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.

1051.

Owner's Capital in beginning was ₹ 45,000. Creditors at the end were ₹ 30,000. Revenue during the period was ₹ 65,000. Expenses during the period were ₹ 40,000. Total equity at the year end will be

Answer» <html><body><p> ₹ 1,00,000<br/> ₹ 1,20,000<br/> ₹ 80,000<br/>None of these.</p>Answer :A</body></html>
Discussion
1052.

Overdraft as per the passbook is less than the overdraft as per cash book when there are cheques deposited but not collected by the banker.

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/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html>
Discussion
1053.

Owner's Equity is

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> of <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/c<br/>Balance of Creditors A/c<br/>Balance 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/c. <br/>Balance Drawings A/c. </p>Solution :Balance of Capital A/c</body></html>
Discussion
1054.

Outstanding expenses are shown on Assets side of Balance Sheet.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>
Discussion
1055.

Outstanding Salaries is shown as

Answer» <html><body><p>an asset 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<br/>a <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a> in the Balance Sheet<br/>adjusted in <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/>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>Solution :Both b and c</body></html>
Discussion
1056.

Outstanding salary is a

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/real-1178490" style="font-weight:bold;" target="_blank" title="Click to know more about REAL">REAL</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/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> Account <br/><a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a> Account <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :Personal Account</body></html>
Discussion
1057.

Outstanding Expenses' are classified as

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</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/>Revenue Account<br/>Capital Account. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Liability Account</body></html>
Discussion
1058.

Out of the following which is a trade discount and which is a cash discount? (a) Anil has purchased1, 000 pieces of Add Roller Pen and therefore entitled to discount of Rs. 15,000. (b) Anil has paid the amount due towards the above purchase within 7 days and therefore, entitled to discount @ 2% .

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) <a href="https://interviewquestions.tuteehub.com/tag/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a> <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a>; (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</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> Discount</body></html>
Discussion
1059.

Out of the following, which is the objective of GST?

Answer» <html><body><p>Developing Common National <a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> by having One Indirect Tax .<br/><a href="https://interviewquestions.tuteehub.com/tag/ease-964504" style="font-weight:bold;" target="_blank" title="Click to know more about EASE">EASE</a> of Doing Business.<br/>Simplifying <a href="https://interviewquestions.tuteehub.com/tag/compliance-423757" style="font-weight:bold;" target="_blank" title="Click to know more about COMPLIANCE">COMPLIANCE</a> of Indirect <a href="https://interviewquestions.tuteehub.com/tag/taxes-1239736" style="font-weight:bold;" target="_blank" title="Click to know more about TAXES">TAXES</a>. <br/>All of the above.</p>Solution :All of the above.</body></html>
Discussion
1060.

Out of the following which is the branch of Accounting ?

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> Accounting<br/>Cost Accounting<br/>Management Accounting<br/>All of these</p>Solution :All of these</body></html>
Discussion
1061.

Out of the following assets which one is NOT an intangible asset ?

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/patents-1148858" style="font-weight:bold;" target="_blank" title="Click to know more about PATENTS">PATENTS</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/investments-25466" style="font-weight:bold;" target="_blank" title="Click to know more about INVESTMENTS">INVESTMENTS</a> <br/>Goodwill<br/>Trademark</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
1062.

Oustanding income is

Answer» <html><body><p>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/>a liability<br/>an expense<br/>All 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> :an asset</body></html>
Discussion
1063.

Out of the following assets, which one is not an intangible asset ?

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/machinery-1082418" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINERY">MACHINERY</a><br/>Patents<br/>Goodwill<br/>Trade Mark</p>Solution :Machinery</body></html>
Discussion
1064.

Operating Profit earned by Heer Mehta in 2005 - 06 was Rs 8,50,000. Its non-operating incomes were Rs 75,000 and non-operating expenses were Rs 1,87,500. Calculate Profit earned 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> :<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 = <a href="https://interviewquestions.tuteehub.com/tag/operating-1136761" style="font-weight:bold;" target="_blank" title="Click to know more about OPERATING">OPERATING</a> Profit + <a href="https://interviewquestions.tuteehub.com/tag/non-580180" style="font-weight:bold;" target="_blank" title="Click to know more about NON">NON</a> - operating Incomes - Non - operating Expenses <br/> `= Rs 8,50,000 + Rs 75,000 - Rs 1,87,500 = Rs 7,37,500`</body></html>
Discussion
1065.

