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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.
| 1601. |
From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2019: Additional Information : (i) Closing Stock on 31st March, 2019 was Rs 21,000. (ii) Rent of Rs 1,200 has been received in advance. (iii) Outstanding liability for Miscellaneous expenses is Rs 12,000. (iv) Commission earned during the year but not received was Rs 2,100. (v) Goods coasting Rs 2,000 were taken by the proprieter for his personal use but entry was not passed in the books 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/na-572417" style="font-weight:bold;" target="_blank" title="Click to know more about NA">NA</a></body></html> | |
| 1602. |
From the following Trial Balance and Additional information of Mr. Gaurav, a proprietory, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date: Closing Stock at cost Rs 1,00,000 but its maket value is Rs 88,500 |
| 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/income-25499" style="font-weight:bold;" target="_blank" title="Click to know more about INCOME">INCOME</a> <a href="https://interviewquestions.tuteehub.com/tag/tax-1239527" style="font-weight:bold;" target="_blank" title="Click to know more about TAX">TAX</a> is <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a></body></html> | |
| 1603. |
From the following transctions, pass necessary Journal entries in the books of Mohan & Co., post them into their Ledger and prepare a Trial Balance: |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_002_S04.png" width="80%"/> <br/> Notes : At the end of the year balance of Purchases A/c will be transferred to the debit of Trading A/c and balance of Sales A/c will be transferred to the credit of Trading A/c. <br/> 2. Balance of SalariesA/c will be transferred to the debit of Probit of Profit and Loss A/c and balance of Discount Received A/c will be transferred to the credit of Profit and Loss A/c. <br/> At the time of preparing final accounts <a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a> accounts (e.g., Purchases A/c, Sales A/c, Discount Received A/c and <a href="https://interviewquestions.tuteehub.com/tag/salaries-1193459" style="font-weight:bold;" target="_blank" title="Click to know more about SALARIES">SALARIES</a> A/c) are closed by <a href="https://interviewquestions.tuteehub.com/tag/transferring-1425726" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRING">TRANSFERRING</a> their balances to Trading and Profit and Loss A/c.</body></html> | |
| 1604. |
From the following transactions ,state the nature of accounts and state which account will be debited and which account will be credited : {:( ,, "₹") , (1. "Mohan started business with cash" ,, 5"," 00"," 000), ( 2. "Purchased goods for cash" ,, 1"," 00"," 000), (3. "Sold goods for cash" ,, 1","50","000), (4. "Received interest from Ram in cash" ,, 500), (5. "Sold goods to Ashok" ,, 60"," 000), (6. "Purchased furniture for cash" ,, 50 "," 000), (7. "Paid wages" ,,20","000):} |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C06_S01_003_S01.png" width="80%"/></body></html> | |
| 1605. |
From the following transactions , state the nature of account and state which account will be debited and which account credited : {:(,,,"₹") , ((i) , "Manu started business with cash" ,, 1","00","000), ((ii) , "He purchased furniture for business" ,, 20","000), ((iii) ,"Purchased goods ,on credit from Anshul" ,, 6","000),((iv) , "Paid to his creditor,Anshul" ,, 2"," 000), ((v) , "Paid salary to his clerk" ,, 1"," 000), ((vi) , "Paid rent" ,, 500) , ((vii) , "Received interest" ,, 200):} |
| Answer» | |
| 1606. |
From the following Statement of Profit of Loss, determine the missing information: |
| 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> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_E01_082_S01.png" width="80%"/></body></html> | |
| 1607. |
From the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended 31st March, 2019: The Gross Profit was 45% of Sales, which amounted to Rs 6,50,000 Also pass the Journal entries |
| 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/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</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> 2,41,050</body></html> | |
| 1608. |
From the following particulars, prepare Total Creditors 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/TSG_ACC_XI_C20_E01_010_S01.png" width="80%"/></body></html> | |
| 1609. |
From the following particulars , prepare the proprietor's Capital Account : {:(,,"₹") , (1"st April , 2018 - Commenced business with cash" ,, 2","00","000) , (31 "st March , 2019 - Net Loss as per Profit and Loss Account" ,, 18","000) , (31 "stMarch, 2019 - Drawings during the period" ,, 15","000):} Balance the same and explain what the closing balance indicates . |
