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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1651. |
From the following information, ascertain the opening balance of Sundry Debtors and the closing balance of Sundry Creditors: {:(,"Rs."),("Sundry Creditors as on 31st March, 2018"," 20,000"),("Sundry Debtors as on 31st March, 2019"," 37,400"),("Stock as on 31st March, 2018"," 26,000"),("Stock as on 31st March, 2019"," 24,000"),("During the year ended 31st March, 2019:",),("Purchases","1,10,000"),("Discount allowed by creditors","800"),("Discount allowed to customers","1,100"),("Cash paid to sundry creditors"," 95,000"),("Bills Payable issued by them"," 14,000"),("Bills Receivable received from customers"," 16,500"),("Cash received from customers","1,30,000"),("Bills receivable dishonoured","1,900"):} |
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Answer» = RS. 26,000 + Rs. 1,10,000 - Rs. 24,000 = Rs. 1,12,000. 2. Total SALES = Rs. 1,60,000. |
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| 1652. |
From the following information, ascertain the value of Closing Stock: {:("Particulars"," Rs."),("Stock in the beginning.............................................","10,000"),("Cash Sales.............................................","30,000"),("Credit Sales..............................................","20,000"),("Purchases..............................................","35,000"),("Indirect Expenses..............................................","7,000"),("Rate of Gross Profit on Cost........................................","1/3"):} |
Answer» Solution : Note 1. Gross Profit is 1/3rd of Cost = 1/4th of Sales Let Cost = RS. 100, Gross Profit = Rs. `33(1)/(3)`, Sale = Rs. `133(1)/(3)` or `(Rs.400)/(3)` `"Gross Profit on Sales"=("Rs.100/3")/("Rs.400/3")or(100)/(3)xx(3)/(400)=(1)/(4)` `THEREFORE"Gross Profit"=(1)/(4)" of Sales"=(1)/(4)xx"Rs. 50,000 = Rs. 12,500"` 2. Closing Stock will be the Balancing Figure. 3. Indirect expenses are not CONSIDERED for this purpose as these expenses are taken to Profit and LOSS Account. |
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| 1653. |
From the following figures, calculate Operating Profit |
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| 1654. |
From the following, calculate Groos Profit and Cost of Goods Sold: Net Sales during the year Rs 6,00,000 Gross Profit: 25% on Cost |
| Answer» SOLUTION :Gross PROFIT = RS 1,20,000, COST of Goods Sold = Rs 4,80,000 | |
| 1655. |
From the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at the date: Closing Stock was value at Rs 1,82,100 |
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| 1656. |
From the following balances prepare Trading and Profit and Loss Account and the Balance Sheet: Closing Stock was of Rs 70,000 but its net realisable value estimated at Rs 60,000 |
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| 1657. |
From the following balances, prepare Trading and Profit and Loss Account and Balance Sheet : Closing Stock was valued at Rs 30,000 |
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| 1658. |
From the following balances, prepare Final Accounts of M/s Raja & Sons for the year ended 31st March, 2019: Salary Rs 5,400, Insurance Rs 2,500, Cash Rs 400, Purchases Rs 84,170, Rent Received Rs 3,150, Drawings Rs 2,100, Bills Payable Rs 3,900, Debtors Rs 38,080, Stock (1st April, 2018) Rs 29,500, Bank Overdraft Rs 9,700, Carriage Rs 2,200, Creditors Rs 4,200, Trade Expenses Rs 4,900, Sales Return Rs 4,700, Machinery Rs 12,000, Wages Rs 45,000, Sales Rs 1,47,200, Purchases Return Rs 3,900, Capital Rs 58,900, Closing Stock (31st March, 2019) Rs 36,200. |
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| 1659. |
From the following balances, prepare Final Accounts of M/s Mangal & Sons for the year ended 31st March, 2019: Opening Stock Rs 12,500, Bills Receivable Rs 2,000, Sales Rs 70,000, Purchases Rs 37,500, Creditors Rs 20,000, Salaries Rs 3,850, Insurfance Rs 200, Debtors Rs 32,500, Carriage Rs 1,450, Commission Rs 750, Interest Rs 900, Printing Rs 250, Bills Payable Rs 3,150, Returns In Rs 1,300, Returns Out Rs 500, Bank Rs 5,250, Rent and Taxes Rs 1,300, Furniture Rs 1,000, Capital Rs 7,100, Stock on 31st March, 2019 Rs 15,000 |
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| 1660. |
From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and Balance Sheet as at 31st March, 2019 Value of goods on hand (31st March, 2019) was Rs 1,43,000 |
