

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.
1. |
ancial Statements llsfrom the following balances extracted from the heMistead profit anon March 31, 2014. YouInss account and a balance sheet as on this dateed from the book of M/s Manju Chawlasted to prepare the trading and profit andAmountAccount TitleAmountRs.AmountRs.2.10.0005.5002.00.00050,00010,00040.0002006.0004.00050080,000600Opening stockPurchases and SalesReturnsWages4.000Dock and cleaning chargesLightingMisc. IncomeRen!CapitalDrawingsDebtors and CreditorsCashiinvestmentPatent6.0002.00040,0007.0002,0006,0003,0006.0004,00043,000600Land and MachineryDonations and CharitySiles tax collected70.500 Furniture1.00011.3001.36,6001.36.6006% Closing stock was Rs.2.000.aterest on drawings 7% and interest on capital 5%.b) Land and Machinery is depreciated at 5%.Id Interest on investment 6%.Id) Unexpired rent Rs.100.le Charge 5% depreciation on furniture.Lans. : Gross profit Rs.30,900 : Net prontRs.71.185).400 : Net profit Rs.26,185 : Total balance sheet |
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2. |
reciated by * 4,0003,600 during the9. The cost of a machine depreciated byduring the first year and by * 3,600 durinsecond year. Calculate :(i) the rate of depreciation.(ii) the orginal cost of the machine.(iii) its cost at the end of the third year. |
Answer» 4000-3600=400/4000×100=10%rate of depreciation is 10%original cost = xx × 9/10×9/10=3600x=4444.44cost at the end of 3rd year is 3600×100/81×9/10×9/10×9/10=3240 |
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3. |
5.How will you deal with the following items while preparing for the BombayWomen Cricket Club its31.3.2013 and its Balance Sheet as on 31.3.2013:income and expenditure account for the year endingRs.(a) Donation received during the year for the12,25,000construction of a permanent PavilionExpenditure incurred up to 31.3.2013 on its construction 10,80,000The total estimated expenditure on constructionof Pavilion being25,00,000(b) Tournament Fund:Balance as on 1.4.201210,70065,80072,400Expenditure incurred during the year on conductingtournaments(c)Life Membership fee received during the year28,000 |
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4. |
17. Prepare proper subsidiary books and post themto the ledger from the following transactions forthe month of February 2014:2014 February01 Goods sold to Sachin04 Purchase from Kushal Traders06 Sold goods to Manish Traders07 Sachin returned goods08 Returns to Kushal Traders10 Sold to Mukesh14 Purchased from Kunal Traders15 Furniture purchased from Tarun17 Bought of Naresh20 Return to Kunal Traders22 Return inwards from Mukesh24 Purchased goods from Kirit & Co. for5,0002,4802,1006002803,3005,2003,2004,060200250list price of less 10% trade discountSold to Shri Chand goodsless 5% trade discountSold to Ramesh BrothersReturn outwards to Kirit and Co.less 10% trade discountRamesh Brothers returned goods5,700660025262894,0001,00028500. |
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5. |
u capitais. 2 40.000 0.0.. On March 31, 2016 after the close of accountch 31, 2016 after the close of accounts, the capitals of Mountain, HIand Rock stood in the books of the firm at 4,00,000; 3,00,000 and 2,00,000espectively. Subsequently, it was discovered that the interest on capital 10% pahad been omitted. The profit for the year amounted toated to 1,50,000 and the partner's1,30,00 amdrawings had been Mountain : 20.000; Hill * 15,000 and Rock 10.000.Calculate interest on capital.[Ans. Interest on Capital : Mountain 37,000; Hill *26,500 and Rock 16,000. |
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6. |
Anju And Manus and Mamta are partners wholesFixed Capital were 10,000, I 2000 and 6000respectesly as per the partnership agreement theiris a provision per allowing interest on CapitalSto per annum. But entry for the samehave not been made for the last 3 yearThe profits sharing ratio during 3 yearsXemaind and foules 2016 - 9:3:5, 2017 - 3:2:12018 - 16:1. Make necessary adjustment entryof the beginning of the 4th year inJanuary 2013 |
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7. |
33057(a) What is Single Entry System? Distinguish between Balance Sheet and Statemeof Affairs.Or |
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8. |
NEW- II.Q.8 (C). X and Y are partners in a firm sharing profits and losses in the ratio of9:6. A new partner Z is admitted. X surrenders 3/15th share of his profit in favour ofZ and Y6/15th of his share in favour of Z. Calculate new profit sharing ratio.[Ans. New Ratio 12:6:7.] |
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9. |
