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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 951. |
Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31, 2017shows a net profit of Rs. 1,50,000. Prepare the Profit and Loss Appropriation Account by taking into consideration the following information: (i) Partners capital on April 1, 2016, Simmi, Rs. 30,000, Sonu, Rs. 60,000, (ii) Current accounts balances on April 1, 2016, Simmi, Rs. 30,000 (cr.), Sonu, Rs. 15,000 (cr.), (iii) Partners drawings during the year amounted to Simmi, Rs. 20,000, Sonu, Rs. 15,000, (iv) Interest on capital was allowed@ 5%p.a., (v) Interest on drawing was to be charged@ 6%p.a. at an average of six months, (vi) Partners’ salaries : Simmi Rs. 12,000 and Sonu Rs. 9,000. Also show the partners’ current accounts. |
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| 952. |
Sincere Ltd. Has a Proprietary Ratio of 25% . Tomaintain this ratio at 30% managementmay |
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Answer» INCREASE EQUITY. |
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| 953. |
Sincere Ltd. has a Proprietary Ratio of 25%. To maintain this ratio at 30%, management may |
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Answer» INCREASE EQUITY |
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| 954. |
Simranandreemaare partners sharingprofitin theratioof 3:2theircapitalas on31st March 2018wereRs. 2,00,000each wherascurentAccounthadbalanceofRS. 50,000 and Rs. 25,000respectivelyinterestis tobe allowed@5%p.aon balancein capitalAccounts. thefirmearnednetprofitofRs.3,00,000 for the yearended 31stMArch,2019 Passthejournalenterisforintereston capitalanddistributionof profitAlsoprepareprofitand LossappropriationAccountfor theyear . |
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Answer» Cr. SIMRAN'sCurrentA/CBy Rs. 10.000 Reema 'sCuurectA/c Rs. 10,000 2.Dr. Profit andLossapproperiationA/c by Rs.2,80,000 Cr. Simran 's Currecnt A/C byRs. 1,68,000 andreema'scurrentA/C by Rs. 1,12,000 |
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| 955. |
Sico Ltd. took over the assets of Rs. 4,80,000 and liabilities of Rs. 80,000 of Mittal Ltd. for a consideration of Rs. 3,20,000. Rs. 20,000 were paid by an acceptance in favour of Mittal Ltd.payable after 3 months and the balance by issue of fully paid-up 8% Preference Shares of Rs. 100 each at a premium of 50%. Pass thenecessary Journal entries for the above transactions in the books of Sico Ltd. |
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Answer» Solution :(i) Dr. Sundry ASSETS A/c - Rs. 4,80,000, Cr. Sundry Liabilities A/c - Rs. 80,000, Mittal Ltd. - Rs. 3,20,000 and Capital RESERVE A/c (Balancing Figure) - Rs. 80,000. (II) Dr. Mittal Ltd. - Rs. 3,20,000, Cr. BILLS Payables A/c - Rs. 20,000, 8% Preference Share Capital A/c - Rs. 2,00,000 and SECURITIES Premium Reserve A/c - Rs. 1,00,000. Note: No. Preference Shares to be issued = Rs. 3,00,000/Rs. 150 = 2,000 Preference Shares. |
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| 956. |
Shyam, Gagan and Ram are partners sharing profit in the ratio of 2 : 2 : 1. Their Balance Sheet as on March 31, 2017 are as under:As Gagan got a very good break at an MNC, so he decided to retire on that date and it was decided that Shyam and Ram would share the future profits in the ratio of 5 : 3. Goodwill was valued at Rs. 70,000, Machinery at Rs. 78,000, Buildings at Rs. 1,52,000, stock at Rs. 30,000, and bad debts amounting to Rs. 1,550 were to be written off. Record journal entries in the books of the firm and prepare the Balance Sheet of the new firm. |
Answer» Solution :  Working Notes SHARE Gained =NEW Share – OLD Share Shyam’s Gain=`(5)/(8)-(2)/(5) = (25-16)/(40)=(9)/(40)` Ram's Gain = `(3)/(8) - (1)/(5) = (15-8)/(40) = (7)/(40)` Therefore, Gaining Ratio of Shyam and Ram = `9 : 7`.  Note: As sufficient BALANCE is not available to pay the due amount to Gagan, the balance in his capital account is transferred to his LOAN account. |
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| 957. |