Opening stock Rs. 40,000, puchase Rs. 3,60,600, closing stock Rs. 1,30,000 sales Rs. 3,80,000, carriage inward Rs. 6,000, Freight inward Rs. 4,000, Wages and salaries Rs. 50,000, Return inwards Rs. 20,000, Return outward Rs. 40,000. The market value of closing stock was Rs. 1,20,000. Gross Profit of the year is

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>. 60,000<br/>Rs. 70,000<br/>Rs. 90,000 <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</body></html>
Discussion
1066.

Opening Stock Rs 30,000, Purchases Rs 54,6000, Expenses on Purchases Rs 6,000, Sales Rs 90,000, Expenses on Sales Rs 3,000, Closing Stock Rs 36,600. Calculate Cost of Goods Sold and Gross Profit

Answer» <html><body><p></p>Solution :Cost of Good Sold = Opening Stock + Purchases + Expenses on Purchases - Closing Stock <br/> `= Rs 30,000 + Rs 54,600 + Rs 6,000 - Rs 36,600 = Rs 54,000`. <br/> Gross Profit = <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/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> - Cost of Goods Sold <br/> `= Rs 90,000 - Rs 54,000 = Rs 36,000` <br/> Note: Expenses on Sales being indirect expenses are not <a href="https://interviewquestions.tuteehub.com/tag/considered-7257760" style="font-weight:bold;" target="_blank" title="Click to know more about CONSIDERED">CONSIDERED</a> while computing Cost of Goods Sold</body></html>
Discussion
1067.

Opening Stock Rs 15,000, Sales Rs 48,000, Carriage Inwards Rs 3,000, Sales Return Rs 3,000, Gross Profit Rs 18,000, Pruchases Rs 30,000, Purchases Return Rs 2,700. Calculate Closing Stock and Cost of Goods Sold

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> :Net Sales = Sales - Sales Return `= Rs 48,000 - Rs 3,000 = Rs 45,000` <br/> Cost of Goods <a href="https://interviewquestions.tuteehub.com/tag/sold-631881" style="font-weight:bold;" target="_blank" title="Click to know more about SOLD">SOLD</a> = Net Sales - <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit `= Rs 45,000 - Rs 18,000 = Rs 27,000` <br/> Cost of Goods Sold = <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Stock + Purchaes - Purchases Return + Carriage <a href="https://interviewquestions.tuteehub.com/tag/inwards-1051100" style="font-weight:bold;" target="_blank" title="Click to know more about INWARDS">INWARDS</a> - Closing Stock <br/> `Rs 27,000 = Rs 15,000 + Rs 30,000 - Rs 2,700 + Rs 3,000 -` Closing Stock <br/> Closing Stock `= Rs 45,300 - Rs 27,000 = Rs 18,300`</body></html>
Discussion
1068.

Opening Stock Rs. 1,00,000, Sales Rs. 5,00,000, Gross Profit @25% on sale, Purchase Rs. 5,00,000. Closing stock is

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>. 1,25,000<br/>Rs. 2,25,000<br/>Rs. 3,00,000<br/>Rs. 3,25,000</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
1069.

Opening Stock Rs. 1,00,000, Sales Rs. 5,00,000, Gross profit @25% on cost, Purchases Rs. 6,00,000. Closing Stock is

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>. 1,25,000<br/>Rs. 3,00,000<br/>Rs. 8,00,000<br/>Rs. 3,25,000</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
1070.

Opening Stock is shown in

Answer» <html><body><p>the <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> side of <a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> account. <br/>the credit side of Trading Account. <br/>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. <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 :the debit side of trading account</body></html>
Discussion
1071.

Opening Stock appears in a Trial Balance.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>
Discussion
1072.

