2427 + Interview Questions in Accounts in Class 11 Page 20 InterviewSolution

951.	Provision for Doubtful debts is made on the debts that are
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/doubtful-432836" style="font-weight:bold;" target="_blank" title="Click to know more about DOUBTFUL">DOUBTFUL</a> of <a href="https://interviewquestions.tuteehub.com/tag/recovery-13760" style="font-weight:bold;" target="_blank" title="Click to know more about RECOVERY">RECOVERY</a>.<br/> Not doubtful of recovery <br/>On 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 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> :Doubtful of recovery.</body></html>

Discussion

952.	Provision is a
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/specific-1220917" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIFIC">SPECIFIC</a> Reserve.<br/>General Reserve.<br/>Capital Reserve.<br/>None of these.</p>Answer :D</body></html>

Discussion

953.	Provisionfor doubtful debts is debited to the Bad Debts 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

954.	Provision for Doubtful Debts is made following the
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> Recognition Concept . <br/>Accrual Concept <br/>Accounting <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> Concept<br/>Prudence Concept </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

955.	Provision for Doubtful Debts, in excess of the required provision is credited to
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</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/>Trading Account<br/>Profit and Loss 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 :NA</body></html>

Discussion

956.	Provision for Discount on Debtors is shown in the Balance Sheet as deducted from Debtors.
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

957.	Provision for Discount on Debtors is provided on
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> that are <a href="https://interviewquestions.tuteehub.com/tag/doubtful-432836" style="font-weight:bold;" target="_blank" title="Click to know more about DOUBTFUL">DOUBTFUL</a> of recovery. <br/>Debtors that are not doubtful of recovery. <br/>On 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 these. </p>Solution :Debtors that are not doubtful of recovery.</body></html>

Discussion

958.	Provethat theAccountingEquation is satisfiedin allthe followingtransactionsof Suresh. Also prepare aBalance sheet. (i) Commenced business withcash â‚¹60,000. (ii) Paid rent in advanceâ‚¹500. (iii) Pruchased goods for cash â‚¹20,000. (iv)Sold goodsfor cash â‚¹30,000 costing â‚¹20,000. (v) Paid salary â‚¹500and salaryoutstandingbeing â‚¹100. (vi) Bought motorcycle for personaluse â‚¹5,000.
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> :Assets : Cash â‚¹ 54,000 + <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 â‚¹ 500 + Stock â‚¹ 30,000 = Liabilities : Creditors â‚¹ 20,000 + <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> Salaryâ‚¹ 100 + <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 64,400.</body></html>

Discussion

959.	Provided services for 65,000 on credit. 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/debtor-945512" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTOR">DEBTOR</a></body></html>

Discussion

960.	Provision for Discount on Debtors in calculated before deducting Provision for Doubtful debts from debtors. Comment.
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> :No, <a href="https://interviewquestions.tuteehub.com/tag/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a> for <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> on <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> is calculated after deducing Provision for doubtful debts. It is so because discount is not <a href="https://interviewquestions.tuteehub.com/tag/allowed-857944" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOWED">ALLOWED</a> on debtors which are doutful of recovery.</body></html>

Discussion

961.	Provethat theAccountingEquation is satisfiedin allthe followingtransactionsof Suresh. Also prepare aBalance sheet. (i) Commenced business withcash ₹60,000. (ii) Paid rent in advance₹500. (iii) Pruchased goods for cash ₹20,000. (iv)Sold goodsfor cash ₹30,000 costing ₹20,000. (v) Paid salary ₹500and salaryoutstandingbeing ₹100. (vi) Bought motorcycle for personaluse ₹5,000.
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> :Assets : Cash ₹ 54,000 + Prepaid Rent ₹ 500 + Stock ₹ 30,000 = <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> : <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> ₹ 20,000 + Outstanding Salary₹ 100 + <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a>: ₹ 64,400.</body></html>

