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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.
| 1201. |
Maker of the bill is known as _________ |
| 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/drawer-959479" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWER">DRAWER</a></body></html> | |
| 1202. |
Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2018 his capital was Rs. 4,00,000 and on 31st March, 2019 it was Rs. 3,50,000. He had withdrawn Rs. 20,000 per month besides goods of the sale value of Rs. 60,000. How much did he earn in 2018-19? |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 2,30,000.</body></html> | |
| 1203. |
Main feature of business transaction is: |
| Answer» <html><body><p>It involves an economic activity<br/>It results in a change in thefinancial positionof the firm <br/>Change <a href="https://interviewquestions.tuteehub.com/tag/must-2185568" style="font-weight:bold;" target="_blank" title="Click to know more about MUST">MUST</a> be <a href="https://interviewquestions.tuteehub.com/tag/capable-7374700" style="font-weight:bold;" target="_blank" title="Click to know more about CAPABLE">CAPABLE</a> of being expressed in <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a> of money <br/>All of the above </p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :D</body></html> | |
| 1204. |
Madan, a businessman has employed sujit and has estimated his value at 10,00,000.He has accounted it as an asset in the books of account .Is he correct in doing so? |
| 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, he is not correctbecause in accounting only those trancsastions and events are recorded which can be measured in <a href="https://interviewquestions.tuteehub.com/tag/terms-1242559" style="font-weight:bold;" target="_blank" title="Click to know more about TERMS">TERMS</a> of <a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a>. Value of <a href="https://interviewquestions.tuteehub.com/tag/manpower-1086201" style="font-weight:bold;" target="_blank" title="Click to know more about MANPOWER">MANPOWER</a> cannot be measured in money terms and , therefore, should not be <a href="https://interviewquestions.tuteehub.com/tag/accounted-7264122" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTED">ACCOUNTED</a>.</body></html> | |
| 1205. |
Machinery used in production is not a fixed asset. |
| 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> | |
| 1206. |
M/s Singhania and Bros. purchased a plant of Rs. 5,00,000 on April o1.2017. and spent Rs.50,000 for its installation. The salvage value of the after its useful life of 10 years is estimated to be Rs. 10,000.Record journal entries for the year 2016-17 and draw up Plant account and Depreication Account for first three given theat the depreciation is charged using straight line method if : (i) The books of account close on March 31 every year, and (ii) The firm charges depreciation to the asset account |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C07_S01_001_S01.png" width="80%"/> <br/> Depreciation, Provisions and Reserves<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C07_S01_001_S02.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/working-1459914" style="font-weight:bold;" target="_blank" title="Click to know more about WORKING">WORKING</a> Notes <br/> (1) Calcuation of oiginal cost <br/> `{:(,"(<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>.)"),("Puchase cost","50,00,000"),("Add: Installation cost",underline("50,000")),("<a href="https://interviewquestions.tuteehub.com/tag/original-1139424" style="font-weight:bold;" target="_blank" title="Click to know more about ORIGINAL">ORIGINAL</a> cost","5,50,000"),("Salvage value",underline("10,000")),("Useful life",10"<a href="https://interviewquestions.tuteehub.com/tag/years-1464846" style="font-weight:bold;" target="_blank" title="Click to know more about YEARS">YEARS</a>"):}` <br/> Depreication amount `=(Rs."5,50,000-Rs. 10,000")/(10)=Rs. "54,000 p.a"`</body></html> | |
| 1207. |
Machinery Purchased' 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/>Nominal account<br/>Personal Account<br/>None of these</p>Solution :Real Account</body></html> | |
| 1208. |
Machinery Account is neither a __________ Account nor a ________ 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/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a>,<a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a></body></html> | |
| 1209. |