Opening Capital is Rs 1,50,000, Closing Capital Rs 2,75,000, Drawings Rs 25,000, Further Capital introduced Rs 45,000. What is Gross Profit ?

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> 55,000<br/>Rs 1,95,000<br/>Rs 1,05,000<br/>Rs 1,75,000</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
1073.

Opening capital is ascertained by preparing:

Answer» <html><body><p><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/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> account<br/>Total <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> account<br/>Cash account<br/>Opening <a href="https://interviewquestions.tuteehub.com/tag/statements-17642" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENTS">STATEMENTS</a> of affairs. </p>Solution :d</body></html>
Discussion
1074.

Open a 'T' shape account of debtor 'Brij' and write the following transactions on the proper side : {:(,,,"₹") , ((i), "Sold goods tp Brij on credit",, 25","000) , ((ii) , "Cash received from Brij" ,,10","000) , (,"Discount allowed to him" ,, 500) , ((iii) , "Goods returned by Brij" ,, 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> :Debit <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> (i) ; <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> (ii) and (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) ; Balance of Brij's Account - ₹ 9,500</body></html>
Discussion
1075.

Open a 'T' shape Cash Account with the following transactions : {:(,,,"₹") , ((i) , "Mohan started business with cash" ,, 40 "," 000) , ((ii) , "Purchased goods" ,, 20","000) , ((iii) , "Sold goods" ,, 24","000) , ((iv) , "Paid rent " ,, 400 ) , ((v), "Paid salaries" ,,600) , ((vi) , "Drew for personal use" ,, 1","000):}

Answer» <html><body><p><br/></p>Answer :(i) <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> side , (ii) <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> side , (iii) Debit side ; (iv) Credit side ; (v) Credit side ; (<a href="https://interviewquestions.tuteehub.com/tag/vi-723586" style="font-weight:bold;" target="_blank" title="Click to know more about VI">VI</a>) Credit side ; Balance of Cash <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> - ₹ 42, <a href="https://interviewquestions.tuteehub.com/tag/000-255002" style="font-weight:bold;" target="_blank" title="Click to know more about 000">000</a>.</body></html>
Discussion
1076.

Open a 'T' shape account of creditor , 'Rakesh' and write the following transactions on the proper side : {:(,,,"₹") , ((i), "Goods purchased from Rakesh on credit" ,, 50","000) , ((ii) , "Goods returned to Rakesh for" ,, 5","000) , ((iii) , "Paid to Rakesh" ,, 20","000) , ((iv), "Purchased goods from Rakesh on credit" ,, 10","000):}

Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> : (ii) and (iii) ; Credit side : (i) and (iv) ; <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> of Rakesh's <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> - ₹ 35, 000.</body></html>
Discussion
1077.

Open a 'T' shape account of a creditor , Mohan , and write the following transactions on the proper side : {:(,,,"₹") , (1., "Purchased goods from Mohan on credit" ,, 50","000) , (2., "Paid to Mohan" ,, 30","000) , (3., "Goods returned to Mohan" ,, 3","000), ( 4. , "Repurchased goods from Mohan on credit " ,, 10","000):}

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C06_S01_008_S01.png" width="80%"/></body></html>
Discussion
1078.

Open a 'T' shape account for machinery and put the following transactions on the proper side : {:(,,,"₹") , ((i) , "Machinery purchased" ,, 40"," 000), ((ii), "Machinery sold" ,, 10 "," 000), ((iii) , "Machinery purchased",, 8","000) , ((iv) , "Machinery discarded" ,, 14 "," 000) , ((v) , "Depreciation on machinery",, 1"," 000):}

Answer» <html><body><p><br/></p>Answer :(i) <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a> , (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Credit side ; (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Debit side ; (iv) Credit side ; (<a href="https://interviewquestions.tuteehub.com/tag/v-722631" style="font-weight:bold;" target="_blank" title="Click to know more about V">V</a>) Credit side ; Balance of Machinery Account - ₹ 23,000.</body></html>
Discussion
1079.

