| Answer» Calculate Debt to Equity Ratio: Equity Share Capital ₹ 5,00,000; General Reserve ₹ 90,000; Accumulated Profits ₹ 50,000; 10% Debentures ₹ 1,30,000; Current Liabilities ₹ 1,00,000. | |
| 1211. |
Show the treatment of the following items by a Not-for-Profit Organisation: (i) Annual subscription (ii) Specific donation (iii) Sale of fixed assets (iv) Sale of old periodicals (v) Sale of sports materials (vi) Life membership fee |
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Answer»
Show the treatment of the following items by a
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| 1212. |
Trial Balance of Chatter Sen on 31st March, 2018 revealed the following balances: ₹ ₹ Debit Balances: Debit Balances (Contd.): Plant and Machinery 90,000 Rent 2,000 Purchases 58,000 Advertisement 2,000 Sales Return 1,000 Cash at Bank 6,900 Opening Stock 40,000 Credit Balances: Discount Allowed 350 Capital A/c 1,10,000 Bank Charges 75 Sales 1,27,000 Sundry Debtors 45,000 Purchases Return 1,275 Salaries 6,800 Discount Received 800 Wages 10,000 Loan 5,000 Freight In 750 Sundry Creditors 20,000 Freight Out 1,200 Stock on 31st March, 2018 was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date. |
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Answer» Trial Balance of Chatter Sen on 31st March, 2018 revealed the following balances:
Stock on 31st March, 2018 was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date. |
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| 1213. |
When the company redeem it's debentures at the end of the tenure by single payment is called ______ |
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Answer» When the company redeem it's debentures at the end of the tenure by single payment is called ______ |
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| 1214. |
On 31st March, 2018 , The Balance Sheet of A , B and C who were sharing profits and losses in proportion to their capitals stood as: Liabilities Amount (₹) Assets Amount (₹) Creditors 10,800 Cash at Bank 13,000 Bills Payable 5,000 Debtors 10,000 Capital A/cs: Less: Provision for D. Debts 200 9,800 A 45,000 Stock 9,000 B 30,000 Machinery 24,000 C 15,000 90,000 Freehold Premises 50,000 1,05,800 1,05,800 B retires and following readjustments of assets and liabilities have been agreed upon before ascertainment of the amount payable to B :(a) Out of the amount of insurance premium which was debited to Profit and Loss Account, ₹ 1,000 be carried forward for Unexpired insurance.(b) Freehold Premises be appreciated by 10%.(c) Provision for Doubtful Debts is brought up to 5% on Debtors.(d) Machinery be depreciated by 5%.(e) Liability for Workmen Compensation to the extent of ₹ 1,500 would be created.(f) That the goodwill of the entire firm be fixed at ₹ 18,000 and B's share of the same be adjusted into the accounts of A and C who are going to share future profits in the proportion of 3/4th and 1/4th respectively.(g) Total capital of the firm as newly constituted be fixed at ₹ 60,000 between A and C in the proportion of 3/4th and 1/4th after passing entries in their accounts for adjustments , i.e., actual cash to be paid or to be brought in by continuing partners as the case may be .(h) B be paid ₹ 5,000 in cash and the balance be transferred to his Loan Account.Prepare Capital Accounts of Partners and the Balance Sheet of the firm of A and C . |
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Answer» On 31st March, 2018 , The Balance Sheet of A , B and C who were sharing profits and losses in proportion to their capitals stood as:
B retires and following readjustments of assets and liabilities have been agreed upon before ascertainment of the amount payable to B : (a) Out of the amount of insurance premium which was debited to Profit and Loss Account, ₹ 1,000 be carried forward for Unexpired insurance. (b) Freehold Premises be appreciated by 10%. (c) Provision for Doubtful Debts is brought up to 5% on Debtors. (d) Machinery be depreciated by 5%. (e) Liability for Workmen Compensation to the extent of ₹ 1,500 would be created. (f) That the goodwill of the entire firm be fixed at ₹ 18,000 and B's share of the same be adjusted into the accounts of A and C who are going to share future profits in the proportion of 3/4th and 1/4th respectively. (g) Total capital of the firm as newly constituted be fixed at ₹ 60,000 between A and C in the proportion of 3/4th and 1/4th after passing entries in their accounts for adjustments , i.e., actual cash to be paid or to be brought in by continuing partners as the case may be . (h) B be paid ₹ 5,000 in cash and the balance be transferred to his Loan Account. Prepare Capital Accounts of Partners and the Balance Sheet of the firm of A and C . |
