2427 + Interview Questions in Accounts in Class 11 Page 17 InterviewSolution

801.	Show the effect of thefollowing transactionson the Accounting Equation:(i) Statredbusiness with cash ₹50,000. (ii) Salariespaid ₹2,000. (iii)Wages outstanding ₹200. (iv) Interest duebut not paid ₹100. (v) Rentpaid in advance ₹150.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :Assest : Cash₹ 47,850 + <a href="https://interviewquestions.tuteehub.com/tag/prepaid-2227976" style="font-weight:bold;" target="_blank" title="Click to know more about PREPAID">PREPAID</a> Rent ₹ <a href="https://interviewquestions.tuteehub.com/tag/150-275254" style="font-weight:bold;" target="_blank" title="Click to know more about 150">150</a> = <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a>: OutstandingExpenses ₹ 300+ Capital ; ₹ 47,700</body></html>

Discussion

802.	Show the effect of thefollowing transactionson the Accounting Equation:(i) Statredbusiness with cash â‚¹50,000. (ii) Salariespaid â‚¹2,000. (iii)Wages outstanding â‚¹200. (iv) Interest duebut not paid â‚¹100. (v) Rentpaid in advance â‚¹150.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/assest-2445834" style="font-weight:bold;" target="_blank" title="Click to know more about ASSEST">ASSEST</a> : Cashâ‚¹ 47,850 + Prepaid Rent â‚¹ <a href="https://interviewquestions.tuteehub.com/tag/150-275254" style="font-weight:bold;" target="_blank" title="Click to know more about 150">150</a> = Liabilities: OutstandingExpenses â‚¹ 300+ <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ; â‚¹ 47,700</body></html>

Discussion

803.	Show the effect through Journal entries:
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C06_E01_003_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C06_E01_003_S02.png" width="80%"/></body></html>

Discussion

804.	Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation: (a) Started business with cash 1,20,000 (b) Rent received 10,000 (c) Invested in share50,000 (d) Received dividend 5,000 (e) Purchase goods on credit from Ragani 35,000 (f) Paid cash for house hold Expenses 7,000 (g) Sold goods for cash (costing 10,000)14,000 (h) Cash paid to Ragani 35,000 (i) Deposited intobank20,000
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = Cash37,000 + <a href="https://interviewquestions.tuteehub.com/tag/shares-1204908" style="font-weight:bold;" target="_blank" title="Click to know more about SHARES">SHARES</a> 50,000 + <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> 25,000 + Bank20,000 = 1,32,000, <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> = Capital1,32,000</body></html>

Discussion

805.	Show the effect of following transaction on the accounting equation:(a) Manoj started business with (i) Cash2,30,000 (ii) Goods 1,00,000 (iii) Building2,00,000 (b) He purchased goods for cash 50,000 (c) He sold goods (costing 20,000) 35,000 (d) He purchased goods from Rahul 55,000 (e) He sold goods to Varun (Costing 52,000)60,000 (f) He paid cash to Rahul in full settlement 53,000 (g) Salary paid by him20,000 (h) Rec eived 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 invested50,000 (o) Purchased goods from Rakhi 10,000
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = Cash 2,42,000 + Goods 1,43,000 +Building 1,90,000 Prepaid Insurouce 2,000 = 5,77,000, Liabilities = Outstanding Rent 3,000+ <a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a> 10,000 +Capital 5,64,000 = 5,77,000</body></html>

Discussion

806.	Show the accounting equation on the basis of the following transaction: (a) Udit started business with: (i) Cash5,00,000 (ii) Goods 1,00,000 (b) Purchased building for cash2, 00,000 (c) Purchased goods from Himani 50,000 (d) Sold goods to Ashu (Cost 25,000)36, 000 (e) Paid insurance premium 3,000 (f) Rent outstanding5,000 (g) Depreciation on building 8,000 (h) Cash withdrawn for personal use 20,000 (i) Rent received in advance5,000 (j) Cash paid to himanion account20,000 (k) Cash received from Ashu 30,000
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : Assets = Cash 2,92,000 + <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> 1,25,000 + Building 1,92,000 + Debtors6,000= 6,15,000: Laibilities = Creditors 30,000 + <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> Rent5,000 +Account receiavable 5,000+ <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> 5,75,000 = 6,15,000</body></html>