| 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/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</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>, <a href="https://interviewquestions.tuteehub.com/tag/67-331473" style="font-weight:bold;" target="_blank" title="Click to know more about 67">67</a> , <a href="https://interviewquestions.tuteehub.com/tag/000-255002" style="font-weight:bold;" target="_blank" title="Click to know more about 000">000</a>.</body></html> | |
| 1610. |
From the following particulars , prepare the account of D . Budhiraja , the proprietor of a business : {:(,,,"₹"),((i), "Capital introduced" ,, 30","000), ((ii), "Drawings made by him" ,, 6","500) , ((iii) ,"Further Capital introduced" ,, 22","000), ((iv) ,"Profits for the period " ,, 7","500):} Balance the same and explain what the closing balance indicates. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C06_S01_010_S01.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a> : Proprietor's Capital Account has a credit balance of ₹ 53,000 which <a href="https://interviewquestions.tuteehub.com/tag/indicates-1041501" style="font-weight:bold;" target="_blank" title="Click to know more about INDICATES">INDICATES</a> that the business <a href="https://interviewquestions.tuteehub.com/tag/owes-7703111" style="font-weight:bold;" target="_blank" title="Click to know more about OWES">OWES</a> him this <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> .</body></html> | |
| 1611. |
From the following particulars , prepare the proprietor's Capital Account : {:(2013 ,,,, "₹") , ("April", 1 , "Started business with" ,, 45","000) , ("May" , 10, "Withdrew frombusiness for personal use" ,, 10 ","000) , ("July" , 15, "Further Capital introduced" ,, 55","000) , ("Nov." , 30 ,"Income tax paid" ,, 5","000) , (2014,,,,) , ("Mar." , 31 , "Profit for the year" ,, 30","000):} |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :Credit <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> of <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> - ₹ 1, 15 , <a href="https://interviewquestions.tuteehub.com/tag/000-255002" style="font-weight:bold;" target="_blank" title="Click to know more about 000">000</a></body></html> | |
| 1612. |
From the following particulars of Bharat Gas Limited, calculate Cash Flows from Investing Activities. Also show the workings clearly preparing the ledger accounts (a) Patents were written-off to the extent of Rs 40,000 and some Patents were sold at a profit of Rs 20,000. (b) A Machine costing Rs 1,40,000 (Depreciation provided thereon Rs60,000) was sold for Rs 50,000. Depreciation charged during the year was Rs 1,40,000.(c) On March 31, 2016, 10% Investments were purchased for Rs 1,80,000 and some Investments were sold at a profit of Rs 20,000. Interest on Investment was received onMarch 31, 2017. (d) Amartax Ltd., paid Dividend @ 10% on its shares. (e) A plot of Land had been purchased for investment purposes and let out for commercial use and rent received Rs 30,000. |
| 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> :<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 5,24,000</body></html> | |
| 1613. |
From the following particulars, calculate the value of Land to beshown in the Balance Sheet as on 31st March, 2019. {:(,"Rs."),("Land as on 1st April, 2018","10,00,000"),("Purchase of land during 2018-2019","30,00,000"),("Sale of land during 2018-19","15,00,000"):}{:(,"Rs."),("Land as on 1st April, 2018","10,00,000"),("Purchase of land during 2018-19","30,00,000"),("Sale of land during 2018-19","15,00,000"):}{:(,"Rs."),("Land as on 1st April, 2018","10,00,000"),("Purchase of land during 2018-19","30,00,000"),("Sale of land during 2018-19","15,00,000"):}{:(,"Rs."),("Land as on 1st April, 2018","10,00,000"),("Purchase of land during 2018-19","30,00,000"),("Sale of land during 2018-19","15,00,000"):}{:(,"Rs."),("Land as on 1st April, 2018","10,00,000"),("Purchase of land during 2018-19","30,00,000"),("Sale of land during 2018-19","15,00,000"):} |
| 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_C20_S01_022_S01.png" width="80%"/></body></html> | |
| 1614. |
From the following particulars, prepare Balance Sheet as at 31st March, 2019: |
| 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/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> <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> 4,24,600</body></html> | |
| 1615. |