Open a 'T' shape account for furniture and write the following transactions on the proper side {:("1. Furniture purchased50,000",|,"2. Furniture sold -costing10,000"),("3. Furniture purchased15,000","4. Old furniture discarded5,000",),("5. Depreciation of furniture3,000",,):}

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_C06_S01_007_S01.png" width="80%"/> <br/> Depreciation is a <a href="https://interviewquestions.tuteehub.com/tag/permanent-590817" style="font-weight:bold;" target="_blank" title="Click to know more about PERMANENT">PERMANENT</a> and <a href="https://interviewquestions.tuteehub.com/tag/continous-2017565" style="font-weight:bold;" target="_blank" title="Click to know more about CONTINOUS">CONTINOUS</a> decrease in the <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> value of fixed assets due to use , effluxion of <a href="https://interviewquestions.tuteehub.com/tag/time-19467" style="font-weight:bold;" target="_blank" title="Click to know more about TIME">TIME</a> , obsolescence , etc.</body></html>
Discussion
1080.

Only those facts and events are recorded in accounting which are capable of being expresssed in terms of money.

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>
Discussion
1081.

One intra-state (i.e., within the state) pruchase of goods, which of the following GST is levied

Answer» <html><body><p><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 IGST<br/>CGST 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><br/>SGST and IGST<br/>None of these</p>Solution :CGST and SGST</body></html>
Discussion
1082.

On which side will the increase in the following accounts be recorded ? Also , state the nature of the account : (i) Furniture A/c"" (ii) Mohan (Proprietor ) (iii) Furniture A/c "" (iv) Purchases A/c (v) Sales A/c "" (vi) Interest Paid A/c (vii) Sohan (Creditor ) "" (viii) Ram (Debtor)

Answer» <html><body><p><br/></p>Answer :(i) <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> (Asset); (ii) Credit (Capital ) ; (iii) Debit (<a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a>) ; (iv) Debit (Expenses) ; (v) Credit (Revenues) ; (vi) Debit (Expenses) ; (vii) Credit (<a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a>) ; (viii) Debit (Asset).</body></html>
Discussion
1083.

One intra-state (i.e., outside the state) pruchase of goods, which of the following GST is levied

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</a><br/>IGST and CGST<br/>CGST and IGST<br/>None of these</p>Solution :IGST</body></html>
Discussion
1084.

On which side will the increase in following accounts be recorded ? Also , mention the nature of the account on the basis of Modern Classification of Accounts : (i) Buildings A/c (ii) Creditor's A/c (iii) Abhishek (Proprietor) (iv) Purchase A/c (v) Carriage Inwards A/c (vi) Cash A/c (vii) Rent Received A/c (viii) Interest Payable A/c (ix) Bills Payable A/c (x) Debtors A/c (xi) Accrued Commission A/c (xii) Bills Receivable A/c

Answer» <html><body><p></p>Solution :(i) Debit - Asset <br/> (ii) Credit - Liability <br/> (iii) Credit - <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/> (iv) Debit - Expense <br/> (v) Debit - Expense <br/> (vi) Debit - Asset <br/> (vii) Credit - <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> <br/> (viii) Credit - Liability <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ix-520761" style="font-weight:bold;" target="_blank" title="Click to know more about IX">IX</a>) Credit - Liability <br/> (<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>) Debit - Asset <br/> (xi) Debit - Asset <br/> (xii) Debit - Asset</body></html>
Discussion
1085.

On which side will the increasein the following accounts be recorded ? Also mention the nature of account : 1. Furniture2. Wages paid 3. Rent Received 4. Cash 5. Proprietor's Account 6. Debtor7. Prepaid Insurance 8. Outstanding Salary

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> :1. <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> - Asset <br/> 2. Debit - <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> <br/> 3. Credit - Income <br/> 4. Debit - Asset <br/> 5. Credit - <a href="https://interviewquestions.tuteehub.com/tag/assest-2445834" style="font-weight:bold;" target="_blank" title="Click to know more about ASSEST">ASSEST</a> <br/> 6. Debit - Asset <br/> 7.Debit - Asset <br/> 8. Credit - Liability</body></html>
Discussion
1086.