Discussion

807.	Show the effect of the following transactions andalso prepare a Blacance Sheet : (i) Started business with ₹60,000. (ii)Rentrecevied ₹2,000. (iii) Accrued interest ₹500. (iv) Commissionreceived in advance ₹ 1,000. (v)Amountwithdrawn ₹5,000.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> = OpeningCapital ₹ 60,000 + RentReceived ₹ 2,000 + <a href="https://interviewquestions.tuteehub.com/tag/accrued-7662406" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUED">ACCRUED</a> <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> ₹ <a href="https://interviewquestions.tuteehub.com/tag/500-323288" style="font-weight:bold;" target="_blank" title="Click to know more about 500">500</a>- Drawing₹ 5,000 = ₹57,500.</body></html>

Discussion

808.	Show the effect of the following transactions andalso prepare a Blacance Sheet : (i) Started business with â‚¹60,000. (ii)Rentrecevied â‚¹2,000. (iii) Accrued interest â‚¹500. (iv) Commissionreceived in advance â‚¹ 1,000. (v)Amountwithdrawn â‚¹5,000.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> = OpeningCapital â‚¹ 60,000 + RentReceived â‚¹ 2,000 + <a href="https://interviewquestions.tuteehub.com/tag/accrued-7662406" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUED">ACCRUED</a> <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> â‚¹ <a href="https://interviewquestions.tuteehub.com/tag/500-323288" style="font-weight:bold;" target="_blank" title="Click to know more about 500">500</a>- Drawingâ‚¹ 5,000 = â‚¹57,500.</body></html>

Discussion

809.	Show the Accounting Equationfor thefollowingtransactions:
Answer» <html><body><p><br/></p>Answer :Assest : <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> â‚¹20,000 + Stock â‚¹ 8,200 + Debtors â‚¹1,500= <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> : <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> â‚¹ 10,000 <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> : â‚¹ 19,7000.</body></html>

Discussion

810.	Show an AccountingEquation for the followingtransactions: D. Mahaptra commeced businesswith cash â‚¹50,000 and â‚¹1,00,000 by cheque, goods â‚¹ 60,000, machinery â‚¹ 1,00,000 and furniture â‚¹ 50,000. (ii) 1/3 rd of the above goods sold at a profit of 10% on cost and half of the payment is received in cash. (iii) Depreciation on machinery provided @ 10%. (iv) Cash withdrawan for personal use â‚¹ 10,000. (v) Interest on drawings charged @ 5%. (vi) Goods sold to Gupta for â‚¹ 10,000 and received a Bill Receivable for the same amount for 3 months. (vii) Received â‚¹ 10,000 from Gupta against the Bills Receivable on its maturity.
Answer» <html><body><p><br/></p>Solution :1.Openig <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> â‚¹ 3,60,000 = Cash â‚¹ 50,000 <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> â‚¹ 1,00,000 + <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> â‚¹60,000 + Machineery â‚¹1,00,000 + Furniture â‚¹ 50,000</body></html>

Discussion

811.	Show an AccountingEquation for the followingtransactions: D. Mahaptra commeced businesswith cash ₹50,000 and ₹1,00,000 by cheque, goods ₹ 60,000, machinery ₹ 1,00,000 and furniture ₹ 50,000. (ii) 1/3 rd of the above goods sold at a profit of 10% on cost and half of the payment is received in cash. (iii) Depreciation on machinery provided @ 10%. (iv) Cash withdrawan for personal use ₹ 10,000. (v) Interest on drawings charged @ 5%. (vi) Goods sold to Gupta for ₹ 10,000 and received a Bill Receivable for the same amount for 3 months. (vii) Received ₹ 10,000 from Gupta against the Bills Receivable on its maturity.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :1.Openig <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 3,60,000 = <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> ₹ 50,000 Bank ₹ 1,00,000 + <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> ₹60,000 + Machineery ₹1,00,000 + <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 50,000</body></html>

