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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.
| 901. |
Ramesh's Trail Balance as on 31st March, 2019 gives the Following information: Show how the above items would appear in the Profit and Loss Account and 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/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 902. |
Ramanuj keeps his books under Single Entry System. His assets and liabilities were as under: During 2018-19, he introduced Rs. 10,000 as additional capital. He withdrew Rs. 3,000 every month for his household expenses. Ascertain his Profit for the year ended 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_004_S01.png" width="80%"/></body></html> | |
| 903. |
Ram started business on 1st April, 2018witha capital of ₹2,50,000 and a loanof₹12,500. On 31st March , 2019 his assestwrer ₹50,000 . Findhis capitalas on 31 st March, 2019 and theprofit earned during the year. |
| 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> ₹ 37,500; <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> ₹ 12,500.</body></html> | |
| 904. |
Ram started business on 1st April, 2018witha capital of ₹2,50,000 and a loanof₹12,500. On 31st March , 2019 his assestwrer ₹50,000 . Findhis capitalas on 31 st March, 2019 and theprofit earned during the year. |
| 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 37,500; <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> ₹ 12,500.</body></html> | |
| 905. |
Ram Prashad keeps his books on Single Entru System and from them and the particulars supplied, the following figures were gathered together on 31st March, 2019: Book Debts Rs. 10,000, Cash in Hand Rs. 510, Stock- in - Trade (estimated) Rs. 6,000, Furniture and Fittings Rs. 1,200, Trade Creditors Rs. 4,000, Bank Overdraft Rs. 1,000. Ram Prashad stated that he started business on 1st April, 2018 with cash Rs. 6,000 paid into bank but stocks valued at Rs. 4,000. During the year he estimated his drawings to be Rs. 2,400.You are required to prepare the statement, showing the profit for the year, after writing off 10% for Depreciation on Furniture and Fittings . |
| 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/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 4,990.</body></html> | |
| 906. |
Ram Prakash keeps his books on Single Entry System. From the following information provided by him, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date: Other Information: There were considerable amount of Cash Sales. Credit Purchases during the year amounted Rs. 2,30,000. Provide a provision for Doubtful Debts to the extent of 10% on Debtors. |
| 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_027_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_027_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_020_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_020_S04.png" width="80%"/></body></html> | |
| 907. |
Ram has purchased goods from Param for cash, the entry will be recorded in the |
| 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> Book <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/>Journal <br/>Purchase Book </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 Book</body></html> | |
| 908. |
Ram & Co. purchased a machinery for Rs 21,000 on 1st April, 2019. The estimated life of the machinery is 10 years, after which its residual value will be Rs 1,000 only. Find the amount of Annual Depreciation according to the Fixed Instalment Method. Ignore GST. |
| 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/annual-363291" style="font-weight:bold;" target="_blank" title="Click to know more about ANNUAL">ANNUAL</a> <a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a>- <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 2,000.]</body></html> | |
| 909. |
Rakesh has started his business of retail trade at a moderate level on october 1,2018 .He desires that he should prepare first profit and loss account and balance sheet on March 31,2019 and thereafter everyyear on March 31. you have to appraise his decision and ascertion whether his decision is justified. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/rakesh-617857" style="font-weight:bold;" target="_blank" title="Click to know more about RAKESH">RAKESH</a> has made c a correct decision.By doing so he has <a href="https://interviewquestions.tuteehub.com/tag/followed-2079285" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWED">FOLLOWED</a> the fundamental accounting concept of <a href="https://interviewquestions.tuteehub.com/tag/going-1008806" style="font-weight:bold;" target="_blank" title="Click to know more about GOING">GOING</a> concern andalso periodicity principle</body></html> | |
| 910. |
Rajesh does not maintain proper booksof account. From the following particulars, prepare the Trading and Profit and Loss Account for the year ended 31st March, 2019 and the Balance Sheet as on that date: He had Rs. 25,000 as Cash Balancein the beginning of 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_025_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_025_S02.png" width="80%"/></body></html> | |
| 911. |
