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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.
| 1551. |
Give the formula to calculate the Annual Depreciation as per 'Straight Line Method'. |
| Answer» <html><body><p></p>Solution :`"Annual Depreciation "=("<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 Asset-Estimated <a href="https://interviewquestions.tuteehub.com/tag/scrap-1196564" style="font-weight:bold;" target="_blank" title="Click to know more about SCRAP">SCRAP</a> Value")/("Number of Years of <a href="https://interviewquestions.tuteehub.com/tag/expected-2627146" style="font-weight:bold;" target="_blank" title="Click to know more about EXPECTED">EXPECTED</a> <a href="https://interviewquestions.tuteehub.com/tag/useful-1441152" style="font-weight:bold;" target="_blank" title="Click to know more about USEFUL">USEFUL</a> Life")`</body></html> | |
| 1552. |
Give the formula to Calculate Operating Profit from net profit. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/operating-1136761" style="font-weight:bold;" target="_blank" title="Click to know more about OPERATING">OPERATING</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/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Profit + Non-operating <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> - Non - operating <a href="https://interviewquestions.tuteehub.com/tag/incomes-1040086" style="font-weight:bold;" target="_blank" title="Click to know more about INCOMES">INCOMES</a>.</body></html> | |
| 1553. |
Give the correct chronological order of ascertainment of the following profits from Trading and Profit and Loss Account: Operating Profit, Gross Profit, Net Profit |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>, <a href="https://interviewquestions.tuteehub.com/tag/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/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> Profit</body></html> | |
| 1554. |
Give one point of distinction between Purchases Book and Purchases 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> :<a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> book is a <a href="https://interviewquestions.tuteehub.com/tag/part-596478" style="font-weight:bold;" target="_blank" title="Click to know more about PART">PART</a> of <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> whereas purchases account is a part of <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a>.</body></html> | |
| 1555. |
Give one point of importance of bank reconciliation statement. |
| Answer» <html><body><p></p>Solution :A bank reconciliation statement locates the errose or <a href="https://interviewquestions.tuteehub.com/tag/omission-1130895" style="font-weight:bold;" target="_blank" title="Click to know more about OMISSION">OMISSION</a> that may have been commited <a href="https://interviewquestions.tuteehub.com/tag/either-7265046" style="font-weight:bold;" target="_blank" title="Click to know more about EITHER">EITHER</a> on the <a href="https://interviewquestions.tuteehub.com/tag/part-596478" style="font-weight:bold;" target="_blank" title="Click to know more about PART">PART</a> of the customer or the customer or the bank. The erroseso detected can be rectified accordingly.</body></html> | |
| 1556. |
Give one point of distinction between Book-keeping and accountancy. |
| Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/main-552371" style="font-weight:bold;" target="_blank" title="Click to know more about MAIN">MAIN</a> objective of book-keeping is to maintain systematic record of <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> transactions whereas the main objective of <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> is to <a href="https://interviewquestions.tuteehub.com/tag/ascertain-382940" style="font-weight:bold;" target="_blank" title="Click to know more about ASCERTAIN">ASCERTAIN</a> profit or loss and the <a href="https://interviewquestions.tuteehub.com/tag/financial-988642" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCIAL">FINANCIAL</a> position of the business.</body></html> | |
| 1557. |
Give one limitation of incomplete record. Or State any two limitations of Incomplete Record System. |
| 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) It does not reflect correct <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>. <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</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> Sheet does not reflect correct financial position.</body></html> | |
| 1558. |
Give one example of each of the following transactions : (i) Increase in an asset and a liability. (ii) Decrease in an asset anda liability. (iii) Increase in assets and capital. (iv) Decrease in assets andcapital. |
| Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of 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> on credit. <br/> (ii) Payment of a liability.<br/> (iii) <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> introduced by proprietor. <br/> (<a href="https://interviewquestions.tuteehub.com/tag/iv-501699" style="font-weight:bold;" target="_blank" title="Click to know more about IV">IV</a>) Drawings or Expenses.</body></html> | |
| 1559. |
Give one example of Error of Principle. |
| 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/recording-1180449" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDING">RECORDING</a> freight on <a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> asset as a revenue expenditure.</body></html> | |
| 1560. |
Give one example of error of Omission. |
| 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> :Suppose goods for Rs. 10,000 have been purchased from Dinesh on credit and the transaction was omitted to be <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> in the books. The <a href="https://interviewquestions.tuteehub.com/tag/omission-1130895" style="font-weight:bold;" target="_blank" title="Click to know more about OMISSION">OMISSION</a> will not affect the <a href="https://interviewquestions.tuteehub.com/tag/trial-1427200" style="font-weight:bold;" target="_blank" title="Click to know more about TRIAL">TRIAL</a> <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> in any way, because neither has it been recorded on the credit side of Dinesh nor on the debit side of purchase account.</body></html> | |
| 1561. |
Give one example of error of Commission. |
| 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/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> from Ravi for Rs. 5,000 on <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> entered in the purchase books as Rs. 500</body></html> | |
| 1562. |
Give one example of Compensating Error. |
| Answer» <html><body><p></p>Solution :The total of <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a> is posted in the <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> as <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 10,000 in place of Rs. 1,00,000 and at the same time total of Sales Book is posted as Rs. 1,00,000 instead of Rs. 1,90,000. These two errors neutralise the <a href="https://interviewquestions.tuteehub.com/tag/effect-966056" style="font-weight:bold;" target="_blank" title="Click to know more about EFFECT">EFFECT</a> of each other.</body></html> | |
| 1563. |
Give one example each of 'provision' and 'reserve' |
| Answer» <html><body><p></p>Solution :`{:("Provision":,"Provision <a href="https://interviewquestions.tuteehub.com/tag/fo-457881" style="font-weight:bold;" target="_blank" title="Click to know more about FO">FO</a> Tax"),("<a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a>":,"<a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</a> Reserve"):}`</body></html> | |
| 1564. |
Give one distinction between books of original entry and ledger. |
| 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/ACC_XI_C13_E02_004_S01.png" width="80%"/></body></html> | |
| 1565. |
Give one difference between provision and reserve. |
| 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> :Provision is a <a href="https://interviewquestions.tuteehub.com/tag/charge-914384" style="font-weight:bold;" target="_blank" title="Click to know more about CHARGE">CHARGE</a> on <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> whereas <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> is an appropriation of profit.</body></html> | |
| 1566. |
Give one advantage of Ledger. |
| Answer» <html><body><p></p>Solution :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> can be <a href="https://interviewquestions.tuteehub.com/tag/prepared-1163605" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARED">PREPARED</a> with the help of <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> balances which helps in ascertaining the <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 of the accounts.</body></html> | |
| 1567. |
Give one advantage of maintaining a Cash Book . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :It is a journal as well as <a href="https://interviewquestions.tuteehub.com/tag/ledger-1070861" style="font-weight:bold;" target="_blank" title="Click to know more about LEDGER">LEDGER</a> . When 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> book is <a href="https://interviewquestions.tuteehub.com/tag/maintained-2162867" style="font-weight:bold;" target="_blank" title="Click to know more about MAINTAINED">MAINTAINED</a> , there is no need of opening a <a href="https://interviewquestions.tuteehub.com/tag/separate-1201161" style="font-weight:bold;" target="_blank" title="Click to know more about SEPARATE">SEPARATE</a> cash account in ledger .</body></html> | |
| 1568. |
Give names of two multi-user operating systems. |
