2427 + Interview Questions in Accounts in Class 11 Page 41 InterviewSolution

2001.	Cheque of â‚¹1,000 received from Ramesh was dishonoured. Journal entry will be :
Answer» DR. Sales RETURN A/c and Cr. Ramesh by â‚¹ 1,000 Dr. Ramesh and Cr. BANK A/c by â‚¹1,000 Dr. SALE Return A/c and Cr. SUSPENSE A/c by â‚¹1,000 None of these Solution :Dr. Ramesh and Cr. Bank A/c by â‚¹1,000

Discussion

2002.	Cheque issued but not presented are _______ to Debit Cash Bookbalance when Bank Reconciliation Statement is prepared.
Answer» SOLUTION :ADDED

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2003.	Cheque issued but not presented for payment will reduce the balance as per the Pass Book .
Answer» SOLUTION : FALSE

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2004.	Charging depreciation is
Answer» COMPULSORY voluntary dependent on the CONDITION of ASSETS. NONE of these SOLUTION :compulsory

Discussion

2005.	Charges charged by bank and not recorded in the books of account are ______ to Credit. Cash Bookbalance when Bank ReconciliationStatement is prepared.
Answer» SOLUTION :ADDED

Discussion

2006.	Chaman maintains his books according to Single Entry System. Following figures were available from the books for the six month ended 31st December, 2018:{:(,"1st July, 2018 (Rs.)","31st December, 2018 (Rs.)"),("Plant and Machinery","1,50,000","1,40,000"),("Debtors","65,000","60,000"),("Cash and Bank balances","25,000","31,000"),("Stock","40,000","45,000"),("Creditors","9,000","10,000"):} Adjustments: (a) He had withdrawn Rs. 200 in the beginning of every month for householdpurposes. (b) Depreciation on Plant and Mechinery @10% p.a. (c) Further Bad Debts Rs. 5,000 and Provision for Doubtful Debts to be created @2%. During the period, salaries have been prepaid by Rs. 500 while wages outstanding were Rs. 1,000. (e) Interest on drawings to be reckoned @6% p.a. You are required to prepare the Statement of Profit of Loss for the half year ended 31st December, 2018, followed by Revised Statement of Affairs as on that date.
Answer» Solution :1. Interest on DRAWINGS: On Rs. 200 for 6 MONTHS = On Rs. 1,200 for 1 month On Rs. 200 for 5 month = On Rs. 1,000 for 1 month On Rs. 200 for 4 months = On Rs. 800 for 1 month On Rs. 200 for 3 months = On Rs. 600 for 1 month On Rs. 200 for 2 months = On Rs. 400 for 1 month On Rs. 200 for 1 month = On Rs. 200 for 1 month Or On Rs. 4,200 for 1 month Interest = Rs. `4,200xx6//100xx1//2=Rs.21.` 2. Depraciation on Plant = Rs. `1,40,000xx10//100xx6//12=Rs.7,000`. 3. Provision for Doubtful Debts = `2//100(Rs. 60,000-Rs.5,000)=Rs. 1,100.` Net Loss = Rs. 4,300 (Gross Loss) `+` Rs. 7,000 (Depreciation) `+` Rs. 5,000 (Bad Debts) `+` Rs. 1,100 (Provision for Doubtful Debts) `-` Rs. 21 (Interest on Drawings) = Rs. 17,379.

Discussion

2007.	Catalogue price isâ‚¹ 600. Trade Discount allowed @ 10% will be ________ and Cash Discount @5% will be _________.
Answer» ANSWER : â‚¹ 60,â‚¹ 27

Discussion

2008.	Cash withdrawn by the Proprietor should be credited to:
Answer» DRAWINGS account Capital account Profit and LOSS account Cash account Solution :IV

Discussion

2009.	Cash sales of a business in a year were Rs. 85,000, the Cost of Goods Sold (including direct expenses) was Rs. 97,000 and Gross Profit as shown by the Trading Account for the year was Rs. 1,29,000. Calculate Credit Sales during the year.
Answer» ANSWER :CREDIT SALES - RS. 1,41,000.

Discussion

2010.	Cash sales to Ram will be posted to ………. Side of …………..account. (Debit, Credit, Ram, Sales)
Answer» ANSWER :CREDIT, SALES

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2011.	Cash withdrawn from bank for personal use is a Contra Entry.
Answer» SOLUTION : FALSE

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2012.	Cash purchases from Gopal will be posted to ………….account on the ……………(Gopal, Purchase, Debit, Credit)
Answer» ANSWER :PURCHASE, DEBIT;

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2013.	Cash or goods withdrawn by the proprietor for his personal use is debited to _______ Account.
Answer» SOLUTION :DRAWING

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2014.	Cash memo is prepared when goods are sold against ________
Answer» SOLUTION :CASH

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2015.	Cash memo is prepared when goods are sold
Answer» on credit. on CASH. Both (a) and (B). NONE of these. Solution :on cash.

