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.

2051.

Capital reserves are not freely distributes as profits.

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
2052.

Capital Reserves are freely distrbuted as profits. Comment.

Answer» <html><body><p></p>Solution :No. <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/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> are not <a href="https://interviewquestions.tuteehub.com/tag/freely-7381827" style="font-weight:bold;" target="_blank" title="Click to know more about FREELY">FREELY</a> distributed as <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a>.</body></html>
Discussion
2053.

Capital Receipts are shown in

Answer» <html><body><p><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><br/>Trading Account<br/>Trading and <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> and <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<br/>None of these</p>Solution :Balance sheet</body></html>
Discussion
2054.

Capital Receipts and Revenue Receipts need not be distinguished to determine net profit.

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
2055.

Capital of Ganesh Gupta in the beginning of the year was Rs. 70,000. During the year his business earned a profit of Rs. 20,000, he withdrew Rs. 7,000 for his personal use.He sold ornaments of his wife for Rs. 20,000 and invested that amount into the business. Find out his Capital at the end of the year.

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/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> at 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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1,03,000.</body></html>
Discussion
2056.

Capital Receipts and Revenue Receipts

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/must-2185568" style="font-weight:bold;" target="_blank" title="Click to know more about MUST">MUST</a> be <a href="https://interviewquestions.tuteehub.com/tag/distinguished-440820" style="font-weight:bold;" target="_blank" title="Click to know more about DISTINGUISHED">DISTINGUISHED</a><br/>need not be distinguished<br/><a href="https://interviewquestions.tuteehub.com/tag/may-557248" style="font-weight:bold;" target="_blank" title="Click to know more about MAY">MAY</a> or may not be distinguished<br/>None of these</p>Solution :must be distinguished</body></html>
Discussion
2057.

CapitalReceipt are shown in ________

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/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></body></html>
Discussion
2058.

"Capital is a liability for the business." Explain this statement with the principle applied.

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/explain-447165" style="font-weight:bold;" target="_blank" title="Click to know more about EXPLAIN">EXPLAIN</a> <a href="https://interviewquestions.tuteehub.com/tag/business-21797" style="font-weight:bold;" target="_blank" title="Click to know more about BUSINESS">BUSINESS</a> <a href="https://interviewquestions.tuteehub.com/tag/entity-972730" style="font-weight:bold;" target="_blank" title="Click to know more about ENTITY">ENTITY</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html>
Discussion
2059.

Capital in the beginning of the accounting year ascertained by preparing

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/debtors-435558" style="font-weight:bold;" target="_blank" title="Click to know more about DEBTORS">DEBTORS</a>' Account.<br/>Cash Account.<br/><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/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> of <a href="https://interviewquestions.tuteehub.com/tag/affairs-851191" style="font-weight:bold;" target="_blank" title="Click to know more about AFFAIRS">AFFAIRS</a>.<br/>None of these.</p>Solution :Opening Statement of Affairs.</body></html>
Discussion
2060.

Capital is a liability for the business ,. Explain statement with the principle applied.

Answer» <html><body><p></p>Solution :According to Accounting Entity or Business EntityPrinciple capital is a liability for the business . This principle requires that for accounting <a href="https://interviewquestions.tuteehub.com/tag/purpose-1173268" style="font-weight:bold;" target="_blank" title="Click to know more about PURPOSE">PURPOSE</a> , a <a href="https://interviewquestions.tuteehub.com/tag/distinction-440816" style="font-weight:bold;" target="_blank" title="Click to know more about DISTINCTION">DISTINCTION</a> should be made between business affairs and personal affaired and in the accounting <a href="https://interviewquestions.tuteehub.com/tag/books-900981" style="font-weight:bold;" target="_blank" title="Click to know more about BOOKS">BOOKS</a> of the business only business transaction be recorded . The <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/invested-1050751" style="font-weight:bold;" target="_blank" title="Click to know more about INVESTED">INVESTED</a> by the ownerfrom the business for his personal use is recorded in Drawings Account . The amount in the credit of the Capital Account is a liability of the business towards the owner .</body></html>
Discussion
2061.