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| 1661. |
From the following balances extracted from the Ledger of Sri Narugopal, prepare Trial Balance as on 31st March, 2019: |
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| 1662. |
From the following balances, as on 31st March, 2019, prepare Trading and Profit and Loss Account and Balance Sheet: Closing Stock on 31 st March, 2019 valued at Rs 14,500 |
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| 1663. |
From the following balances and information recived from the books of Uttam on 31st March, 2019, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance sheet as at that date : Write off Rs 30,000 as bad debts and maintain a provision for doubtful debts at 5% on sundry debtors. |
Answer» Solution :   Notes : 1. Closing STOCK and Adjustment Purchases are given in the Trial Balance. Therefore, Closing Stock will be shown only on assets side of the Balance Sheet. 2. Accrued income and salaries OUTSTANDING have been shown in the balances sheet only because adjusting entries are ALREADY passed in the books. 3. Depreciation on plant and mechinery and on motor car has been shown on the debit side of Profit and LOSS Account. On the assets side of the Balance sheet, these assets have been shown at written down value, i.e., cost less depreciation. |
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| 1664. |
From the following balance taken from the Trial Balance of a firm as on 31 st March, 2019, prepare the Trading Account: {:(,,Rs,),("Opening Stock","Raw Material","40,000",),(,"Finished Goods","70,000",),("Purchases",,"1,80,000",),("Sales",,"3,50,000",),("Returns","Purchases","5,000",),(,"Sales","3,000",),("Wages",,"65,000",),("Factory Expenses",,"45,000",),("Freight","Inwards","10,000",),(,"Outwards","15,000",):} At the end of the concerned period, the stocks at hand were : {:("Raw Materials","35,000",),("Work-in-Process","10,000",),("Finished Goods","55,000",):} |
Answer» SOLUTION :
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| 1665. |
From the following Balance Sheets of Xerox Ltd., prepare cash flow statement. Additional information: 1. Dividend proposed and paid during the year Rs 1,50,000. 2. Income tax paid during the year includes Rs 15,000 on account of dividend tax. 3. Land and building book value Rs 1,50,000 was sold at a profit of 10%. 4. The rate of depreciation on plant and machinery is 10%. |
Answer» SOLUTION : Working Notes : (1) TOTAL tax paid during the year "" Rs 80,0000 (–) Dividend tax paid (given)"" Rs (15,000) Income tax paid for operating ACTIVITIES"" Rs 65,000. (2) Net profit earned during the year after tax and dividend = Rs 7,50,000 – 6,00,000 = Rs 1,50,000 (3) Net profit before tax = Net profit earned during the year after tax and dividend + Provision fortax made + Proposed Dividend = Rs 1,50,000 + Rs 95,000 (See provision for TAXATION ACCOUNT)+Rs 1,50,000 = Rs3,95,000  
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| 1666. |
From the following Balance Sheets of Tiger Super Steel Ltd., prepare Cash Flow Statement: Additional Information: Depreciation Charge on Land & Building Rs 20,000, and Plant Rs 10,000 during the year. |
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Answer» Solution :CASH FLOW from Operating Activities Rs 56,000 Cash flow from INVESTING Activities Rs (60,400) Cash flow from Financing Activities Rs 8,800]. |
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| 1667. |
From the following Balance Sheet of Yogeta Ltd., prepare cash flow statement: Additional Information: Net Profit for the year after charging Rs 50,000 as Depreciation was Rs 1,50,000. Dividend paid on Share was Rs 50,000, Tax Provision created during the year amounted to Rs 60,000. |
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Answer» Solution : CASH from OPERATING Activities 1,20,000 Cash from INVESTING Activities (3,50,000) Cash from Financing Activities 80,000 |
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| 1668. |
From the following Balance Sheet of Mohan Ltd., prepare cash flow Statement: Additional Information: Machine Costing Rs 80,000 on which accumulated depreciation was Rs, 50,000 was sold for Rs 20,000 |
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Answer» Solution :Cash flow from Operating ACTIVITIES 1,80,000 Cash flow from Investing Activities (2,60,000) Cash flow from FINANCING Activities 20,000. |