What are the different types of risks ? What do you3+2mean by Risk-Benefit-Analysis ? |
Answer» Broadly speaking, investors are exposed to both systematic and unsystematicrisks. ... Also called nonsystematicrisk, specificrisk, diversifiableriskand residualrisk, thistype of riskrefers to the uncertainty inherent in a company or industry investment. |
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10. |
Harshad and Dhiman are in partnership since 1st April, 2018. No partnership agreement was made. Theycontributed 4,00,000 and 1,00,000 respectively as capital. In addition, Harshad advanced an amount of1.00,000 to the firm on 1st October, 2018. Due to long illness. Harshad could not participate in businessactivities from 1st August, 2018 to 30th September 2018. Profit for the year ended 31st March, 2019 was1,80,000. Dispute has arisen between Harshad and Dhiman.Harshad Claims:He should be given interest 10% per annum on capital and loan;() Profit should be distributed in the ratio of capitalDhiman Claims:Profits should be distributed equally;() He should be allowed 2,000 p.m. as remuneration for the period he managed the business in theabsence of Harshad;(ii) Interest on Capital and loan should be allowed 6% p.a.You are required to settle the dispute between Harshad and Dhiman. Also prepare Profit and Loss(NCERT, Modified)Appropriation AccountAne. Harshad and Dhiman each gets 88,500 as profit and Harshad |
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11. |
development centresRShares Issued at Par4(A). Ken Ltd. issued 40,000 shares of 10 each payable 2 on application3 on allotment, * 3 on first call and 2 on final call. All the shareswere subscribed and allotted and all the sum due is duly receivedExpenses on Issue of Shares amounted to * 10,000.Pass journal entries and prepare ledger accounts. |
Answer» 25 Per Share |
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12. |
37. The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of2:2: 1, have existed for same years. Ali wants that he should get equal sharein the profits with Harry and Porter and he further wishes that the change in |
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13. |
(i) Financial statements of a company include: |
Answer» The basicfinancial statementsof an enterpriseincludethe 1) balance sheet (orstatementoffinancialposition), 2)income statement, 3) cash flowstatement, and 4)statementof changes in owners' equity or stockholders' equity. The balance sheet provides a snapshot of an entity as of a particular date. |
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14. |
1. What are the objectives of financialstatements? |
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15. |
Q.11LIPIULUJULUI DIUI---02. Why are rules of debit and credit same for liability and capital? |
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16. |
what do we mean by outline presentation how does outline presentation is made |
Answer» Step 1: Decide on the Goal The first step in creating the outline is to decide on the goal of your presentation. What is it that you want the audience to know, do, understand, agree to, approve, etc. at the end of the presentation? Make sure your goal is specific and achievable in the timeframe and situation you have been given. Step 2: Analyze the audience Next, analyze your audience to determine what the starting point is. What do they already know about your topic? What are they expecting to hear? What concerns or objections do they have? How much do they trust you? Look at all aspects of the audience to determine where you need to start with your message. Step 3: Plan your content Once you have the goal and audience analysis done, you can then start to plan your content. I suggest you think about three levels in your outline. The highest level consists of the topics you want to cover, usually three to five topics are all you can cover in most presentations. Break each topic down into the points you need to make for that topic. Then decide on what supporting information you will use to back up or prove each point. One great way to organize all of this content is to use sticky notes on a whiteboard. It allows you to see the entire presentation and make sure that you don't have any gaps in what you need to move the audience from where they are now to where you want them to be at the end of the presentation.Here's what that would look like: |
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17. |
