Explore topic-wise InterviewSolutions in Class 11.

This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 11 knowledge and support exam preparation. Choose a topic below to get started.

1801.

Distinguish between statement of affairs and balance sheet.

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>
Discussion
1802.

Distinguish Trade Discount from Cash Discount. (Two points)

Answer» <html><body><p></p>Solution :Two <a href="https://interviewquestions.tuteehub.com/tag/points-1157347" style="font-weight:bold;" target="_blank" title="Click to know more about POINTS">POINTS</a> of <a href="https://interviewquestions.tuteehub.com/tag/differences-951427" style="font-weight:bold;" target="_blank" title="Click to know more about DIFFERENCES">DIFFERENCES</a> between Trade Discount and Cash Discount are:(i) Trade Discountis allowed to encourage large purchases whereas Cash Discount is allowed to encourage prompt payment.(ii) Trade Discount enables the retailer to <a href="https://interviewquestions.tuteehub.com/tag/sell-1200244" style="font-weight:bold;" target="_blank" title="Click to know more about SELL">SELL</a> goods at list <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> and earn better profit. Cash Discount will improve thecash flow.</body></html>
Discussion
1803.

Distinguish between revenue expenditure and capital expenditure.

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> :If the benefit of an expenditure is exhausted within a year, it is treated as <a href="https://interviewquestions.tuteehub.com/tag/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> expenditure (<a href="https://interviewquestions.tuteehub.com/tag/also-373387" style="font-weight:bold;" target="_blank" title="Click to know more about ALSO">ALSO</a> called expense). Onthe other <a href="https://interviewquestions.tuteehub.com/tag/hand-1015171" style="font-weight:bold;" target="_blank" title="Click to know more about HAND">HAND</a>, if the benefit of an expenditure lasts for more than a year it is treated as capital expenditure (also called an asset).</body></html>
Discussion
1804.

Distinguish between profit and gain.

Answer» <html><body><p></p>Solution :Profit is theexcess of revenues over <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> during an <a href="https://interviewquestions.tuteehub.com/tag/accounting-637" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNTING">ACCOUNTING</a> <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a>. It is the result of business <a href="https://interviewquestions.tuteehub.com/tag/transactions-18175" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSACTIONS">TRANSACTIONS</a> which are of <a href="https://interviewquestions.tuteehub.com/tag/regular-1182473" style="font-weight:bold;" target="_blank" title="Click to know more about REGULAR">REGULAR</a> nature whereas gain arises from events or transactions which are incidental to business such as saleof a fixed asset or winning a lottery prize.</body></html>
Discussion
1805.

DistinguishbetweenHardwareandSoftware .

Answer»
Discussion
1806.

Distinguish between fixed assets andcurrent assets.

Answer» <html><body><p></p>Solution :Fixed assets <a href="https://interviewquestions.tuteehub.com/tag/refer-621103" style="font-weight:bold;" target="_blank" title="Click to know more about REFER">REFER</a> to those assets which are <a href="https://interviewquestions.tuteehub.com/tag/held-7620091" style="font-weight:bold;" target="_blank" title="Click to know more about HELD">HELD</a> for cotinued use in thebusiness and arenot meantforresalewhereascurrent assets are either <a href="https://interviewquestions.tuteehub.com/tag/meant-2822802" style="font-weight:bold;" target="_blank" title="Click to know more about MEANT">MEANT</a> forsale or which are <a href="https://interviewquestions.tuteehub.com/tag/expected-2627146" style="font-weight:bold;" target="_blank" title="Click to know more about EXPECTED">EXPECTED</a> to be converted into <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> within one year.</body></html>
Discussion
1807.

Distinguish between expenses andlosses.

Answer» <html><body><p></p>Solution :If the <a href="https://interviewquestions.tuteehub.com/tag/benefit-895149" style="font-weight:bold;" target="_blank" title="Click to know more about BENEFIT">BENEFIT</a> of an <a href="https://interviewquestions.tuteehub.com/tag/expenditure-980222" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENDITURE">EXPENDITURE</a> is exhausted <a href="https://interviewquestions.tuteehub.com/tag/within-732414" style="font-weight:bold;" target="_blank" title="Click to know more about WITHIN">WITHIN</a> a year it is called expense whereas <a href="https://interviewquestions.tuteehub.com/tag/excess-978535" style="font-weight:bold;" target="_blank" title="Click to know more about EXCESS">EXCESS</a> of expenses of a <a href="https://interviewquestions.tuteehub.com/tag/period-1151023" style="font-weight:bold;" target="_blank" title="Click to know more about PERIOD">PERIOD</a> over its related revenues is termed as loss.</body></html>
Discussion
1808.