Capital is

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/internal-517481" style="font-weight:bold;" target="_blank" title="Click to know more about INTERNAL">INTERNAL</a> <a href="https://interviewquestions.tuteehub.com/tag/liability-541457" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITY">LIABILITY</a><br/><a href="https://interviewquestions.tuteehub.com/tag/external-981194" style="font-weight:bold;" target="_blank" title="Click to know more about EXTERNAL">EXTERNAL</a> liability<br/>internal as <a href="https://interviewquestions.tuteehub.com/tag/well-734398" style="font-weight:bold;" target="_blank" title="Click to know more about WELL">WELL</a> as external liability<br/>None of these</p>Solution :internal liability</body></html>
Discussion
2062.

Capital in the beginning and capitalat the end are usually ascertained as the balancing figures of ________ prepared on the relevant accounting dates.

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/statement-16478" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENT">STATEMENT</a> of <a href="https://interviewquestions.tuteehub.com/tag/affairs-851191" style="font-weight:bold;" target="_blank" title="Click to know more about AFFAIRS">AFFAIRS</a>.</body></html>
Discussion
2063.

Capital expenditure is shown in ________

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/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></body></html>
Discussion
2064.

Capital expenditure is included in

Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/trading-1424689" style="font-weight:bold;" target="_blank" title="Click to know more about TRADING">TRADING</a> Account<br/>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<br/><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><br/>Profit and Loss <a href="https://interviewquestions.tuteehub.com/tag/appropriation-882828" style="font-weight:bold;" target="_blank" title="Click to know more about APPROPRIATION">APPROPRIATION</a> Account</p>Solution :Balance Sheet</body></html>
Discussion
2065.

Capital Expenditure and Revenue Expenditure should be distinguished to determined net profit.

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
2066.

Capital Account is a

Answer» <html><body><p>Natural <a href="https://interviewquestions.tuteehub.com/tag/personal-590834" style="font-weight:bold;" target="_blank" title="Click to know more about PERSONAL">PERSONAL</a> Account <br/><a href="https://interviewquestions.tuteehub.com/tag/artifical-2443851" style="font-weight:bold;" target="_blank" title="Click to know more about ARTIFICAL">ARTIFICAL</a> Personal Account <br/><a href="https://interviewquestions.tuteehub.com/tag/representative-1185392" style="font-weight:bold;" target="_blank" title="Click to know more about REPRESENTATIVE">REPRESENTATIVE</a> Personal Account <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of these</p>Solution :Natural Personal Account</body></html>
Discussion
2067.

(Calculation of Total Purchases). From the following information, calculate Total Purchases: |{:(,"Rs."),("Opening Balance of Bills Payable","15,000"),("Opening Balance of Creditors","18,000"),("Closing Balacne of Bills Payable","21,000"),("Closing Balacne of Creditors","12,000"):}||{:(,"Rs."),("Cash Paid to Creditors during the year","90,600"),("Bills Payable Dischargod during the year","26,700"),("Pruchases Return","3,600"),("Cash Purchases","77,400"):}|

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_016_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/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</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> Purchases <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>. 77,400 + Rs. 1,20,900 = Rs. 1,98,300.</body></html>
Discussion
2068.

Calculate total liability if: 1. Owner's capital in the beginning is ₹60,000. 2, Creditors at theis ₹50,000. 3. Revenueduring the period the period is ₹70,000. 4. Expenses duringthe periodare ₹65,000. Also calculate amountof owner's capital at theend.

Answer» <html><body><p></p>Solution :TotalLiability = Ower's <a href="https://interviewquestions.tuteehub.com/tag/capitalat-2498720" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITALAT">CAPITALAT</a> the end + Creditor <br/>`"" =₹65,000 + ₹50,000 = ₹1,15,000`. <br/> <a href="https://interviewquestions.tuteehub.com/tag/owner-1144378" style="font-weight:bold;" target="_blank" title="Click to know more about OWNER">OWNER</a>'s <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> at theend= Owner's + ₹70,000- ₹65,000 = ₹65,000.</body></html>
Discussion
2069.

Calculate Total Sales from the following information: {:(,"Rs."),("Bills Receivables as on 1st April, 2018","7,800"),("Cash received on maturity of Bills Receivable during the year","30,800"),("Cash received from Debtors","20,900"),("Cash received from Debtors","70,000"),("Bad Debts written off"," 4,800"),("Returns Inward"," 8,700"),("Bills Receivable dishonoured"," 1,800"),("Bills Receivable on 31st March, 2019"," 6,000"),("Debtors as on 31st March, 2019","25,500"),("Cash Sales during the year","15,900"):}

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>. 1,13,200.</body></html>
Discussion
2070.