Discussion

812.	Show the Accounting Equationfor thefollowingtransactions:
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :Assest : <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> ₹20,000 + Stock ₹ 8,200 + Debtors ₹1,500= <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> : Creditors ₹ 10,000 <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> : ₹ 19,7000.</body></html>

Discussion

813.	Shivreet has stationery stock amounting to 500 as atthe end of the financial year his accountant has written it off to profit and loss account .But shivreet has asked hin to show it as stock of stationery.Is he right in doing so?
Answer» <html><body><p></p>Solution :Accounting is guided by the materiality concept .since the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of sttionery stock is not meterial it should be wirtten off to profit and loss <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> . Materiality stock of <a href="https://interviewquestions.tuteehub.com/tag/stationery-652708" style="font-weight:bold;" target="_blank" title="Click to know more about STATIONERY">STATIONERY</a> being not meterial it is better to write it off.</body></html>

Discussion

814.	Shanti maintains her boods of account from incomplete records. Her books provide the following information: {:("Particulars","1st April, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Cash","1,200","1,600"),("Bills Receivable","...","2,400"),("Debtors","16,800","27,200"),("Stock","22,400","24,200"),("Investments","...","8,000"),("Furniture","7,500","8,000"),("Creditors","14,000","15,200"):} She withdrew Rs. 300 per month for personal expenses. She sold her investments of Rs. 16,000 at 2% premium and introduced that amount into business. You are required to prepare a Statement of Profit of Loss for the year ending 31st March, 2019.
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_011_S01.png" width="80%"/></body></html>

Discussion

815.	Secret reserves are disclosed in the Balance Sheet.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>

Discussion

816.	Scope of accountancy is _________ than that of Book Keeping.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/wider-2334913" style="font-weight:bold;" target="_blank" title="Click to know more about WIDER">WIDER</a></body></html>

Discussion

817.	Scap value of an asset means the ________ that will be realised on sale at the end of its__________
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> or <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a>, <a href="https://interviewquestions.tuteehub.com/tag/useful-1441152" style="font-weight:bold;" target="_blank" title="Click to know more about USEFUL">USEFUL</a> <a href="https://interviewquestions.tuteehub.com/tag/life-541672" style="font-weight:bold;" target="_blank" title="Click to know more about LIFE">LIFE</a></body></html>

Discussion

818.	Sanjiv's Trial Balance as on 31st March, 2019 shows the following information : Sanjiv took goods costing Rs 20,000 for his personal use but entry was not passed in the books of account. Show the treatment in the Final Accounts.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html>

Discussion

819.	Sanjay started a firm on 1st April, 2018 with a capital of Rs. 10,000. On 1st July, 2018 he borrowed from his wifea sum of Rs. 4,000 @9% p.a. (interest not yet paid) for business and introduces a further capital of his own amounted to Rs. 1,500. On 31st March, 2019 his position was: Cash Rs. 600, Stock Rs. 9,400, Debtors Rs. 7,000 and Creditors Rs. 6,000. Ascertain his Profit of Loss taking into account Rs. 2,000 for his drawings during the year.
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_003_S01.png" width="80%"/></body></html>

Discussion

820.	Sales Return Book has a debit balance.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>

Discussion

821.	Sales Journal is used for recording cash as well as credit sales.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>

Discussion

822.	Sales is equal to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of Goods sold - <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit. <br/>Cost of goods Sold + Gross profit <br/>Gross profit - Cost of goods sold <br/>Cost of Goods Sold + <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> profit </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Cost of Goods sold - Gross Profit.</body></html>

Discussion

823.	Sales Book is prepared from the _______ Invoice.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a></body></html>

Discussion

824.	Sales Book
Answer» <html><body><p>is a partof the journal .<br/> is a part of the <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a>. <br/> is a part of the Balance <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :cash</body></html>

Discussion

825.	Sales are equal to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a> + <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a><br/>Cost of Goods Sold - Gross Profit<br/>Gross Profit - Cost of Goods Sold<br/>None of these</p>Solution :Cost of Goods Sold + Gross Profit</body></html>