M/s Nishit printing press bought a printing machine for Rs. 6,80,000 on April 01,2015. Depreciation was provided on straight line basis at the rate of 20% on original cost. On April 01, 2017 a modification was made in the machine to increase its technical reliability for Rs. 70,000.On the same date, an important component of the machine was replaced for Depreciation, Provisions and Reserves Rs. 20,000 due to excessive wear and tear. Routine maintenance expenses during the year are Rs. 5,00 Prepare machinery account, provision for depreciation account. Show the working notes accordingly for the year ending March 31, 2018. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P1_C07_S01_011_S01.png" width="80%"/> <br/> Working Notes <br/> `{:(,Rs.),("<a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> of Machine for the <a href="https://interviewquestions.tuteehub.com/tag/year-1464599" style="font-weight:bold;" target="_blank" title="Click to know more about YEAR">YEAR</a> 2015",="6,80,000"),("<a href="https://interviewquestions.tuteehub.com/tag/depreciation-948712" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATION">DEPRECIATION</a> Charged for the ",),("Years 2015-16 and 2016-17",=2[(20)/(100)<a href="https://interviewquestions.tuteehub.com/tag/xx-747671" style="font-weight:bold;" target="_blank" title="Click to know more about XX">XX</a>"6,80,000"]),(,="2,72,000"):}` <br/> (2) `{:("Depreciation for the year 2017-18",=Rs."6,80,000"),("20% of 6,80,000",="1,36,000"),("20% of 90,000",="18,000"),("(i.e.,Rs. 70,000+Rs.20,000)",),("Depreciation for the year 2017-18",="1,54,000"):}`</body></html> | |
| 1210. |
M/s Kalra Bros., a dealer in computer hardware, has received an order for 10 computers Accounting. Should the amount received , e.e., Rs. 50,000 be credited to the Sales Account or to the Advance Received Account ? Give reasons for your answer. |
| 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 should be credited to the <a href="https://interviewquestions.tuteehub.com/tag/advance-850602" style="font-weight:bold;" target="_blank" title="Click to know more about ADVANCE">ADVANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</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> and <a href="https://interviewquestions.tuteehub.com/tag/later-1069071" style="font-weight:bold;" target="_blank" title="Click to know more about LATER">LATER</a> transferred to the account of purchaser on affecting sale.</body></html> | |
| 1211. |
M/s Future Ltd. Has invested ₹ 10,000 in the shares of RelicamIndustries Ltd. Current market value of these shares is ₹ 10, 500. Accountant of Future Ltd. Wants to show ₹ 10,500. as value of investment in the books of accounts, which accounting convention restrictshim from doing so? |
| Answer» <html><body><p>Full disclosure <br/><a href="https://interviewquestions.tuteehub.com/tag/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/conservation-929810" style="font-weight:bold;" target="_blank" title="Click to know more about CONSERVATION">CONSERVATION</a> <br/>Materiality </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> | |
| 1212. |
M/s Business Services has not used its CNC Bending Machine No. 10 during the year. Hence, the accountant has not provided Depreciation on it. Do you consider it to be correct? Give your reasons. |
| Answer» <html><body><p></p>Solution :No, I do not consider it. to be <a href="https://interviewquestions.tuteehub.com/tag/correct-409949" style="font-weight:bold;" target="_blank" title="Click to know more about CORRECT">CORRECT</a> because 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> does not depreciate only because of its use but <a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> because of the <a href="https://interviewquestions.tuteehub.com/tag/efflux-966730" style="font-weight:bold;" target="_blank" title="Click to know more about EFFLUX">EFFLUX</a> of time. Although CNC Bending Machine No. 10 has not been used, its value <a href="https://interviewquestions.tuteehub.com/tag/must-2185568" style="font-weight:bold;" target="_blank" title="Click to know more about MUST">MUST</a> have declined because of efflux of time.</body></html> | |
| 1213. |
Lower of cost or net relisable value is an example of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/consistency-930013" style="font-weight:bold;" target="_blank" title="Click to know more about CONSISTENCY">CONSISTENCY</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><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> (<a href="https://interviewquestions.tuteehub.com/tag/conservatism-424801" style="font-weight:bold;" target="_blank" title="Click to know more about CONSERVATISM">CONSERVATISM</a>) concept<br/>Realisation Concept<br/>Matching Concept.</p>Solution :Prudence (Conservatism) concept</body></html> | |
| 1214. |
Loss on sale of an old car is debited to |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> A/c<br/>Car A/c<br/>Dpreciation A/c<br/>None of these</p>Solution :Profit and Loss A/c</body></html> | |
| 1215. |
List any two functions of Accounting. |