Rajeev & Co. Bank Reconciliation Statement Situation Ravi Kumar works as a cashier for Rajeev & Co. His responsibilities include recording and maintainingthe firm's cash book and preparing a bankreconciliation statements at the end of the month. The firm's cash book for July 2018 which Ravi has just completed recording and balacing for the mohnth end is shown below ( Note: For the sake of clarity the cash columnhas been omitted.) A copy of the firm's bank statement from the HDFC Bank Ltd.for the month ofJuly has just been received and is also illustrated. The numericaldifference between the two is : Bank statement balance ₹20,030 minus cash book balance₹17,420=₹2,610 This is the difference which Ravi will have to 'reconcile'. To Reconcile the Cash Book with the Bank Pass Book following four steps are taken in practical. |
| 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> :Step 1. Tick the <a href="https://interviewquestions.tuteehub.com/tag/items-1052972" style="font-weight:bold;" target="_blank" title="Click to know more about ITEMS">ITEMS</a> in both Cash Bookand Bank Statement.<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S02.png" width="80%"/> <br/> Step 2: The unticked i.e., deposit of ₹ 1,790 and bank charges of ₹ 120 will be accounted in the Cash Book : <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S03.png" width="80%"/> <br/> The balance of bank column now stand at ₹ 19,090, which differs from bank <a href="https://interviewquestions.tuteehub.com/tag/statements-17642" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENTS">STATEMENTS</a> balance of ₹ 20,030. This remaining difference is dealt with in the Bank Reconciliation Statements.<br/> Step:3 Identify the remaining unticked items from the cash book. These are : <br/> `{:("Receipts July31 Piyush Bros. ₹630",|," Payment","July 2"," Bittoo & Co. (<a href="https://interviewquestions.tuteehub.com/tag/cheque-915097" style="font-weight:bold;" target="_blank" title="Click to know more about CHEQUE">CHEQUE</a> no. 004451)","₹ 1,300"),(,|,,"July 8","Maninder Ltd. (cheque no. 004453)","₹ 270"):}`<br/> These items should appear on <a href="https://interviewquestions.tuteehub.com/tag/next-578185" style="font-weight:bold;" target="_blank" title="Click to know more about NEXT">NEXT</a> month's bank statement as they are because of timing differences. These are the item which willappear in the Bank Reconciliation Statement . <br/> Step. : Preparation of the Bank Reconciliation Statement<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S04.png" width="80%"/></body></html> | |
| 912. |
Rajan who trades in electronic goods, gifited a television to his daughter. Will it be recorded in the books of account? |
| 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/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a>, it will be recorded in the books of account, as drawings by <a href="https://interviewquestions.tuteehub.com/tag/rajan-616887" style="font-weight:bold;" target="_blank" title="Click to know more about RAJAN">RAJAN</a>.</body></html> | |
| 913. |
Raja Ltd. Purchased securities for ₹50 lakh. At the end of the year, the market value of such securities was ₹40 lakh. While preparing the financial statement, the company valued the securities at cost i.e. at ₹50 lakh. Is it a correct treatment? |
| Answer» <html><body><p></p>Solution :No. it is not a correct treatment. The <a href="https://interviewquestions.tuteehub.com/tag/company-924982" style="font-weight:bold;" target="_blank" title="Click to know more about COMPANY">COMPANY</a> has <a href="https://interviewquestions.tuteehub.com/tag/violated-7379792" style="font-weight:bold;" target="_blank" title="Click to know more about VIOLATED">VIOLATED</a> the convention fo <a href="https://interviewquestions.tuteehub.com/tag/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a> according to which current assets are valued at cost <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> or realisable value whichever is less.</body></html> | |
| 914. |
Rahul’s trial balance provide you the following information : It is desired to maintain a provision for bad debts of Rs. 1,000 State the amount to be debited/credited in profit and loss account : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 5,00 (<a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a>) <br/>Rs. 3,000 (Debit)<br/>Rs. 1,000 (<a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</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>Solution :N/a</body></html> | |
| 915. |
Rahul sold 100 Cricket Bats to V. Sports @ Rs. 5,000 each less 25% Trade Discount plus IGST @ 12% and 2% Cash Discount if V. Sports paid the amount in 14 days of sale. V. Sports paid the amount within 14 days. What will be the amount that Rahul should creditto Sales Account? |
| 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/rahul-616383" style="font-weight:bold;" target="_blank" title="Click to know more about RAHUL">RAHUL</a> will credit Rs. 3,75,000 to Sales Account, i.e., the amount of Gross Sales <a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> Trade <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a>. Cash Discount allowed is an expense and is debited to Discount Allowed Account.</body></html> | |
| 916. |