On which side will the decrease in the following accounts be recorded ? Also state the nature of the account : (i) Cash "" (ii) Bank Overdraft (iii) OutstandingSalary paid "" (iv) Outstanding Rent (v) Prepaid Insurance "" (vi) Mohan , Proprietor of the business

Answer» <html><body><p><br/></p>Answer :(i) Credit (<a href="https://interviewquestions.tuteehub.com/tag/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a>) ; (ii) <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> (Liability) ; (iii) Debit (Liability) ; (iv) Debit (Liability) ; (v) Credit (Asset) ; (<a href="https://interviewquestions.tuteehub.com/tag/vi-723586" style="font-weight:bold;" target="_blank" title="Click to know more about VI">VI</a>) Debit (<a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a>).</body></html>
Discussion
1087.

On which side will be theincrease in the following accounts be recorded ? Also mention the nature of Account - 1. Cash 2. Machinery 3 Debtor 4.Creditor5. Proprietor's Accountbr6. Rent Received7. Salary Paid 8. Interest Received

Answer» <html><body><p></p>Solution :(Nature of Account) <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>. Debit - Asset <br/> <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>. Debit - Asset <br/> 3. Debit -Asset <br/> 4. Credit - <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/> 5. Credit - Capital <br/> <a href="https://interviewquestions.tuteehub.com/tag/6-327005" style="font-weight:bold;" target="_blank" title="Click to know more about 6">6</a>. Credit - Income <br/> 7. Debit - Expenses <br/> 8. Credit - Income</body></html>
Discussion
1088.

On which side the decrease in the following accounts will be recorded? Also mention the nature of account : - 1. Cash 2. Bank Overdraft 3. Rent Paid 4. Outstanding Rent 5. Prepaid Insurance6. Manoj, Proprietor of the business

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>. <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/asset-885901" style="font-weight:bold;" target="_blank" title="Click to know more about ASSET">ASSET</a> <br/> 2. Debit - Liability <br/> 3. Credit - Expenses <br/> 4. Debit - Liability <br/> 5. Credit - Asset <br/> 6. Debit - <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a></body></html>
Discussion
1089.

On which side the decrease in the following accounts be recorded? Also mention the nature of Account : -1. Furniture 2. Bank 3. Proprietor's Account 4. Salary Paid 5. Salary Outstanding 6. Subhash - a Customer

Answer» <html><body><p></p>Solution :(<a href="https://interviewquestions.tuteehub.com/tag/nature-1112013" style="font-weight:bold;" target="_blank" title="Click to know more about NATURE">NATURE</a> of Account) <br/> 1. Credit - Asset <br/> 2. Credit - Asset <br/> 3. <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</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/c <br/> 4. Credit - <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> <br/> 5. Debit - <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/> 6. Credit - Asset</body></html>
Discussion
1090.

On which side of the Balance Sheet are Prepaid Expenses shown?

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> <a href="https://interviewquestions.tuteehub.com/tag/side-1206832" style="font-weight:bold;" target="_blank" title="Click to know more about SIDE">SIDE</a></body></html>
Discussion
1091.

On the basis of the narrations, fill in the missing values:

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_C08_E01_110_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C08_E01_110_S02.png" width="80%"/><br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C08_E01_110_S03.png" width="80%"/></body></html>
Discussion
1092.

On Jan. 15,2017 Sachin sold goods rs 30,000 to Narain and drew upon the later a bill for the same amount payable after 3 months. The bill was accepted by Narain. The bill was discounted by Sachin from his bank for Rs 29,250 on Jan. 31,2017 on maturity the bill was dishonoured. He further agreed to pay Rs 10,500 in cash including Rs 500 interest and accept a new bill for two months for the remaining Rs 20,000. The new bill wasa endorsed by sachin in facour of this creditor Kapil for setting a debt of Rs 20,800. The new bill was duly met by Narain on maturity. Record the necessary journal entries in the books of Sachin and Narain.

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_C08_S01_004_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C08_S01_004_S02.png" width="80%"/></body></html>
Discussion
1093.

