Explore topic-wise InterviewSolutions in Class 11.

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.

1001.

Prepare an AccountingEquation from the following : (i) Started business with cash ₹50,000 andgoods ₹30,000. (ii)Purchased goodcash ₹30,000 and on credit from Karan ₹20,000. (iii)Goodscosting₹40,000 were soldfor ₹55,000. ltBRgt (IV)Withdrew cashfor presonaluse ₹10,000 (v) Rentoutstading₹2,000.

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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a>: Cash ₹ 65,00 + Stock ₹ 40,000 = Liabilities: <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> Rent₹ 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> ₹ 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>: ₹ 83,000</body></html>
Discussion
1002.

Preparean AccordingEquationand Blancesheetof thefollowingbasise: (i) Ajeetstarted business withcash ₹20,000. (ii) He Purchased furniture for ₹2,000. (iii)He pid rent of ₹ 200. (iv) He purchased goods on credit ₹3,000. (v) He soldgoods (cost price ₹2,000) for ₹5,000 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> ₹ 22,800 + <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 2,000 + Stock₹ 1,000 =Liabilities <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> ₹ 3,000 + Capital₹22,800.</body></html>
Discussion
1003.

Prepare accounting equation on the basis of the following : (a) Harsha started business with cash 2,00,000m (b) Purchased goods from Naman for cash 40,000 (c)Sold goods to Bhanu costing 10,000/- 12,000 (d) Bought furniture on credit 7,000

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/harsha-482816" style="font-weight:bold;" target="_blank" title="Click to know more about HARSHA">HARSHA</a> started <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> with cash 2,00,000<br/>Purchased goods from Naman for cash 40000<br/>Sold goods to Bhanu costing 10,000/-12000<br/>Bought furniture on credit 7000<br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> = cash1,60,000 + Goods30,000 + Debtors12,000 +Furniture7,000 =2,09,000, Liabilities = <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> 7,000 + Capital 2,02,000 =2,09,000</body></html>
Discussion
1004.

PrepareAccounting Equation of the followingtransacitions andalos theBalance sheet.

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_006_S01.png" width="80%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C05_S01_006_S02.png" width="80%"/></body></html>
Discussion
1005.

PrepareAccounting Equationfrom the following " (a) Started business withcash ₹1,00,000. ltbgt rgt(b) Purchased goods for cash₹20,000 andon credit ₹30,000. (c)Sold goodsfor cash₹10,000 and on creditcosting₹15,000 both at the profitof20%. (d) Paid salaries ₹8,000.

Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 97,000 + <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> : Cresditors ₹ 30,000 = 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> ₹84,000 + Stock ₹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> ₹ 18,000</body></html>
Discussion
1006.

PrepareAccounting Equation of the followingtransacitions andalos theBalance sheet.

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_006_S01.png" width="80%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TGS_ACC_XI_C05_S01_006_S02.png" width="80%"/></body></html>
Discussion
1007.

PrepareAccounting Equationfrom the following " (a) Started business withcash ₹1,00,000. ltbgt rgt(b) Purchased goods for cash₹20,000 andon credit ₹30,000. (c)Sold goodsfor cash₹10,000 and on creditcosting₹15,000 both at the profitof20%. (d) Paid salaries ₹8,000.

Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 97,000 + Liabilities : Cresditors ₹ 30,000 = Assets : Cash ₹84,000 + <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> ₹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> ₹ 18,000</body></html>
Discussion
1008.

Prepare accounting equation from the following: (a) Kunal started business with cash 2,50000 (b) He purchased furniture for cash 35,000 (c) He paid c (d) He purchases goods on credit40,000 (e) He sold goods (Costing 20,000) for cash 26,000

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> :Asset = Cash2,39,000 + <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> 35,000 + <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> 20,000 = 2,94,000, Liabilities = Creditors 40,000 + <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> 2,54,000= 2,94,000</body></html>
Discussion
1009.

Prepare a Trial Balance with the following information :

Answer» <html><body><p><br/></p>Solution :Note: For Delhi 2011, figures given above have been reduced to half, <a href="https://interviewquestions.tuteehub.com/tag/hence-484344" style="font-weight:bold;" target="_blank" title="Click to know more about HENCE">HENCE</a> the Total of the <a href="https://interviewquestions.tuteehub.com/tag/trial-1427200" style="font-weight:bold;" target="_blank" title="Click to know more about TRIAL">TRIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> will be Rs. 3,75,000, in that <a href="https://interviewquestions.tuteehub.com/tag/situation-1210683" style="font-weight:bold;" target="_blank" title="Click to know more about SITUATION">SITUATION</a>.</body></html>
Discussion
1010.

Prepare a Trial Balance from the following items:

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/trial-1427200" style="font-weight:bold;" target="_blank" title="Click to know more about TRIAL">TRIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</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>. 47,820</body></html>
Discussion
1011.

