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.

1351.

IFRS are

Answer» <html><body><p>rule based <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a>.<br/><a href="https://interviewquestions.tuteehub.com/tag/principle-1166255" style="font-weight:bold;" target="_blank" title="Click to know more about PRINCIPLE">PRINCIPLE</a> based accounting standards.<br/>partially rule based and partially prinsiple based accounting standards.<br/>None of the above.</p>Solution :principle based accounting standards.</body></html>
Discussion
1352.

If Trial Balance matches, it means

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/arithmetical-884194" style="font-weight:bold;" target="_blank" title="Click to know more about ARITHMETICAL">ARITHMETICAL</a> accuracy <br/>book are accurate<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><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :arithmetical accuracy</body></html>
Discussion
1353.

If the total of the credit side of the profit and loss account is more than the total of the debit side, the difference is the net 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> :T</body></html>
Discussion
1354.

If the Trial Balance tallies, it is proved that there are no errors.

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
1355.

If the totalassets ofthe business are ₹4,50,000 and outside liabilities are ₹2,00,000 calculate owner'sequity.

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/owner-1144378" style="font-weight:bold;" target="_blank" title="Click to know more about OWNER">OWNER</a>'s <a href="https://interviewquestions.tuteehub.com/tag/equity-974514" style="font-weight:bold;" target="_blank" title="Click to know more about EQUITY">EQUITY</a> + <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> <br/>₹ 4,50,000 = Owner's Equity + ₹ 2,00,000.</body></html>
Discussion
1356.

If the totalassets ofthe business are ₹4,50,000 and outside liabilities are ₹2,00,000 calculate owner'sequity.

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/owner-1144378" style="font-weight:bold;" target="_blank" title="Click to know more about OWNER">OWNER</a>'s <a href="https://interviewquestions.tuteehub.com/tag/equity-974514" style="font-weight:bold;" target="_blank" title="Click to know more about EQUITY">EQUITY</a> + <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> <br/>₹ 4,50,000 = Owner's Equity + ₹ 2,00,000.</body></html>
Discussion
1357.

If the totalassets of a business are ₹1,30,000 and net worthis ₹80,000, calculate the creditors. [Hint : NewWorth = Assests - Liabilities.]

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> :₹50,000</body></html>
Discussion
1358.

If the totalassets of a business are ₹1,30,000 and net worthis ₹80,000, calculate the creditors. [Hint : NewWorth = Assests - Liabilities.]

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> :₹50,000</body></html>
Discussion
1359.

If the total assets ofa business are ₹1,30,000 and capital is ₹80,000, calculate the outside liabilities.

Answer» <html><body><p></p>Solution :₹50,000(<a href="https://interviewquestions.tuteehub.com/tag/outside-1143075" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSIDE">OUTSIDE</a> <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> = Total <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> - Capital)</body></html>
Discussion
1360.

If the total assets ofa business are ₹1,30,000 and capital is ₹80,000, calculate the outside liabilities.

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> :₹50,000(<a href="https://interviewquestions.tuteehub.com/tag/outside-1143075" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSIDE">OUTSIDE</a> Liabilities = <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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> - Capital)</body></html>
Discussion
1361.

If the rent of one month is still to be paid the adjustment entry will be :

Answer» <html><body><p><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/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> rent <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 Credit rent account<br/>Debit 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> account and Credit rent account<br/>Debit rent account and Credit profit and loss account<br/>Debit rent account and Credit outstanding rent account</p>Solution :N/a</body></html>
Discussion
1362.

If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000, the amount of gorss profit will be

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>. 25,000.<br/>Rs. 33,333<br/>Rs. 20,000.<br/>None 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
1363.

If the rent received in advance Rs. 2,000. The adjustment entry will be :

Answer» <html><body><p>Debit <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 and <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> rent account<br/>Debit rent account Credit rent <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</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> account<br/>Debit rent received in advance account and Credit rent account<br/>None of these.</p>Solution :N/a</body></html>
Discussion
1364.

If the opening capital is Rs. 50,000 as on April 01, 2016 and additional capital introduced Rs. 10,000 on January 01, 2017. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31, 2017 will be :

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 5,250<br/>Rs. 6,000<br/>Rs. 4,000<br/>Rs. 3,000</p>Solution :N/a</body></html>
Discussion
1365.

If the insurance premium paid Rs. 1,000 and pre-paid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be :

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>. 1,300<br/>Rs. 1,000<br/>Rs. 300<br/>Rs. 700</p>Solution :N/a</body></html>
Discussion
1366.

If the gross profit is 20% of cost of goods sold and sales are Rs. 1,00,000, the amount of gross profit will be

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>. 20,000.<br/>Rs. 25,000.<br/>Rs. 16,667.<br/>None of these.</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html>
Discussion
1367.

If the Goods are soldor supplied from Delhi to Gurugram, it is Inter-State Supply.

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
1368.

If the Goods are sold or supplied from Gorakhpur, UP to Kolkata, West Bengal, it is Inter-State Supply.

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
1369.

If the debitas well as credit aspects of a transactions are recorded in the cash book , it is called …..