Discussion

962.	Prove that the Accounting Equation is satified in all the followingtransactions of Sameer Goel : (i) Started business with cash â‚¹1,000. (ii)Paidrentin advance â‚¹300. (iii) Purchased goodsfor cashâ‚¹5,000 and credit â‚¹2000. (iv) Soldgoodsfor cash â‚¹8,000 costing â‚¹4000. (v) Paid salaryâ‚¹450 and salary outstanding being â‚¹ 100. (vi) Boughtmotorcyclefor personaluseâ‚¹3000.
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 â‚¹9,250 + Perparid Rentâ‚¹ 300 + Stock= 3,000 = Liabilities: SalaryOutstanding â‚¹ <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a> + Creditors â‚¹ 2,000 + <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‚¹10,450.</body></html>

Discussion

963.	Providing depreciation on fixed asset is in accordancewith which of the following principles/concepts.
Answer» <html><body><p>(i) & (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>)<br/>(ii) & (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>)<br/>(i) & (iii)<br/>All the <a href="https://interviewquestions.tuteehub.com/tag/three-708969" style="font-weight:bold;" target="_blank" title="Click to know more about THREE">THREE</a> </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</body></html>

Discussion

964.	Prove that the Accounting Equation is satified in all the followingtransactions of Sameer Goel : (i) Started business with cash ₹1,000. (ii)Paidrentin advance ₹300. (iii) Purchased goodsfor cash₹5,000 and credit ₹2000. (iv) Soldgoodsfor cash ₹8,000 costing ₹4000. (v) Paid salary₹450 and salary outstanding being ₹ 100. (vi) Boughtmotorcyclefor personaluse₹3000.
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> :Assets : <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> ₹9,250 + Perparid Rent₹ <a href="https://interviewquestions.tuteehub.com/tag/300-305868" style="font-weight:bold;" target="_blank" title="Click to know more about 300">300</a> + Stock= 3,000 = Liabilities: SalaryOutstanding ₹ 100 + <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> ₹ 2,000 + Capital;₹10,450.</body></html>

Discussion

965.	Prove that the accounting equation is satisfied in all the following transactions of Sita Ram house by preparing the analysis table.
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_C03_S01_008_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C03_S01_008_S02.png" width="80%"/></body></html>

Discussion

966.	Propritor of the firm has taken goods for his personal use. The accountatn has accounted it as sale in the books of account .Is he correct in his accounting?
Answer» <html><body><p></p>Solution :No he is not correct in his accounting .The goods <a href="https://interviewquestions.tuteehub.com/tag/taken-659096" style="font-weight:bold;" target="_blank" title="Click to know more about TAKEN">TAKEN</a> by the proprietor should be <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> to <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a> account for the reason that the goods taken for <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> use do not have an element 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></body></html>

Discussion

967.	Proprietor of the business withdrew goods from business for private use. It will be posted to the :
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> of <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a> A/<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a><br/>Debit of <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> A/c<br/>Credit of Purchases A/c<br/>None of the above</p>Answer :C</body></html>

Discussion

968.	Propreitor of the business is treated as creditor to the extent of his capital under which Concept?
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/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html>

Discussion

969.	Promissory Note is prepared by the debtor .Do you agree?
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/yes-749457" style="font-weight:bold;" target="_blank" title="Click to know more about YES">YES</a></body></html>

Discussion

970.	Profit is earned on sale of Fixed Asset. What should be theaccounting treatment of this profit?
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> :It is a capital <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/hence-484344" style="font-weight:bold;" target="_blank" title="Click to know more about HENCE">HENCE</a>, it should be <a href="https://interviewquestions.tuteehub.com/tag/transferred-2310410" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRED">TRANSFERRED</a> to capital <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a>.</body></html>

Discussion

971.	Profit on sale of fixed asset is used to create
Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/specific-1220917" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIFIC">SPECIFIC</a> Reserve.<br/>General Reserve.<br/>Capital Reserve.<br/>None of these.</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html>

Discussion

972.	Profit is earned on sale of fixed asset, what should be the accouting treatment of it ?
Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> on <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 fixed asset is a capital profit and <a href="https://interviewquestions.tuteehub.com/tag/therefore-706901" style="font-weight:bold;" target="_blank" title="Click to know more about THEREFORE">THEREFORE</a> , should be transferred to capital <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a>.</body></html>

Discussion

973.	Profit earned by the business means an increase in the proprietor's capital . Is it correct ?
Answer» <html><body><p></p>Solution :Yes, it is correct because the <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</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> earned by the <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>'s business is added to the capital .</body></html>