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| 1215. |
Refer the data in the table below: Particulars2004−052005−06Shareholders' funds10,00,00010,00,000Trade payables2,40,0001,80,000Short term debt8,00,0006,00,000Long term debt9,02,0007,74,00029,42,00025,54,000Fixed Assets26,20,00022,50,000Trade Receivables2,50,0002,75,000Cash72,00029,00029,42,00025,54,000 Calculate the % change in Fixed Assets? |
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Answer» Refer the data in the table below: Particulars2004−052005−06Shareholders' funds10,00,00010,00,000Trade payables2,40,0001,80,000Short term debt8,00,0006,00,000Long term debt9,02,0007,74,00029,42,00025,54,000Fixed Assets26,20,00022,50,000Trade Receivables2,50,0002,75,000Cash72,00029,00029,42,00025,54,000 Calculate the % change in Fixed Assets? |
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| 1216. |
P&M of 6,00,000 was realised at 7,50,000 rupees. The journal entry is- |
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Answer» P&M of 6,00,000 was realised at 7,50,000 rupees. The journal entry is- |
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| 1217. |
Calculate Current Ratio, Quick Ratio and Debt to Equity Ratio from the figures given below: Particulars ₹ Inventory 30,000 Prepaid Expenses 2,000 Other Current Assets 50,000 Current Liabilities 40,000 12% Debentures 30,000 Accumulated Profits 10,000 Equity Share Capital 1,00,000 Non-current Investments 15,000 |
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Answer» Calculate Current Ratio, Quick Ratio and Debt to Equity Ratio from the figures given below:
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| 1218. |
The Balance Sheet of Rajesh, Pramod and Nishant who were sharing profits in proportion to their capitals stood as on March 31, 2015: Books of Rajesh, Pramod and Nishant Balance Sheet as on March 31, 2015 Liabilities Amount Rs Assets Amount Rs Bills Payable 6,250 Factory Building 12,000 Sundry Creditors 10,000 Debtors 10,500 Reserve Fund 2,750 Less: Reserve 500 10,000 Capital Accounts: Bills Receivable 7,000 Rajesh 20,000 Stock 15,500 Pramod 15,000 Plant and Machinery 11,500 Nishant 15,000 50,000 Bank Balance 13,000 69,000 69,000 Pramod retired on the date of Balance Sheet and the following adjustments were made:a) Stock was valued at 10% less than the book value.b) Factory buildings were appreciated by 12%.c) Reserve for doubtful debts be created up to 5%.d) Reserve for legal charges to be made at Rs 265.e) The goodwill of the firm be fixed at Rs 10,000.f) The capital of the new firm be fixed at Rs 30,000. The continuing partners decide to keep their capitals in the new profit sharing ratio of 3:2.Pass journal entries and prepare the balance sheet of the reconstituted firm after transferring the balance in Pramod’s Capital account to his loan account. |
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Answer» The Balance Sheet of Rajesh, Pramod and Nishant who were sharing profits in proportion to their capitals stood as on March 31, 2015:
Pramod retired on the date of Balance Sheet and the following adjustments were made: a) Stock was valued at 10% less than the book value. b) Factory buildings were appreciated by 12%. c) Reserve for doubtful debts be created up to 5%. d) Reserve for legal charges to be made at Rs 265. e) The goodwill of the firm be fixed at Rs 10,000. f) The capital of the new firm be fixed at Rs 30,000. The continuing partners decide to keep their capitals in the new profit sharing ratio of 3:2. Pass journal entries and prepare the balance sheet of the reconstituted firm after transferring the balance in Pramod’s Capital account to his loan account.