Distinguish between expenses and expenditure.

Answer» <html><body><p></p>Solution :Expense is thecost incurred in <a href="https://interviewquestions.tuteehub.com/tag/producing-2229964" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCING">PRODUCING</a> andselling the goods and services. <br/> <a href="https://interviewquestions.tuteehub.com/tag/thus-2307358" style="font-weight:bold;" target="_blank" title="Click to know more about THUS">THUS</a> it includes cost of goods sold and amount paid for salaries, rent,commission eic. On the other hand, expenditure is a wider <a href="https://interviewquestions.tuteehub.com/tag/term-1241851" style="font-weight:bold;" target="_blank" title="Click to know more about TERM">TERM</a> which includesexpenses also. Expenditure is the amount spent for acquiring <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a>, goods andservices.</body></html>
Discussion
1809.

Distinguish between debtors and creditors.

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a> are <a href="https://interviewquestions.tuteehub.com/tag/thepersons-1410237" style="font-weight:bold;" target="_blank" title="Click to know more about THEPERSONS">THEPERSONS</a> who owe an <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> to theenterprise for the <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 or service to them on credit whereas creditors are thepersons who <a href="https://interviewquestions.tuteehub.com/tag/areto-884013" style="font-weight:bold;" target="_blank" title="Click to know more about ARETO">ARETO</a> be paid an amount by theenterprise for buying from them goods or serviceson credit.</body></html>
Discussion
1810.

Distinguish between capital and revenue expenditure and state whether the following statements are items of capital or revenue expenditure : (a) Expenditure incurred on repairs and whitewashing at the time of purchase of an old building in order to make it usable. (b) Expenditure incurred to provide one more exit in a cinema hall in compliance with a government order. (a) Registration fees paid at the time of purchase of a building (b) Expenditure incurred in the maintenance of a tea garden which will produce tea after four years. (c) Depreciation charged on a plant. (d) The expenditure incurred in erecting a platform on which a machine will be fixed. (e) Advertising expenditure, the benefits of which will last for four years.

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> :N/a</body></html>
Discussion
1811.

Distinguish between Cash Basis and Accrual Basis of Accounting. (two points)

Answer» <html><body><p></p>Solution :(i) Both cash and credit transactions are recorded under the Accrual System of Accounting. Under the Cash System of Accounting only cash transactions are recorded. <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>) Capital and revenue <a href="https://interviewquestions.tuteehub.com/tag/items-1052972" style="font-weight:bold;" target="_blank" title="Click to know more about ITEMS">ITEMS</a> are <a href="https://interviewquestions.tuteehub.com/tag/distinguished-440820" style="font-weight:bold;" target="_blank" title="Click to know more about DISTINGUISHED">DISTINGUISHED</a> under the Accrual System of Accounting. Under the Cash System of Accounting no such <a href="https://interviewquestions.tuteehub.com/tag/distinction-440816" style="font-weight:bold;" target="_blank" title="Click to know more about DISTINCTION">DISTINCTION</a> is <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a>.</body></html>
Discussion
1812.

Discuss the principle based on the premise "do not anticipate profits but provide for all losses."

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/discuss-955675" style="font-weight:bold;" target="_blank" title="Click to know more about DISCUSS">DISCUSS</a> the <a href="https://interviewquestions.tuteehub.com/tag/convention-933064" style="font-weight:bold;" target="_blank" title="Click to know more about CONVENTION">CONVENTION</a> of <a href="https://interviewquestions.tuteehub.com/tag/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a>.</body></html>
Discussion
1813.

Discuss the need of preparing a balance sheet.

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> :N/a</body></html>
Discussion
1814.

Discount Received has

Answer» <html><body><p>Debit <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a><br/><a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> balance <br/>Both (a) and (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)<br/>None of these . </p>Solution :Credit balance</body></html>
Discussion
1815.