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2016.	Cash Memo is a _________ voucher.
Answer» SOLUTION :SOURCE

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2017.	Cash memo is a source voucher for purchaser of goods on credit.
Answer» SOLUTION : FALSE

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2018.	Cash memo is a source voucher for purchaser of goods
Answer» for CASH PURCHASES. for CREDIT purchases. for credit sales. for cash sales. Answer :A

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2019.	Cash Memo is
Answer» a source VOUCHER. an accounting voucher. NEITHER (a) and (b). both (a) and (b). SOLUTION :a source voucher.

Discussion

2020.	Cash Discount received is recorded in the books of account as follows:
Answer» CASH DISCOUNT is credited to Discount Received ACCOUNT. Cash Discount is reduced from the INVOICE Price. None of the above. Any of (a) and (b). Solution :Cash Discount is credited to Discount Received Account.

Discussion

2021.	Cash Discount received is recorded in the books of account as follows :
Answer» CASH DISCOUNT is CREDITED to Discount RECEIVED Account Cash Discount is reduced from the Invoice Price. None of the above Any of (a) and (B) Solution :Cash Discount is credited to Discount Received Account

Discussion

2022.	Cash Discount is allowed @ 10% on â‚¹ 15,500, the amount paid will be _______
Answer» ANSWER : â‚¹ 13,950

Discussion

2023.	Cash Discount is :
Answer» Which is RECEIVED at THETIME of MAKING the PAYMENT Which is allowed at the TIME of sale of goods Which is received at the time of purchase of goods Which is received both at the time of making payment and purchase of goods Answer :A

Discussion

2024.	Cash discount allowed to customer is an expense for business.
Answer» SOLUTION : TRUE

Discussion

2025.	Cash Discount allowed is recorded in the books of account as follows:
Answer» Cash DISCOUNT is DEBITED to Discount Allowed ACCOUNT. Cash Discount is reduced from the Invoice Price. None of the above. Any of (a) and (b). SOLUTION :Cash Discount is debited to Discount Allowed Account.

Discussion

2026.	Cash column of the Cash Book will always have a debit balance or at the most nil balance. Why?
Answer» SOLUTION :It is so because CAST PAYMENTS cannot be more than the CASH in HAND.

Discussion

2027.	Cash Column of Cash Book cannot have a debit balance
Answer» SOLUTION : FALSE

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2028.	Cash Column in the Debit side of Cash Book shows cash ________
Answer» SOLUTION :RECEIPT

Discussion

2029.	Cash Book showed Bank overdraft of â‚¹ 3,000. But the Pass Book made up on the same date showed that cheque of â‚¹ 200, â‚¹ 100 and â‚¹ 250 respectively had not been presented for payments, and the cheque of â‚¹800 paid into account had not been cleared. The balance as per the Cash Book will be
Answer» â‚¹ 2,200 â‚¹ 4,350 â‚¹ 3,250 â‚¹ 2,750. Answer :C

Discussion

2030.	Cash Column in the Credit side of Cash Book shows cash ________
Answer» SOLUTION :PAYMENTS

Discussion

2031.	Cash column in the Cash Book connot have a negative balance i.e., payments caanot be more than cash balance in hand. Why ?
Answer» SOLUTION :YES. Cash comumn in the cash BOOK cannot have a negative balance. It is so because the firm cannot MAKE payment more than cash in hand.

Discussion

2032.	Cash Bookis both a Subsidiary Book and Principle Book .
Answer» SOLUTION : TRUE

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2033.	Cash Book records ________ transaction
Answer» SOLUTION :CASH

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2034.	Cash Book is a principal book and not a subsidiary book.Do you agree?
Answer» SOLUTION :No CASH book is a principal book and ALSO SUBSIDIARY book

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2035.	Cash Book is both a subsidiary book and a ledger account.
Answer» ANSWER :TRUE

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2036.	Cash Book is a Principal book and not a subsidiary Book. Do you agree ?
Answer» SOLUTION :No. Cash BOOK is a principla book as well as a SUBSIDIARY book.

Discussion

2037.	Cash book is a type of ….. But can be treated as a …… of account .
Answer» SUBSIDIARY BOOK , PRINCIPAL Book Principal Book ,Subsidiary Book Subsidiary Book, Subsidiary Book Principal Book , Principal Book ANSWER :A

Discussion

2038.	Cash book does not record the ………….transactions.
Answer» SOLUTION :CREDIT

Discussion

2039.	Cash book balanceswas ₹ 1,790 (Dr.) . When compared with the bank statement, itwas identifiedthat unpresented cheques were ₹1,040 and deposits not credited were ₹ 820. Balance of the bank statement will
Answer» ₹ 70 (DR.) ₹ 1,570 (CR.) ₹ 2,010 (Cr.) ₹ 3,650 (Cr.) SOLUTION :N//A

Discussion

2040.	Cash Book balane was Rs. 1,790 (Dr.) when compared with the Bank Statement, unpresented cheques were Rs. 1,040 and deposits but not credited were Rs. 820. What was the balane in the Bank Statement ?
Answer» SOLUTION :BALANCE as PER BANKSTATEMENT is Rs.2,010(CR)