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| 1219. |
Rs.2170 was divided among A, B, & C such that : 3 times of A's share=5times of B's share=2 times of C's share. Find the share of each. |
| Answer» Rs.2170 was divided among A, B, & C such that : 3 times of A's share=5times of B's share=2 times of C's share. Find the share of each. | |
| 1220. |
Amrit Ltd . was promoted by Amrit and Bhaskar with an authorised capital of ₹ 10,00,000 divide into 1,00,000 shares of ₹ 10 each.The company decided to issue 1,000,6% Debentures of ₹ 100 each to Amrit and Bhaskar each for their services in incorporating the company.Pass journal entry. |
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Answer» Amrit Ltd . was promoted by Amrit and Bhaskar with an authorised capital of ₹ 10,00,000 divide into 1,00,000 shares of ₹ 10 each. The company decided to issue 1,000,6% Debentures of ₹ 100 each to Amrit and Bhaskar each for their services in incorporating the company. Pass journal entry. |
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| 1221. |
A financial document that indicates the success or failure of a business trading over a period of time is called? |
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Answer» A financial document that indicates the success or failure of a business trading over a period of time is called? |
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| 1222. |
A and B are partners sharing profits and losses in the proportion of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B. Calculate new profit-sharing ratio. |
| Answer» A and B are partners sharing profits and losses in the proportion of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B. Calculate new profit-sharing ratio. | |
| 1223. |
From the following information, prepare Trading account for the year ended 31st March, 2018:Adjusted Purchases ₹ 5,50,000; Sales ₹ 6,25,000; Freight and Carriage Inwards ₹ 3,000; Wages ₹ 7,000; Freight and Cartage Outwards ₹ 2,500; Closing Stock ₹ 50,000. |
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Answer» From the following information, prepare Trading account for the year ended 31st March, 2018: Adjusted Purchases ₹ 5,50,000; Sales ₹ 6,25,000; Freight and Carriage Inwards ₹ 3,000; Wages ₹ 7,000; Freight and Cartage Outwards ₹ 2,500; Closing Stock ₹ 50,000. |
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| 1224. |
What is meant by dividend policy decision ? Explain the following four factors which affect the dividend decision of a company. (i) Legal constraints (ii) Stability of earnings (iii) Access to capital markets (iv) Taxation policy |
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Answer» What is meant by dividend policy decision ? Explain the following four factors which affect the dividend decision of a company. (i) Legal constraints |
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| 1225. |
Alfa Ltd. invited applications for issuing 75,000 equity shares of ₹ 10 each. The amount was payable as follows: On application and allotment — ₹ 4 per share , On first Call — ₹ 3 per share, On second and final Call — balance. Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares failed to pay the first call . Her shares were immediately forfeited . Afterwards the second call was made. The amount due on second call was also received except on 1,000 shares applied by Monika . Her shares were also forfeited. All the forefited shares were reissued to Mohit for ₹9,000 as fully paid-up.Pass necessary journal entries in the Books of Alfa Ltd . for the above transactions. |
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Answer» Alfa Ltd. invited applications for issuing 75,000 equity shares of ₹ 10 each. The amount was payable as follows:
Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares failed to pay the first call . Her shares were immediately forfeited . Afterwards the second call was made. The amount due on second call was also received except on 1,000 shares applied by Monika . Her shares were also forfeited. All the forefited shares were reissued to Mohit for ₹9,000 as fully paid-up. Pass necessary journal entries in the Books of Alfa Ltd . for the above transactions. |
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| 1226. |
What are the feature of Receipt and Payment Account? |
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Answer» What are the feature of Receipt and Payment Account? |
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| 1227. |
A trader professes to sell his goods at a loss of {12% but gives 740 grams for the first kilogram of { goods and gives only 700 grams for the next kilogram of goods. His overall gain percentage on { selling 2 kilograms of goods is |
| Answer» A trader professes to sell his goods at a loss of {12% but gives 740 grams for the first kilogram of { goods and gives only 700 grams for the next kilogram of goods. His overall gain percentage on { selling 2 kilograms of goods is | |