Rahul , the proprietor of M/s . R. K .& Co. purchased an air - conditioner and installed it at his residence. The payment was made by issuing a cheque from the accountof M/s R. K. & Co. The Accountant debited the Drawings Account with the amount whereas Rahul is of the view that should be debited to the FixedAssets . In your view , who is correct and why ? |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/accountant-5219" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTANT">ACCOUNTANT</a> is correct because <a href="https://interviewquestions.tuteehub.com/tag/according-366619" style="font-weight:bold;" target="_blank" title="Click to know more about ACCORDING">ACCORDING</a> to the Business <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a> Concept business is separate and distinct from the owners . Since , the air - conditioner has been installed at the <a href="https://interviewquestions.tuteehub.com/tag/residence-1186178" style="font-weight:bold;" target="_blank" title="Click to know more about RESIDENCE">RESIDENCE</a> of the proprietor , i.e., for his personal use , it is drawings by the owner.</body></html> | |
| 917. |
Rahul 's Trial Balance as on 31st March, 2019 has the following information : Additional Information (i) Salary for the monthof marhc, 2019 is yet to be paid. (ii) Eleectricity Bill for March, 2019 amounted to Rs 5,200 was received on 2nd April, 2019. Determine the amount of Salary and Electircity expenses to be provided and show how the two amounts will be shown i 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> | |
| 918. |
Rahul of Chennai sold goods to Reva of Channai of Rs 10,000. Whatever he will charge CGST and SGST or IGST ? Why? |
| Answer» <html><body><p></p>Solution :The <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 <a href="https://interviewquestions.tuteehub.com/tag/intra-518734" style="font-weight:bold;" target="_blank" title="Click to know more about INTRA">INTRA</a>- state sale, therefore, both <a href="https://interviewquestions.tuteehub.com/tag/cgst-408155" style="font-weight:bold;" target="_blank" title="Click to know more about CGST">CGST</a> and <a href="https://interviewquestions.tuteehub.com/tag/sgst-630622" style="font-weight:bold;" target="_blank" title="Click to know more about SGST">SGST</a> will be charged.</body></html> | |
| 919. |
Raghunath had the followingtaransacitonsin anaccounting year : (i)Commenced business with cash ₹ 50,000. (ii) Paidinto bank ₹10,000. (iii) Purcahsedgoods for cash ₹20,000 and credit ₹30,000. (iv) Soldgoods forcash ₹40,000 costing₹30,000. (v)Rentpaid ₹500. (vi) Rentoutstanding ₹100. (vii)Bought furniture ₹5,000 on credit. (viii) Bought refrigerator for personal use ₹5,000. (ix) Purchased motorcycle forcash ₹20,000. Create an AccountingEquation to show theeffectof the aboveand also shown his Balcnce Sheet. |
| 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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> : Cash ₹34,500 + Bank₹ 10,000+ Stock ₹ 20,000 + furniture ₹ 5,000 +Motorcycle ₹ 20,000 = Liabilities :Creitors ₹ 30,00 + OutstandingRent ₹ <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a>+ <a href="https://interviewquestions.tuteehub.com/tag/vendor-1444632" style="font-weight:bold;" target="_blank" title="Click to know more about VENDOR">VENDOR</a> forFurniture ₹ 5,000 + Capital ₹ 54,400.</body></html> | |
| 920. |
Raghunath had the followingtaransacitonsin anaccounting year : (i)Commenced business with cash ₹ 50,000. (ii) Paidinto bank ₹10,000. (iii) Purcahsedgoods for cash ₹20,000 and credit ₹30,000. (iv) Soldgoods forcash ₹40,000 costing₹30,000. (v)Rentpaid ₹500. (vi) Rentoutstanding ₹100. (vii)Bought furniture ₹5,000 on credit. (viii) Bought refrigerator for personal use ₹5,000. (ix) Purchased motorcycle forcash ₹20,000. Create an AccountingEquation to show theeffectof the aboveand also shown his Balcnce Sheet. |
| Answer» <html><body><p><br/></p>Answer :<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 ₹34,500 + Bank₹ 10,000+ Stock ₹ 20,000 + <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 5,000 +<a href="https://interviewquestions.tuteehub.com/tag/motorcycle-1104303" style="font-weight:bold;" target="_blank" title="Click to know more about MOTORCYCLE">MOTORCYCLE</a> ₹ 20,000 = Liabilities :Creitors ₹ 30,00 + OutstandingRent ₹ <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a>+ Vendor forFurniture ₹ 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> ₹ 54,400.</body></html> | |
| 921. |
R Ltd. Purchased 500 Sq. Metre Land for ₹1.5 crore to build a factory. At the end of year, the market value of land was ₹1.35 crore. R Ltd. Treated ₹ 15 Lakh as loss and recorded the land at ₹1.35 crore. Is it a correct treatment? |
| Answer» <html><body><p></p>Solution :No. It is not a <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> <a href="https://interviewquestions.tuteehub.com/tag/treatment-712503" style="font-weight:bold;" target="_blank" title="Click to know more about TREATMENT">TREATMENT</a>. Accordingto <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> Concept, a <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> asset is recorded in the books at a price it was acquired.</body></html> | |
| 922. |
Quality of manpower is not shown in the Financial Statements because of Revenue Principle. |
| 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> | |
| 923. |