Discussion

826.	Sales are calculated by adding
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> and cash <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> from debtors.<br/><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> sales and cash received from debtors.<br/>Cash sales and credit sales.<br/>None of these.</p>Solution :Cash sales and credit sales.</body></html>

Discussion

827.	Sales Account is a
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> Account <br/><a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Account <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :Revenue Account</body></html>

Discussion

828.	Sale of office furniture is credited to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>.<br/><a href="https://interviewquestions.tuteehub.com/tag/office-1129028" style="font-weight:bold;" target="_blank" title="Click to know more about OFFICE">OFFICE</a> <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> Account. <br/><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Account.<br/>None of these.</p>Solution :Office Furniture Account.</body></html>

Discussion

829.	Sale of Machinery by Suresh , a dealer in stationery to Sumit forâ‚¹ 1,20,000 is recorded in
Answer» <html><body><p>Cash <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <br/>Sales Book <br/><a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> Book <br/>Journal <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a>. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Journal Proper.</body></html>

Discussion

830.	Sale of old furniture to Paresh for cash should be debited to Paresh's Account.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>

Discussion

831.	Sale of goods to Ram for cash is debited to Cash Account.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>

Discussion

832.	Sale of Machinery by Amit, a dealer in machinery forâ‚¹1,20,000 is recorded in
Answer» <html><body><p>Cash <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> Book <br/><a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> Book <br/>Journal <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a>. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Sales Book</body></html>

Discussion

833.	Sale of goods to Ram for cash is debited to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/ram-617950" style="font-weight:bold;" target="_blank" title="Click to know more about RAM">RAM</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> A/c <br/><a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> A/c <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :Cash A/c</body></html>

Discussion

834.	Sale of goods to Ram for cash is debited
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/ram-617950" style="font-weight:bold;" target="_blank" title="Click to know more about RAM">RAM</a>'s A/c<br/><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> A/c<br/>Sales A/c<br/>None of these</p>Solution :Cash A/c</body></html>

Discussion

835.	Sale of goods by Mohan to Sohan for â‚¹ 1,000 will be recorded in the Sales Book .
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>

Discussion

836.	Sale made within the state is _________ sale.
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Intra-state</body></html>

Discussion

837.	Sale Account in the ledger shows
Answer» <html><body><p>All <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a> of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a><br/>Credit sales<br/>Cash sale of goods . <br/>Credit sales of assets other than goods. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :All Sale of goods</body></html>

Discussion

838.	Sale is recognised as revenue
Answer» <html><body><p>when the <a href="https://interviewquestions.tuteehub.com/tag/contract-932400" style="font-weight:bold;" target="_blank" title="Click to know more about CONTRACT">CONTRACT</a> for <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a> is entered into<br/>at the <a href="https://interviewquestions.tuteehub.com/tag/point-1157106" style="font-weight:bold;" target="_blank" title="Click to know more about POINT">POINT</a> of sale or performance of service<br/>after the <a href="https://interviewquestions.tuteehub.com/tag/expiry-980487" style="font-weight:bold;" target="_blank" title="Click to know more about EXPIRY">EXPIRY</a> of credit period allowed to debtors<br/>after the money collected from the customers</p>Solution :at the point of sale or performance of service</body></html>

Discussion

839.	Salary Outstanding A/c on the basis of classification of accounts is _______
Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a></body></html>

Discussion

840.	Salary due for the month of March will appear in….. Side of cash book
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/receipt-1179268" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPT">RECEIPT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/contra-932385" style="font-weight:bold;" target="_blank" title="Click to know more about CONTRA">CONTRA</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of the above </p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :D</body></html>

Discussion

841.	Salaries paid would be charged to which account - Trading A/c or Profit and Loss A/c?
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a></body></html>

Discussion

842.	Salaries and Wages Account is shown in
Answer» <html><body><p>Trading <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and loss account <br/><a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> Sheet<br/>None of these. </p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html>

Discussion

843.	Salaries Account is
Answer» <html><body><p>an <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> <br/>an <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> Account <br/> a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> Account <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :an Expense Account</body></html>