Shubh Limited has the following balances appearing in its Balance Sheet: {:("Securities Premium Reserve",,Rs.,"22,00,000"),("9% Debentures",,Rs.,"1,20,00,000"),("Underwriting Commission",,Rs.,"10,00,000"):} The company decided to redeem its 9% Debentures at a premium of 10%. You are required to suggest the ways in which thecompany can utilise the securities premium amount. |
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Answer» SOLUTION :(i) UTILISE Rs. 10,00,000 to write off UNDERWRITING Commission. (ii) Utilise balance Rs. 12,00,000 to write off Premium on Redemption of 9% Debentures. |
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| 958. |
Show the following items in the balance sheet of Sunfill Ltd. as at March 31, 2017: |
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Answer» Solution :Books of Sunfill LTD. BALANCE Sheet as at March 31, 2017 
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| 959. |
Show the following items in the balance sheet of Avalon Ltd., as at March 31, 2017: |
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Answer» Solution : Books of AVALON Ltd. BALANCE SHEET as at March 31, 2017 
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| 960. |
Show the following items in the balance sheet of Amba Ltd. as on March 31, 2017: |
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Answer» SOLUTION :BOOKS of Amba LTD. Balance Sheet as at March 31, 2017  (##NCERT_ACC_XI_P2_C03_S01_002_S02##) |
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| 961. |
showhow th followingwillberecorded in thecapitalsohanand mohanwhen {:("their capitalare fluctuating :","sohan "(Rs .),"mohan (Rs.)"),("capitals on 1stapril, 2018","4,00,000","3,00,000"),("Drawingsduringthe yearended 31st March ,2019","50,000","30,000"),("interest on capital ","5%","5%"),("interest on Drawings ","1,250","750"),("share of profitfor the year ended 31st March ,2019","60,000","50,000"),("partner'ssalary","36,000","..."),("commission","5,000","3,000"):} |
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| 962. |
Show how you would deal with the following items in the financial statements of a Club: |
Answer» SOLUTION :BALANCE SHEET as on……….. 
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| 963. |
Short-term investments are not considered while preparing Cash Flow Statement. Why? |
| Answer» Solution :Short-term investments or CURRENT Investments are not CONSIDERED while PREPARING Cash Flow Statement as they are included in Cash and Cash Equivalents. | |
| 964. |
Should the company operate in only FMCG-Cigarettes segment due to high profit ? |
| Answer» Solution :In my opinion the company should MAKE efforts to promote business of other segments as these segments have more business POTENTIAL than what has been ACHIEVED . | |
| 965. |
Should the bank overdaft be included in current liablilities ? |
| Answer» SOLUTION :BANK Overdraft should be teated as a CURRENT liablitiy since this faclitiy is granted for a PERIOD of one year or less and is renewed at the end of the facility period by the bank. | |
| 966. |
Short-term Borrowings appear in a Company's Balance Sheet under the head .......... |
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Answer» CURRENT Assets |
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| 967. |
Shiva Ltd., invited applications for issuing 2,00,000 Equity Shares of Rs. 100 each at a premium of Rs. 60 per share. The amount was payable as follows : On application Rs. 30 per share (including premium Rs. 10). On allotment Rs. 70 per share (including premium Rs. 50). On first and final call the balance amount. Applications for 1,90,000 shares were received. Shares were allotted to all the applicants and he company received all money due on allotment except Jain who had been alloted 1,000 shares, and his shares were immediately forfeited. Afterwards firstand final call was made. Gupta did not pay the first and final call on his 2,000 allotted shares. His shares were also forfeited. 50% of the forfeited shares of both Jain and Gupta were re-issued for Rs. 90 per share fully paid up.Pass necessary journal entries in the books of Shiva Ltd. for theabove trnsactions. |