Calculate total liability if: 1. Owner's capital in the beginning is ₹60,000. 2, Creditors at theis ₹50,000. 3. Revenueduring the period the period is ₹70,000. 4. Expenses duringthe periodare ₹65,000. Also calculate amountof owner's capital at theend.

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> :TotalLiability = Ower's <a href="https://interviewquestions.tuteehub.com/tag/capitalat-2498720" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITALAT">CAPITALAT</a> the end + <a href="https://interviewquestions.tuteehub.com/tag/creditor-938661" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITOR">CREDITOR</a> <br/>`"" =₹65,000 + ₹50,000 = ₹1,15,000`. <br/> <a href="https://interviewquestions.tuteehub.com/tag/owner-1144378" style="font-weight:bold;" target="_blank" title="Click to know more about OWNER">OWNER</a>'s Capital at theend= Owner's + ₹70,000- ₹65,000 = ₹65,000.</body></html>
Discussion
2071.

Calculate total assets if : Captialis ₹2,00,000, Creditors₹50,000, Revnue during the years₹5,00,000, andExpensesduring the years ₹4,00,000.

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> :₹3,50,000</body></html>
Discussion
2072.

Calculate total assets if : Captialis ₹2,00,000, Creditors₹50,000, Revnue during the years₹5,00,000, andExpensesduring the years ₹4,00,000.

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> :₹3,50,000</body></html>
Discussion
2073.

Calculate the total assets if : (i) Capital is ₹400. (ii)Creditorsare ₹25,000. (iii) Revenueduring the period ₹50,000. ltbr. (iv) Expenses duringthe periodare ₹40,000.

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/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> ₹ 75,000</body></html>
Discussion
2074.

Calculate the total assets if : (i) Capital is ₹400. (ii)Creditorsare ₹25,000. (iii) Revenueduring the period ₹50,000. ltbr. (iv) Expenses duringthe periodare ₹40,000.

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/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> ₹ 75,000</body></html>
Discussion
2075.

Calculate the stock at the end:

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</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> = <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Stock + Purchases + Gross Profit - Sales <br/> = Rs. 10,000 + Rs. 35,000 + Rs. `12,500^(**)`- Rs. 50,000 = Rs. 7,500. <br/> `.^(**)"Gross"` Profit = 1/3 of Cost = 1/4 of Sales =`1//4xx` Rs. 50,000 = Rs. 12,500.</body></html>
Discussion
2076.

{:("Calculate the value of Closing Stock from the following information:"," Rs."),("Purchases","93,000"),("Wages","20,000"),("Sales","40,000"),("Purchases","1,20,000"),("Carriage Outwards","3,200"),("Rate of Gross Profit "25%" on Cost.","16,000"):}

Answer» <html><body><p><br/></p>Solution :Let the Cost = <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</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> Profit = `<a href="https://interviewquestions.tuteehub.com/tag/25-296426" style="font-weight:bold;" target="_blank" title="Click to know more about 25">25</a>%` of Cost, i.e., Rs. 25. <br/> <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> = Cost + Profit = Rs. 100 + Rs. 25 = Rs. 125, <br/> Gross Profit on Sales = Rs. 25/Rs. 125 or 1/5 on Sales, i.e., Rs. `1,20,0000xx1//5=Rs. 24,000.`</body></html>
Discussion
2077.

Calculate the amount of Total Purchases from the following information: Opening Creditors Rs. 30,000, Closing Creditors Rs. 50,000, Cash paid to Creditors during the year Rs. 60,000, Cash Purchases Rs. 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> :<a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> Purchases = <a href="https://interviewquestions.tuteehub.com/tag/credit-938523" style="font-weight:bold;" target="_blank" title="Click to know more about CREDIT">CREDIT</a> Purchases + <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Purchases <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>. 50,000 + Rs. 60,000 - Rs. 30,000)+ Rs. 20,000 = Rs. 1,00,000.`</body></html>
Discussion
2078.