Discussion

844.	Rs. 2,000 received from Smith whose account was previously written off as Bad Debt should be credited to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/bas-892678" style="font-weight:bold;" target="_blank" title="Click to know more about BAS">BAS</a> <a href="https://interviewquestions.tuteehub.com/tag/debts-435567" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTS">DEBTS</a> <a href="https://interviewquestions.tuteehub.com/tag/recovered-2246317" style="font-weight:bold;" target="_blank" title="Click to know more about RECOVERED">RECOVERED</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/smith-646344" style="font-weight:bold;" target="_blank" title="Click to know more about SMITH">SMITH</a>'s Account.<br/>Cash Account.<br/>None of these.</p>Solution :Bas Debts Recovered Account.</body></html>

Discussion

845.	Roshan, whose accounts are maintained by Single Entry System, acquired a retail business on 1st April, 2018. He has Rs. 40,000 of his own and he borrowed Rs. 20,000 from his wife. He paid Rs. 15,000 for Goodwill, Rs. 5,000 for Furniture and Rs. 35,000 for Stock. Total cash received by him during the financial year from the Debtors was Rs. 2,30,000. His payments were: {:(,"Rs."),("Purchases","1,56,000"),("Salary and Wages"," 21,400"),("Trade Expenses","7,200"),("Rent:",),("For business house","5,920"),("For private house","2,960"),("Payable made for domestic purposes and drawings"," 26,400"):} At the end of the year, the stock was Rs. 37,5000. He owed Rs. 13,500 to Creditors for goods and his customers owed to him Rs. 15,000. Provide 5% for Depreciation of Furniture, Interest at 5% on wife,s Loan and Rs. 1,000 for Doubtful Debts. Prepare the Cash Account, the Profit and Loss Account for the year ended 31st March, 2019 and the Balance Sheet at the close of the year.
Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - Rs. 78,000; <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Profit - Rs. 41,230; <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> Sheet Total - Rs. 86,370.</body></html>

Discussion

846.	Rs. 200 received from Smit whose account was prviously written off as Bad Debt should be credited to
Answer» <html><body><p>Bad <a href="https://interviewquestions.tuteehub.com/tag/debts-435567" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTS">DEBTS</a> <a href="https://interviewquestions.tuteehub.com/tag/recovered-2246317" style="font-weight:bold;" target="_blank" title="Click to know more about RECOVERED">RECOVERED</a> Account. <br/>Simth's Account<br/>Cash Account <br/>Sales Account </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Bad Debts Recovered Account.</body></html>

Discussion

847.	Roshan purchased form Prem 500 items @ Rs.100each at 20% Trade Discount plus CGST and SGST @ 6% each. He is further given 2% Cash Discount as he made payment for the purchases immediately. Determine the amount that Roshan will debit to Purchases Account.
Answer» <html><body><p></p>Solution :Roshan will debit Rs. 40,000 to Purchases Account, i.e., the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of Purchases after Trade Discount. He will also debit <a href="https://interviewquestions.tuteehub.com/tag/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a> <a href="https://interviewquestions.tuteehub.com/tag/cgst-408155" style="font-weight:bold;" target="_blank" title="Click to know more about CGST">CGST</a> Account and Input SGST Account by Rs. <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>, 400 each. Cash Discount <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> is an income for Roshan. It will be credited to Discount Received Account.</body></html>

Discussion

848.	Rs. 2,000 paid as wages for installing a machine should be debited to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/wages-1448569" style="font-weight:bold;" target="_blank" title="Click to know more about WAGES">WAGES</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a>.<br/><a href="https://interviewquestions.tuteehub.com/tag/machinery-1082418" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINERY">MACHINERY</a> Account.<br/>Capital Account.<br/>None of these.</p>Solution :Machinery Account.</body></html>

Discussion

849.	Rohit has the following transactions : (a) Commenced business with cash 1,50,000 (b) Purchased machinery on credit 40,000 (c) Purchased goods for cash 20,000 (d) Purchased car for personal use 80,000 (e) Paid to creditors in full settlement 38,000 (f) Sold goods for cash costing5,000 4,500 (g) Paid rent 1,000 (h) Commission received in advance 2,000 Prepare the Accounting Equation to show the effect of the above transactions on the assets, liabilities and capital.
Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = Cash 17,500 + Machine40,000 + <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> 15,000 72,500, <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> = Commission 2,000 + Capital 70,500= 72,500</body></html>

Discussion

850.	Robert's Account is a
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a><br/>Real Account<br/>Nominal Account<br/>All of these</p>Solution :Personal Account</body></html>

Discussion

Explore topic-wise InterviewSolutions in Class 11.