Discounting charges are paid

Answer» <html><body><p>by the <a href="https://interviewquestions.tuteehub.com/tag/drawer-959479" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWER">DRAWER</a> <br/>by the drawee<br/>Shared <a href="https://interviewquestions.tuteehub.com/tag/equally-2065515" style="font-weight:bold;" target="_blank" title="Click to know more about EQUALLY">EQUALLY</a> by the drawer and drawee<br/>None of these. </p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :by the drawer</body></html>
Discussion
1816.

Discount allowed' is classified as a

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/real-1178490" style="font-weight:bold;" target="_blank" title="Click to know more about REAL">REAL</a> <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a><br/><a href="https://interviewquestions.tuteehub.com/tag/nominal-571419" style="font-weight:bold;" target="_blank" title="Click to know more about NOMINAL">NOMINAL</a> account<br/>Personal Account<br/>None of the above.</p>Solution :Nominal account</body></html>
Discussion
1817.

Direct collections received by the bank on behalf of the customers would increase the balance as per the bank passbook when compared to the balance as per the 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> :T</body></html>
Discussion
1818.

Disagreement of Trial Balance indicates that an ______ has been committed.

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/error-25548" style="font-weight:bold;" target="_blank" title="Click to know more about ERROR">ERROR</a></body></html>
Discussion
1819.

Dilip, proprietor of Ultra Sales. Had written off rs 20,000 receivable from Jatin as bad debts, he was unable to pay. In the current year. Dilip received rs 5,000 from Jatin. Pass Journal entry and show how it will be shown in the profit and Loss 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_C19_S01_004_S01.png" width="80%"/></body></html>
Discussion
1820.

Differentiate between Revenue Reserved and Capital Reserve on the basis of source.

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/revenue-1188040" style="font-weight:bold;" target="_blank" title="Click to know more about REVENUE">REVENUE</a> Reserves is created out 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> profits <a href="https://interviewquestions.tuteehub.com/tag/whereasa-8431685" style="font-weight:bold;" target="_blank" title="Click to know more about WHEREASA">WHEREASA</a> Capital Reserve is created out of capital profits.</body></html>
Discussion
1821.

Differentiate betweenreserveand provisionon thebasisofcharge or appropriation.

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> :Reserveis anappropriation ofprofitwhereasprovision ischarge againstprofit.</body></html>
Discussion
1822.

Difference in Trial Balance is debited or credited to the Suspense Account , which is transferred to Profit and Loss Account.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>
Discussion
1823.

Differentiate between Assets andGoods on thebasis of any two points.

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) Goods are purchased for resale <a href="https://interviewquestions.tuteehub.com/tag/whereas-2326610" style="font-weight:bold;" target="_blank" title="Click to know more about WHEREAS">WHEREAS</a> assets are <a href="https://interviewquestions.tuteehub.com/tag/held-7620091" style="font-weight:bold;" target="_blank" title="Click to know more about HELD">HELD</a> for <a href="https://interviewquestions.tuteehub.com/tag/continued-7266921" style="font-weight:bold;" target="_blank" title="Click to know more about CONTINUED">CONTINUED</a> use in thebusiness. <br/> (ii) Goods are alwasys tangible i.e., they can be <a href="https://interviewquestions.tuteehub.com/tag/seen-3017120" style="font-weight:bold;" target="_blank" title="Click to know more about SEEN">SEEN</a> and touched whereas assets may be both tangible andintangible.</body></html>
Discussion
1824.

Determine Total Sales and Total Purchases from the following information: |{:(,"Rs."),("Opening Debtors","11,400"),("Cash received","48,300"),("Dicount allowed","1,500"),("Bad Debts written off","300"),("Sales Return","800"),("Bills Receivable received","6,100"),("Closing Debtors","10,800"):}||{:(,"Rs."),("Opening Creditors","6,800"),("Cash Paid to Creditors","25,100"),("Discount recevied","300"),("Purchases return","600"),("Bills Payable issued","3,100"),("Closing Creditors","5,400"),(,):}| Additional Information : Cash Sales - Rs. 1,00,000 and Cash Pruchases 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> :<a href="https://interviewquestions.tuteehub.com/tag/calculation-907729" style="font-weight:bold;" target="_blank" title="Click to know more about CALCULATION">CALCULATION</a> of Credit <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a>: <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_017_S01.png" width="80%"/> <br/> Total Sales = <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 + Credit Sales <br/> = Rs. 1,00,000 + Rs. 56,400 = Rs. 1,56,400. <br/> Calculation of Total Pruchases : <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C20_S01_017_S02.png" width="80%"/> <br/> Total Purchases + Credit Purchases <br/> = Rs. 50,000 + Rs. 27,700 = Rs. 77,700.</body></html>
Discussion
1825.

