Saved Bookmarks
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 2301. |
According to Convention of Conservation closing stock is valued at : |
|
Answer» At cost PRICE |
|
| 2303. |
Aashirwad draws on Aakarshak a Bill of exchange for 3 months forRs 10,000 which Aakarshak accepts on January 01, 2016. Aashirwad endorses the bill in favour of Aakarti. Before maturity Aakarshak approaches Aashirwad with the request that the bill be renewed for a further period of 3 months at 18 per cent per annum interest. Aashirwad pays the sum to Aakriti on the due date and agrees to the proposal of Aakarshak. Record journal entries in the books of Aashirwad, assuming that the second bill is duly met. |
Answer» SOLUTION :
|
|
| 2304. |
A withdrawal of cash from business by the proprietor is credited to |
| Answer» Solution :Cash A/c. | |
| 2305. |
A Wholesaler sold 55 items to a retailer at a price of Rs. 200 each, less 20% Trade Discount. The retailer subsequently returned 12 of these items. As a result of this, the retailer should be sent a credit note for how much amount? |
| Answer» Solution :The WHOLESALER should senda CREDIT note for Rs. 1,920 to the retailer, being the amount of 12 ITEMS @ Rs. 200 after ALLOWING 20% Trade Discount. | |
| 2306. |
A Trial Balance will be in agreement when a transaction is recorded on the wrong side of an account. |
|
Answer» |
|
| 2307. |
A transaction is recorded correctly in Journal Proper have not posted in the ledger at all, will it affect the Trial Balance? Give reason. |
| Answer» Solution :No. Reason: Such errors of POSTING have the same effect on both the DEBIT and CREDIT aspects of a transaction as posting has not been DONE in both the accounts. | |
| 2308. |
A Trial Balance is |
|
Answer» a statement. |
|
| 2309. |
A transaction is recorded in wrong book of original entry with wrong amount, will it affect the Trial Balance? Give reason. |
| Answer» SOLUTION :No. REASON: Error of RECORDING has the same effect on both the DEBIT and Credit aspects of a TRANSACTION. | |
| 2310. |
A transaction is entered into the computer only once and the remaining functions, such as posting and totalling are performed by the computers software. |
|
Answer» |
|
| 2311. |
A trade entered into following transactions. As a result, total of Purchase Column in the Purchases Book will be : (i) Goods purchased from Gaurav Rs. 8,000 (ii) Goods Purchased from Sudhir for Cash Rs. 10,000 (iii) Goods purchased from Kamal on credit Rs. 25,000 (iv) Machinery purchased from Dinesh on credit Rs. 40,000 |
|
Answer» RS. 83,000 |
|
| 2312. |
A starts a business and invests ₹50,000 on 1st April, 2018, his assets are ₹65,000 and liabilities are ₹6,000. Find out the amcunt of capital on 31st March , 2019 and his profit. |
|
Answer» |
|
| 2313. |
A starts a business and invests ₹50,000 on 1st April, 2018, his assets are ₹65,000 and liabilities are ₹6,000. Find out the amcunt of capital on 31st March , 2019 and his profit. |
|
Answer» |
|
| 2314. |
A statement of Affairs is prepared from incomplete records .Is it correct? |
| Answer» Solution :YES It is PREPARE DOT determine the opening or CLOSING capital | |
| 2316. |
A separate column is made for 'Credit Note No'. In |
|
Answer» PURCHASE BOOK |
|
| 2317. |
A Rs. 10,000 debit balance brough down in the Cash Book of a firm means that the firm has Rs. 10,000 Cash is Hand. Do you agree? |
| Answer» Solution :YES. Dabit balance of Cash BOOT BROUGHT down is an asset of the firm. It means the firm has cash balance of Rs. 10,000 in hand. | |
| 2318. |
A sale of goods to Ram for cash is debited to |
|
Answer» Ram. |
|
| 2319. |
A retailer had not kept proper books of account. From the details given, yor are required to ascertain the Profit or Loss for the year ended 31st March , 2019 and also to prepare his Statement of Affairs as at that date: {:(,"1st April, 2018 (Rs.)","31st March, 2019 (Rs.)"),("Stock-in-hand","16,000","18,100"),("Sundry Creditors","15,400","19,200"),("Sundry Debtors","11,200","10,600"),("Cash in Hand","250","1,400"),("Bank Overdraft","19,200","Nil"),("Bills Receivable","16,000","5,000"),("Fixtures and Fittings","1,500","1,500"),("Motor Van","1,900","Nil"),("Bank Balance","Nil","2,900"):} Drawings during the year amounted to Rs. 2,400. Depreciate Fixtures and Fittings by 10%. Rs. 600 is irrecoverable from Debtors, Provide 5% for Doubtful Debts and Rs. 200 in respect of Bills Receivable. |
Answer» SOLUTION : 
|
|
| 2321. |
A Provision is |
|
Answer» an APPROPRIATION of profits. |
|
| 2322. |
A purchase of machine for cash should be debited to: |
|
Answer» CASH account |
|
| 2324. |