| 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> :(i) <a href="https://interviewquestions.tuteehub.com/tag/identifying-502139" style="font-weight:bold;" target="_blank" title="Click to know more about IDENTIFYING">IDENTIFYING</a> financial transactions, and (ii) Recording them in the books of <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> | |
| 1216. |
List any two examples of Fixed Assets |
| 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> :(i) <a href="https://interviewquestions.tuteehub.com/tag/land-539118" style="font-weight:bold;" target="_blank" title="Click to know more about LAND">LAND</a> and <a href="https://interviewquestions.tuteehub.com/tag/building-905221" style="font-weight:bold;" target="_blank" title="Click to know more about BUILDING">BUILDING</a>, and (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) <a href="https://interviewquestions.tuteehub.com/tag/computers-21658" style="font-weight:bold;" target="_blank" title="Click to know more about COMPUTERS">COMPUTERS</a></body></html> | |
| 1217. |
Liability is which obligation to pay, depends on happening of an event is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/contingent-931946" style="font-weight:bold;" target="_blank" title="Click to know more about CONTINGENT">CONTINGENT</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><br/>Long <a href="https://interviewquestions.tuteehub.com/tag/term-1241851" style="font-weight:bold;" target="_blank" title="Click to know more about TERM">TERM</a> Liability.<br/>Short term Liability<br/>None of these</p>Solution :Contingent liability</body></html> | |
| 1218. |
L.F. in the journal is filled at the time of posting. |
| 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> | |
| 1219. |
Left hand side of an account is calledthe debit side. |
| 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> | |
| 1220. |
Ledger provides a true picture of a group of similar_______ |
| 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/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a></body></html> | |
| 1221. |
Ledger is the principle book of account. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html> | |
| 1222. |
Ledger is not prepared from a Journal . |
| 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> | |
| 1223. |
Ledger is called a book of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/primary-1165403" style="font-weight:bold;" target="_blank" title="Click to know more about PRIMARY">PRIMARY</a> <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a><br/>secondary entry<br/><a href="https://interviewquestions.tuteehub.com/tag/final-461168" style="font-weight:bold;" target="_blank" title="Click to know more about FINAL">FINAL</a> entry<br/>None of these</p>Solution :final entry</body></html> | |
| 1224. |
Ledger is a book in which |
| 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> and Nominal <a href="https://interviewquestions.tuteehub.com/tag/accounts-14064" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTS">ACCOUNTS</a> are maintained<br/>Real and <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> Accounts are maintained<br/>Real, Personal and Nominal Accounts are maintained<br/>None of the above. </p>Solution :Real, Personal and Nominal Accounts are maintained</body></html> | |
| 1225. |
Ledger Account is prepared from |
| Answer» <html><body><p>events<br/>transactions<br/><a href="https://interviewquestions.tuteehub.com/tag/journals-1062294" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNALS">JOURNALS</a><br/>None of these</p>Solution :Journals</body></html> | |
| 1226. |
Ledger account gives the folio of …………..(Journal , Ledger) |
| 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/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a></body></html> | |
| 1227. |
Land is a-depreciable asset. 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> :<a href="https://interviewquestions.tuteehub.com/tag/land-539118" style="font-weight:bold;" target="_blank" title="Click to know more about LAND">LAND</a> is not <a href="https://interviewquestions.tuteehub.com/tag/depreciated-7675340" style="font-weight:bold;" target="_blank" title="Click to know more about DEPRECIATED">DEPRECIATED</a> because its useful <a href="https://interviewquestions.tuteehub.com/tag/life-541672" style="font-weight:bold;" target="_blank" title="Click to know more about LIFE">LIFE</a> is unlimited.</body></html> | |
| 1228. |
Last step of accounting process is : |