Discussion

974.	Profit = Capital at the end + ? - Capital in the beginning.
Answer» <html><body><p>Sales.<br/><a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a>.<br/>Net Purchases.<br/>None of these.</p>Solution :Drawings.</body></html>

Discussion

975.	Profit= Capital at the end + ? - Additional capital introduced - Capital in the beginning .
Answer» <html><body><p>Sales<br/><a href="https://interviewquestions.tuteehub.com/tag/drawing-959485" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWING">DRAWING</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</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> :Drawing</body></html>

Discussion

976.	Production a factory had to stop for a week due to a labour strike . The owner estimated the loss of production and the likely loss of profit arising out of the situation . He directed the accountant to record the loss in the books of accoount . Is the owner correct in recording the likely loss ? Give reasons.
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> :No , the owner is not <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> beecause transaction and <a href="https://interviewquestions.tuteehub.com/tag/events-11766" style="font-weight:bold;" target="_blank" title="Click to know more about EVENTS">EVENTS</a> are recorded in the books of account if they can be measured in money terms and on the <a href="https://interviewquestions.tuteehub.com/tag/basis-893664" style="font-weight:bold;" target="_blank" title="Click to know more about BASIS">BASIS</a> of evidences . In the <a href="https://interviewquestions.tuteehub.com/tag/present-1163722" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENT">PRESENT</a> case, evidence to the effect of loss or profit does not exist on the basis of which the owner can measure the loss in money terms</body></html>

Discussion

977.	Profit and Loss Account is prepared to know
Answer» <html><body><p>Gross <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 href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> 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><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Net Profit.</body></html>

Discussion

978.	Presentthe followingtransactions in theAccountingEquation:
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_C05_S01_004_S01.png" width="80%"/><br/> Note: <br/> <a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>. Rentpaidwill <a href="https://interviewquestions.tuteehub.com/tag/reduce-1181332" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCE">REDUCE</a> cashby â‚¹200 Rentbeingan expense will reduce profitby â‚¹200.<a href="https://interviewquestions.tuteehub.com/tag/thus-2307358" style="font-weight:bold;" target="_blank" title="Click to know more about THUS">THUS</a> ,capital will be reduced bu â‚¹200. <br/> 2. Interestrecived formBankwill increase Bank Blance . It being an income will increase profitby â‚¹100. Thus, capital will be increased. <br/> 3. <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> will bereduced by â‚¹500 and Debtors will beincreased by â‚¹700. Capital will be increased by â‚¹200 (i.e., â‚¹700- â‚¹500)being profit. <br/>4. As expalined in Note 1.</body></html>

Discussion

979.	Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shan as at 31st March, 2019 from the following balance: The Closing Stock was valued at Rs 2,00,000
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/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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 4,10,000; Net Profit - Rs 2,40,000; Balance Sheet Total - Rs 6,10,000</body></html>

Discussion

980.	Presentthe followingtransactions in theAccountingEquation:
Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TGS_ACC_XI_C05_S01_004_S01.png" width="80%"/><br/> Note: <br/> 1. Rentpaidwill reduce cashby ₹200 Rentbeingan expense will reduce profitby ₹200.Thus ,capital will be reduced bu ₹200. <br/> 2. Interestrecived formBankwill <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> Bank Blance . It being an <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> will increase profitby ₹100. Thus, capital will be increased. <br/> <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>. Stock will bereduced by ₹500 and Debtors will beincreased by ₹700. Capital will be increased by ₹200 (i.e., ₹700- ₹500)being <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/>4. As expalined in Note 1.</body></html>

Discussion

981.	Prepare Trading and Profit and Loss Account and Balance Sheet from the following balances, relating to the year ending 31st March, 2019: Additional Information : 1. Closing Stock was valued at Rs 14,500. 2. Depreciate Plant and Machinery by Rs 4,000. 3. Allow 5% interest on capital. 4. Rs 400 is due for repairs.
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_C19_S01_017_S01.png" width="80%"/></body></html>

Discussion

982.	Prepare Trading and Profit and Loss account and Balance sheet form the following Balances, relating to the year ended 31st March, 2019: Additiona Information : (i) Closing Stock was valued at Rs 14,500. (ii) Depreciate Plant and Machinery by 4,000. (iii) Rs 400 is due for repairs.
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