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| 1669. |
From the following Balance Sheet of Computer India Ltd., prepare cash flow statement. Additional Information: Interest paid on Debenture Rs 600 |
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Answer» SOLUTION :NET Cash from Operating ACTIVITIES Rs 2,100 Net Cash from Investing Activities Rs 1,000 Net Cash from FINANCING Activities Rs 4,900 |
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| 1670. |
From the Balance Sheet given below, calculate: (i) Fixed Assets (ii) Current Assets (iii) Current Liabilities (iv) Working Capital |
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| 1671. |
From incomplete records, it is possible to prepare |
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Answer» LEDGER Accounts. |
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| 1672. |
From incomplete records, it is possible to prepare. |
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Answer» LEDGER Accounts |
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| 1673. |
For what purposesis a Journal Proper used ? |
| Answer» Solution :JOURNAL Proper is a residuary book which is used for recording those TRANSACTIONS which are not recorded in ANYOF the other BOOKS of original entry. | |
| 1674. |
For each of the following transactions, calculate the resulting cash flow and state the nature of cash flow, viz., operating, investing and financing. (a) Acquired machinery for Rs 2,50,000 paying 20% by cheque andexecuting a bond for the balance payable.(b) Paid Rs 2,50,000 to acquire shares in Informa Tech. and received a dividend of Rs 50,000 after acquisition. (c) Sold machinery of original cost Rs 2,00,000 with an accumulated depreciation of Rs 1,60,000 for Rs 60,000. |
| Answer» SOLUTION : (a) RS (50,000) INVESTING activity (outflow), (b) Rs (2,00,000) investing activity (outflow), (c) Rs 60,000 investing activity (inflow). | |
| 1675. |
For receipt voucher, we use ………. Key. |
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Answer» F6 |
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| 1676. |
For print option in Tally we use ……….. Short cut key. |
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Answer» CTRL + P |
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| 1679. |
For cash deposited into bank , …….A/c will be debited and ……. A/c will be credited . |
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| 1680. |
Following Trial Balance is extracted from the books of Raman as at 31st March, 2019: The following adjustments are to be made : (i) Stock in Hand on 31st March, 2019 at cost was Rs 3,50,000,whereas its Net Realisable value (Market Value) was Rs 3,25,000. (ii) Depreciate Building @5% Furniture and Fittings @10% and Motor Vehicles @20%. (iii) Rs 8,500 is due for interest on Bank Loan. (iv) Salaries Rs 30,000 and Taxes Rs 11,000are outstanding . (v) Insurance amounting to Rs 10,000 is prepaid. CGST and SGST is paid @6% each. (vi) One- third of the commission received is in respect of work to be done next year IGST is charged @12%. (vii) Write off further Rs 10,000 as Bad Debts and Provision for Doubtful is to be made equal to 5% on Sundry Debtors. Prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and Balance Sheet as at that date. |
Answer» Solution :  Notes : 1. Closing Stock will be TAKEN at Rs 3,25,000, it being LOWER than its cost following the Prudence concept. 2. GST PAID (Input GST) on PREPAID Insurance is not to ADJUSTED. GST Charged (Output GST on Commission Received in Advance is not to be adjusted. |
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| 1681. |
Following Trial Balance is given but it is not correct. Prepare correct Trial Balance. |
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| 1682. |
Following Trial Balance is extracted from the books of a merchant on 31st March, 2019: Stock in Hand on 31st March, 2019 was valued at Rs 32,500. From the above, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date |
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| 1683. |