From the following particualars make out the Bank Reconciliation Statement as on 31st December 2016. (a) Pass book showed a credit balance of ₹15,000 on 31st December 2016. (b) Cheques of ₹17,500 were issued but cheues of ₹12,000 only presented for payment toll 31st December. ( c) Cheques of ₹10,000 were sent to the bank for collection. Out of which cheques of ₹2,000 were redited in the month of January 2017. (d) Bank paid ₹300 as per standing instructions but not rcored made in the cash book. (e ) Bank charged interest on overdraft ₹800 and it was entered twice in pass bookby bank. (f) ₹40 as benk charges not recorded in the cash book. (g) Bank receives ₹200 as interest on debentures, but nbot information being sent tothe customer. |
| 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/overdraft-588599" style="font-weight:bold;" target="_blank" title="Click to know more about OVERDRAFT">OVERDRAFT</a> 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> <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> ₹12,440.</body></html> | |
| 1616. |
From the following particulars, ascertain the closing balance of Bills Receivable Account and opening balance of Bills Payable Account: {:("Particulars","Rs."),("Opening Balance of Bills Receivable.......................................","11,000"),("Closing Balance of Bills Payable.............................................","8,000"),("Bills Payable issued............................................................","35,000"),("Bills Receivable encashed .......................................................","46,000"),("Bills Reveivable received ........................................................","49,000"),("Bills payable paid in cash .......................................................","36,000"),("Bills Receivable dishonoured ..................................................","1,000"):} |
| 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_C20_S01_014_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_014_S02.png" width="80%"/></body></html> | |
| 1617. |
From the following Ledger balances of Charan, prepare. Trading and Profit and Loss Account for the year ended 31st March,2019 and balance Sheet as at that date after making the necessary adjustments, Adjustments : (i) Stock on 31st March, 2019 was Rs 14,000. (ii) Write off Rs600 as Bad Debts. (iii) Provision for Depreciation on Furniture and Fixtures at 5% p.aa and on Plant and Machinery at 20% p.a. (v) Insurance Prepaid was Rs 100. (vi) A fire occurred in the godown and stock of the value of Rs 5,000 was destroyed . It was insured and the insurance company admitted full claim. |
| 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_020_S01.png" width="80%"/> <br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_020_S02.png" width="80%"/> <br/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_020_S03.png" width="80%"/></body></html> | |
| 1618. |
From the following list of balances, prepare a Trial Balance : |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_004_S01.png" width="80%"/></body></html> | |
| 1619. |
From the following Ledger account balances extracted from the books of RJ. Gupta, prepare a Trial Balance as on 31st March, 2019: |
| 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>. 2,64,190.</body></html> | |
| 1620. |
From the following information supplied by Rohit, who keeps his books on Single Entry System, you are required to calculate Total Purchases: {:(,"Rs."),("Opening balance of Bills Payable","5,000"),("Opening balance of Creditors","6,000"),("Closing balance of Bills Payable","7,000"),("Closing balance of Creditors","4,000"),("Cash paid of Creditors duringthe year","30,000"),("Bills Payable discharged during the year","8,900"),("Returns Outward","1,200"),("Cash Purchases","25,800"):} |
| 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/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 66,100.</body></html> | |
| 1621. |
From the following information relating to the business of Abhay who keeps books on Single Entry System, ascertain the profit of loss for the year 2018-19: |{:(,,"1st April, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Machinery",.......................................................,"8,000","8,000"),("Furniture",.......................................................,"2,000","2,000"),("Stock",.......................................................,"7,000","5,000"),("Sundry Debtors",.......................................................,"4,000","4,500"),("Bank Balance",.......................................................,"200 (Cr.)","1,800 (Dr.)"),("Sundry Creditors",.......................................................,"5,000","3,500"):}| Abhay withdrew Rs. 4,100 during the year to meet his houschold expenses. He introduced Rs. 300 as fresh capital on 15th January, 2019. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively. |
| 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>. 4,900.</body></html> | |
| 1622. |