pare a Bank Reconciliation Statement of Shri Bhandari as on March 31, 2016.I. Overdraft as per pass book is Rs. 20,0002. The payment of cheque for Rs. 550 was recorded twice in the pass book.3. Withdrawal column of the pass book under cast by Rs. 200.4. A cheque of Rs. 200 has been debited in the bank column of the cash book but it wasnot sent to bank at all.5. A cheque of Rs. 300 debited to Bank account of the pass book has been omitted to be6. A cheque of Rs. 500 sent for collection was dishonoured by the bankrecorded in cash book |
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18. |
Write three distinction between power and energy. |
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19. |
20. Himanshu withdrews Rs. 2,500 at the end Month of each month. The Partdeed provides for charging the interest on drawings 12% painterest on Himanshu's drawings for the year ending 31st December, 2012(Ans : Interest on Drawings Rs. 1,650) |
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20. |
rounded off to nearest rupeethe Partners20. Himanshu withdrews Rs. 2,500 at the end Month of each month. The PartCalesdeed provides for changing the Interest on drawings 12% p.Interest on Himanshu's drawings for the year ending 31st December. De(Ans : Interest on Drawings Rs. 1,650) |
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21. |
20. Himanshu withdrews Rs. 2,500 at the end Month of each month. Thedeed provides for charging the interest on drawings 12%Interest on Himanshu's drawings for the year ending 31st Decemba(Ans : Interest on Drawings Rs. 1,650)a 12%1st December, 2013p.a. Calen |
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22. |
11(A). Sunflower and Pink Rose started partnership business on Aprilwith capital of 2,50,000 and 1,50,000 respectively. On 1st Octed2014, they decided that their capital should be * 2,00,000 each.The necessary adjustments in the capitals are made by introducingwithdrawing cash. Interest on capital is to be allowed at 10% paCalculate interest on capital on March 31, 2015.(NCER[Ans. Sunflower 22,500 and Pink Rose 173 |
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23. |
on on 18.A business has earned average profits of 1,00,000 during the last few years. Find outthe value of goodwill by Capitalisation Method, given that the assets of the business are< 10,00,000 and its external liabilities are 1,80,000, the normal rate of return is 10%.Solution |
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24. |
Q. No.1 A) Select the most appropriate alternative from those given below.1) A list of balances of all the ledger accounts are calleda) Balance sheetb) Trail balancec) Trading Alc |
Answer» List of balance of all legder account is called Trial balance |
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25. |
What is a Bank Reconciliation Statement ? |
Answer» bank reconciliation statement is a statement in which is called bank reconciliation statement and balance of payments to the same day delivery of |
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26. |
1 Prepare a Bank Reconciliation Statement of Shri Bhandari as on Marcl. Overdraft as per pass book is Rs. 20,000.2. The payment of cheque for Rs. 550 was recorded twice in the pass book.3. Withdrawal column of the pass book under cast by Rs. 200.4. A cheque of Rs. 200 has been debited in the bank column of the cash book but it wasnot sent to bank at all.5. A cheque of Rs. 300 debited to Bank account of the pass book has been omitted to be6. A cheque of Rs. 500 sent for collection was dishonoured by the bank.recorded in cash book. |
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27. |
एक हैल्थ क्लब की रोकड़ पुस्तक से लिये गये निम्न विचरणों द्वारा प्राप्ति एवं भुगतान खाता तैयार कीजिए :From the following particulars taken from the Cash Book of a Health Club, prepare a Receipts and PaymentsAccount:pefia 14 (Opening Balance):हस्तस्थ रोकड़ (Cash iri liand)5,000बैंक रोकड़ {Cash at Bank)25,000(Subscription)1,65,000GF (Donations)35,000farm (Investment Purchased)80,000for IA (Rent Paid)20,000सामान्य व्यथ (General Expenses)21,500डाक एवं स्टेशनरी व्यय (Postage and Stationery Expenses)2,000कोरियर व्यय (Courier Cliarges)1,000fafa (Sundry Expenses)2,500195 (Closing Cash in hand)12,000Ans. Cash at Bank (Bal. fig.) 91,000](N.C.E.RT Book) |
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28. |
Rectifythe following errors.Depreciation provided on machinery Rs.4,000 was posted as Rs. 400.(ii) Bad debts written-off Rs. 5,000 were posted as Rs. 6,000.(iii) Discount allowed to a debtor Rs. 100 on receiving cash from him was posted as Rs.60(iv) Goods withdrawn by proprietor for personal use Rs. 800 were posted as Rs. 300. |
Answer» please solution this question |