Following Trial Balance is extracted from the books of Nikesh as at 31st March, 2019: Prepare Tradingand Profit and Loss Account for the year ended 31st March, 2019 and balance sheet as at that date after taking into account the following adjustments : (i)Stock on 31st March, 2019 was valued at cost at rs 14,000. Its Net Realisable value (Market Value) was 15,000. (ii) Plant and Machinery includes a machine purchasedfor 20,000 on 1st October, 2018. (iii) Outstanding liabilities for Wages rs 1,200 and Salaries rs 2,800. These are not subject to GST. (iv) Depreciation @ 5% p.a. on Written Down value is to be provided on fixed assests. (v) Write off bad debts rs 1,500. (vi) Insurance premium paid in advance rs 400. (vii) Accrued commission rs 500. CGST and SGST is levied @ 6% each. |
Answer» Solution :  `*`Closing stock is valued at rs 14,000 being than its Net REALISABLE Value (Market value) following the PRUDENCE CONCEPT. `*`Depreciation on PLANT and Mechinery `@5%` p.a.: On rs 1,20,000 `(rs 1,20,000xx5//100)` On rs 20,000(for six months i.e., rs `20,000xx5//100xx6//12`) `{:("Rs"),(6","000),(" "500),(ululbar(" 6,500")):}` 
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| 1684. |
Following Trial Balance has been extracted form the books of Prasad on 31st March, 2019: Additional Information : (i) Outstanding salaries were Rs 45,000. (ii) Depreciate Machinery at 10%. (iii)Rent Prepaid Rs 10,000. (v) Provide for interest on capital @ 5% per annum. (vi) Stock on 31st March, 2019 Rs 8,00,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date. |
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| 1685. |
Following Trial Balance as at 31st March, 2019 is drawn form books of Dalip : Considering the following adjustments, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date. Also, pass Journal entries for the adjustments : (i) Closing Stock rs 9,00,000. (ii) Outstanding Salaries rs 32,000 and Outstanding Wagesrs 20,000. Salaries and Wages are not subject to levy of GST. (iii) Prepaid Insurancers 9,000 and Accrued Commissionrs 12,000. Prepaid Insurance and Accrued Commission are subject to levy of CGST and SGST @6% each. (iv) Charge Depreciation on Mechinery @10% p.a. |
Answer» SOLUTION :  
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| 1686. |
Following is the Trial Balance of Virat as on 31st March 2019. Additional Information: Closing Stock as on 31st March, 2019 was Rs 42,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date by vertical form |
Answer» SOLUTION : 
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| 1687. |
Following is the Trial Balance of Venkat on 31st March, 2019. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 Value of Closing Stock as on 31st March, 2019 was Rs 2,70,000 |
Answer» SOLUTION : 
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| 1688. |
Following is the Trial Balance of Shamit on 31st March, 2019. Pass closing entries and prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 Value of Closing Stock as on 31st March, 2019 was Rs 27,000 |
Answer» SOLUTION :  
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| 1689. |
Following is the Trial Balance of Sanjeev as at 31st March, 2019: You are required to prepare Trading and Profit and Loss Account for the year ending 31st March, 2019 and Balance Sheet as on that date, after considering the following adjustments: (i) Stock at cost on 31st March, 2019 is Rs 13,600. (ii) Mechinery is to be depreciated @10% and patents @20% . (iii) Salaries for the month of March, 2019 of Rs 3,000 were unpaid. (iv) Insurance included a premium of Rs 170 for next year. (v) Wages include Rs 4,000, spent on constructing a shed for employees and visitors. (vi) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry debtors. |
Answer» SOLUTION :
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| 1690. |
Following is the Trial Balance of Anand, a sole proprietor : Taking into consideration the following adjustments, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date: (i) Closing Stock at market price as on 31st March, 2019, rs 80,000. However, its cost was rs 70,000. (ii) Provide Depreciation on Machinery @ 10%. (iii) A fire occurred on 1st April, 2019 destroying goods costing rs 5,000. (iv) The car was sold at book value on 1st April, 2018 and sale proceeds were taken for personal use by Anand -which was left unrecorded. |
Answer» SOLUTION :  
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| 1691. |
Following is the Trial Balance of Sandord at 31st March, 2019. Draw the final accounts from the balances therefrom: Value of Closing Stock on 31st March, 2019 was Rs 50,000 |
Answer» SOLUTION : 
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| 1692. |