983.	Prepare Trading Account for the year ended 31st March, 2019 from the following balances: {:(,Rs,\|,,Rs),("Stock" (1st " April, 2018"),"1,00,000",,"Purchases","10,00,000"),("Wages","50,000",,"Carriage Inwards","10,000"),("Sales","15,50,000",,"Returns Inward","50,000"),("Returns Outward","80,000",,,),("Freight Inwards","5,000",,,):} Closing Stock as on 31st March, 2019 was valued at Rs 2,00,000. Also, pass the Closing 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/TSG_ACC_XI_C18_E01_003_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_003_S02.png" width="80%"/></body></html>

Discussion

984.	Prepare Trading Account as on 31st March, 2019 from the following balances: {:(,Rs,),("Stock on 1st April, 2018"...............,"10,000",),("Sales Return"................,"5,000",),("Sales"............,"2,00,000",),("Wages"............,"11,000",),("Purchases".........,"2,00,000",),("Purchaes Return"........,"2,500",),("Carriage Inwards"........,"1,500",),("Carriage Outwards"........,"3,000",),("Freight Inwards"........,"2,500",):} The Closing Stock of goods as on 31st March, 2019 is Rs 20,000
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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_004_S01.png" width="80%"/></body></html>

Discussion

985.	Prepare the trading profit and loss account of M/s Mohit Traders as on 31 March 2017 and draw necessary Journal entries and balance sheet as on that date : Adjustments
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/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> of Mohit <a href="https://interviewquestions.tuteehub.com/tag/traders-1424679" style="font-weight:bold;" target="_blank" title="Click to know more about TRADERS">TRADERS</a> <br/> Journal <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C10_S01_004_S01.png" width="80%"/> <br/> Books of Mohit Traders <br/> Trading and <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/> for the year <a href="https://interviewquestions.tuteehub.com/tag/ended-2070567" style="font-weight:bold;" target="_blank" title="Click to know more about ENDED">ENDED</a> March 31, 2017 <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C10_S01_004_S02.png" width="80%"/></body></html>

Discussion

986.	Prepare the Trial Balance of Ankit as on 31st March, 2019. He has omitted to open a Capital Account:
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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1,58,750</body></html>

Discussion

987.	Prepare the Credit Vouchers from the source vouchers of M/s Ram Lal & Co., New Delhi based on the following transactions:
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_C07_S01_003_S01.png" width="80%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C07_S01_003_S02.png" width="80%"/></body></html>

Discussion

988.	Prepare the Accounting Voucher from the following supporting voucher.
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_C07_S01_005_S01.png" width="80%"/></body></html>

Discussion

989.	Prepare the Accounting Equationon thebasis of the followning: 1. Startedbusiness with cash â‚¹70,000 2. Credit pruchasesof good â‚¹18,00. 3. Paymentmade to creaditors in full settlement â‚¹17,500. 4. Purchase ofmachineryfor cash â‚¹20,000.
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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C05_S01_002_S01.png" width="80%"/></body></html>

Discussion

990.	Preparethe Accounting Equationon the basis of the followoing:
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_C05_S01_003_S01.png" width="80%"/></body></html>

Discussion

991.	Prepare the Accounting Equationon thebasis of the followning: 1. Startedbusiness with cash ₹70,000 2. Credit pruchasesof good ₹18,00. 3. Paymentmade to creaditors in full settlement ₹17,500. 4. Purchase ofmachineryfor cash ₹20,000.
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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TGS_ACC_XI_C05_S01_002_S01.png" width="80%"/></body></html>

Discussion

992.	Preparethe Accounting Equationon the basis of the followoing:
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/TGS_ACC_XI_C05_S01_003_S01.png" width="80%"/></body></html>

Discussion

993.	Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital â‚¹70,000. 2. Purchased goods in cash â‚¹50,000. 3. Purcahsed funiture form M/s SamratFurniture â‚¹20,000. 5. Paid M/s Samrat Furniturein cash.
Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C05_S01_001_S01.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a> : <a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a> The transactionwithM/sSamart <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> (â‚¹ 20,000)is a credittransaction since it is notstated to becash payment.<br/>2. Sale of goods have resultedin a profitof â‚¹10,000. It has been added to capitalbecausenet profitat theyear endis transferredto <a href="https://interviewquestions.tuteehub.com/tag/capitalaccount-908871" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITALACCOUNT">CAPITALACCOUNT</a>.</body></html>