| 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/unix-11779" style="font-weight:bold;" target="_blank" title="Click to know more about UNIX">UNIX</a>,<a href="https://interviewquestions.tuteehub.com/tag/linux-1946" style="font-weight:bold;" target="_blank" title="Click to know more about LINUX">LINUX</a> <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a> .</body></html> | |
| 1569. |
Give fundamental accounting equation. |
| 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/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</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></body></html> | |
| 1570. |
Give any two objectives of accounting. |
| 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>. To <a href="https://interviewquestions.tuteehub.com/tag/keep-527902" style="font-weight:bold;" target="_blank" title="Click to know more about KEEP">KEEP</a> <a href="https://interviewquestions.tuteehub.com/tag/systematic-1237480" style="font-weight:bold;" target="_blank" title="Click to know more about SYSTEMATIC">SYSTEMATIC</a> record of business transactions. <br/> 2. To <a href="https://interviewquestions.tuteehub.com/tag/ascertain-382940" style="font-weight:bold;" target="_blank" title="Click to know more about ASCERTAIN">ASCERTAIN</a> profit earned or <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> suffered during a particular period.</body></html> | |
| 1571. |
give any two items that are debited to Profit and Loss Account |
| Answer» <html><body><p></p>Solution :(i) Business <a href="https://interviewquestions.tuteehub.com/tag/promotion-1169623" style="font-weight:bold;" target="_blank" title="Click to know more about PROMOTION">PROMOTION</a> <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a>, and (ii) <a href="https://interviewquestions.tuteehub.com/tag/insurance-22907" style="font-weight:bold;" target="_blank" title="Click to know more about INSURANCE">INSURANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/premium-2555" style="font-weight:bold;" target="_blank" title="Click to know more about PREMIUM">PREMIUM</a></body></html> | |
| 1572. |
give any two items that are credited to Profit and Loss Account |
| Answer» <html><body><p></p>Solution :(i) <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>, and (ii) <a href="https://interviewquestions.tuteehub.com/tag/interset-2132712" style="font-weight:bold;" target="_blank" title="Click to know more about INTERSET">INTERSET</a> earned on <a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> deposits</body></html> | |
| 1573. |
Give any two examples of Intangible 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/goodwill-475103" style="font-weight:bold;" target="_blank" title="Click to know more about GOODWILL">GOODWILL</a>, (ii) Patents, (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Trademarks</body></html> | |
| 1574. |
Give any two examples of Current 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> :Stock-in-Trade (<a href="https://interviewquestions.tuteehub.com/tag/inventories-1050566" style="font-weight:bold;" target="_blank" title="Click to know more about INVENTORIES">INVENTORIES</a>) and <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> in <a href="https://interviewquestions.tuteehub.com/tag/hand-1015171" style="font-weight:bold;" target="_blank" title="Click to know more about HAND">HAND</a></body></html> | |
| 1575. |
Give any two causes of Depreciation. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/causes-910982" style="font-weight:bold;" target="_blank" title="Click to know more about CAUSES">CAUSES</a> of depreciation are: <br/> (i) use of asset, 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/obsolescence-1127648" style="font-weight:bold;" target="_blank" title="Click to know more about OBSOLESCENCE">OBSOLESCENCE</a>.</body></html> | |
| 1576. |
Give any three examples of revenues. |
| Answer» <html><body><p></p>Solution :(i) Amount <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> from sale of goods, <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Amount received fromproviding service to customers, <br/> (iii) Receipts of commission, <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a>, rent <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a>.</body></html> | |
| 1577. |
Give an example ofa transaction due to which owner's capital and an asset will decrease |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> taken by the <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a> for <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> <a href="https://interviewquestions.tuteehub.com/tag/use-1441041" style="font-weight:bold;" target="_blank" title="Click to know more about USE">USE</a>.</body></html> | |
| 1578. |
Give an example of recording in wrong Subsidiary Book. |