| 1228. |
Describe “Direct” and “Indirect” method of ascertaining cash flow from operating activities. |
| Answer» Describe “Direct” and “Indirect” method of ascertaining cash flow from operating activities. | |
| 1229. |
Show the effect of following transaction on the accounting equation: Rs (a) Manoj started business with (i) Cash 2,30,000 (ii) Goods 1,00,000 (iii) Building 2,00,000 (b) He purchased goods for cash 50,000 (c) He sold goods(costing Rs 20,000) 35,000 (d) He purchased goods from Rahul 55,000 (e) He sold goods to Varun (Costing Rs 52,000) 60,000 (f) He paid cash to Rahul in full settlement 53,000 (g) Salary paid by him 20,000 (h) Received cash from Varun in full settlement 59,000 (i) Rent outstanding 3,000 (j) Prepaid Insurance 2,000 (k) Commission received by him 13,000 (l) Amount withdrawn by him for personal use 20,000 (m) Depreciation charge on building 10,000 (n) Fresh capital invested 50,000 (o) Purchased goods from Rakhi 6,000 |
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Answer» Show the effect of following transaction on the accounting equation:
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| 1230. |
On retirement, the capital account of the retiring partner shall be credited with ………. |
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Answer» On retirement, the capital account of the retiring partner shall be credited with ………. |
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| 1231. |
Preliminary expenses are to be written-off completely in the year in which such expenses are incurred. It is shown by deducting it from ............... |
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Answer» Preliminary expenses are to be written-off completely in the year in which such expenses are incurred. It is shown by deducting it from ............... |
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| 1232. |
A and B are partners sharing profits in the ratio of 3 : 2. They decided to admit C as a partner from 1st April, 2018 on the following terms:(i) C will be given 2/5th share of the profit.(ii) Goodwill of the firm be valued at two years' purchase of three years' normal average profit of the firm.profits of the previous three years ended 31st March, were:2018 – Profit ₹ 30,000 ( after debiting loss of stock by fire ₹ 40,000).2017 – Loss ₹ 80,000 (includes voluntary retirement compensation paid ₹ 1,10,000).2016 – Profit ₹ 1,10,000 (including a gain (profir) of ₹ 30,000 on the sale of fixed assets).you are required to value the goodwell. |
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Answer» A and B are partners sharing profits in the ratio of 3 : 2. They decided to admit C as a partner from 1st April, 2018 on the following terms: (i) C will be given 2/5th share of the profit. (ii) Goodwill of the firm be valued at two years' purchase of three years' normal average profit of the firm. profits of the previous three years ended 31st March, were: 2018 – Profit ₹ 30,000 ( after debiting loss of stock by fire ₹ 40,000). 2017 – Loss ₹ 80,000 (includes voluntary retirement compensation paid ₹ 1,10,000). 2016 – Profit ₹ 1,10,000 (including a gain (profir) of ₹ 30,000 on the sale of fixed assets). you are required to value the goodwell. |
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| 1233. |
Under which major headings and sub-headings the following items will be shown in the Balance Sheet of a company as per schedule III of Companies Act, 2013?(i) Provision for Employee Benefits.(ii) Calls-in-Advance. |
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Answer» Under which major headings and sub-headings the following items will be shown in the Balance Sheet of a company as per schedule III of Companies Act, 2013? (i) Provision for Employee Benefits. (ii) Calls-in-Advance. |
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| 1234. |
The taxable value of a wrist watch belt is Rs 586. Rate of GST is 18%. Then what is price of the belt for the customer ? |
| Answer» The taxable value of a wrist watch belt is Rs 586. Rate of GST is 18%. Then what is price of the belt for the customer ? | |
| 1235. |
X, Y and Z are partners sharing profits and losses in the ratio of 5:4:3. Calculate the new ratios when : (i) X retires, (ii) Y retires, (iii) Z retires. |
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Answer» X, Y and Z are partners sharing profits and losses in the ratio of 5:4:3. Calculate the new ratios when : (i) X retires, (ii) Y retires, (iii) Z retires. |
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| 1236. |
What do you understand about the author’s literary inclinations from the account? |
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Answer» What do you understand about the author’s literary inclinations from the account? |