From the following information, prepare Trading Account for the year ended 31st March, 2019: Cash Purchases Rs 1,50,000, Credit Purchases Rs 9,00,000, Returns Inward Rs 20,000, Cash Sales Rs 1,60,000, Credit Sales Rs 11,00,000, Reutrns Outward Rs 10,000, Freight Inwards Rs 3,000, Carriage Inwards Rs 3,000, Wages and Salaries Rs 4,000, Opening Stock Rs 1,50,000, Closing Stock Rs 88,000 but its net realisable value (market value) is Rs 84,000 |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_005_S01.png" width="80%"/> <br/> `**` 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> Prudence Conept, Closing Stock is <a href="https://interviewquestions.tuteehub.com/tag/valued-2321544" style="font-weight:bold;" target="_blank" title="Click to know more about VALUED">VALUED</a> at cost or net <a href="https://interviewquestions.tuteehub.com/tag/realisable-7708686" style="font-weight:bold;" target="_blank" title="Click to know more about REALISABLE">REALISABLE</a> value (<a href="https://interviewquestions.tuteehub.com/tag/market-25464" style="font-weight:bold;" target="_blank" title="Click to know more about MARKET">MARKET</a> value) <a href="https://interviewquestions.tuteehub.com/tag/whichever-2326632" style="font-weight:bold;" target="_blank" title="Click to know more about WHICHEVER">WHICHEVER</a> is less</body></html> | |
| 1623. |
From the following information, prepare Trading Account for the year ended 31st March, 2019: {:(,Rs,|,,Rs),("Opening Stock","1,00,000",,"Wages","2,000"),("Purchaese","2,80,000",,"Freight Inwards","3,600"),("Closing Stock","80,000",,"Carriage Inwards","1,000"):} Gross Profit on Sales is 20% |
| Answer» <html><body><p></p>Solution :Let <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> be Rs 100, Gross <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> will be Rs <a href="https://interviewquestions.tuteehub.com/tag/20-287209" style="font-weight:bold;" target="_blank" title="Click to know more about 20">20</a> <br/> Therefore, Cost of Goods Sold `= Rs 100 - Rs 20 = Rs 80` <br/> When Cost of Goods Sold is Rs 80, then Sales = Rs 100 <br/> When cost of Goods Sold is Rs 1, then Sales `= Rs 100//Rs80` <br/> When Cost of Goods Sold is Rs `3,06,600^(**)`, then Sales `= Rs 100//Rs 80 xx Rs 3,06,600 = Rs 3,83,250` <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C18_E01_012_S01.png" width="80%"/> <br/> `{:(,,Rs),(.^(**)"Calculation of Cost of Goods Sold",,),("Opening Stock",,"1,00,000"),("AddPurchases",,"2,80,000"),("Wages",,"2,000"),("Freight Inwards",,"3,600"),("Carriage Inwards",,<a href="https://interviewquestions.tuteehub.com/tag/ul-1435627" style="font-weight:bold;" target="_blank" title="Click to know more about UL">UL</a>("1,000")),(,,"3,86,600"),("Less : Closing Stock",,ul("80,000")),("Cost of Goods Sold",,ul("3,06,600")):}` <br/> Note: Gross Profit is 20% on Sales (i.e., 20/100 or 20/100 or 1/5) `(Rs 3,83,250 xx 1//5 = Rs 76,650) " or " 1//4th` of the cost (i.e., 20/80) `(Rs 3,06,600 xx 1//4 = Rs 76,650)`. It <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a> Gross Profit 1/5th on Sales = 1/4th on Cost</body></html> | |
| 1624. |
From the following information, prepare Trading Account for the year ended 31st March, 2019: Net Realisable Value (Market Value) of stock as on 31st March, 2019 was Rs 1,20,000 |
| 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> :Closing Stock is shown at <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/realisable-7708686" style="font-weight:bold;" target="_blank" title="Click to know more about REALISABLE">REALISABLE</a> <a href="https://interviewquestions.tuteehub.com/tag/value-1442530" style="font-weight:bold;" target="_blank" title="Click to know more about VALUE">VALUE</a>, i.e., Market Value (<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 1,20,000) Since Market Value is less than the Cost of Stock</body></html> | |
| 1625. |
From the following information, prepare Trading Account for the year ended 31st March, 2019: Adjusted Purchases Rs 11,00,000, Sales Rs 12,50,000 Freight and Carriage Inwards Rs 6,000, Wages Rs 14,000, Freight and Cartage Outwards Rs 5,000, Closing Stock 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.<klux>NET</klux>/physics_images/TSG_ACC_XI_C18_E01_007_S01.png" width="80%"/> <br/> Notes: 1. Adjusted Purchases = Opening Stock + Net Purchases - Closing Stock <br/> 2. Closing Stock has not been shown on the credit side of the Trading <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> because it has already been ajusted while calculating the Adjusted Purchases. <br/> 3. Freight and Cartage Outwards are indirect <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 hence not debited to Trading Account</body></html> | |
| 1626. |