| Answer» <html><body><p>Provide information to <a href="https://interviewquestions.tuteehub.com/tag/various-1443317" style="font-weight:bold;" target="_blank" title="Click to know more about VARIOUS">VARIOUS</a> parties who are interested in <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> enterprise.<br/>Record transactions in the books.<br/>To make summary in the form of <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> statements.<br/>To classify the transactions under <a href="https://interviewquestions.tuteehub.com/tag/separate-1201161" style="font-weight:bold;" target="_blank" title="Click to know more about SEPARATE">SEPARATE</a> heads in the ledger.</p>Answer :A</body></html> | |
| 1229. |
Larger advertisement expenditure to introduce a new product is |
| Answer» <html><body><p><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/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a><br/><a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> Expenditure<br/><a href="https://interviewquestions.tuteehub.com/tag/deferred-946959" style="font-weight:bold;" target="_blank" title="Click to know more about DEFERRED">DEFERRED</a> Revenue Expenditure<br/>None of these</p>Solution :Deferred Revenue Expenditure</body></html> | |
| 1230. |
Land and Building are shown at ₹ 10 Lac in the Balance Sheet of the business owner by Mr. Yuvraj. However, as per the certificate of Govt. approved valuer the realisable value of Land and Building is ₹200 Lac. Mr. Yuvraj wants to show the Land and Builiding at this books. Can he do so? |
| 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. Accounts are maintained on the concept of historical <a href="https://interviewquestions.tuteehub.com/tag/costs-25578" style="font-weight:bold;" target="_blank" title="Click to know more about COSTS">COSTS</a> (i.e., the <a href="https://interviewquestions.tuteehub.com/tag/original-1139424" style="font-weight:bold;" target="_blank" title="Click to know more about ORIGINAL">ORIGINAL</a> cost). <a href="https://interviewquestions.tuteehub.com/tag/according-366619" style="font-weight:bold;" target="_blank" title="Click to know more about ACCORDING">ACCORDING</a> to this concept, an asset is recorded in the books of accounts at the <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> at which it was acquired.</body></html> | |
| 1231. |
Lalit of Delhi purchased goods of Rs 20,000 from Mehar of Kanpur. Whether IGST or CGST and SGST will be charged by Mehar ? Why? |
| 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/mehar-558285" style="font-weight:bold;" target="_blank" title="Click to know more about MEHAR">MEHAR</a> will <a href="https://interviewquestions.tuteehub.com/tag/charge-914384" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGE">CHARGE</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> because it is inter-state <a href="https://interviewquestions.tuteehub.com/tag/sale-1193496" style="font-weight:bold;" target="_blank" title="Click to know more about SALE">SALE</a>.</body></html> | |
| 1232. |
Kumaran, a trader, does not keep proper boods of account. However, he furnishes you the following particulars: {:(,"31st March, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Cash at Bank","4,500","3,000"),("Cash in Hand","300","4,000"),("Stock-in-Trade","40,000","45,000"),("Debtors","12,000","20,000"),("Office Equipment","5,000","5,000"),("Sundry Creditors","30,000","20,000"),("Furniture","4,000","4,000"):} During the year Kumaran introduced Rs. 6,000 as further capital and withdrew Rs. 4,000 as drawings. Write off Depreciation on furniture at 10% andon office equipment at 5%. Prepare a statement showing the Profit or Loss made by him for the year ended 31st March, 2019. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.<klux>NET</klux>/physics_images/TSG_ACC_XI_C20_S01_005_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_005_S02.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/alternatively-1974405" style="font-weight:bold;" target="_blank" title="Click to know more about ALTERNATIVELY">ALTERNATIVELY</a>, if <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> before <a href="https://interviewquestions.tuteehub.com/tag/certain-407894" style="font-weight:bold;" target="_blank" title="Click to know more about CERTAIN">CERTAIN</a> adjustments (e.g., Depreciation on Fixed Assets, Provision for Doubtful Debts, etc.) is also calculated in addition to net profit, the above solution will be as follows: <br/> The Statement of Affairs as at 31st March, 2019 will be same as given above. But the Statement of of Affairs (before Adjustments) will be prepared as follows: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_005_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_005_S04.png" width="80%"/></body></html> | |
| 1233. |