| 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/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <a href="https://interviewquestions.tuteehub.com/tag/returned-2240279" style="font-weight:bold;" target="_blank" title="Click to know more about RETURNED">RETURNED</a> to <a href="https://interviewquestions.tuteehub.com/tag/kabir-528985" style="font-weight:bold;" target="_blank" title="Click to know more about KABIR">KABIR</a> of Rs. 5,000 <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a> in the Sales Return Book.</body></html> | |
| 1579. |
Give an example of error of principle. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/purchase-1172709" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASE">PURCHASE</a> of furniture is <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> to purchase account <a href="https://interviewquestions.tuteehub.com/tag/instead-516622" style="font-weight:bold;" target="_blank" title="Click to know more about INSTEAD">INSTEAD</a> of furniture account.</body></html> | |
| 1580. |
Give an example of decrease in an asset and decrease in a liability. |
| 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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/paid-1145567" style="font-weight:bold;" target="_blank" title="Click to know more about PAID">PAID</a> to a <a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a>.</body></html> | |
| 1581. |
Give an example of Current 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/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</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/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> in <a href="https://interviewquestions.tuteehub.com/tag/hand-1015171" style="font-weight:bold;" target="_blank" title="Click to know more about HAND">HAND</a></body></html> | |
| 1582. |
Give an example of a transaction which increases one liability and decreases another. |
| 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/acceptance-846721" style="font-weight:bold;" target="_blank" title="Click to know more about ACCEPTANCE">ACCEPTANCE</a> of <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/payable-597657" style="font-weight:bold;" target="_blank" title="Click to know more about PAYABLE">PAYABLE</a>.</body></html> | |
| 1583. |
Give an example of a transaction which has offect on two items on the assets side. |
| 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/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> on <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a>.</body></html> | |
| 1584. |
Give an example of a transacticn where an asset will increase and also the hability. |
| 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/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> <a href="https://interviewquestions.tuteehub.com/tag/purchased-2962400" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASED">PURCHASED</a> an <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a></body></html> | |
| 1585. |
Give an example of a transacticn where an asset and owner's capital will increase |
| 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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/introduced-2121226" style="font-weight:bold;" target="_blank" title="Click to know more about INTRODUCED">INTRODUCED</a> by the <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>.</body></html> | |
| 1586. |
Give an example for each of the following type of transactions : (i) Increase in one asset, decreae in another asset. (ii) Increase in asset, increase in liability. (iii) Increase in asset, increase in owner's capital. (iv) Decease in asset, decrease in liablility. (v) Decrease in asset, decrease in owner's capital. |
| Answer» <html><body><p></p>Solution :`{:((i),"Purchase of <a href="https://interviewquestions.tuteehub.com/tag/machinery-1082418" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINERY">MACHINERY</a> for Cash",:,"Increase in Machinery and decrease in Cash"),((ii),"Purchase of Machinery on Credit",:,"Increase in Machinery and increase inliability"),((iii),"Capital <a href="https://interviewquestions.tuteehub.com/tag/introduced-2121226" style="font-weight:bold;" target="_blank" title="Click to know more about INTRODUCED">INTRODUCED</a> by <a href="https://interviewquestions.tuteehub.com/tag/proprietor-1170512" style="font-weight:bold;" target="_blank" title="Click to know more about PROPRIETOR">PROPRIETOR</a>",:,"Increase in Cash and increase in Capital"),((iv),"Payment to Creditors",:,"Decrease inCash and decrease in Creditors"),((v),"Cash withdrawn by proprietor from thebusiness for <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> use",:,"Decrease in Cash and decrease in Capital"):}`</body></html> | |
| 1587. |
Give an example for each of the following types of transactions: 1. Increase in one asset, decrease in another asset 2 Inerease in asset, increase in liability. 3.Inerease in asset, increase in owner's capital 4 Decrease in asset, decrease in liability 5. Decrease in asset, decrease in owner's capital. 6 Decrease in liabilities, increase in owner's capital. 7 Increase in one liability, decrease in another liability 8. Increase in liabilities, decrease in owner's capital |