On purchase of old furniture, the amount of Rs. 1,000 spent on its repairs should be debited to

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/repairs-1185038" style="font-weight:bold;" target="_blank" title="Click to know more about REPAIRS">REPAIRS</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/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> Account.<br/>Cash Account.<br/>None of these.</p>Solution :Sales Account.</body></html>
Discussion
1094.

On intra-state(i.e., within the state) purchase of goods, which of the following GST is levied:

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cgst-408155" style="font-weight:bold;" target="_blank" title="Click to know more about CGST">CGST</a>.<br/><a href="https://interviewquestions.tuteehub.com/tag/sgst-630622" style="font-weight:bold;" target="_blank" title="Click to know more about SGST">SGST</a>.<br/>CGST and SGST.<br/>SGST and IGST.</p>Solution :CGST and SGST.</body></html>
Discussion
1095.

On intra-state purchase of goods, which of the following accounts are debited:

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/input-11237" style="font-weight:bold;" target="_blank" title="Click to know more about INPUT">INPUT</a> <a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</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/>Input <a href="https://interviewquestions.tuteehub.com/tag/cgst-408155" style="font-weight:bold;" target="_blank" title="Click to know more about CGST">CGST</a> Account and Input <a href="https://interviewquestions.tuteehub.com/tag/sgst-630622" style="font-weight:bold;" target="_blank" title="Click to know more about SGST">SGST</a> Account.<br/>Input IGST Account and Input CGST Account.<br/>Input IGST Account and Input SGST Account.</p>Solution :Input CGST Account and Input SGST Account.</body></html>
Discussion
1096.

On inter-state sale of goods, which of the following account is credited:

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> <a href="https://interviewquestions.tuteehub.com/tag/cgst-408155" style="font-weight:bold;" target="_blank" title="Click to know more about CGST">CGST</a> A/c.<br/>Output <a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</a> A/c.<br/>Input IGST A/c.<br/>Output <a href="https://interviewquestions.tuteehub.com/tag/sgst-630622" style="font-weight:bold;" target="_blank" title="Click to know more about SGST">SGST</a> A/c.</p>Solution :Output IGST A/c.</body></html>
Discussion
1097.

On inter-state (i.e., outside the state) purchase of goods, which of the following GST is levied:

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/igst-497558" style="font-weight:bold;" target="_blank" title="Click to know more about IGST">IGST</a>.<br/>IGST and CGST.<br/>CGST.<br/>SGST .</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> :IGST.</body></html>
Discussion
1098.

On 31st March, 2019, the total assets and external liabilities were₹2,00,000 and₹6,000 respectively. During the year, the proprietor had introduced capital of₹20,000 and withdrawn₹12,000 for personal use. He made a·profit of₹20,000 during the year. Calculate the capital as on 1st April, 2018.

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> :Opeinig <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 1,66,000</body></html>
Discussion
1099.

On31st March , 2019, the total assets and externalliabilities were ₹ 1,00,000 and ₹3,000 respectively .Duringthe years,the proprietor handintroducedadditional capital of ₹10,000 and had withdrawn ₹6,000 for pesonaluse. He made a profit of ₹10,000during the year. Calculate thecapital as on1st April, 2018.

Answer» <html><body><p></p>Solution :Closingcapital = <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</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> - Closing Liailities(i.e., y's <a href="https://interviewquestions.tuteehub.com/tag/loan-1076737" style="font-weight:bold;" target="_blank" title="Click to know more about LOAN">LOAN</a>) <br/>= ₹ 1,00,000 - ₹3,000 = ₹97,000. <br/>Opening <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> =Closing Capital +<a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a> -Additional Capital -Profits <br/>= ₹ 97,000 + ₹6,000 - ₹ 10,000 - ₹ 10,000 = ₹ 83,000</body></html>
Discussion
1100.

On 31st March, 2019, the total assets and external liabilities were₹2,00,000 and₹6,000 respectively. During the year, the proprietor had introduced capital of₹20,000 and withdrawn₹12,000 for personal use. He made a·profit of₹20,000 during the year. Calculate the capital as on 1st April, 2018.

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> :Opeinig <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 1,66,000</body></html>
Discussion