From the following information, prepare Trading Account for the year ended 31st March, 2019: Adjusted Purchases Rs 5,50,000, Sales Rs 6,25,000, Freight and Carraige Inwards Rs 3,000, Wages Rs 7,000, Freight and Cartage Outwards Rs 2,500, Closing Stock Rs 50,000 |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 65,000</body></html> | |
| 1627. |
From the following information, prepare Total Debtors Account and Total Creditors Account and find out credit sales purchases: |{:(,"Rs."),("Debtors as on 1st April, 2018","50,000"),("Creditors as on 1st April 2018","40,000"),("Debtors as on 31st March, 2019","40,000"),("Creditors as on 31st March 2019","60,000"),("Bills Receivable received during the year","1,00,000"),("Bills Payable issued during the year","80,000"),("Cash received from customers","3,00,000"),("Cash returned to customers","5,000"),("Discount allowed by suppliers","2,700"),("Discount allowed to customers","1,500"):}||{:(,"Rs."),("Bad Debts written off","12,000"),("Bad Debts recovered","3,000"),("Bills Receivable endorsed to Creditors","40,000"),("Bills Receivable Dishonoured by customers","10,000"),("Endorsed Bills Receivable dishonoured","5,000"),("Discounted Bills Receivable dishonoured","7,000"),("Sales Return","6,000"),("Purchases Return","2,000"),("Cash paid to suppliers","2,07,000"),("",""):}| |
| 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_C20_S01_018_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_018_S02.png" width="80%"/></body></html> | |
| 1628. |
From the following information, prepare Provision for Doubtful debts Account and show them in the profit and loss account and the Balance sheet : Additional information : Sundry debtors include Rs 10,000 recivable from a customer, who has become insolvent. Official Receiver has declared a dividend of 50 paise in a rupee. Manintaina provision for doubtful debts @5% on debts . |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C19_S01_009_S01.png" width="80%"/><br/> Note : <br/> Provision for <a href="https://interviewquestions.tuteehub.com/tag/doubtful-432836" style="font-weight:bold;" target="_blank" title="Click to know more about DOUBTFUL">DOUBTFUL</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> is not created on the bad and <a href="https://interviewquestions.tuteehub.com/tag/good-1009017" style="font-weight:bold;" target="_blank" title="Click to know more about GOOD">GOOD</a> debts. If the above out of <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, Rs 5,000 are bad and Rs 5,000 are good debts. Therefore, provision for doubtful debts is <a href="https://interviewquestions.tuteehub.com/tag/calculated-907694" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATED">CALCULATED</a> on Rs 90,000.</body></html> | |
| 1629. |
From the following information, prepare Trading Account for the year ended 31st March, 2019: Adjusted Purchases Rs 6,60,000, Sales Rs 7,44,000: Closing Stock Rs 50,400, Freight and Carriage Inwards Rs 3,600, Wages Rs 6,000, Freight and Cartage Outwards Rs 2,000 |
| Answer» <html><body><p><br/></p>Solution :1. Adjusted Purchases = 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> Purchases - <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 <br/> 2. Closing Stock is not shown on the credit side of the Trading Account because it is already adjusted while calculating the adjusted purchases. <br/> 3. <a href="https://interviewquestions.tuteehub.com/tag/freight-999820" style="font-weight:bold;" target="_blank" title="Click to know more about FREIGHT">FREIGHT</a> and <a href="https://interviewquestions.tuteehub.com/tag/cartage-909990" style="font-weight:bold;" target="_blank" title="Click to know more about CARTAGE">CARTAGE</a> Outwards are indirect expense and hence are not debited to Trading Account</body></html> | |
| 1630. |
From the following information, prepare Profit and Loss Account for the year ended 31st March, 2019: |
| 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/net-5194" style="font-weight:bold;" target="_blank" title="Click to know more about NET">NET</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> 36,000</body></html> | |
| 1631. |