Show the effect of thefollowing transactionson the Accounting Equation:(i) Statredbusiness with cash ₹50,000. (ii) Salariespaid ₹2,000. (iii)Wages outstanding ₹200. (iv) Interest duebut not paid ₹100. (v) Rentpaid in advance ₹150.

Show the effect of thefollowing transactionson the Accounting Equation:(i) Statredbusiness with cash â‚¹50,000. (ii) Salariespaid â‚¹2,000. (iii)Wages outstanding â‚¹200. (iv) Interest duebut not paid â‚¹100. (v) Rentpaid in advance â‚¹150.

Show the effect through Journal entries:

Show the effect of the following transactions andalso prepare a Blacance Sheet : (i) Started business with ₹60,000. (ii)Rentrecevied ₹2,000. (iii) Accrued interest ₹500. (iv) Commissionreceived in advance ₹ 1,000. (v)Amountwithdrawn ₹5,000.

Show the effect of the following transactions andalso prepare a Blacance Sheet : (i) Started business with â‚¹60,000. (ii)Rentrecevied â‚¹2,000. (iii) Accrued interest â‚¹500. (iv) Commissionreceived in advance â‚¹ 1,000. (v)Amountwithdrawn â‚¹5,000.

Show the Accounting Equationfor thefollowingtransactions:

Show the Accounting Equationfor thefollowingtransactions:

Shivreet has stationery stock amounting to 500 as atthe end of the financial year his accountant has written it off to profit and loss account .But shivreet has asked hin to show it as stock of stationery.Is he right in doing so?

Secret reserves are disclosed in the Balance Sheet.

Scope of accountancy is _________ than that of Book Keeping.

Scap value of an asset means the ________ that will be realised on sale at the end of its__________

Sanjiv's Trial Balance as on 31st March, 2019 shows the following information : Sanjiv took goods costing Rs 20,000 for his personal use but entry was not passed in the books of account. Show the treatment in the Final Accounts.

Sales Return Book has a debit balance.

Sales Journal is used for recording cash as well as credit sales.

Sales is equal to

Sales Book is prepared from the _______ Invoice.

Sales Book

Sales are equal to

Sales are calculated by adding

Sales Account is a

Sale of office furniture is credited to

Sale of Machinery by Suresh , a dealer in stationery to Sumit forâ‚¹ 1,20,000 is recorded in

Sale of old furniture to Paresh for cash should be debited to Paresh's Account.

Sale of goods to Ram for cash is debited to Cash Account.

Sale of Machinery by Amit, a dealer in machinery forâ‚¹1,20,000 is recorded in

Sale of goods to Ram for cash is debited to

Sale of goods to Ram for cash is debited

Sale of goods by Mohan to Sohan for â‚¹ 1,000 will be recorded in the Sales Book .

Sale made within the state is _________ sale.

Sale Account in the ledger shows

Sale is recognised as revenue

Salary Outstanding A/c on the basis of classification of accounts is _______

Salary due for the month of March will appear in….. Side of cash book

Salaries paid would be charged to which account - Trading A/c or Profit and Loss A/c?

Salaries and Wages Account is shown in

Salaries Account is

Rs. 2,000 received from Smith whose account was previously written off as Bad Debt should be credited to

Rs. 200 received from Smit whose account was prviously written off as Bad Debt should be credited to

Roshan purchased form Prem 500 items @ Rs.100each at 20% Trade Discount plus CGST and SGST @ 6% each. He is further given 2% Cash Discount as he made payment for the purchases immediately. Determine the amount that Roshan will debit to Purchases Account.

Rs. 2,000 paid as wages for installing a machine should be debited to

Robert's Account is a

Scap value of an asset means the that will be realised on sale at the end of its__