A provision can be specific or general. Do you agree ? |
| Answer» Solution :A Provision can be SPECIFIC, e.g.,provision against a particular debtor or GENERAL, e.g., expressed as a percentage of TOTAL DEBTORS. | |
| 2326. |
A promissory Note, dated 31st March , 2018 payable 90 days after date. |
|
Answer» Solution :90 days from 31st MARCH, 2018 is 29th june, as calculated below : 30 (April) + 31 ( may) + 29 (June)=90 days. Adding 3 days of Grace, the promissory Notebecomes due on 2ND july, 2018. |
|
| 2327. |
A promissoryNote is made by the …. |
|
Answer» seller |
|
| 2328. |
A debtor who owes ₹ two lac to the Company is rumoured to be declared insolvent. Will you disclose this information in the books? |
| Answer» Solution :YES. As per convention of conservation, all ANTICIPATED losses should berecorded. But all anticipated GAINS should be ignored. Hence, provision for doubtful debts should be created in anticipation of ACTUAL BAD debts. | |
| 2329. |
A 4 months bill drawn on 1st January , 2019 will mature for payment on |
| Answer» Solution :4th may 2019 | |
| 2333. |
A limited company cannot maintain its accounts under Single Entry System. Why? |
| Answer» Solution :A limited company cannot MAINTAIN its accounts under this system because the COMPANIES ACT, 2013 requires companies to FOLLOW accrual basis of accounts. | |
| 2334. |
A Machinery which costs ₹ 2,00,000 is depreciated at 25% per year using the Written Down Value Method. At the end of three years, it will have a net book value of |
|
Answer» ₹ 1,50,000 |
|
| 2336. |
A firm earns a revenue of Rs 21,000 and the expenses to earn this revenue are Rs 15,000. Calculate its income |
| Answer» SOLUTION :INCOME = REVENUE - EXPENSE = RS 21,000 - Rs 15,000 = Rs 6,000 | |
| 2338. |
A firm sells goods at a Gross Profit of 25% of sales. On 1st April, 2018 the Stock was Rs. 40,000, Purchases were Rs. 1,10,000 and the Stock on 31st March, 2019 was Rs. 30,000. What was the value of Sales? |
|
Answer» |
|
| 2339. |
A bank reconciliation statement is prepared with the balance: |
|
Answer» ) PASSBOOK |
|
| 2340. |
(a) Goods destroyed by fire will be recorded in which of the following books? (i) Purchases Books,(ii) Saler Book,(iii) Journal. (b) 'Sen sent a Credit Note to Amar on account of goods sold received back. This transaction will be recorded in which of the following books ? (i) Sales Books,(ii) Sales Return Book,(iii) Purchases Return Book. |
|
Answer» |
|
| 2341. |
(a) Mohan started a business on 1st Aprili 2018 with a capital of ₹10,000 and borrowed₹ 3,000 from a friend. He earned a profit of ₹5,000 during the year ended 31st March, 2019 and withdrew cash₹4,000 for personal use. What is his capital on 31st March, 2019? Mahesh started a'business with a capital of ₹15,000 on 1st April, 2018. During the year, he made a profit of ₹3,000. He owes₹2,500 to suppliers of goods. What is the total of assets in his business on 31st March, 2019 |
|
Answer» |
|
| 2342. |
A person who is not in a position to pay his debt is known as insolvent. |
|
Answer» |
|
| 2343. |
A cheque received but not deposited the same day into bank, is entered in |
|
Answer» CASH COLUMN on the debit side |
|
| 2344. |
(a)A hada capital of ₹ 75,000 on 1st April , 2018. He had also goods amounting to₹ 15,000 which he had purchased on credit and the payment had not been made. Findout thevalue to the totalassetsof the business. (b) After a period of onemonth, he came to know that thehe hadsufferedaloss₹ 1,700. Hewithdrew ₹ 800 for his personal use . Find out this capitaland assets of thebusiness. |
|
Answer» |
|
| 2346. |
A cheque of ₹ 10,000 receivedfrom a debtordeposited but omitted to be reacorded in the cash book . When balance as per cash book is the starting point |
|
Answer» ₹ 10,000 to be ADDED |
|
| 2347. |
A business firm periodically prepares a bank reconciliation statement to reconcile the bank balance as per the cash book with the passbook as these two show different balances for various reasons. |
| Answer» SOLUTION :T | |
| 2348. |
A cheque receivedand deposited into bank the same day will be recorded in cash book in |
|
Answer» Cash COLUMN on DEBIT SIDE |
|
| 2349. |
……. Is not a subsidiary book |
|
Answer» PURCHASE RETURN BOOK |
|
| 2350. |
(a)A hada capital of ₹ 75,000 on 1st April , 2018. He had also goods amounting to₹ 15,000 which he had purchased on credit and the payment had not been made. Findout thevalue to the totalassetsof the business. (b) After a period of onemonth, he came to know that thehe hadsufferedaloss₹ 1,700. Hewithdrew ₹ 800 for his personal use . Find out this capitaland assets of thebusiness. |
|
Answer» |
|