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29. |
dwhat isNeumanntheincontribution of Seten vonthe field of computers? |
Answer» Thevon Neumann architecturedescribes a general framework, or structure, that a computer's hardware, programming, and data should follow. Although other structures for computing have been devised and implemented, the vast majority of computers in use today operate according to the von Neumann architecture. von Neumann envisioned the structure of a computer system as being composed of the following components: ALU:TheArithmetic-Logic unitthat performs the computer's computational and logical functions. RAM:Memory; more specifically, the computer's main, or fast, memory, also known asRandom Access Memory(RAM). Control Unit: This is a component that directs other components of the computer to perform certain actions, such as directing the fetching of data or instructions from memory to be processed by the ALU; and Man-machine interfaces;i.e. input and output devices, such as keyboard for input and display monitor for output. |
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30. |
Give the meaning of Trial Balance. |
Answer» Atrial balanceis a list of all thegeneral ledgeraccounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in thedebitcolumn of the trial balance and thecreditvalue balance will be listed in the credit column. A statement of all debits and credits in a double-entry account book, with any disagreement indicating an error. a statement of all debit and credit in a double entry accounts book ,with any disagreement indicating an error |
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31. |
Limitations of Financial Statements: |
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32. |
Anish Limited issued 30,000 equity shares of Rs. 100 each payable at Rs.30on application, Rs.50 on allotment and Rs.20 on Ist and final call. All moneywas duly received.Record these transactions in the journal of the company. |
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33. |
define accounting |
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34. |
Singh, Gupta and Lal are partners in a firm, sharing profits in theratio of 3 2: 3. They admitted Jain as a new partner. Singhsurrendered 1/3rd of his share in favour of jain. Gupta surrendered1/4th his share in favour of Jain and Lal surrendered 1/5th of hisshare in favour of Jain. Calculate the new profit sharing ratio. |
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35. |
Three Chartered Accountants A, B and C form a partnership, profits being shared in the ratio of 3: 2.1subject to the following:(a) C's share of profit guaranteed to be not less than 15,000 p.a.(b) B gives a guarantee to the effect that gross fee earned by him for the firm shall be equal to hisaverage gross fee of the preceeding five years when he was carrying on profession alone, which on anaverage works out at 25,000.The profit for the first year of the partnership are *75,000. The gross fee earned by B for the firm is 16,000.You are required to show Profit and Loss Appropriation Account after giving effect to the above. |
Answer» what is this answer please solve and give but in my book is different |
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36. |
20. From the following information, calculate Average collection periOpening DebtorsClosing DebtorsSalesCash SalesRs, 37,000Rs. 43,000: Rs. 6,00,000Rs. 80,000 |
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37. |
the business. Compute the profit or loss r the Business30. Prepare Trading and Profit and loss account and Balance Sheet as on March 31, 201Cr.Dr.Account TitleRs.Rs.27000 Capital21600 B Bills Payable2700Sundry Creditors58500イ| Sales15000T ITAccount TitleMachinerySundry Debtors60000DrawingsPurchasesVvages2800140073500Sundry Expenses-니600-7)|RentCarriageBank1350450 T4500T6000Opening StockClosing Stock as on March 31, 2017 Rs. 22400. |
Answer» thnxxx u so much sir |
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38. |
ORDeepa deposits Rs. 1000 in first month. Rs.1450 inso on up to 5 years in a bank. Find the total amount that Deepa deposited at the end of 5yearssecond month. Rs. 1900 in third month and |
Answer» Deposit pattern forms an AP1000, 1450, 1900....... First term a = 1000, common difference d = 1450 - 1000 = 450 In 5 years total months are 12*5 = 60 Now sum of 60 terms of given AP = n/2(2a + (n-1)d)= 60/2(2*1000 + 59*450)= 30(2000 + 26550= 30(28550)= 856500 Therefore, total amount Deepa deposited in 5 years = Rs 85650 |
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