{:("Calculate Stock in the beginning:","Rs."),("Sales","80,000"),("Purchases","60,000"),("Stock at the end","8,000"),("Loss on Cost","1/6"):}

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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 44,000.</body></html>
Discussion
2079.

{:("Calculate Stock at the end:","Rs."),("Stock in the beginning","20,000"),("Cash Sales","60,000"),("Credit Sales","40,000"),("Purchases","70,000"),("Rate of Gross Profit on Cost","1/3"):}

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/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 15,000.</body></html>
Discussion
2080.

Calculate Net Sales and Gross Profit from the following information: Cost of Goods Sold Rs 1,00,000, Gross Profit 20% on Sales

Answer» <html><body><p></p>Solution :If Sales is <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> <a href="https://interviewquestions.tuteehub.com/tag/100-263808" style="font-weight:bold;" target="_blank" title="Click to know more about 100">100</a>, Gross Profit = 20% on Sales = Rs 20 <br/> `:.` <a href="https://interviewquestions.tuteehub.com/tag/cost-25707" style="font-weight:bold;" target="_blank" title="Click to know more about COST">COST</a> will be Rs <a href="https://interviewquestions.tuteehub.com/tag/80-337972" style="font-weight:bold;" target="_blank" title="Click to know more about 80">80</a> (i.e., `Rs 100 - Rs 20`) <br/> If Cost of Goods Sold `= Rs 1,00,000`, Sales `= Rs 1,00,000 xx Rs 100//Rs 80 = Rs 1,25,000` <br/> Gross Profit = Sales - Cost of Goods Sold <br/> `= Rs 1,25,000 - Rs 1,00,000 = Rs 25,000`</body></html>
Discussion
2081.

Calculate Gross Profit when Totla Purchases during the year are Rs 8,00,000, Returns Outward Rs 20,000, Direct Expenses Rs 60,000 and 2/3rd of the goods are sold for Rs 6,10,000.

Answer» <html><body><p></p>Solution :Cost of <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> Sold = <a href="https://interviewquestions.tuteehub.com/tag/total-711110" style="font-weight:bold;" target="_blank" title="Click to know more about TOTAL">TOTAL</a> Purchases - Returns Outward + Direct Expenses <br/> `= Rs 8,00,000 - Rs 20,000 + Rs 60,000 = Rs 8,40,000` <br/> A. 2/3rd of the Goods sold for Rs 6,10,000 <br/> <a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>. 2/3rd Cost of Goods Sold `= Rs 8,40,000 <a href="https://interviewquestions.tuteehub.com/tag/xx-747671" style="font-weight:bold;" target="_blank" title="Click to know more about XX">XX</a> 2//3 = Rs 5,60,000` <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> `= A - B = Rs 6,10,000 - Rs 5,60,000 = Rs 50,000`</body></html>
Discussion
2082.

Calculate credit sales from the following details: Opening Debtors Rs. 2,50,000, Closing Debtors Rs. 3,00,000, Cash received from Debtors Rs. 7,50,000, Discount allowed to Debtors Rs. 50,000.

Answer» <html><body><p></p>Solution :Credit Sales = Cash Received + <a href="https://interviewquestions.tuteehub.com/tag/discount-955451" style="font-weight:bold;" target="_blank" title="Click to know more about DISCOUNT">DISCOUNT</a> Allowed + <a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> Debtors - <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Debtors <br/> = Rs. 7,50,000 + Rs. 50,000 + Rs. 3,00,000 - Rs. 2,50,000 = Rs. 8,50,000.</body></html>
Discussion
2083.

Calculate closing stock from the following details: Opening Stock - Rs 20,000, Cash Sales - Rs 60,000, Credit Sales - Rs 40,000, Purchase - Rs 70,000 Rate of Gross Profit on Cost 33(1)/(3)%