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/contra-932385" style="font-weight:bold;" target="_blank" title="Click to know more about CONTRA">CONTRA</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/><a href="https://interviewquestions.tuteehub.com/tag/compound-926863" style="font-weight:bold;" target="_blank" title="Click to know more about COMPOUND">COMPOUND</a> Entry <br/><a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Entry<br/>Adjustment Entry </p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :A</body></html>
Discussion
1370.

Ifthe capitalof a business is ₹3,00,000 and liabilites are ₹50,000 loss ₹70,000 calculate the total assets of thebusiness.

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> :₹2,80,000</body></html>
Discussion
1371.

If thecapitalof a business is ₹70,000 andliabilietes are of₹40,000 calculate thetotal 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> :<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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> + <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a><br/> ₹70,00 + ₹40,00 = ₹1,10,00</body></html>
Discussion
1372.

If thecapitalof a business is ₹70,000 andliabilietes are of₹40,000 calculate thetotal 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> :<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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> + <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a><br/> ₹70,00 + ₹40,00 = ₹1,10,00</body></html>
Discussion
1373.

Ifthe capitalof a business is ₹3,00,000 and liabilites are ₹50,000 loss ₹70,000 calculate the total assets of thebusiness.

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> :₹2,80,000</body></html>
Discussion
1374.

If the Capital is ₹2,60,000 and Assetsare ₹ 5,00,000, what isamountof Liabilites ?

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> :₹ 2,40,000</body></html>
Discussion
1375.

If the Capital is ₹2,60,000 and Assetsare ₹ 5,00,000, what isamountof Liabilites ?

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> :₹ 2,40,000</body></html>
Discussion
1376.

If the Capital is ₹1,00,000 and OutsideLiabilitiesare ₹2,50,000, find the Total Assets.

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> :₹ 3,50,000</body></html>
Discussion
1377.

If the Capital is ₹1,00,000 and OutsideLiabilitiesare ₹2,50,000, find the Total Assets.

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> :₹ 3,50,000</body></html>
Discussion
1378.

If the amount of any known liability cannot be determined with substantial accuracy, ________ is created.

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/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a></body></html>
Discussion
1379.

Iftheamount ofany known liability cannotbe determinedaccurately.

Answer» <html><body><p>Provision should be <a href="https://interviewquestions.tuteehub.com/tag/created-7257327" style="font-weight:bold;" target="_blank" title="Click to know more about CREATED">CREATED</a> <br/>Definiteliability <a href="https://interviewquestions.tuteehub.com/tag/shouldbe-1206499" style="font-weight:bold;" target="_blank" title="Click to know more about SHOULDBE">SHOULDBE</a> created <br/>Reserve shouldbe created <br/>Shouldbe <a href="https://interviewquestions.tuteehub.com/tag/shown-1206565" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWN">SHOWN</a> asa <a href="https://interviewquestions.tuteehub.com/tag/contingent-931946" style="font-weight:bold;" target="_blank" title="Click to know more about CONTINGENT">CONTINGENT</a> liability</p>Answer :a</body></html>
Discussion
1380.

If the amount of any known liability can be determined with accuracy

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> should be provided.<br/>a <a href="https://interviewquestions.tuteehub.com/tag/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a> should be made.<br/>a <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> should be <a href="https://interviewquestions.tuteehub.com/tag/set-11758" style="font-weight:bold;" target="_blank" title="Click to know more about SET">SET</a> aside.<br/>None of these.</p>Answer :A</body></html>
Discussion
1381.

If the amount of any known liability cannot be determined with accuracy

Answer» <html><body><p>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> should be provided.<br/>a <a href="https://interviewquestions.tuteehub.com/tag/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a> should be made.<br/>a <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> should be <a href="https://interviewquestions.tuteehub.com/tag/set-11758" style="font-weight:bold;" target="_blank" title="Click to know more about SET">SET</a> aside.<br/>None 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
1382.

If the amount of a known Liability can be ascertained with accuracy, it should be treated as a Liability or a Provision 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> :It should be <a href="https://interviewquestions.tuteehub.com/tag/treated-1426908" style="font-weight:bold;" target="_blank" title="Click to know more about TREATED">TREATED</a> as 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> and not a <a href="https://interviewquestions.tuteehub.com/tag/provision-607840" style="font-weight:bold;" target="_blank" title="Click to know more about PROVISION">PROVISION</a>.</body></html>
Discussion
1383.

If the amount of any known liability can be detemined with substantial accuracy, ___________ is created.

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/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a></body></html>
Discussion
1384.

If the adjustment related to bad debts is given outside the Trial Balance the it is adjusted by debiting ______ and crediting_________

Answer» <html><body><p><br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/bad-389290" style="font-weight:bold;" target="_blank" title="Click to know more about BAD">BAD</a> <a href="https://interviewquestions.tuteehub.com/tag/debts-435567" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTS">DEBTS</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>, <a href="https://interviewquestions.tuteehub.com/tag/sundry-655868" style="font-weight:bold;" target="_blank" title="Click to know more about SUNDRY">SUNDRY</a> Debtors account</body></html>
Discussion
1385.