Prepare a Trial Balance as on 31st March, 2019 from the following Ledger balances of Subrata Mukherjee:

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_C13_S01_005_S01.png" width="80%"/></body></html>
Discussion
1012.

Preparation of a Trial Balance is

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/compulsory-409700" style="font-weight:bold;" target="_blank" title="Click to know more about COMPULSORY">COMPULSORY</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/optional-2546" style="font-weight:bold;" target="_blank" title="Click to know more about OPTIONAL">OPTIONAL</a>. <br/>compulsory or optional. <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 :<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>
Discussion
1013.

Prepar Trading Account from the transactions given below: Also pass the Journal entries

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/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> is not <a href="https://interviewquestions.tuteehub.com/tag/accounted-7264122" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTED">ACCOUNTED</a> in the <a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</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
1014.

Prepaid wages Rs. 2,500 appears in a Trial Balance .It will be shown in _______

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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a></body></html>
Discussion
1015.

Preparation of Trial Balance is

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/compulsory-409700" style="font-weight:bold;" target="_blank" title="Click to know more about COMPULSORY">COMPULSORY</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/optional-2546" style="font-weight:bold;" target="_blank" title="Click to know more about OPTIONAL">OPTIONAL</a> <br/>compulsory of optional <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> :optional</body></html>
Discussion
1016.

Prepaid Insurance in the Trial Balance is shown in shown in the Balance Sheet on the assets side because of ___________

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/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</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
1017.

Prepaid Rent appearing in the Trial Balance is transferred to _______

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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a></body></html>
Discussion
1018.

Prepaid rent appearing in the Trial Balance is taken only to the Profit and Loss 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
1019.

Prepaid Insurance appearing in the Trial Balance is shown in the Balance Sheet on the assets side because of

Answer» <html><body><p>Accrual <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</a> <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/><a href="https://interviewquestions.tuteehub.com/tag/materiality-1089371" style="font-weight:bold;" target="_blank" title="Click to know more about MATERIALITY">MATERIALITY</a> Principle<br/>Cost Principle </p>Solution :NA</body></html>
Discussion
1020.

Prepaid expenses are _________ of the business.

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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a>.</body></html>
Discussion
1021.

Prepaid expenses are assets of the business.Is it correct ?

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
1022.

Prepaid expense is expense

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> in <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/still-653256" style="font-weight:bold;" target="_blank" title="Click to know more about STILL">STILL</a> to be paid. <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 these</p>Solution :Paid in advance</body></html>
Discussion
1023.

Prepaid Expansese are deducted from the expense because of

Answer» <html><body><p>Revenue Recognition <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a> . <br/><a href="https://interviewquestions.tuteehub.com/tag/accrual-847173" style="font-weight:bold;" target="_blank" title="Click to know more about ACCRUAL">ACCRUAL</a> Concept <br/><a href="https://interviewquestions.tuteehub.com/tag/matching-11928" style="font-weight:bold;" target="_blank" title="Click to know more about MATCHING">MATCHING</a> concept <br/><a href="https://interviewquestions.tuteehub.com/tag/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a> Concept </p>Solution :NA</body></html>
Discussion
1024.

Prepaid expanses, if given outside the trial Balance is shown in

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</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>, as a deduction form the expense. <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 <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> account, as deduction form the expense. <br/>Profit and loss account, as deduction from the expense and in the <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, as an asset. <br/>Balance sheet</p>Solution :NA</body></html>
Discussion
1025.

Prepaid Expanses, if given in the Trial Balance 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>, as <a href="https://interviewquestions.tuteehub.com/tag/deduction-946295" style="font-weight:bold;" target="_blank" title="Click to know more about DEDUCTION">DEDUCTION</a> from the expense. <br/>Profit and loss account, as deduction form the expense. <br/>Profit and loss Account , as deduction from the expense and in 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>, as 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>. <br/>Balance sheet</p>Solution :Balance sheet</body></html>
Discussion
1026.

Prepaid Expanses are

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> Payable <br/>Expenses paid in <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a> <br/>Can be 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/>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
1027.

Prashad keeps his books on Single Entry System Entry Systme. From the following information given by him, ascertain his profit or loss for the year ended 31st March, 2019: On 31st March, 2018 his position was: Plant and Machinery Rs. 30,000, Stock Rs. 5,000, Cash in Hand Rs. 100, Debtors Rs. 17,000, Loan from Anish Rs. 1,000 at 4% p.a interest, Bank Overdraft Rs. 1,100 and Creditors Rs. 12,120 On 31st March, 2019 he owed to his creditors Rs. 9,170 and had paid to Anish Rs. 500 in lieu of his loan on 1st October, 2018 but had paid no interest. He had bought additional plant and Machineary which costed Rs. 13,000. Debtors were Rs. 23,000 out of which Rs. 900 he would not be able to collect. The Cash and Bank Balance was Rs. 4,100. Stock at the end was valued at Rs. 4,500. Prashad withdrew Rs. 8,300 for domestic purposes. He introduced a further capital of Rs. 10,000 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_006_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_006_S02.png" width="80%"/></body></html>
Discussion
1028.