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| 1237. |
Find the number of shares received when Rs 60,000 was invested in the shares of FV Rs 100 and MV Rs 120. |
| Answer» Find the number of shares received when Rs 60,000 was invested in the shares of FV Rs 100 and MV Rs 120. | |
| 1238. |
what is entropy |
| Answer» what is entropy | |
| 1239. |
Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2018: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 Dr. Cr. Receipts ₹ Payments ₹ To Balance b/d (cash) To Subscriptions 2016-2017 2017-2018 To Donations To Entrance Fees 1,50,000 60,000 3,50,000 50,000 80,000 By Salaries and Wages By Office Expenses By Sports Equipments By Telephone Charges By Electricity Charges By Travelling Expenses By Balance c/d (Cash) 1,60,000 35,000 3,40,000 24,000 32,000 65,000 34,000 6,90,000 6,90,000 Additional information :(a) Outstanding Subscriptions for the year ended 31st March, 2018—₹ 55,000.(b) Outstanding Salaries and Wages—₹ 40,000.(c) Depreciate Sports Equipments by 25%.Prepare Income and Expenditure Account of the club from the above particulars. |
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Answer» Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2018:
Additional information : (a) Outstanding Subscriptions for the year ended 31st March, 2018₹ 55,000. (b) Outstanding Salaries and Wages₹ 40,000. (c) Depreciate Sports Equipments by 25%. Prepare Income and Expenditure Account of the club from the above particulars. |
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| 1240. |
X, Y and Z are partners sharing profits in the ratio of 4 : 3 : 2 . Their Balance Sheet as at 31st March, 2018 stood as follows: Liabilities Amount (₹) Assets Amount (₹) Creditors 24,140 Cash at Bank 3,300 Capital A/cs: Sundry Debtors 3,045 X 12,000 Less: Provision for D. Debts 105 2,940 Y 9,000 Stock 4,800 Z 6,000 27,000 Plant and Machinery 5,100 Land and Building 15,000 Y's Loan 20,000 51,140 51,140 Y having given notice to retire from the firm, the following adjustments in the books of the firm were agreed upon:(a) That the Land and Building be appreciated by 10%.(b) That the Provision for Doubtful Debts is no longer necessary since all the debtors are considered good.(c) That the stock be appreciated by 20%.(d) That the adjustment be made in the accounts to rectify a mistake previously committed whereby Y was credited in excess by ₹ 810, while X and Z were debited in excess of ₹ 420 and ₹ 390 respectively.(e) Goodwill of the firm be fixed at ₹ 5,400 and Y's share of the same be adjusted to that of X and Z who were going to share in the ratio of 2 : 1 .(f) It was decide by X and Y to settle Y's account immediately on his retirement .You are required to show:(i) Revaluation Account(ii) Partner's Capital Accounts and(iii) Balance Sheet of the firm after Y's retirement. |
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Answer» X, Y and Z are partners sharing profits in the ratio of 4 : 3 : 2 . Their Balance Sheet as at 31st March, 2018 stood as follows:
Y having given notice to retire from the firm, the following adjustments in the books of the firm were agreed upon: (a) That the Land and Building be appreciated by 10%. (b) That the Provision for Doubtful Debts is no longer necessary since all the debtors are considered good. (c) That the stock be appreciated by 20%. (d) That the adjustment be made in the accounts to rectify a mistake previously committed whereby Y was credited in excess by ₹ 810, while X and Z were debited in excess of ₹ 420 and ₹ 390 respectively. (e) Goodwill of the firm be fixed at ₹ 5,400 and Y's share of the same be adjusted to that of X and Z who were going to share in the ratio of 2 : 1 . (f) It was decide by X and Y to settle Y's account immediately on his retirement . You are required to show: (i) Revaluation Account (ii) Partner's Capital Accounts and (iii) Balance Sheet of the firm after Y's retirement. |
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| 1241. |
The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day’s sales in inventory. Why? |
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Answer» The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day’s sales in inventory. Why? |
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| 1242. |
Calculate Cost of Revenue from Operations from the following information:Revenue from Operations ₹ 12,00,000; Operating Ratio 75%; Operating Expenses ₹ 1,00,000. |
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Answer» Calculate Cost of Revenue from Operations from the following information: Revenue from Operations ₹ 12,00,000; Operating Ratio 75%; Operating Expenses ₹ 1,00,000. |
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| 1243. |
B and C are in partnership sharing profits and losses as 3 : 1. They admit D into the firm, D pays premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally. Draft Journal entries showing appropriations of the premium money. |