From the following information, prepare Cash Flow Statement for Pioneer Ltd. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_007_S01.png" width="80%"/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_007_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/><img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_007_S03.png" width="80%"/><br/> (2) <a href="https://interviewquestions.tuteehub.com/tag/patents-1148858" style="font-weight:bold;" target="_blank" title="Click to know more about PATENTS">PATENTS</a> of Rs 5,000 (i.e., Rs 1,00,000 – Rs 95,000) were written-off during the year, and depreciation on furniture Rs 30,000. (Rs <a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>,00,000 – Rs 2,70,000)<br/> (3) It is <a href="https://interviewquestions.tuteehub.com/tag/assumed-1986844" style="font-weight:bold;" target="_blank" title="Click to know more about ASSUMED">ASSUMED</a> that dividend of Rs 50,000 and tax of Rs 30,000 provided in <a href="https://interviewquestions.tuteehub.com/tag/2015-291056" style="font-weight:bold;" target="_blank" title="Click to know more about 2015">2015</a> - <br/>2016 has been paid during the year 2016-17. Hence, proposed dividend and provision<br/>for tax during the year amounts to Rs 70,000 and Rs 50,000 respectively.<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_007_S04.png" width="80%"/></body></html> | |
| 1632. |
From the following information, prepare cash flow statement: Additional Information: Depreciation Charge on Plant amount to Rs 80,000. |
| Answer» <html><body><p></p>Solution : Cash <a href="https://interviewquestions.tuteehub.com/tag/inflow-1043698" style="font-weight:bold;" target="_blank" title="Click to know more about INFLOW">INFLOW</a> from Operating <a href="https://interviewquestions.tuteehub.com/tag/activities-848359" style="font-weight:bold;" target="_blank" title="Click to know more about ACTIVITIES">ACTIVITIES</a> 4,28,000<br/>Cash inflow from <a href="https://interviewquestions.tuteehub.com/tag/investing-1050800" style="font-weight:bold;" target="_blank" title="Click to know more about INVESTING">INVESTING</a> Activities (2,80,000) <br/>Cash inflow from <a href="https://interviewquestions.tuteehub.com/tag/financing-989014" style="font-weight:bold;" target="_blank" title="Click to know more about FINANCING">FINANCING</a> Activities (48,000).</body></html> | |
| 1633. |
From the following information, prepare Balance Sheet of a trader as at 31st March, 2019 arranging the assets and liabilities - (i) in order of premanence and (ii) in order of liquidity: |
| 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/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> <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> 3,17,500</body></html> | |
| 1634. |
From the following information, prepare a Trial Balance of M/s. Prayag for the year ended 31st March, 2019: |
| 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>. 3,41,000.</body></html> | |
| 1635. |
From the following information of Oswal Mills Ltd., prepare cash flow statement: Additional information: 1. No dividend paid by the company during the current financial year.2. Out of fixed assets, land worth Rs 1,000 Lakhs having no accumulated depreciation was sold at no profit or no loss. |
| 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_P2_C06_S01_009_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_009_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_009_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_009_S04.png" width="80%"/></body></html> | |
| 1636. |
From the following information of Banjara Ltd., prepare a cash flow statement: Additional Information: (i) An amount of Rs 250 was raised from the issue of share capital and a further Rs 250 was raised from long-term borrowings. (ii) Interest expense was Rs 400 of which Rs 170 was paid during the period.Rs 100 relating to interest expense of the prior period was also paid during the period. (iii) Dividends paid were Rs 1,200. (iv) Tax deducted at source on dividends received (included in the tax expense of Rs 300 for the year) amounted to Rs 40 |
| 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_P2_C06_S01_010_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_010_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_010_S03.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_010_S04.png" width="80%"/></body></html> | |
| 1637. |
From the following information of a trader, prepare his Profit and Loss Account 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.net/physics_images/TSG_ACC_XI_C18_E01_018_S01.png" width="80%"/></body></html> | |
| 1638. |
From the following information find the capital of Vijay: Total, Asseta ₹5,00,000, Creditors ₹1,00,000, Loan fromBank ₹1,50, 000. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :₹ 2,50,000</body></html> | |
| 1639. |
From the following information find the capital of Vijay: Total, Asseta ₹5,00,000, Creditors ₹1,00,000, Loan fromBank ₹1,50, 000. |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :₹ 2,50,000</body></html> | |
| 1640. |