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Answer» Solution :Amount received on Allotment Rs. 1,32,30,000. Amount received on first and final CALL Rs. 1,12,20,000, Forfeiture amount Rs. 20,000 + Rs. 80,000, CAPITAL Reserve Rs. 35,000. HINT : Securities PREMIUM Reserve Reserve A/c will be DEBITED from Rs. 50,000 at the time of forfeiture of 1,000 shares and it will not be debited at the time of forfeiture of 2,000 shares. |
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| 968. |
Shiv-e-Narain Education Trust provides the information in regard to Receipt and Payment Account and Income and Expenditure Account for the year ended March 31st 2017: Receipt and Payment Account for the year ending March 31, 2017 On March 31, 2016 the following balances appeared: Investments Rs.1, 60,000, Furniture Rs.40, 000, and Books Rs.20, 000. Income and Expenditure Account for the year ending on March 31, 2017 Prepare opening and closing balance sheet |
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Answer» Solution :Shiv-e-Narain Education Trust BALANCE Sheet as on March 31, 2016  Balance Sheet of Shiv-e-Narain Education Trust as on March 31, 2017  Note: 1. Income and Expenditure Account for the current year shows interest on investment income Rs.6,800 while Receipts and Payments Account shows the receipts ofRs.6,000 the difference of Rs.800 means interest on investment has become due but not yet receivableduring the year. 2. Income and Expenditure Account shows Rs.90,000 as income from Tuition fees. However, the Receipts and Payments Account shows Rs.10,000 as tuition fees RECEIVED for the year 2017-18 and Rs.80,000 for 2015-16. It implies that Rs.10,000 on account of tuition fees for the year 2016-17 are STILL receivable (i.e. Tuition fees are outstanding). 3. Receipt and Payment Account shows a payment of Rs.85,000 on account of staff salaries, but the Income and Expenditure Account shows expenditure of Rs.84,000 on account of staff salaries. It means the excess of Rs.1,000 shown in the Receipt and Payment Account may either belong to the pervious year or the next year. Theiris no evidence that staff salaries of Rs.1,000 was outstanding at the end of theprevious year2013-14. This is why this payment of Rs.1,000 has been CONSIDEREDAS an advance salaries to the staff. |
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| 969. |
Shares on which the company has called the entire nominal value andhas also received it is shown in the Notes to Accounts on Share Capital under Subscribed Capital as: |
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Answer» SUBSCRIBED and FULLY paid-up, |
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| 970. |
Shares on which the company has called the entire nominal value but has not received final call of Rs 2 on 500 shares, the shares on which the final call is not received are shown in the Note to Accounts on Share Capital under Subscribed Capital as: |
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Answer» SUBSCRIBED and FULLY paid-up, |
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| 971. |
Shares on which the company has not called the entire nominal value is shown in the Note to Accounts on Share Capital under Subscribed Capital as: |
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Answer» SUBSCRIBED and FULLY paid-up, |
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| 973. |
Shareholder's Funds ₹ 4,00,000 , Long-term Debts ₹ 8,00,000 , Gross profit at 20 % on cost was ₹ 8,00,000, Gross Profit at 20% on cost was ₹ 8,00,000.Calculate capital Employed Trunover Ratio. |
| Answer» Solution :CAPITAL Employed Trunover RATIO = 4 times | |
| 974. |
Share Capital of a Company consists of 5,00,000 Shares of Rs. 10 each, Rs. 8 called up. All the shareholders have duly paid the calledup amount. Share capital will be shown as : |
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Answer» SUBSCRIBED and FULLY Paid |
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| 975. |
Share Application Money is shown as |
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Answer» Other LONG -TERM LIABILITIES |
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| 976. |
Share Forfeiture Account appears in a Company's Balance Sheet under the Sub-head ......... |