Develop anAccounting Equation from the following transactions :

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> :Assets : Cash₹16,000+ <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> 40,000 +<a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 2,000= <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a> : Creditors ₹ 5,000 + Vendor for Furniture ₹ 2,000 + <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ₹ 51,000.</body></html>
Discussion
1826.

Develop anAccounting Equation from the following transactions :

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/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> : Cash₹16,000+ <a href="https://interviewquestions.tuteehub.com/tag/stock-1227804" style="font-weight:bold;" target="_blank" title="Click to know more about STOCK">STOCK</a> 40,000 +<a href="https://interviewquestions.tuteehub.com/tag/furniture-1002510" style="font-weight:bold;" target="_blank" title="Click to know more about FURNITURE">FURNITURE</a> ₹ 2,000= Liabilities : <a href="https://interviewquestions.tuteehub.com/tag/creditors-938665" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITORS">CREDITORS</a> ₹ 5,000 + Vendor for Furniture ₹ 2,000 + Capital ₹ 51,000.</body></html>
Discussion
1827.

Determine the missing values of the Cash Book with Bank Column of Yashika on the basis of following transactions: {:(2018,,,Rs.,|,2018,,,Rs.),("Sept.",1,"Cash in Hand",7","500,|,"Sept",15,"Good Purchased and Paid by Cheque",2","000),(,,"Bank Overdraft",3","500,|,"sept",20,"Paid Rent",500),("Sept",2,"Paid Wages",200,|,"Sept",25,"Drew from bank for personal use",400),("Sept",5,"Cash Sales",7","000,|,"Sept",30,"Drew from bank for personal use",1000),("Sept",10,"Cash Deposited inot Bank",4","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> :[1; Rs. 7,500; <a href="https://interviewquestions.tuteehub.com/tag/2-283658" style="font-weight:bold;" target="_blank" title="Click to know more about 2">2</a>: Cash A/c; 3: C; 4: Bans A/c; 5: C; 6: Rs. 1,900; 7: Rs. 2,000; <a href="https://interviewquestions.tuteehub.com/tag/8-336412" style="font-weight:bold;" target="_blank" title="Click to know more about 8">8</a>: <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a> A/c; 9: Rs. 8,800; Rs. 10: Rs. 14,500; 11: Rs. 5,900; 12: Rs. 14,500 13: Rs. 900.]</body></html>
Discussion
1828.

Determine the missing values of the Cash Book with Bank Column of Poushli on the basis of following transactions: {:(2019,,,Rs.),("March",1,"Cash in Hand",2","20","000),(,,"Cash at Bank",60","000),("March",3,"Deposited in Bank",80","000),("March",4,"Good purchased and issued a cheque for the same",34","000),("March",7,"Cash purchases",16","000),("March",8,"Paid Commission by cheque",12","000),("March",9,"Withdrew from bank for personal use",2","500),("March",12,"Received from Ved in full settlement of his account of Rs.60,000, half of the amount was deposited into bank on the same day",),("March",16,"Interest collected by Bank",14","000),("March",20,"Cash Sales",42","000),("March",22,"Goods sold to Mona & Co.",40","000),("March",23,"Received cheque from Mona & Co. after discount of" Rs.300,36","000),("March",26,"Deposited to cheque received from Mona & Co.into Back",35","700):}

Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C10_E01_063_S01.png" width="80%"/> <br/> Notes: <br/> 1. Goods sold to Mona &amp; Co. on <a href="https://interviewquestions.tuteehub.com/tag/22nd-294772" style="font-weight:bold;" target="_blank" title="Click to know more about 22ND">22ND</a> March, 2019 is not recorded in Case <a href="https://interviewquestions.tuteehub.com/tag/book-900767" style="font-weight:bold;" target="_blank" title="Click to know more about BOOK">BOOK</a>, it being a credit sales. <br/> 2. Cheque received from Mona &amp; Co. for Rs. 35,700 on 23rd March, 2019 will be recorded in the joumal Proper. <br/> `{:("Cheque in Hand A/C",...Dr,Rs.35","700),("Discount <a href="https://interviewquestions.tuteehub.com/tag/allowed-857944" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOWED">ALLOWED</a> A/c",...Dr,Rs.300),("To mona &amp; Co.",,Rs.36","000):}` <br/> When the cheque is deposited into <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> (26th March, 2019) it will be recorded in the Bank column on the <a href="https://interviewquestions.tuteehub.com/tag/debit-945425" style="font-weight:bold;" target="_blank" title="Click to know more about DEBIT">DEBIT</a> side of Cash Book.</body></html>
Discussion
1829.

Determine the missing amounts on the basis of the Accounting Equation : {:("Asset","Liabilities","Capital"),("(a)______","₹ 30,000","₹ 70,000"),("₹ 1,50,000","₹ 30,000","_____"),("(c) ₹ 1,75,000","_____","₹ 1,00,000"):}

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) ₹ 1,00,000 ;(<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) ₹ 1,20,000; <br/> ( <a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a>) ₹ 75,000</body></html>
Discussion
1830.

Determine the missing information in the following books of Drawer and Drawee :

Answer» <html><body><p></p>Solution :The <a href="https://interviewquestions.tuteehub.com/tag/payment-1149239" style="font-weight:bold;" target="_blank" title="Click to know more about PAYMENT">PAYMENT</a> <a href="https://interviewquestions.tuteehub.com/tag/made-3718337" style="font-weight:bold;" target="_blank" title="Click to know more about MADE">MADE</a> by B on 4th March, 2019 i.e. a month before the <a href="https://interviewquestions.tuteehub.com/tag/due-433472" style="font-weight:bold;" target="_blank" title="Click to know more about DUE">DUE</a> date. Hence, <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> of <a href="https://interviewquestions.tuteehub.com/tag/rebate-613693" style="font-weight:bold;" target="_blank" title="Click to know more about REBATE">REBATE</a> will be ₹( i.e. ` ₹ 10,000 xx 6//100 xx 1//12`)<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C16_E01_099_S01.png" width="80%"/></body></html>
Discussion
1831.

Determine the missing information in the following books of Drawer and Drawee :

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> :Discounting chatges , i.e. ₹ ` 30,000 <a href="https://interviewquestions.tuteehub.com/tag/xx-747671" style="font-weight:bold;" target="_blank" title="Click to know more about XX">XX</a> 12//100 xx 3//12 = ₹ 900` <br/> <a href="https://interviewquestions.tuteehub.com/tag/thus-2307358" style="font-weight:bold;" target="_blank" title="Click to know more about THUS">THUS</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> received = ₹ 30,000 - ₹ 900 = ₹ 29, 100. <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_C16_E01_098_S01.png" width="80%"/></body></html>
Discussion
1832.

Determine the missing amounts on the basis of the Accounting Equation : {:("Asset",=,"Liabilities",+,"Capital"),("(a)₹ 20,000",=,"₹ 15,000",+,"_____"),("(b)_____",=,"₹ 5,000",+,"₹ 10,000"),("(c)₹ 10,000",=,"_____",+,"₹ 8,000"):}

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) ₹5,000 ;(<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) ₹ 15,000; ( <a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a>) ₹2,000</body></html>
Discussion
1833.

Determinethemissingamountson the basis ofthe AccounitngEquation:

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> :(i) ₹5,000 ; (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) ₹ 15,000; (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) ₹ 2,000.</body></html>
Discussion
1834.

Determinethemissingamountson the basis ofthe AccounitngEquation:

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> :(i) ₹5,000 ; (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) ₹ 15,000; (<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) ₹ 2,000.</body></html>
Discussion
1835.