Qualitative characteristicof Accounting includes |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/reliability-1183890" style="font-weight:bold;" target="_blank" title="Click to know more about RELIABILITY">RELIABILITY</a> and Relevance.<br/>Understandability and Comparability.<br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</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>Solution :Both (a) and (b).</body></html> | |
| 924. |
Put the following on the proper side of a Cash Account , a Debtor's Account and a Creditor's Account : {:(,,,"₹") , ((i), "Sold goods to Sanjay on credit" ,, 50","000) , ((ii) , "Sold goods to Mohan for cash" ,, 20","000 ) , ((iii) , "Purchased goods from Ram on credit " ,, 25","000) , ((iv) , "Cash received from Sanjay" ,, 19","000) , ((v) ,"Goods returned by Sanjay" ,,2","000) , ((vi) , "Paid rent" ,, 500) , ((vii), "Cash paid to Ram" ,, 15","000):} |
| Answer» <html><body><p><br/></p>Answer :Cash A/c Dr . (ii) , (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>) ; Cr. (<a href="https://interviewquestions.tuteehub.com/tag/vi-723586" style="font-weight:bold;" target="_blank" title="Click to know more about VI">VI</a>) , (<a href="https://interviewquestions.tuteehub.com/tag/vii-723638" style="font-weight:bold;" target="_blank" title="Click to know more about VII">VII</a>) ; Sanjay (<a href="https://interviewquestions.tuteehub.com/tag/debtor-945512" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTOR">DEBTOR</a>)Dr . (i) , Cr. (iv) , (v) ; Ram (<a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a>) Dr. (vii) , Cr. (iii) .</body></html> | |
| 925. |
Purchasing car for personal use by proprietor will Increase Assets and Capital. |
| 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> | |
| 926. |
Purchases Book is a record prepared from the invoices received from suppliers. Is it correct ? Give reasons. |
| Answer» <html><body><p></p>Solution :Yes. <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> can be either in cash or on credit. Credit purchases are recorded in <a href="https://interviewquestions.tuteehub.com/tag/thepurchases-3202462" style="font-weight:bold;" target="_blank" title="Click to know more about THEPURCHASES">THEPURCHASES</a> Book. The <a href="https://interviewquestions.tuteehub.com/tag/source-1219297" style="font-weight:bold;" target="_blank" title="Click to know more about SOURCE">SOURCE</a> documents for recording entries in the Purchases Book are invoices or bills received from the suppliers of goods. The entries are made with the net amount of the <a href="https://interviewquestions.tuteehub.com/tag/invoice-1051017" style="font-weight:bold;" target="_blank" title="Click to know more about INVOICE">INVOICE</a> after deductingtrade <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a>.</body></html> | |
| 927. |
Purchases of machinery for production is |
| 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/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a><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> Expenditure<br/>Defferred Revenue Expenditure<br/>None of these</p>Solution :Capital Expenditure</body></html> | |
| 928. |
Purchased office stationary for 18,000. The account to be credited is ........... |
| 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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a></body></html> | |
| 929. |
Purchases means purchase of goods for ________ |
| 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/resale-1185877" style="font-weight:bold;" target="_blank" title="Click to know more about RESALE">RESALE</a></body></html> | |
| 930. |
Purchases' are classified as |
| Answer» <html><body><p><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/>Asset Account.<br/>Capital Account<br/>RevenueAccount </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> :Expense Account</body></html> | |
| 931. |
Purchased new machine for1,70,000 and issued cheque for the same. The account to be debited is ............ |
| 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/machine-550312" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINE">MACHINE</a></body></html> | |
| 932. |
Purchase 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 933. |
Purchase refers to the purchase of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> for <a href="https://interviewquestions.tuteehub.com/tag/resale-1185877" style="font-weight:bold;" target="_blank" title="Click to know more about RESALE">RESALE</a><br/>stationery for <a href="https://interviewquestions.tuteehub.com/tag/office-1129028" style="font-weight:bold;" target="_blank" title="Click to know more about OFFICE">OFFICE</a> use<br/>assets for the factory<br/>None of the above</p>Solution :goods for resale</body></html> | |
| 934. |
Purchase refers to the buying of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/stationery-652708" style="font-weight:bold;" target="_blank" title="Click to know more about STATIONERY">STATIONERY</a> for <a href="https://interviewquestions.tuteehub.com/tag/office-1129028" style="font-weight:bold;" target="_blank" title="Click to know more about OFFICE">OFFICE</a> use<br/>Assets for the factory<br/><a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> for <a href="https://interviewquestions.tuteehub.com/tag/resale-1185877" style="font-weight:bold;" target="_blank" title="Click to know more about RESALE">RESALE</a><br/>Investment</p>Solution :Goods for resale</body></html> | |
| 935. |