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results of his business on 31st March, 2019 and for that following information is available: |{:(,,"1st April, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Cash in Hand",.......................................................,"1,50,000","1,75,000"),("Bank Balance",.......................................................,"7,50,000","8,00,000"),("Furniture",.......................................................,"1,00,000","1,00,000"),("Stock",.......................................................,"5,00,000","6,50,000"),("Creditors",.......................................................,"3,50,000","4,00,000"),("Debtors",.......................................................,"2,50,000","3,00,000"):}| During the year, he had withdrawn Rs. 5,00,000 for his personal use and invested Rs. 2,50,000 as additional capital. Calculate his profits on 31st March, 2019 and prepare the Statement of Affairs as on that date. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 4,75,000.</body></html> | |
| 1234. |
Krishan started his business on 1st April, 2018 with a Capital of Rs. 1,00,000. On 31st March, 2019, his assets were: {:(,," Rs."),("Cash","...........................................","3,200"),("Stock","...........................................","34,800"),("Debtors","...........................................","31,000"),("Plant","...........................................","85,000"):} He owed Rs. 12,000 to sundry creditors and Rs. 10,000 to his brother on that data. He withdrew Rs. 2,000 per month for his personal expenses. Ascertain his profit. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> <a href="https://interviewquestions.tuteehub.com/tag/earned-7273289" style="font-weight:bold;" target="_blank" title="Click to know more about EARNED">EARNED</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>. 56,000.</body></html> | |
| 1235. |
Kapil's Trail Balance provides the following information : Depreciation is provided @ 10% p.a. Show how will this will be shown in 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/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 1236. |
Journalise the following transactions for Kamal, Delhi for April, 2019, post them in Ledger Accounts and balance them: CGST and SGST is levied @ 6% each on intra-state transaction and IGST @ 12% on inter- state transactions. GST is not leived on transaction maked with (*). |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_004_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_004_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_004_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_004_S04.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_004_S05.png" width="80%"/><br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_004_S06.png" width="80%"/> <br/> Note :In this <a href="https://interviewquestions.tuteehub.com/tag/illustration-1037063" style="font-weight:bold;" target="_blank" title="Click to know more about ILLUSTRATION">ILLUSTRATION</a>, Nominal Accounts (i.e., Purchase A/c, <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> A/c, Return Outward A/c and <a href="https://interviewquestions.tuteehub.com/tag/stationery-652708" style="font-weight:bold;" target="_blank" title="Click to know more about STATIONERY">STATIONERY</a> A/c ) are balanced only for the purpose of showing them in 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> Balance.</body></html> | |
| 1237. |
Journalise the following transactions, post them into Ladger and prepare a Trial 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/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>. 1,04,300</body></html> | |
| 1238. |
Journalise the following transactions in the book of Shri Manoj, Kolkata are prepared Ledger Accounts: Opening Debit Balances : Cash in Hand ₹ 15,000, Cash at Bank ₹55,000, Stock ₹ 28,000, Debtor ₹ 25,000 (Sunil ₹ 5,000, Abhay ₹ 10,000 and Alok ₹10,000), Fixed Asset: Computer and Printer ₹50,000, Furniture ₹ 10,000, Delivery Van ₹ 25,000. Opening Credit Balances : Bank Loan ₹ 90,000, Salaries Outstanding ₹ 15,000, Creditor ₹20,000, Bills Payable ₹10,000, Capital ₹73,000. Transaction for the month of April, 2019 were : (i) Purchased goods from M/s Prabhat Electricals, Delhi ₹10,000 less 10% Trade Discount. Cheque was issued immediately and availed 2% Cash Discount on purchase price. (ii) Cheque was received from Abhay for the balance allowind him discountof 2%*. (iii) Cheque was received from Abhay for the balance due*. (iv) Sunil was unable to pay the full dues and offered to pay 75%, which was accepted. Cheque was dully received*. (v) Gave goods costing ₹ 1,000 as charity. These goods were purchased in Kolkata. (vi) In a competition held by the RWA where the shop is located on electric iron costing ₹ 500 was given as an award. It had been purchased from Prabhat Electricals, Delhi. (vii) A debt of ₹10,000 that was written off as bad debt in the past was received *(viii) Salaries amounting to₹ 15,000 provided in the books for the months of March, 2019 were paid through cheque*. Sales for the monthswere: Cash Sales ₹15,00,000 (Intra-state) and Credit Sales ₹ 3,00,000 (Inter-state) ₹9,00,000. Cheque Received from Debtors ₹ 2,00,000, Deposited Cash ₹15,00,000. (xi) Paid to creditors through cheques ₹ 8,90,000*. (xii) Bank Loan repaid during the month ₹ 20,000*. Inter-state transactions are subject to levy of IGST @ 12% and Intra- state transaction are subjected tolevy of CGST and SGST @ 6% each. GST is not levied on transaction marked with (*). |
| Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/trail-1425183" style="font-weight:bold;" target="_blank" title="Click to know more about TRAIL">TRAIL</a> Balance Total -₹ 23,17,180; Dr. Balance: <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 ₹ 93,000 ; Bank A/c ₹ 8,43,650; Stock A/c ₹ 28,000; Purchase A/c ₹ 10,07,500; Bad Debt A/c ₹ 1,250; <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> Allowed A/c ₹ 200; Charity A/c ₹ 1,120; <a href="https://interviewquestions.tuteehub.com/tag/advertisement-850826" style="font-weight:bold;" target="_blank" title="Click to know more about ADVERTISEMENT">ADVERTISEMENT</a> A/c ₹560; Debtor A/c ₹1,36,000;Computer and Printer A/c ₹50,000; Furniture A/c ₹ 10,000; Delivery Van A/c ₹ 25,000. <br/> Input IGST ₹ 1,09,020; Input CGST ₹5,940; 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> ₹5,940. <br/> Cr. Balances: Capital A/c ₹ 73,000: Bank Loan A/c ₹70,000; Creditors A/c ₹1,38,000; Bills Payables A/c ₹10,000; Bad debts Recovered A/c ₹ 10,000 ; Discount Received A/c ₹ 180; Sales A/c ₹ 18,00,000; Output CGST ₹ 90,000; Output SGST ₹ 90,000; Output IGST ₹ 36,000.</body></html> | |
| 1239. |
Journalise the following transactions and post them into the Ledger : |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_003_S01.png" width="80%"/> <br/> Notes : 1. Discount allowed by <a href="https://interviewquestions.tuteehub.com/tag/others-588141" style="font-weight:bold;" target="_blank" title="Click to know more about OTHERS">OTHERS</a> is discount received. It is a gain so it should be credited. <br/> 2. A combined or compound entry is passed since rent and salary to <a href="https://interviewquestions.tuteehub.com/tag/ram-617950" style="font-weight:bold;" target="_blank" title="Click to know more about RAM">RAM</a> have been paid in cash on the same day. <br/> 3. Ledger Folios are imaginary.<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_003_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C09_S01_003_S03.png" width="80%"/> <br/> Note. : At the end of an accounting period, accounts marked with (*) will b closed by transferring to the ' Trading Account ' and accounts marked with (**) will be closed by transferring to the ' Profit and Loss Account ' since they are Nominal Accounts ( <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> and Expenses Accounts under <a href="https://interviewquestions.tuteehub.com/tag/modern-1099449" style="font-weight:bold;" target="_blank" title="Click to know more about MODERN">MODERN</a> Classification). In other words, balance of accounts related to Goods Account (e.g., Purchase Account, Sales Account, Purchase Return Account, Sales Return Account ) and Direct Expenses Accounts are transferred to the Trading Accounts and accounts relate to indirect expenses or <a href="https://interviewquestions.tuteehub.com/tag/incomes-1040086" style="font-weight:bold;" target="_blank" title="Click to know more about INCOMES">INCOMES</a> are transferred to the Profit and Loss Accounts.</body></html> | |
| 1240. |
Journal provides an explanation of the _____ |
| 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/transaction-16213" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTION">TRANSACTION</a></body></html> | |
| 1241. |
Journal Proper records purchase and sales of assets on credit. |
| 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> | |
| 1242. |
Journal Proper records transactions of the nature for which _______ Journal is not maintained. |
| 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/special-632090" style="font-weight:bold;" target="_blank" title="Click to know more about SPECIAL">SPECIAL</a></body></html> | |
| 1243. |
Journal is called a book of |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/primary-1165403" style="font-weight:bold;" target="_blank" title="Click to know more about PRIMARY">PRIMARY</a> <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a>.<br/>secondary entry.<br/>final entry.<br/>None of these.</p>Solution :Primary entry.</body></html> | |
| 1244. |