From the following information, draw up a Trial Balance in the books of Shri Haridas Chaki as on 31st March, 2019: Capital Rs. 1,40,000, Pruchases Rs. 36,000, Discount Allowed Rs. 1,200, Carriage Inwards Rs. 8,700, Carriage Outwards Rs. 2,300, Sales Rs. 60,000, Returns Inward Rs. 300, Returns Outwards Rs.700, Rent and Taxes Rs. 1,200, Plant and Mechinery Rs. 80,700, Stock on 1st April, 2018 Rs. 15,500, Sundry Debtors Rs. 20,200, Sundry Creditors Rs. 12,000, Investments Rs. 3,600, Commission Received Rs. 1,800, Cash in Hand Rs. 100, Cash at Bank Rs. 10,100, Motorcycle Rs. 34,600 and Stock on 31st March, 2019 (not adjusted) Rs. 20,500. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C13_S01_006_S01.png" width="80%"/> <br/> Note: Closing Stock will not be taken in the Trial Balance because it represents a part of the goods purchased but not yet sold. As the total <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> have been included in the Trial Balance, there is no <a href="https://interviewquestions.tuteehub.com/tag/need-25476" style="font-weight:bold;" target="_blank" title="Click to know more about NEED">NEED</a> of <a href="https://interviewquestions.tuteehub.com/tag/including-7264013" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDING">INCLUDING</a> Closing Stock again. If Closing Stock is <a href="https://interviewquestions.tuteehub.com/tag/adjusted-7661905" style="font-weight:bold;" target="_blank" title="Click to know more about ADJUSTED">ADJUSTED</a> against purchases, then only Closing Stock is <a href="https://interviewquestions.tuteehub.com/tag/shown-1206565" style="font-weight:bold;" target="_blank" title="Click to know more about SHOWN">SHOWN</a> in the Trial Balance.</body></html> | |
| 1641. |
From the following information, determine Gross Profit for the year ended 31st March, 2019: |
| Answer» <html><body><p><br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/packing-1145400" style="font-weight:bold;" target="_blank" title="Click to know more about PACKING">PACKING</a> Expenses on <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a>' are indirect expenses, therefore, they are not <a href="https://interviewquestions.tuteehub.com/tag/considered-7257760" style="font-weight:bold;" target="_blank" title="Click to know more about CONSIDERED">CONSIDERED</a> while computing <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 Goods Sold</body></html> | |
| 1642. |
From the following information, complete the missing figure of Trading Account of Anadiram for the finanical year ended on 31st March, 2019: |
| Answer» <html><body><p><br/></p>Answer :`<a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>:` <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a>;2: Rs 19,380; 3 : Rs 8,600; 4: Rs 70,000; 5: Rs 6,000; 6 : Rs 22,380; 7: Closing Stock; 8: Rs 18,000; <a href="https://interviewquestions.tuteehub.com/tag/9-340408" style="font-weight:bold;" target="_blank" title="Click to know more about 9">9</a>; <a href="https://interviewquestions.tuteehub.com/tag/power-2475" style="font-weight:bold;" target="_blank" title="Click to know more about POWER">POWER</a> and fuel; 10: Rs 2,600; 11: Rs 31,316; 12 : Rs 88,000; 13: Rs 88,000</body></html> | |
| 1643. |
From the following information, calculate Total Sales: |{:(,"Rs."),("Bills Receivable in the beginning"," 15,600"),("Debtors in the beginning"," 61,600"),("Bills Receivable encashed during the year"," 41,800"),("Cash received from Debtors","1,40,000"),("Bad Debts written off","5,600"):}||{:(,"Rs."),("Sales Return","17,400"),("Bills Receivable (Dishonoured)","3,600"),("Bills Receivable at the end","12,000"),("Debtors at the end","51,000"),("Cash Sales","81,000"):}| |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_015_S01.png" width="80%"/> <br/> <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/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</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> Sales + <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> Sales <br/> =Rs. 81,800+Rs. 1,90,600 = Rs. 2,72,400.</body></html> | |
| 1644. |
From the following information, calculate Total Sales made during the period: {:(,"Rs."),("Debtors as on 1st April, 2018","20,400"),("Cash received from debtors during the year (as per Cash Book)","60,800"),("Return Inward","5,400"),("Bad Debts","2,400"),("Debtors as on 31st March, 2019","27,600"),("Cash Sales (as per Cash Bood)","56,800"):} |
| 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/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1,32,600.</body></html> | |
| 1645. |
From the following information, calculate the total assets of the business: Capital ₹4,00,000, Creditors ₹3,00,000, Revenue earned during the period ₹7,50,000 Expenses incurred during the period ₹2,00,000, Value of unsold stock ₹2,00,000. |
