InterviewSolution

Explore topic-wise InterviewSolutions in .

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.	From the following information, Calculate Capital at the beginning : Capital at the end of the year = Rs 4,00,000 Drawings made during the year = Rs 60,000 Fresh Capital introduce during the year = Rs 1,00,000 Profit of the current year = Rs 80,000
Answer» Correct Answer - Capital at the beginning of the year: Rs 2,60,000.

2.	Incomplete record mechanism of book keeping is:A. ScientificB. UnscientificC. UnsystematicD. both b) and c)
Answer» Correct Answer - b

3.	Credit purchase, during the year is ascertained by preparing:A. Total debtors accountB. Total creditors accountC. Cash accountD. Opening statements of affairs.
Answer» Correct Answer - a

4.	Find out the credit purchases from the following:
Answer» Correct Answer - Credit purchases : Rs 2, 56,350

5.	From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors Accounts from Incomplete Record The rate of gross profit is 25% on selling price and out of the total salesRs 85,000 was for cash sales. Hint: Total sales = Rs 4,00,000 = `3,00,000 xx 100/75`
Answer» Correct Answer - Opening balance of debtors :Rs 54,000; Closing balance of creditors : Rs 1,78,500

6.	From the following information calculate the amount to be paid to creditors:
Answer» Correct Answer - Cash paid to creditors : Rs 4,40,175

7.	Gopal does not keep proper books of account. Following information is given below: During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business. Prepare the statement of profit or loss on the basis of given information
Answer» Correct Answer - Profit : Rs 53,500.

8.	M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit or loss and also prepare balance sheet for the year ended March 31, 2017 Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of `5%` is to be made on debto Rs outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ `10%` p.a.
Answer» Correct Answer - Profit : Rs 1,71,300 ; Statement of affairs with adjustment : Rs 4,87,700

9.	Mr. Akshat keeps his books on incomplete records following information is given below : During the year he withdrew Rs 45,000 and introduced Rs 25,000 as further capital in the business compute the profit or loss of the business.
Answer» Correct Answer - Profit : Rs 61,500

10.	Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information : He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at `2%` premium and introduced that amount into business.
Answer» Correct Answer - Profit : Rs 9,780.

11.	Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year. Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.
Answer» Correct Answer - Loss : Rs 1,00,000

12.	Mr. Ashok does not keep his books properly. Following information is available from his books. During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.
Answer» Correct Answer - Loss : Rs 57,900

13.	Find out the amount of bills matured during the year on the basis of information given below ,
Answer» Correct Answer - Bills matured : Rs 38,000

14.	From the following, calculate the amount of bills accepted during the year.
Answer» Correct Answer - Bills accepted : Rs 1,18,000

15.	Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On march 31, 2017 his position was as under. Cash = Rs 99,000 Bills receivable = Rs 75,000 Plant = Rs 48,000 Land and Building = Rs 1,80,000 Furniture = Rs 50,000 He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017
Answer» Correct Answer - Profit : Rs 53,000

16.	Calculate the amount of bills receivable dishonoured from the following information.
Answer» Correct Answer - Rs 11,500

17.	Calculate the amount of bills receivable during the year.
Answer» Correct Answer - Rs 1,60,000

18.	From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.
Answer» Correct Answer - Bills received : Rs 1,61,000 ; Closing balance of debtors : Rs 3,01,000