Discussion

994.	Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital ₹70,000. 2. Purchased goods in cash ₹50,000. 3. Purcahsed funiture form M/s SamratFurniture ₹20,000. 5. Paid M/s Samrat Furniturein cash.
Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TGS_ACC_XI_C05_S01_001_S01.png" width="80%"/> <br/> Note : 1 The transactionwithM/sSamart Furniture (₹ 20,000)is a credittransaction <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> it is notstated to becash payment.<br/>2. Sale of goods have resultedin a <a href="https://interviewquestions.tuteehub.com/tag/profitof-1168742" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITOF">PROFITOF</a> ₹10,000. It has been <a href="https://interviewquestions.tuteehub.com/tag/added-367625" style="font-weight:bold;" target="_blank" title="Click to know more about ADDED">ADDED</a> to capitalbecausenet profitat theyear endis transferredto <a href="https://interviewquestions.tuteehub.com/tag/capitalaccount-908871" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITALACCOUNT">CAPITALACCOUNT</a>.</body></html>

Discussion

995.	Prepare Credit Vouchers from the following information, collected from supporting vouchers of M/s Gupta Leather Stores, Agra (U.P):
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_C07_S01_004_S01.png" width="80%"/></body></html>

Discussion

996.	Prepare correct Trial Balance from the following Trial Balance is which there are certain mistakes:
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> :Total of <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> Trial Balance - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 3,20,000.</body></html>

Discussion

997.	Prepare an Accounting Equation from the following:Started business with cash â‚¹1,00,000. (ii) Purchased goods for cash 20,000 and on credit ? â‚¹30,000. (iii) Sold goods for cash costing 10,000 and on credit costingt â‚¹15,000 both at a of 20%.
Answer» <html><body><p><br/></p>Answer :Assets : <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‚¹92,000 + <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‚¹ 25,000 + <a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> â‚¹ 18,000 =Liabilities Creditors â‚¹ 30,000 + <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 1,05,000.</body></html>

Discussion

998.	Prepare an Accounting Equation from the following:Started business with cash ₹1,00,000. (ii) Purchased goods for cash 20,000 and on credit ? ₹30,000. (iii) Sold goods for cash costing 10,000 and on credit costingt ₹15,000 both at a of 20%.
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> : <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> ₹92,000 + stock ₹ 25,000 + Debtors ₹ 18,000 =<a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> Creditors ₹ 30,000 + Capital ₹ 1,05,000.</body></html>

Discussion

999.	Prepare an AccountingEquation from the following : (i) Started business with cash â‚¹50,000 andgoods â‚¹30,000. (ii)Purchased goodcash â‚¹30,000 and on credit from Karan â‚¹20,000. (iii)Goodscostingâ‚¹40,000 were soldfor â‚¹55,000. ltBRgt (IV)Withdrew cashfor presonaluse â‚¹10,000 (v) Rentoutstadingâ‚¹2,000.
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 â‚¹ 65,00 + <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‚¹ 40,000 = Liabilities: Outstanding Rentâ‚¹ 2,000 + <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 20,000 + <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 83,000</body></html>

Discussion

1000.	Preparean AccordingEquationand Blancesheetof thefollowingbasise: (i) Ajeetstarted business withcash â‚¹20,000. (ii) He Purchased furniture for â‚¹2,000. (iii)He pid rent of â‚¹ 200. (iv) He purchased goods on credit â‚¹3,000. (v) He soldgoods (cost price â‚¹2,000) for â‚¹5,000 on cah.
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>: <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‚¹ 22,800 + Furniture â‚¹ 2,000 + Stockâ‚¹ 1,000 =<a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> <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 3,000 + Capitalâ‚¹22,800.</body></html>

Discussion

Explore topic-wise InterviewSolutions in Class 11.

Provision for Doubtful debts is made on the debts that are

Provision is a

Provisionfor doubtful debts is debited to the Bad Debts Account.