Journal entry for wood (goods) of ₹ 2,000 used for making office furniture is |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/dr-959219" style="font-weight:bold;" target="_blank" title="Click to know more about DR">DR</a>. <a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> A/c and Cr. Cash A/c by ₹ 2,000<br/>Dr. Cash A/c and Cr. Furniture A/c by ₹2,000<br/>Dr. Furniture A/c and Cr. <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 by ₹ 2,000 <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> :Dr. Furniture A/c and Cr. Purchases A/c by ₹ 2,000</body></html> | |
| 1245. |
Journal entry for stock left unsold at the end of the year is : |
| Answer» <html><body><p>Dr. <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> Stock A/c and Cr. <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/c<br/>Dr. Trading A/c and Cr. Closing Stock A/c<br/>Dr. <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/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> A/c and Cr. Closing Stock A/c<br/>Dr. Closing Stock A/c and Cr. Profit and Loss A/c</p>Solution :Dr. Closing Stock A/c and Cr. Trading A/c</body></html> | |
| 1246. |
Journal entry to record salaries will include: |
| Answer» <html><body><p> Debit <a href="https://interviewquestions.tuteehub.com/tag/salaries-1193459" style="font-weight:bold;" target="_blank" title="Click to know more about SALARIES">SALARIES</a> Credit <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a>.<br/> 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> Credit cash. <br/>Debit cash Credit <a href="https://interviewquestions.tuteehub.com/tag/salary-1193463" style="font-weight:bold;" target="_blank" title="Click to know more about SALARY">SALARY</a>.<br/> Debit salary Credit creditors<br/></p>Solution :a</body></html> | |
| 1247. |
Journal entry for selling old machinery with book values ₹5,000 for ₹ 3,500 is : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/dr-959219" style="font-weight:bold;" target="_blank" title="Click to know more about DR">DR</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> A/c by ₹5,000 and <a href="https://interviewquestions.tuteehub.com/tag/cr-427229" style="font-weight:bold;" target="_blank" title="Click to know more about CR">CR</a>. Profit and <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> A/c by ₹ 1,500 and Sales A/c by ₹3,500<br/>Dr. Sales A/c by ₹ 3,500 and Profit and Loss A/c by ₹ 1,500 and Cr. Cash A/c by ₹5,000<br/>Dr. Cash A/c and Cr. Sales A/c by ₹ 3,500<br/>Dr. Cash A/c by ₹5,000 and Cr. Machinery A/c by ₹3,500 and Profit and Loss A/c by ₹1,500</p>Solution :Dr. Cash A/c by ₹5,000 and Cr. Machinery A/c by ₹3,500 and Profit and Loss A/c by ₹1,500</body></html> | |
| 1248. |
Journal entry for paymentof income Tax ₹5,000 by the propritor is : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/dr-959219" style="font-weight:bold;" target="_blank" title="Click to know more about DR">DR</a>. <a href="https://interviewquestions.tuteehub.com/tag/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> Tax A/c and Cr. Purchase A/c by ₹5,000<br/>Dr. Purchase A/c and Cr. <a href="https://interviewquestions.tuteehub.com/tag/drawing-959485" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWING">DRAWING</a> A/c by ₹5,000<br/>Dr. Drawing A/c and Cr. Income Tax by ₹5,000<br/>Dr.Drawing A/c and Cr. <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 by ₹5,000</p>Solution :Dr.Drawing A/c and Cr. Cash A/c by ₹5,000</body></html> | |
| 1249. |
Japalhas purchaseda carfor ₹5,00,000whichhe getfinanced forma Bankto theextent of ₹4,00,000.How willit beshown in theaccouding equation? |
| Answer» <html><body><p></p>Solution :₹ 1,00,000 will bededucted <a href="https://interviewquestions.tuteehub.com/tag/form-996208" style="font-weight:bold;" target="_blank" title="Click to know more about FORM">FORM</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> (Cash/<a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</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/car-909011" style="font-weight:bold;" target="_blank" title="Click to know more about CAR">CAR</a>) will beshown at ₹ 5,00,000and Bank Loan(on theLiabilities side) Will bebe shown at ₹ 4,00,000.</body></html> | |
| 1250. |
Japalhas purchaseda carfor ₹5,00,000whichhe getfinanced forma Bankto theextent of ₹4,00,000.How willit beshown in theaccouding equation? |
| Answer» <html><body><p></p>Solution :₹ 1,00,000 will bededucted form Asset (Cash/Bank) , Assest (<a href="https://interviewquestions.tuteehub.com/tag/car-909011" style="font-weight:bold;" target="_blank" title="Click to know more about CAR">CAR</a>) will beshown at ₹ 5,00,000and Bank Loan(on theLiabilities side) Will <a href="https://interviewquestions.tuteehub.com/tag/bebe-2464465" style="font-weight:bold;" target="_blank" title="Click to know more about BEBE">BEBE</a> <a href="https://interviewquestions.tuteehub.com/tag/shown-1206565" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWN">SHOWN</a> at ₹ 4,00,000.</body></html> | |