Answer» <html><body><p></p>Solution :Total Sales = Cash Sales + Credit Sales = Rs 1,00,000 <br/> Let Cost be Rs 100, <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit `= <a href="https://interviewquestions.tuteehub.com/tag/33-307818" style="font-weight:bold;" target="_blank" title="Click to know more about 33">33</a> (10)/(<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 Cost `= Rs 33(1)/(3)`, Sales `= Rs 133(1)/(3)` <br/> Gross Profit on Sales `= Rs 33(1)/(3) //Rs 133 (1)/(3) = (1)/(4)` <br/> Gross Profit `= Rs 1,00,000 xx (1)/(4) = Rs 25,000` <br/> Cost of Goods Sold = Sales - Gross Profit `= Rs 1,00,000 - Rs 25,000 = Rs 75,000` <br/> Cost of Goods Sold = <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Stock + <a href="https://interviewquestions.tuteehub.com/tag/purchases-1172772" style="font-weight:bold;" target="_blank" title="Click to know more about PURCHASES">PURCHASES</a> - Closing Stock <br/> `Rs 75,000 = Rs 20,000 + Rs 70,000 -` Closing Stock <br/> Closing Stock `= Rs 20,000 + Rs 70,000 - Rs 75,000 = Rs 15,000`</body></html>
Discussion
2084.

Calculate closing capital: Opening capital Rs. 70,000, Profit for the year Rs. 20,000, Drawings Rss. 7,000. During the year proprietor sold ornaments of his wife for Rs. 20,000 and invested the same in 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> :<a href="https://interviewquestions.tuteehub.com/tag/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</a> Capital = Opening Capital `+` <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/additional-367648" style="font-weight:bold;" target="_blank" title="Click to know more about ADDITIONAL">ADDITIONAL</a> Capital Introduced `-` <a href="https://interviewquestions.tuteehub.com/tag/drawings-959513" style="font-weight:bold;" target="_blank" title="Click to know more about DRAWINGS">DRAWINGS</a> <br/> = Rs. 70,000 `+` Rs. 20,000 `+` rs. 20,000 `-` Rs. 7,000 = Rs. 1,03,000.</body></html>
Discussion
2085.

Calculate Closing Stock from the following details:

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/closing-919708" style="font-weight:bold;" target="_blank" title="Click to know more about CLOSING">CLOSING</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> - <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 15,000</body></html>
Discussion
2086.

Calculate closing stock and cost of goods sold: Opening Stock Rs 5,000, Sales Rs 16,000, Carriage Inwards Rs 1,000. Sales Return Rs 1,000, Gross Profit Rs 6,000, Pruchases Rs 10,000, Purchases Return Rs 900.

Answer» <html><body><p></p>Solution :Cost of Goods Sold = Net <a href="https://interviewquestions.tuteehub.com/tag/sales-25569" style="font-weight:bold;" target="_blank" title="Click to know more about SALES">SALES</a> (i.e., Sales - Sales Return) - <a href="https://interviewquestions.tuteehub.com/tag/gross-477284" style="font-weight:bold;" target="_blank" title="Click to know more about GROSS">GROSS</a> Profit <br/> `= Rs 15,000 - Rs 6,000 = Rs 9,000` <br/> Cost of Goods Sold = <a href="https://interviewquestions.tuteehub.com/tag/opening-1136658" style="font-weight:bold;" target="_blank" title="Click to know more about OPENING">OPENING</a> Stock + Net Purchases + Carriage Inwards - <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/> `Rs 9,000 = Rs 5,000 + Rs 9,100` (i.e., `Rs 10,000 - Rs 900`) `+ 1,00 -` Closing Stock Closing Stock = Rs 6,100</body></html>
Discussion
2087.

Calculate cash flows from operating activities from the following information. Working Notes: 1.Other Income = Profit on Sale of Machinery (Rs 2,000 ) + Income Tax Refund (Rs 3,000) = Rs 5,00 2.Depreciation and Amortisation Expenses= Depreciation (Rs 5,000) + Goodwill Amortised (Rs 2,000)Other Expenses=Rent (Rs 10,000) + Loss on Sale of Equipment (Rs 3,000) + Provision for Taxation (Rs 8,000)ltbrge = Rs 21,000 Additional Information:

Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_003_S01.png" width="80%"/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_003_S02.png" width="80%"/> <br/> Working Notes:<br/> <a href="https://interviewquestions.tuteehub.com/tag/1-256655" style="font-weight:bold;" target="_blank" title="Click to know more about 1">1</a>. Net profit before taxation &amp; extraordinary <a href="https://interviewquestions.tuteehub.com/tag/item-1052941" style="font-weight:bold;" target="_blank" title="Click to know more about ITEM">ITEM</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> 2,000 + Rs 8,000 – Rs 3,000= Rs 7,000<br/> 2. Income tax paid during the year has been ascertained by <a href="https://interviewquestions.tuteehub.com/tag/preparing-2949211" style="font-weight:bold;" target="_blank" title="Click to know more about PREPARING">PREPARING</a> provision for taxation <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> as follows:<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/NCERT_ACC_XI_P2_C06_S01_003_S03.png" width="80%"/></body></html>
Discussion
2088.