| Answer» <html><body><p></p>Solution :1. Purohase of furniture for cash-<a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in furniture and <a href="https://interviewquestions.tuteehub.com/tag/decrease-946104" style="font-weight:bold;" target="_blank" title="Click to know more about DECREASE">DECREASE</a> in cash. <br/> 2. Parchase of furniture on credit-Increase in furniture and increase in liability. <br/> 3. Capital <a href="https://interviewquestions.tuteehub.com/tag/introduced-2121226" style="font-weight:bold;" target="_blank" title="Click to know more about INTRODUCED">INTRODUCED</a> by proprietor-Increase in cash and increase in capital. <br/> 4. Payment to creditors-Decrease in cash and decrease in creditors. <br/> <a href="https://interviewquestions.tuteehub.com/tag/5-319454" style="font-weight:bold;" target="_blank" title="Click to know more about 5">5</a>. Cash withdrawn by proprietor-Decrease in cash and decrease in capital. <br/> 6. Conversion of partner's loan into capital-Increase in capital and decrease in loan <br/> 7 Bills Payable accepted-Increase in bills payable and decrease in creditors. <br/> 8. <a href="https://interviewquestions.tuteehub.com/tag/outstanding-1143197" style="font-weight:bold;" target="_blank" title="Click to know more about OUTSTANDING">OUTSTANDING</a> expenses provided-Increase in creditors for outstanding expenses and decrease in capital.</body></html> | |
| 1588. |
Give a formula to calculate the 'Cost of Goods Sold' |
| Answer» <html><body><p></p>Solution :Cost of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> Sold = Opening Stock + <a href="https://interviewquestions.tuteehub.com/tag/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</a> <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> + Direct <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> - Closing Stock <br/> Or <br/> = Net Sales - Gross Profit</body></html> | |
| 1589. |
General Reserve is created to meet contingent liability. |
| 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> | |
| 1590. |
Ghanshyam is a furniture dealer. Which one of the following will not be recorded in his books? |
| Answer» <html><body><p>Purchase of <a href="https://interviewquestions.tuteehub.com/tag/timber-1419948" style="font-weight:bold;" target="_blank" title="Click to know more about TIMBER">TIMBER</a> for <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 50,000<br/>Sofa set worth Rs. 40,000 taken to his home<br/>Sale of houseland furniture for Rs. 5,000<br/>Dining table of Rs. 30,000 <a href="https://interviewquestions.tuteehub.com/tag/given-473447" style="font-weight:bold;" target="_blank" title="Click to know more about GIVEN">GIVEN</a> to his friend as gift</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> | |
| 1591. |
Generalreserve can be usedonly forsome specific puposes. |
| 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/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html> | |
| 1592. |
Ganga Ltd. purchased a machinery on January 01, 2014 forRs. 5,50,000 and spent Rs. 50,000 on its installation. On September 01, 2014 it purchased another machine forRs 3,70,000.On May01,2015 itpurchased another machine for Rs. 8,40,000 ( including installation expenses). (a) Machinery account and depreciation account for the years 2014, 2015, 2016 and 2017. (b) If depreciation is accumulated in provision for Depreciation account then prepare machine accountand provision for depreciation account for the years 2014, 2015, 2016 and 2017. |
| 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) <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/machine-550312" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINE">MACHINE</a> accountas on 01.01.15 `Rs`.12,22,666. <br/> (b) Balance of provision for <a href="https://interviewquestions.tuteehub.com/tag/dep-2053905" style="font-weight:bold;" target="_blank" title="Click to know more about DEP">DEP</a>. <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> as on 01.01.15`Rs`.5,87,334</body></html> | |
| 1593. |
From the information given below you are required to calculate the cash paid for the inventory: |
| 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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 1,59,500</body></html> | |
| 1594. |
From the following Trial Balance you are required to prepare trading and profit and loss account for the year ending March 31, 2017 and Balance Adjustments 1. Closing stock valued at Rs.36,000. 2. Private purchases amounting to Rs.5000 debited to purchases account. 3. Provision for doubtful debts @ 5% on debtors. 4. Sign board costing Rs. 4,000 includes in advertising. 5. Depreciate furniture by 10%. |
| 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> :N/a</body></html> | |