Determine the appropriate missing value (figure) by preparing the Total Creditors Account from the following information: |{:(,"Rs."),("Cash Purchases","17,000"),("Creditors as on 1st April, 2018","8,000"),("Cash paid to Creditors","31,000"):}||{:(,"Rs."),("Purchases Return","1,000"),("Creditors as on 31st March, 2019","13,400"),(,):}|

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_013_S01.png" width="80%"/></body></html>
Discussion
1836.

Determine, if the following are Assets, Liabilities, Capital, Revenue from Operations, Revenues, Expenses or none (a) Machinery, (b) Purchases, (c) Stock, (d) Creditors, (e) Capital, (f) Salary paid to a clerk, (g) Sales, (h) Furniture, (i) Interset received and (j) Rent paid

Answer» <html><body><p><br/></p>Solution :(a) Asset; (b) <a href="https://interviewquestions.tuteehub.com/tag/expense-980253" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSE">EXPENSE</a> ; (<a href="https://interviewquestions.tuteehub.com/tag/c-7168" style="font-weight:bold;" target="_blank" title="Click to know more about C">C</a>) Asset; (d) <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a>; (e) Capital; (<a href="https://interviewquestions.tuteehub.com/tag/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a>) Expense; (<a href="https://interviewquestions.tuteehub.com/tag/g-1003017" style="font-weight:bold;" target="_blank" title="Click to know more about G">G</a>) Revenue from Operations; (h) Asset; (j) Revenue; (j) Expense</body></html>
Discussion
1837.

Deprication method is adopted in the case of

Answer» <html><body><p>Wasting <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> like <a href="https://interviewquestions.tuteehub.com/tag/mine-560987" style="font-weight:bold;" target="_blank" title="Click to know more about MINE">MINE</a> and quarries <br/>Land and Building. <br/>Goodwill<br/>Plant and <a href="https://interviewquestions.tuteehub.com/tag/machinery-1082418" style="font-weight:bold;" target="_blank" title="Click to know more about MACHINERY">MACHINERY</a>. </p>Solution :Wasting assets like mine and quarries</body></html>
Discussion
1838.

Deprication is provided on _______ asset.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/fixed-457597" style="font-weight:bold;" target="_blank" title="Click to know more about FIXED">FIXED</a> <a href="https://interviewquestions.tuteehub.com/tag/tangible-663303" style="font-weight:bold;" target="_blank" title="Click to know more about TANGIBLE">TANGIBLE</a></body></html>
Discussion
1839.

Depreciation must be charged so as to ascertain true profit or loss of the business

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> :T</body></html>
Discussion
1840.

Depreciation provides fund for ________

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/replacement-1185217" style="font-weight:bold;" target="_blank" title="Click to know more about REPLACEMENT">REPLACEMENT</a></body></html>
Discussion
1841.

Depreciation provides fund for replacement

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> :T</body></html>
Discussion
1842.

Depreciation is the process of valuation of asset.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>
Discussion
1843.

Depreciation is decline in the market value of tangible fixed assets

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html>
Discussion
1844.

Depreciation is not provided on

Answer» <html><body><p>Machinery<br/>Building <br/>Computers<br/><a href="https://interviewquestions.tuteehub.com/tag/land-539118" style="font-weight:bold;" target="_blank" title="Click to know more about LAND">LAND</a> </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> :Land</body></html>
Discussion
1845.

Depreciation is not provided in case of loss in a financial year.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/false-459184" style="font-weight:bold;" target="_blank" title="Click to know more about FALSE">FALSE</a></body></html>
Discussion
1846.

Depreciation is debited to Profit and Loss Account and deducted from the fixed assets in the Balance Sheet.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>
Discussion
1847.

Depreciation is charged to reduce the value of asset to its market value

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/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html>
Discussion
1848.

Depreciation is charged only on Tangible fixed Assets except land.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>
Discussion
1849.

Depreciation is also charged on 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> :<a href="https://interviewquestions.tuteehub.com/tag/f-455800" style="font-weight:bold;" target="_blank" title="Click to know more about F">F</a></body></html>
Discussion
1850.

Depreciation is a non-cash expense.

Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : <a href="https://interviewquestions.tuteehub.com/tag/true-713260" style="font-weight:bold;" target="_blank" title="Click to know more about TRUE">TRUE</a></body></html>
Discussion