Petty cash Receipts are recorded in

Answer» <html><body><p>petty <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/><a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> proper<br/>cash book <br/>None 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 book</body></html>
Discussion
1029.

Perpare an AccountingEquationon the following transactions :(i) Started business with cash ₹ 70,000. (ii) Credit purchase of goods ₹ 18,000. (iii) Paymentmade tocrediorsin full settlement ₹17,500. (iv) Purchaseof machinery for cash₹ 20,000. (v) Depreciationon machinery ₹ 2,000.

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₹ 32,500 + Stock 18,<a href="https://interviewquestions.tuteehub.com/tag/000-255002" style="font-weight:bold;" target="_blank" title="Click to know more about 000">000</a> + <a href="https://interviewquestions.tuteehub.com/tag/machinery-1082418" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINERY">MACHINERY</a> ₹ 18,000 = <a href="https://interviewquestions.tuteehub.com/tag/liabilites-2156931" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITES">LIABILITES</a>:Nil+ <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> : ₹ 51, 000.</body></html>
Discussion
1030.

Petty cash Book will have a

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> <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a><br/><a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> balance <br/>debit or <a href="https://interviewquestions.tuteehub.com/tag/nil-1118030" style="font-weight:bold;" target="_blank" title="Click to know more about NIL">NIL</a> balance <br/>credit on nil balance.</p>Solution :debit or nil balance</body></html>
Discussion
1031.

Personal transactions are distinguished from business transactions in accordance with the concept of ……………..

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/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></body></html>
Discussion
1032.

Petty cash Book records

Answer» <html><body><p>payments of <a href="https://interviewquestions.tuteehub.com/tag/small-1212368" style="font-weight:bold;" target="_blank" title="Click to know more about SMALL">SMALL</a> <a href="https://interviewquestions.tuteehub.com/tag/amounts-374805" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNTS">AMOUNTS</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/receipts-1179271" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIPTS">RECEIPTS</a> of small amounts. <br/>Both (a) and (b)<br/>All cash receipts and payments </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> :payments of small amounts.</body></html>
Discussion
1033.

Personal accounts many have either debit or credit balance.

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/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a></body></html>
Discussion
1034.

Perpare an AccountingEquationon the following transactions :(i) Started business with cash ₹ 70,000. (ii) Credit purchase of goods ₹ 18,000. (iii) Paymentmade tocrediorsin full settlement ₹17,500. (iv) Purchaseof machinery for cash₹ 20,000. (v) Depreciationon machinery ₹ 2,000.

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₹ 32,500 + <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> 18,000 + Machinery ₹ 18,000 = Liabilites:Nil+ <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/51-324358" style="font-weight:bold;" target="_blank" title="Click to know more about 51">51</a>, 000.</body></html>
Discussion
1035.

PerpareAccounting Equation from the following : (i) Started business with cash ₹1,00,000 and Goods ₹20,000. (ii) Sold goodsworht ₹10,000 for cash₹12,000 (iii)Purchased furniture on creditfor ₹ 30,000.

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/assest-2445834" style="font-weight:bold;" target="_blank" title="Click to know more about ASSEST">ASSEST</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> ₹ 1,12,000 + stock ₹ 10,000 + <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 30,000 =Liabilities: Creditors for Furniture ₹ 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>: ₹ 1,22,000</body></html>
Discussion
1036.

PerpareAccounting Equation from the following : (i) Started business with cash ₹1,00,000 and Goods ₹20,000. (ii) Sold goodsworht ₹10,000 for cash₹12,000 (iii)Purchased furniture on creditfor ₹ 30,000.

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> :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> ₹ 1,12,000 + <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> ₹ 10,000 + <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 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>: Creditors for Furniture ₹ 30,000 + Capital: ₹ 1,22,000</body></html>
Discussion
1037.

Periodic total of Sales Return Journal is posted to the

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/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> Account <br/>Sales <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a> Account. <br/>Any 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> :Sales Return Account.</body></html>
Discussion
1038.

Payment of Rent to Shekhar will

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> <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> and Liabilities<br/>Increase Assets but <a href="https://interviewquestions.tuteehub.com/tag/reduce-1181332" style="font-weight:bold;" target="_blank" title="Click to know more about REDUCE">REDUCE</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><br/>Decrease Assets and Capital<br/>Increase Assets and Reduce Liabilities. </p>Solution :Decrease Assets and Capital</body></html>
Discussion
1039.