By providing for discount on debtors, which accounting concept is followed ?

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/prudence-1171261" style="font-weight:bold;" target="_blank" title="Click to know more about PRUDENCE">PRUDENCE</a> <a href="https://interviewquestions.tuteehub.com/tag/concept-928138" style="font-weight:bold;" target="_blank" title="Click to know more about CONCEPT">CONCEPT</a>.</body></html>
Discussion
2089.

Business transactions are recorded in the order in which they ________

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/occur-583012" style="font-weight:bold;" target="_blank" title="Click to know more about OCCUR">OCCUR</a></body></html>
Discussion
2090.

Business transactions are recorded

Answer» <html><body><p>in <a href="https://interviewquestions.tuteehub.com/tag/chronological-408441" style="font-weight:bold;" target="_blank" title="Click to know more about CHRONOLOGICAL">CHRONOLOGICAL</a> <a href="https://interviewquestions.tuteehub.com/tag/order-1138220" style="font-weight:bold;" target="_blank" title="Click to know more about ORDER">ORDER</a>.<br/>weekly.<br/>at 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> of the month.<br/>All of these.</p>Solution :in chronological order.</body></html>
Discussion
2091.

Business Entity Concept is not applicable to sole trading concerns and partnership concerns.

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
2092.

Business Entity Concept implies that a business unit is _______ from the person who supply capital to it.

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/separate-1201161" style="font-weight:bold;" target="_blank" title="Click to know more about SEPARATE">SEPARATE</a></body></html>
Discussion
2093.

Briefly explain the Petty 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> :Petty <a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> Book is the Cash Book in which <a href="https://interviewquestions.tuteehub.com/tag/expenses-980258" style="font-weight:bold;" target="_blank" title="Click to know more about EXPENSES">EXPENSES</a> involving <a href="https://interviewquestions.tuteehub.com/tag/small-1212368" style="font-weight:bold;" target="_blank" title="Click to know more about SMALL">SMALL</a> amount are <a href="https://interviewquestions.tuteehub.com/tag/recorded-2240050" style="font-weight:bold;" target="_blank" title="Click to know more about RECORDED">RECORDED</a>.</body></html>
Discussion
2094.

Brifly explain the elements of Statement of Financial Position.

Answer» <html><body><p></p>Solution :Assets : Assets are the resources controlled by the enterprise as a result of past <a href="https://interviewquestions.tuteehub.com/tag/events-11766" style="font-weight:bold;" target="_blank" title="Click to know more about EVENTS">EVENTS</a> and operations fromwhich the <a href="https://interviewquestions.tuteehub.com/tag/future-2559" style="font-weight:bold;" target="_blank" title="Click to know more about FUTURE">FUTURE</a> economic benefits <a href="https://interviewquestions.tuteehub.com/tag/shall-641229" style="font-weight:bold;" target="_blank" title="Click to know more about SHALL">SHALL</a> flow to the enterprises.Thus , assets shall include <a href="https://interviewquestions.tuteehub.com/tag/tangible-663303" style="font-weight:bold;" target="_blank" title="Click to know more about TANGIBLE">TANGIBLE</a> and <a href="https://interviewquestions.tuteehub.com/tag/intangible-499512" style="font-weight:bold;" target="_blank" title="Click to know more about INTANGIBLE">INTANGIBLE</a> assets , which an enterprise owns. Liabilities : Liabilities are the obligations of the enterprisefrom the past events and operations , which shall result in outflow of resources , i.e., assets. Equity : Equity is the difference between the assets and liabilities.</body></html>
Discussion
2095.

Brifly explainyour understanding of IFRS.

Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/ifrs-497167" style="font-weight:bold;" target="_blank" title="Click to know more about IFRS">IFRS</a> are the accounting <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a> issued by the IASB , <a href="https://interviewquestions.tuteehub.com/tag/recommended-2979399" style="font-weight:bold;" target="_blank" title="Click to know more about RECOMMENDED">RECOMMENDED</a> to be used by the enterprises globally to produce financial statement <a href="https://interviewquestions.tuteehub.com/tag/following-463335" style="font-weight:bold;" target="_blank" title="Click to know more about FOLLOWING">FOLLOWING</a> a single aet of accounting standards . IFRS are principle based accounting standards in comparison to rule based Indian Accounting Standards , Also they are based on fair value concept.</body></html>
Discussion
2096.

Briefly explain your understanding of Ind -AS.

Answer» <html><body><p></p>Solution :Ind -AS are the accounting <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a> issued by the Ministry of Corporate Affaairs, <a href="https://interviewquestions.tuteehub.com/tag/government-1010037" style="font-weight:bold;" target="_blank" title="Click to know more about GOVERNMENT">GOVERNMENT</a> of Indian , and notified under the Companies Act , 2013 prescribed to be used by the <a href="https://interviewquestions.tuteehub.com/tag/enterprises-972295" style="font-weight:bold;" target="_blank" title="Click to know more about ENTERPRISES">ENTERPRISES</a> to prepare finanicial statements . They are principle based accounting standards in comparison to <a href="https://interviewquestions.tuteehub.com/tag/rule-1192038" style="font-weight:bold;" target="_blank" title="Click to know more about RULE">RULE</a> based Accounting Standards .Also they are based on fair value concept.</body></html>
Discussion
2097.

Briefly explain the term 'Goods'

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> are the <a href="https://interviewquestions.tuteehub.com/tag/physical-600035" style="font-weight:bold;" target="_blank" title="Click to know more about PHYSICAL">PHYSICAL</a> <a href="https://interviewquestions.tuteehub.com/tag/items-1052972" style="font-weight:bold;" target="_blank" title="Click to know more about ITEMS">ITEMS</a> of <a href="https://interviewquestions.tuteehub.com/tag/trade-711631" style="font-weight:bold;" target="_blank" title="Click to know more about TRADE">TRADE</a></body></html>
Discussion
2098.

Briefly explain the elemants of Statement of Comprehensive Income.

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 Statement ofComprehensive Income Comprises of two statement , i.e., Income Statement and a Comprehensive Income are prepared . The Statement ofCompprehensive Income reconciles the income or <a href="https://interviewquestions.tuteehub.com/tag/loss-1079380" style="font-weight:bold;" target="_blank" title="Click to know more about LOSS">LOSS</a> as per income Statement with total comprehensive income . the elements or contents of the statement are :<br/>(i)Revenue : It increases the economic benefit during the accounting period because of business operationsand /or <a href="https://interviewquestions.tuteehub.com/tag/increase-1040383" style="font-weight:bold;" target="_blank" title="Click to know more about INCREASE">INCREASE</a> in the value of assets or decrease in liabilities .As a result of it , value of <a href="https://interviewquestions.tuteehub.com/tag/shareholders-1204893" style="font-weight:bold;" target="_blank" title="Click to know more about SHAREHOLDERS">SHAREHOLDERS</a> equity increases.<br/>(ii) Expense : It is a decrease ineconomic <a href="https://interviewquestions.tuteehub.com/tag/benefits-25528" style="font-weight:bold;" target="_blank" title="Click to know more about BENEFITS">BENEFITS</a> in the form of outflows during the accounting period because of business operations and /or decrease in the value of sharehloders equity decreases .</body></html>
Discussion
2099.

Briefly explain the Accounting Equation.

Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> : The accounting <a href="https://interviewquestions.tuteehub.com/tag/equation-974081" style="font-weight:bold;" target="_blank" title="Click to know more about EQUATION">EQUATION</a> is a mathematical equation which shows that the <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> andliabilities of a firm are equal, i.e., Assets = Liabilities <a href="https://interviewquestions.tuteehub.com/tag/aspect-885708" style="font-weight:bold;" target="_blank" title="Click to know more about ASPECT">ASPECT</a> Concept of Accounting.</body></html>
Discussion
2100.

Briefly explain Expenditure

Answer» <html><body><p></p>Solution :<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 the <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> spent or liability incurred 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 or <a href="https://interviewquestions.tuteehub.com/tag/services-1202745" style="font-weight:bold;" target="_blank" title="Click to know more about SERVICES">SERVICES</a></body></html>
Discussion