Discussion

2041.	"Cash Book always shows a debit balance." How far is this statement true and why?
Answer»

Discussion

2042.	Cash basis of accounting is incompatible with the Matching Principle.
Answer» SOLUTION : TRUE

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2043.	Cash basis of accounting does not require adjustment regarding outstanding/prepaid expenses and ________
Answer» ANSWER :ACCRUED INCOME/ income RECEIVED in ADVANCE

Discussion

2044.	Cash basis considers the revenue asrealised when the goods are sold.
Answer» SOLUTION :FALSE

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2045.	Cash Account is an __________ Account .
Answer» SOLUTION : ASSET

Discussion

2046.	Cash Account is a real account .
Answer» ANSWER :TRUE

Discussion

2047.	Carriage Outward is shown in
Answer» TRADING ACCOUNT PROFIT and LOSS Account Balance Sheet None of these Solution :Profit and Loss Account

Discussion

2048.	Carriage Inward' is classified as
Answer» ASSET ACCOUNT EXPENSE Account Capital Account Liability Account. Solution :Expense Account

Discussion

2049.	Capital Reserves may or may not involve any receipts of cash. Do you agree ?
Answer» SOLUTION :Yes. CAPITAL Reserve may or may not INVOLVE any RECEIPTS of cash.

Discussion

2050.	Capitalreserves are normally created out offree or distributableprofits.
Answer» ANSWER :FALSE

Discussion

Explore topic-wise InterviewSolutions in .

Cheque of â‚¹1,000 received from Ramesh was dishonoured. Journal entry will be :

Cheque issued but not presented are _______ to Debit Cash Bookbalance when Bank Reconciliation Statement is prepared.

Cheque issued but not presented for payment will reduce the balance as per the Pass Book .

Charging depreciation is

Charges charged by bank and not recorded in the books of account are ______ to Credit. Cash Bookbalance when Bank ReconciliationStatement is prepared.

Catalogue price isâ‚¹ 600. Trade Discount allowed @ 10% will be ________ and Cash Discount @5% will be _________.

Cash withdrawn by the Proprietor should be credited to:

Cash sales of a business in a year were Rs. 85,000, the Cost of Goods Sold (including direct expenses) was Rs. 97,000 and Gross Profit as shown by the Trading Account for the year was Rs. 1,29,000. Calculate Credit Sales during the year.

Cash sales to Ram will be posted to ………. Side of …………..account. (Debit, Credit, Ram, Sales)

Cash withdrawn from bank for personal use is a Contra Entry.

Cash purchases from Gopal will be posted to ………….account on the ……………(Gopal, Purchase, Debit, Credit)

Cash or goods withdrawn by the proprietor for his personal use is debited to _______ Account.

Cash memo is prepared when goods are sold against ________

Cash memo is prepared when goods are sold

Cash Memo is a _________ voucher.

Cash memo is a source voucher for purchaser of goods on credit.

Cash memo is a source voucher for purchaser of goods

Cash Memo is

Cash Discount received is recorded in the books of account as follows:

Cash Discount received is recorded in the books of account as follows :

Cash Discount is allowed @ 10% on â‚¹ 15,500, the amount paid will be _______

Cash Discount is :

Cash discount allowed to customer is an expense for business.

Cash Discount allowed is recorded in the books of account as follows:

Cash column of the Cash Book will always have a debit balance or at the most nil balance. Why?

Cash Column of Cash Book cannot have a debit balance

Cash Column in the Debit side of Cash Book shows cash ________

Cash Column in the Credit side of Cash Book shows cash ________

Cash column in the Cash Book connot have a negative balance i.e., payments caanot be more than cash balance in hand. Why ?

Cash Bookis both a Subsidiary Book and Principle Book .

Cash Book records ________ transaction

Cash Book is a principal book and not a subsidiary book.Do you agree?

Cash Book is both a subsidiary book and a ledger account.

Cash Book is a Principal book and not a subsidiary Book. Do you agree ?

Cash book is a type of ….. But can be treated as a …… of account .

Cash book does not record the ………….transactions.

Cash book balanceswas ₹ 1,790 (Dr.) . When compared with the bank statement, itwas identifiedthat unpresented cheques were ₹1,040 and deposits not credited were ₹ 820. Balance of the bank statement will

Cash Book balane was Rs. 1,790 (Dr.) when compared with the Bank Statement, unpresented cheques were Rs. 1,040 and deposits but not credited were Rs. 820. What was the balane in the Bank Statement ?

"Cash Book always shows a debit balance." How far is this statement true and why?

Cash basis of accounting is incompatible with the Matching Principle.

Cash basis of accounting does not require adjustment regarding outstanding/prepaid expenses and ________

Cash basis considers the revenue asrealised when the goods are sold.

Cash Account is an __________ Account .

Cash Account is a real account .

Carriage Outward is shown in

Carriage Inward' is classified as

Capital Reserves may or may not involve any receipts of cash. Do you agree ?

Capitalreserves are normally created out offree or distributableprofits.

Catalogue price isâ‚¹ 600. Trade Discount allowed @ 10% will be and Cash Discount @5% will be _.