Purchase of office furniture for Rs. 1,200 was debited to the General Expenses Account. It is |
| Answer» <html><body><p>a <a href="https://interviewquestions.tuteehub.com/tag/clerical-420777" style="font-weight:bold;" target="_blank" title="Click to know more about CLERICAL">CLERICAL</a> <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a>. <br/>an error of <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>. <br/>an error of omission.<br/>None of these.</p>Solution :an error of principle.</body></html> | |
| 936. |
Purchase of office furniture of ₹ 1,200 has been debited to the General Expenses Account . It is |
| Answer» <html><body><p>a <a href="https://interviewquestions.tuteehub.com/tag/clerical-420777" style="font-weight:bold;" target="_blank" title="Click to know more about CLERICAL">CLERICAL</a> <a href="https://interviewquestions.tuteehub.com/tag/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a>. <br/>an error of <a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a>. <br/>an error of omission<br/>Compensating Error. </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> :an error of principle.</body></html> | |
| 937. |
Purchase of Machineryby Amit, a delaer in machinery from Yogesh for ₹ 1,00,000 is recorded in |
| Answer» <html><body><p>Cash Book <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/><a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> <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>Solution :Purchase Book</body></html> | |
| 938. |
Purchase of machinery for production is a revenue expenditure. |
| 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> | |
| 939. |
Purchase of Machinery by Abhay, a dealer in stationery from Yogesh for₹ 1,00,000 is recorded in |
| 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/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> <br/>Sales Book <br/>Purchase 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>Solution :Journal Proper.</body></html> | |
| 940. |
Purchase of machina by cash means |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> in <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> and decrease in <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a>.<br/> <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in asset and decrease in asset.<br/> Increase in asset and decrease in liability.<br/> Decrease in asset and increase in capital.</p>Solution : Increase in asset and decrease in asset.</body></html> | |
| 941. |
Purchase of furniture on credit should be recorded in |
| Answer» <html><body><p>Journa<br/>Purchase Book<br/>Cash Book<br/>Journal Proper</p>Answer :D</body></html> | |
| 942. |
Purchase of furniture on credit means |
| Answer» <html><body><p> <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> in <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> and <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a>.<br/> Increase in asset and increase in liability.<br/> Increase in asset and decrease in liability<br/>Decrease in asset and decrease in liability.</p>Solution : Increase in asset and increase in liability.</body></html> | |
| 943. |
Purchase is a revenue. |
| 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> | |
| 944. |
Purchase book is used to record : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> of goods<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> Purchases of goods<br/>Credit Purchases of <a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> <br/>All credit Purchases</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 945. |
Purchase Account in the ledger shows |
| Answer» <html><body><p>All purchases of goods <br/>Credit puchases<br/>Cash purchases of goods <br/>Credit purchase of <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> 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 purchases of goods</body></html> | |
| 946. |
Provison' isachargeagainst profts. |
| 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/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 947. |
Provisions are _________ transactions. |
| 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/internal-517481" style="font-weight:bold;" target="_blank" title="Click to know more about INTERNAL">INTERNAL</a></body></html> | |
| 948. |
Provision is madeto meetan unknown liabiliy. ' |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 949. |
Provisions are |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/external-981194" style="font-weight:bold;" target="_blank" title="Click to know more about EXTERNAL">EXTERNAL</a> transactions.<br/>internal transactions.<br/>Can be (a) or (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</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>Answer :B</body></html> | |
| 950. |
Provision is |
| Answer» <html><body><p>an <a href="https://interviewquestions.tuteehub.com/tag/appropriation-882828" style="font-weight:bold;" target="_blank" title="Click to know more about APPROPRIATION">APPROPRIATION</a> out of <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/>A <a href="https://interviewquestions.tuteehub.com/tag/charge-914384" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGE">CHARGE</a> against the profit. <br/>Both (a) and (b)<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 :A charge against the profit.</body></html> | |