Provision for Doubtful Debts is made following the

Provision for Doubtful Debts, in excess of the required provision is credited to

Provision for Discount on Debtors is shown in the Balance Sheet as deducted from Debtors.

Provision for Discount on Debtors is provided on

Provided services for 65,000 on credit. The account to be debited is ...........

Provision for Discount on Debtors in calculated before deducting Provision for Doubtful debts from debtors. Comment.

Providing depreciation on fixed asset is in accordancewith which of the following principles/concepts.

Prove that the accounting equation is satisfied in all the following transactions of Sita Ram house by preparing the analysis table.

Propritor of the firm has taken goods for his personal use. The accountatn has accounted it as sale in the books of account .Is he correct in his accounting?

Proprietor of the business withdrew goods from business for private use. It will be posted to the :

Propreitor of the business is treated as creditor to the extent of his capital under which Concept?

Promissory Note is prepared by the debtor .Do you agree?

Profit is earned on sale of Fixed Asset. What should be theaccounting treatment of this profit?

Profit on sale of fixed asset is used to create

Profit is earned on sale of fixed asset, what should be the accouting treatment of it ?

Profit earned by the business means an increase in the proprietor's capital . Is it correct ?

Profit = Capital at the end + ? - Capital in the beginning.

Profit= Capital at the end + ? - Additional capital introduced - Capital in the beginning .

Profit and Loss Account is prepared to know

Presentthe followingtransactions in theAccountingEquation:

Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shan as at 31st March, 2019 from the following balance: The Closing Stock was valued at Rs 2,00,000

Presentthe followingtransactions in theAccountingEquation:

Prepare Trading and Profit and Loss account and Balance sheet form the following Balances, relating to the year ended 31st March, 2019: Additiona Information : (i) Closing Stock was valued at Rs 14,500. (ii) Depreciate Plant and Machinery by 4,000. (iii) Rs 400 is due for repairs.

Prepare the trading profit and loss account of M/s Mohit Traders as on 31 March 2017 and draw necessary Journal entries and balance sheet as on that date : Adjustments

Prepare the Trial Balance of Ankit as on 31st March, 2019. He has omitted to open a Capital Account:

Prepare the Credit Vouchers from the source vouchers of M/s Ram Lal & Co., New Delhi based on the following transactions:

Prepare the Accounting Voucher from the following supporting voucher.

Prepare the Accounting Equationon thebasis of the followning: 1. Startedbusiness with cash â‚¹70,000 2. Credit pruchasesof good â‚¹18,00. 3. Paymentmade to creaditors in full settlement â‚¹17,500. 4. Purchase ofmachineryfor cash â‚¹20,000.

Preparethe Accounting Equationon the basis of the followoing:

Prepare the Accounting Equationon thebasis of the followning: 1. Startedbusiness with cash ₹70,000 2. Credit pruchasesof good ₹18,00. 3. Paymentmade to creaditors in full settlement ₹17,500. 4. Purchase ofmachineryfor cash ₹20,000.

Preparethe Accounting Equationon the basis of the followoing:

Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital â‚¹70,000. 2. Purchased goods in cash â‚¹50,000. 3. Purcahsed funiture form M/s SamratFurniture â‚¹20,000. 5. Paid M/s Samrat Furniturein cash.

Prepare the Accounting Equation from the followingtransactios :1. Sachinstarted business and introducedcapital ₹70,000. 2. Purchased goods in cash ₹50,000. 3. Purcahsed funiture form M/s SamratFurniture ₹20,000. 5. Paid M/s Samrat Furniturein cash.

Prepare Credit Vouchers from the following information, collected from supporting vouchers of M/s Gupta Leather Stores, Agra (U.P):

Prepare correct Trial Balance from the following Trial Balance is which there are certain mistakes:

Prepare an Accounting Equation from the following:Started business with cash â‚¹1,00,000. (ii) Purchased goods for cash 20,000 and on credit ? â‚¹30,000. (iii) Sold goods for cash costing 10,000 and on credit costingt â‚¹15,000 both at a of 20%.

Prepare an Accounting Equation from the following:Started business with cash ₹1,00,000. (ii) Purchased goods for cash 20,000 and on credit ? ₹30,000. (iii) Sold goods for cash costing 10,000 and on credit costingt ₹15,000 both at a of 20%.