| Answer» B and C are in partnership sharing profits and losses as 3 : 1. They admit D into the firm, D pays premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally. Draft Journal entries showing appropriations of the premium money. | |
| 1244. |
Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows: On Application and Allotment — ₹ 14 per share (including premium of ₹ 10), On First Call — ₹ 8 per share (including premium of ₹ 5), On Final Call — ₹ 8 per share (including premium of ₹ 5). Applications for 96,000 shares were received. Rohit , a shareholder holding 7,000 shares, failed to pay both the calls and Namit , a holder of 5,000 shares , did not pay the final call.Shares of Rohit and Namit were forfeited . Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.Pass necessary journal entries for the above transactions in the books of Sukanya Ltd. |
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Answer» Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows:
Applications for 96,000 shares were received. Rohit , a shareholder holding 7,000 shares, failed to pay both the calls and Namit , a holder of 5,000 shares , did not pay the final call. Shares of Rohit and Namit were forfeited . Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up. Pass necessary journal entries for the above transactions in the books of Sukanya Ltd. |
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| 1245. |
From the following balances, taken from the books of M/s Dwarka Parshad & Sons as at 31st March 2017, prepare a Trial Balance in proper form :− Name of Accounts (₹) Name of Accounts (₹) Cash in Hand 4,500 Machinery 24,000 Bank Overdraft 8,000 Land & Buildings 50,000 Opening Stock 20,000 Debtors 18,400 Purchases 80,000 Creditors 8,500 Purchases Returns 2,000 Bills Receivable 2,850 Sales 1,30,000 Bills Payable 1,650 Sales Returns 5,000 Capital 60,000 Travelling Expenses 1,800 Drawings 6,000 Discount Allowed 600 Rent 3,700 Discount Received 1,500 Salaries 3,600 Loan (Cr.) 10,000 Interest on Loan 1,200 |
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Answer» From the following balances, taken from the books of M/s Dwarka Parshad & Sons as at 31st March 2017, prepare a Trial Balance in proper form :−
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| 1246. |
The method for presenting net cash provided by operating activities that starts with net income and adjusts it for items that affected reported net income but that did not affect cash is called the ____________. |
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Answer» The method for presenting net cash provided by operating activities that starts with net income and adjusts it for items that affected reported net income but that did not affect cash is called the ____________. |
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| 1247. |
Rajan Ltd . purchased assets from Geeta & Co . for ₹ 5,00,000. A sum of ₹ 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹ 10 each at a premium of 25%. journalise the above transactions in the books of the company. |
| Answer» Rajan Ltd . purchased assets from Geeta & Co . for ₹ 5,00,000. A sum of ₹ 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹ 10 each at a premium of 25%. journalise the above transactions in the books of the company. | |
| 1248. |
Notice the following expressions. The highlighted words are not used in a literal sense. Explain what they mean. Words had to be prized out of him like stones out of a ground. Sophie felt a tightening in her throat. If he keeps his head on his shoulders. On Saturday they made their weekly pilgrimage to the United. She saw… him ghost past the lumbering defenders. |
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Answer» Notice the following expressions. The highlighted words are not used in a literal sense. Explain what they mean.
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| 1249. |
Prepare a Trading Account from the following particulars for the year ended 31st March 2017:- Particulars (₹) Particulars (₹) Opening Stock 2,50,000 Purchases Returns 22,000 Purchases 7,00,000 Sales Return 36,000 Sales 18,00,000 Gas, Fuel and Power 75,000 Wages 2,06,000 Dock Charges 8,000 Carriage Inward 34,000 Factory Lighting 96,000 Carriage Outward 20,000 Office Lighting 5,000 Manufacturing Expenses 2,48,000 Closing Stock is valued at ₹ 6,00,000. |
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Answer» Prepare a Trading Account from the following particulars for the year ended 31st March 2017:-
Closing Stock is valued at ₹ 6,00,000. |
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| 1250. |
State the impact of demonetization on interest rates, private wealth and real estate. |
| Answer» State the impact of demonetization on interest rates, private wealth and real estate. | |