If suspense account does not balance off even after rectification of errors it implies that

Answer» <html><body><p>There are some one <a href="https://interviewquestions.tuteehub.com/tag/sided-7322692" style="font-weight:bold;" target="_blank" title="Click to know more about SIDED">SIDED</a> errors only in the books <a href="https://interviewquestions.tuteehub.com/tag/yet-2343425" style="font-weight:bold;" target="_blank" title="Click to know more about YET">YET</a> to be <a href="https://interviewquestions.tuteehub.com/tag/located-543617" style="font-weight:bold;" target="_blank" title="Click to know more about LOCATED">LOCATED</a>.<br/> There are no more errors yet to be located. <br/>There are some <a href="https://interviewquestions.tuteehub.com/tag/two-714195" style="font-weight:bold;" target="_blank" title="Click to know more about TWO">TWO</a> sided errors only yet to be located. <br/>There may be both one sided errors and two sided errors yet to be located. <br/></p>Solution : (a</body></html>
Discussion
1386.

If the accounting information is not clearly presented, which of the qualitative characteristics of the accounting information is violated ?

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/understandability-2316965" style="font-weight:bold;" target="_blank" title="Click to know more about UNDERSTANDABILITY">UNDERSTANDABILITY</a>.</body></html>
Discussion
1387.

If Shyam has sold goods to Ramesh for cash , the entry will be recorded in the

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <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/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> Book <br/>journal<br/>Purchase Book </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Cash Book</body></html>
Discussion
1388.

If seller receives back the goods sold , he prepares Credit Note.

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
1389.

If sales are Rs. 60,000 and the rate of Gross Profit on Cost of Goods Sold is 25%, Cost of Goods Sold will be

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>. 45,000<br/>Rs. 50,000<br/>Rs. 48,000<br/>None of these. </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/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a></body></html>
Discussion
1390.

If seller receives back the goods sold, he will prepare

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/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a>.<br/>Debit Note.<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 :Credit Note.</body></html>
Discussion
1391.

If Ram's acceptance which was endorsed in favour of Saleem is dishonoured, then the amount will be debited to

Answer» <html><body><p>Saleem<br/><a href="https://interviewquestions.tuteehub.com/tag/ram-617950" style="font-weight:bold;" target="_blank" title="Click to know more about RAM">RAM</a> <br/><a href="https://interviewquestions.tuteehub.com/tag/bills-897480" style="font-weight:bold;" target="_blank" title="Click to know more about BILLS">BILLS</a> <a href="https://interviewquestions.tuteehub.com/tag/receivable-1179274" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVABLE">RECEIVABLE</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/>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> :Ram</body></html>
Discussion
1392.

If Ram's acceptance which was endorsed by us in favour of Saleem is dishonoured , then the amount will be debited in our books to

Answer» <html><body><p>saleem<br/><a href="https://interviewquestions.tuteehub.com/tag/ram-617950" style="font-weight:bold;" target="_blank" title="Click to know more about RAM">RAM</a><br/>Bills Receicable Account.<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> :Ram</body></html>
Discussion
1393.

If Ramesh has sold goods for cash, the entry will be recorded

Answer» <html><body><p>in 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> <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/>in the Sale Book <br/>in the <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> <a href="https://interviewquestions.tuteehub.com/tag/proper-1169819" style="font-weight:bold;" target="_blank" title="Click to know more about PROPER">PROPER</a>. <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of the above.</p>Solution :in the Cash Book</body></html>
Discussion
1394.

If purchaser of goods returns them, he will prepare

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/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</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> Note.<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 :Debit Note.</body></html>
Discussion
1395.

If pruchaser of goods returns the goods, he will prepare a _________

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/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a></body></html>
Discussion
1396.

If outstanding salary appears in the Trial Balance, it is taken to 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/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
1397.

If opening capital is Rs 60,000, drawings Rs 5,000, capital introduced during the period Rs 10,000, closing capital Rs 90,000. The value of profit earned during the period will be:

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> 20,000<br/>Rs 25,000<br/>Rs 30,000<br/>Rs 40,000</p>Solution :<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
1398.

If due date of a bill falls on a public holiday, then the maturity date is on

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a> day after the <a href="https://interviewquestions.tuteehub.com/tag/maturity-1089814" style="font-weight:bold;" target="_blank" title="Click to know more about MATURITY">MATURITY</a> <a href="https://interviewquestions.tuteehub.com/tag/date-11316" style="font-weight:bold;" target="_blank" title="Click to know more about DATE">DATE</a><br/>one day before the maturity date<br/>Publuc holidays<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> :one day before the maturity date</body></html>
Discussion
1399.

If one aspect of a transaction is not recorded , which accounting concept is not followed ?

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/dual-749" style="font-weight:bold;" target="_blank" title="Click to know more about DUAL">DUAL</a> <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</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
1400.

If fhe Goods are sold or supplied from Lucknow, UP to Kanpur, UP, it is Inter -State Supply.

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