| 1595. |
From the following Trial Balance, Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date: On 31st March, 2019 the stock was valued at Rs 1,00,000 |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_022_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_022_S02.png" width="80%"/></body></html> | |
| 1596. |
From the following Trial Balance, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date : Adjustments : (i) Closing Stock is Rs6,000 at cost. (ii) Goods costing Rs 1,000 were distributed among staff members as free of cost while godds costing Rs 500 were taken by proprieter for his personal use. These goods were purchased paying CGST and SGST @6% each. (iii) Credit sale to Naresh of Rs 2,000 plus IGST @12 % was not recoreded in the sales Book. (iv) Closing stock included goods coasting Rs 1,000 which were sold and recorded as sales but not delivered to the customer. Maintain Provision for Doubtful Debts @5%. |
| Answer» <html><body><p></p>Solution : <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_018_S01.png" width="80%"/> <br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_018_S02.png" width="80%"/> <br/> `*` Balance in <a href="https://interviewquestions.tuteehub.com/tag/output-1142821" style="font-weight:bold;" target="_blank" title="Click to know more about OUTPUT">OUTPUT</a> IGST = <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 8,000 (as <a href="https://interviewquestions.tuteehub.com/tag/per-590802" style="font-weight:bold;" target="_blank" title="Click to know more about PER">PER</a> Trial Balance ) + Rs 240 (<a href="https://interviewquestions.tuteehub.com/tag/gst-13422" style="font-weight:bold;" target="_blank" title="Click to know more about GST">GST</a> on Sale on <a href="https://interviewquestions.tuteehub.com/tag/naresh-573700" style="font-weight:bold;" target="_blank" title="Click to know more about NARESH">NARESH</a> ) = Rs 8,240.</body></html> | |
| 1597. |
From the following Trial Balance of Shradha as on 31st March, 2019, prepare Trading and Profit and Loss Account and Balance Sheet: Adjustments : (i) Closing Stock Rs 64,000. (ii) Wages outstanding Rs 2,400. (iii) Bad Debts Rs 600. (iv) Provision for Doubtful Debts to be 5%. (v) Rent is paid for 11 months. (vi) Insurance premium is paid per annum, ended 31st May, 2019. (vii) Loan form the bank was taken on 1st October, 2018. (viii) Provides Depreciation on machinary @ 10% and on Furniture @ 5%. |
| 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> | |
| 1598. |
From the following Trial Balance of Rajan, prepare Trading and Profit and Loss Account for the year ended 31st March , 2019 and Balance Sheet as at that date after taking into account the adjustments given below: Adjustments: (i) Stock at cost on 31st March, 2019 was rs 18,000. Its Net Realisable Value (market value) was rs 15,000, (ii) Insurance of rs 400 was prepaid, (iii) Outstanding liabilities were: Salaries rs 2,000, Taxes rs 1,300, and (iv) Depending Building at 2%p.a |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_001_S01.png" width="80%"/></body></html> | |
| 1599. |
From the following Trial Balance of Ram Narain as at 31st March, 2019, prepare Trading and Profit and Profit and Loss Account and Balance Sheet. Following further information was given : (i) Wages for March, 2019 amounting to Rs 2,100 have not yet been paid. (ii) General Expenses include Insurance Premium of Rs 600 paid in advance for the next year. (iii) Provision for Doubtful Debts @5%on Sundry Debtors is to be made. (iv) Depreciation is to be charged as follows: Land and Building @2% Mechinery @10% and Furniture and Fixtures @15%. (v) Loan from Mrs. Ram Narain was taken on 1st October, 2018. Interest has not yet been paid. (vi) Value of stock at hand on 31st March, 2019 was Rs14,900. (vii) Manager is entitled to a commission of 10% of the net profit after charging the commission. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_016_S01.png" width="80%"/> <br/>Working Notes : <br/> 1. Profit before charging <a href="https://interviewquestions.tuteehub.com/tag/commission-422814" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISSION">COMMISSION</a> is `Rs31,000`. Commission payable @`<a href="https://interviewquestions.tuteehub.com/tag/10-261113" style="font-weight:bold;" target="_blank" title="Click to know more about 10">10</a>%` of net profit after charging such commission. Manager's Commission `="Net Profit" xx(%"of Commission ")/(100+%"of Commission")=Rs 31,000xx(10)/(110)=Rs2,818`. <br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_016_S02.png" width="80%"/></body></html> | |
| 1600. |
From the following Trial Balance of Ram Chandra on 31st March, 2019 prepare Trading and Profit and Loss Account and Balance Sheet. Value of Closing Stock as on 31st March, 2019 was Rs 50,000 |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_023_S01.png" width="80%"/></body></html> | |