| 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> :<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> = Liabilites (Crediters) + Capital +Profit <br/>= ₹3,00,00 + ₹4,00,<a href="https://interviewquestions.tuteehub.com/tag/000-255002" style="font-weight:bold;" target="_blank" title="Click to know more about 000">000</a> + ₹5,50,000 (i.e., ₹ 7,50, 000 - ₹ 2,00,000) <br/>`= ₹ 12,50,000 (<a href="https://interviewquestions.tuteehub.com/tag/including-7264013" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDING">INCLUDING</a> ₹2,00,000 Closing Stock).</body></html> | |
| 1646. |
From the following information, calculate the total assets of the business: Capital ₹4,00,000, Creditors ₹3,00,000, Revenue earned during the period ₹7,50,000 Expenses incurred during the period ₹2,00,000, Value of unsold stock ₹2,00,000. |
| 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> :Total Assets = <a href="https://interviewquestions.tuteehub.com/tag/liabilites-2156931" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITES">LIABILITES</a> (Crediters) + Capital +Profit <br/>= ₹3,00,00 + ₹4,00,000 + ₹5,50,000 (i.e., ₹ 7,50, 000 - ₹ 2,00,000) <br/>`= ₹ 12,50,000 (<a href="https://interviewquestions.tuteehub.com/tag/including-7264013" style="font-weight:bold;" target="_blank" title="Click to know more about INCLUDING">INCLUDING</a> ₹2,00,000 <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).</body></html> | |
| 1647. |
From the following information, calculate the amount to be taken to Profit and Loss Account: (i) Rent paid as per Cash Book Rs. 70,000, and (ii) Rent outstanding at the end Rs. 10.000: |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_021_S01.png" width="80%"/></body></html> | |
| 1648. |
From the following information, calculate cash flows from financing activities: During the year, the company repaid a loan of 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/NCERT_ACC_XI_P2_C06_S01_006_S01.png" width="80%"/></body></html> | |
| 1649. |
From the following information, calculate cash flow from operating activities using direct method. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_001_S01.png" width="80%"/> <br/>Working Notes: <br/>1. <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Receipts from Customers is calculated as under :<br/> Cash Receipts from Customers = Revenue from Operations + Trade Receivables<br/> in the beginning – Trade Receivables in the <a href="https://interviewquestions.tuteehub.com/tag/end-971042" style="font-weight:bold;" target="_blank" title="Click to know more about END">END</a> <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> 2,20,000 + Rs 33,000 – Rs 36,000<br/> = Rs 2,17,000<br/> 2. Purchases= Cost of Revenue from Operations – <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> <br/> Inventory + Closing Inventory <br/> = Rs 1,20,000 – Rs 22,000 + Rs 27,000<br/> = Rs 1,25,000<br/>3.Cash payment to suppliers = Purchases + Trade Payables in the beginning – Trade Payables in the end<br/> = Rs 1,25,000 + Rs 17,000 – Rs 15,000<br/> = Rs 1,27,000<br/>4. Cash Expenses= Expenses on Accrual basis – Prepaid Expenses<br/>in the beginning and Outstanding Expenses in the end + Prepaid Expenses in the<br/>end and Outstanding Expenses in the beginning<br/> 5. Cash Paid to Employees = Rs 30,000 + Rs 2,000 – Rs 3,000<br/> = Rs 29,000<br/> 6.Cash Paid for Insurance Premium = Rs 8,000 – Rs 5,000 + Rs 5,500<br/>= Rs 8,500<br/>7.Income Tax Paid = Rs 10,000+Rs 3,000 – Rs 2,000<br/>= Rs 11,000<br/>8. It is <a href="https://interviewquestions.tuteehub.com/tag/important-1038039" style="font-weight:bold;" target="_blank" title="Click to know more about IMPORTANT">IMPORTANT</a> to note here that there are no extraordinary items.</body></html> | |
| 1650. |
From the following information, ascertain the value of Opening Stock: |{:(,"Rs."),("Purchases","2,20,000"),("Sales","3,60,000"),("Closing Stock"," 40,000"):}||{:(,"Rs."),("Wages","7,000"),("Carriage Outwards","6,000"),("Rate of Gross Profit on Cost of Good sold",50%):}| |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_019_S01.png" width="80%"/> <br/> *Gross <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> is `50%` on Cost that will be equal to `33(1)/(<a href="https://interviewquestions.tuteehub.com/tag/3-301577" style="font-weight:bold;" target="_blank" title="Click to know more about 3">3</a>)%` on Sales, <br/> Let the 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 = Rs. 100, Gross Profit = Rs. 50, Sales = Rs. 100 + Rs. 50 = Rs. <a href="https://interviewquestions.tuteehub.com/tag/150-275254" style="font-weight:bold;" target="_blank" title="Click to know more about 150">150</a>. <br/> Gross Profit on Cost = Rs. 50/ Rs. 100 or 1/2, Gross Profit on Sales = Rs. 50/ Rs. 150 or 1/3 or `33(1)/(3)%` <br/> It means, Gross Profit `=(1)/(3)` of Sales =`(1)/(3)xx3,60,000=Rs. 1,20,000`. <br/> Nore: Carriage outwards will be debited to 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.</body></html> | |