Following is the Financial Statement of Garima Ltd., prepare cash flow statement: Additional Information: 1. Interest paid on Debenture Rs 600 2. Dividend paid during the year Rs 4,000 3. Depreciation charged during the year Rs 32,000 |
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Answer» SOLUTION :CASH FLOW from Operating Activities (11,400) Cash flow from Investing Activities (1,96,000) Cash flow from Financing Activities 1,55,400. |
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| 1693. |
Following is the extract of Trial Balance as on 31st March, 2019 : Adjustments: Create a Provision for Doubtful Debts @ 5% Debtors. Pass neccessary entry and show these items in the Profit and Loss Account and the balance sheet. |
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| 1694. |
Following information is supplied to you by a shopkeeper: |{:(,,"1st April, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Cash",.......................................................,"6,000","7,000"),("Sundry Debtors",.......................................................,"68,000","64,000"),("Stock",.......................................................,"59,000","87,000"),("Furniture",.......................................................,"15,000","13,500"),("Sundry Creditors",.......................................................,"20,000","18,000"),("Bills Payable",.......................................................,"15,000","11,000"):}| During the year, he withdrew Rs. 2,500 per month for domestic purposes. He also borrowed from a friend at 9% a sum of Rs. 20,000 on 1st October, 2018. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made. Ascertain the profit or loss made by him during the period. |
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| 1695. |
Following information of an accounting year isgiven: Opening Capital Rs. 60,000, Drawing Rs. 5,000, Capital added during the year Rs. 10,000 and Closing Capital Rs. 90,000. Calculate the Profit or Loss for the year. {:(,"Rs."),("Opening Capital","1,00,000"),("Closing Capital","1,25,000"),("Drawings during the year","30,000"),("Capital added during the year","37,500"):} |
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| 1696. |
Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System: Vinay banks all receipts andmakes payments by means of cheque. 3. From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date. |
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| 1697. |
Following information is given of an accounting year: Opening Creditors Rs. 15,000, Cash paid to creditors Rs. 15,000, Returns Outward Rs. 1,000 and Closing creditors Rs. 12,000. |
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| 1698. |
Following in the extract from the Trial Balance of a firm as at 31st March, 2019: |{:("Heads Accounts",Dr. Rs.,Cr. Rs.),("Sundry Debtors","4,10,000","..."),("Provision for Doubtful Debts","...","20,000"),("Bad Debts"," 6,000","..."):}| Additional information : (i) Additional bad debts Rs 10,000. (ii) Maintain Provision for Doubtful Debts @10% on sundry debtors. Pass necessary Journal entries and show relevant accounts (including Final Accounts). |
Answer» Solution :  Note : Bad Debts GIVEN in ADJUSTMENTS (i.e., Further Bad debts) are shown on the debit side of the profit and Loss Account and deducated form sundry DEBTORS on the assets side of the BALANCE Sheet. PROVISION for Doubtful debts (New) is calculated on sundry debtors after deducating further of bad debts. |
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| 1699. |
Following Balances were extracted from the books of Vijay on 31st March, 2019: Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date after giving effect to the following adjustments: (i) Stock as on 31st March, 2019 was valued at Rs 2,30,000. (ii) Write off further Rs 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%. (iii) Depreciate Machinery at 10%. (iv) Provide Rs 7,000 as outstanding interest on loan. |
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| 1700. |
Following details are related to a firm's banking transactions at 31st March,2019. Balance as per bank statement ₹ 22,650 , uncleared lodgements ₹ 3,110 , unpresented cheques ₹ 6,290. Bank credit recorded twice bybank in error as ₹650. Which balance for cash at bank should appear in the Balance Sheet as at 31st March,2019 ? |
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Answer» ₹ 18,820. |
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