Payments made through Petty Cash Book

Answer» <html><body><p>are not <a href="https://interviewquestions.tuteehub.com/tag/posted-2944562" style="font-weight:bold;" target="_blank" title="Click to know more about POSTED">POSTED</a> into <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> <br/>are posted into Ledger Accounts . <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/>None of these </p>Solution :are posted into Ledger Accounts</body></html>
Discussion
1040.

Payments are shown in the debit side of the cash 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>
Discussion
1041.

Payment to a creditor means

Answer» <html><body><p> Incrcase 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/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/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a>.<br/>Decrease in asset and decrease in liability.<br/>Decrease in asset 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 lhability.<br/> Increase in asset and increase in liability</p>Solution :Decrease in asset and decrease in liability.</body></html>
Discussion
1042.

Payment done by the account holder through issuing a cheques is entered in

Answer» <html><body><p>the Pass <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> at the time of <a href="https://interviewquestions.tuteehub.com/tag/issuing-1052662" style="font-weight:bold;" target="_blank" title="Click to know more about ISSUING">ISSUING</a> the cheque<br/>the Pass Book at the time of presenting the cheque to the bank for payment <br/>the <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 at the time of issuing the cheque <br/>Both (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) and ( c) </p>Answer :D</body></html>
Discussion
1043.

Patents' are classified as a

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</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/>Liability Accounts<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> :Asset Account</body></html>
Discussion
1044.

Passbook is the statement of account of the customer maintained by the bank.

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> :T</body></html>
Discussion
1045.

Pass the Opening Entry on 1st April, 2019 on the basis of the following information taken from the books of Raman. Also , post the opening entry. {:(,₹),("Cash in Hand ","20,000"),("Sundry Debtor","60,000"),("Stock of Goods","40,000"),("Input IGST Account","15,000"),("Input SGST Account","5,000"),("Plant","50,000"),("Land and Building","1,00,000"),("Sundry Creditors","1,00,000"):}

Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_002_S01.png" width="80%"/> <br/> Notes: 1.The <a href="https://interviewquestions.tuteehub.com/tag/excess-978535" style="font-weight:bold;" target="_blank" title="Click to know more about EXCESS">EXCESS</a> of assets over liabilities is 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 capital and is credited to his Capital Account. <br/> 2. Input <a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</a> Account and Input SGST Account have debit balance. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_002_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_002_S03.png" width="80%"/> <br/> Use of the words 'To' and 'By': It is customary to <a href="https://interviewquestions.tuteehub.com/tag/used-2318798" style="font-weight:bold;" target="_blank" title="Click to know more about USED">USED</a> the word 'To' with accounts which appears on the debit side of a Ledger Account. Similarly, the word 'By' is used with account which appears on the credit side of a Ledger Account. THe word 'To' and 'By' do not haveany <a href="https://interviewquestions.tuteehub.com/tag/specific-1220917" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIFIC">SPECIFIC</a> meaning. Modern accountants, therefore, do notuse these words.</body></html>
Discussion
1046.

Passbook is a copy of:

Answer» <html><body><p>) Copy of <a href="https://interviewquestions.tuteehub.com/tag/customer-25462" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMER">CUSTOMER</a> Account <br/> Bank column of <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/>Cash column of cash book <br/>Copy of receipts and <a href="https://interviewquestions.tuteehub.com/tag/payments-1149318" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENTS">PAYMENTS</a> <br/></p>Solution :A</body></html>
Discussion
1047.

Pass Book is the Statementof Account of the customer maintainedby the bank .

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
1048.

Pass Book of the account holder is a copy of

Answer» <html><body><p> the bank <a href="https://interviewquestions.tuteehub.com/tag/columns-922590" style="font-weight:bold;" target="_blank" title="Click to know more about COLUMNS">COLUMNS</a> in the Cash Book of the <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> holder. <br/>the relevant accountin the books of a bank <br/>the cash columns in the Cash Book of a <a href="https://interviewquestions.tuteehub.com/tag/customer-25462" style="font-weight:bold;" target="_blank" title="Click to know more about CUSTOMER">CUSTOMER</a><br/> None of the above</p>Solution :the relevant accountin the books of a bank</body></html>
Discussion
1049.

Pass Book and the Bank statement are one and the same thing, because both of them are the copy of customer's ledger account maintained by bank.

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/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a></body></html>
Discussion
1050.

Param purchased goods from Dev. It will be recorded in

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</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/><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/>Purchase <a href="https://interviewquestions.tuteehub.com/tag/return-1187910" style="font-weight:bold;" target="_blank" title="Click to know more about RETURN">RETURN</a> Book <br/>None of these </p>Solution :Purchase book .</body></html>
Discussion