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Answer» SHARE CAPITAL |
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| 977. |
Sh. Ganesh Ltd. Issued on1 st April, 2018, 10,000, 8% Debntures of Rs. 100 each at 6% discount redeemable afterfive years at a premium of Rs. 10. All thedebentures were subscribed. During the year ended 31 st March, 2019, thecompany incurred a loss of Rs. 50,000. It has balance of Rs.1,20,000 in Securities Premium Reserve. Pass the Journal entries for issue ofdebentures and writing off Loss on Issue ofDebentures. |
Answer» SOLUTION :
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| 979. |
Share Application Account is in the nature of : |
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Answer» REAL Account |
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| 980. |
Seema Ltd. offered for subscription 10,000 shares of Rs. 25 each, payableRs. 5 per share on application, Rs. 10 per share on allotment (including Rs. 5 per share as premium), Rs. 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively . Pass the entries in the company's Journal, Cash Book and the Ledger. Also show the company's Balance Sheet on completion of the above transactions. |
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| 981. |
Securities Preimum Reserve is shown on the Equity and Liabilities part of the Balance Sheet under the head: |
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Answer» Reserves and Surplus, |
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| 982. |
Securities Premium Reserve appears in a Company's Balance Sheet under : |
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Answer» SHARE CAPITAL |
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| 983. |
Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture ISI marked electronic goods for economically weaker section of the society. Satnam also expressed his willingness to admit juliee as a partner without capital who is specially abled but a very creative and intelligent friend of his. Qureshi agreed to this. They formed a partnership on 1st April, 2012 on the folowing terms: (i) Satnam will contibute Rs 4,00,000 and Qureshi will contribute Rs 2,00,000 as capitals. (ii) Satnam, Qureshi and Juliee will share profits in the ratio of 2:2:1. (iii) Interest on capital will be allowed @6% p.a. Due to shortage of capital Satnam contributed Rs 50,000 on 30th September, 2012 and Qureshi contributed Rs 20,000 on 1st January, 2013 as additional capital. The profit of the firm for the year ended 31st March, 2013 was Rs 3,34,800. Prepare Profit and Loss Appropriation Account for the year ending 31th March, 2013. |
Answer» SOLUTION : Note: Calculation of Interest on CAPITAL: (a) Interest on Satnam's capital `(Rs4,00,000xx(6)/(100))(Rs 50,000xx(6)/(100)xx(6)/(12))=Rs24,00+Rs1,500=Rs 25,000.` (b) Interest on Qureshi's Capital: `(Rs2,00,000xx(6)/(100))+(Rs 20,000xx(6)/(100)xx(3)/(12))=Rs 12,00+Rs 300=Rs12,300.` |
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| 984. |
Satisfactory ratio between Long-term Debts and Shareholder's Funds is : |
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Answer» `1:1` |
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| 985. |
Saraswati Ltd. Issued 8,000, 9% debentures of Rs.200 each at premium of 5% on June 30, 2005, redemable on July 1, 2015. The Board of Directors decided to transfer Rs.2,00,000 to Debenture Redemption Reserve on March 31, 2014 and on March 31, 2015. Record necessary entries for the issue as well as at the time of redemption of debentures. Ignore entries for payment of interest. |
| Answer» Solution :DEBENTURE Redemption Investment MADE for Rs.2,40,000 on 30TH April, 2015. Debenture Redemption Reserve transferred to General Reserve Rs.4,00,000. | |
| 986. |
Sargam Ltd. issued Rs. 1,00,000, 6% Debentures of Rs. 10 each at a premium of Rs. 2 per debenture on 1st April, 2012. The issue was fully subscribed. Interest will be paid at the end each financial year. Pass necessary Journal entries for the year 2012-13. |
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Answer» Solution :2012, April 1: For Issue of Debentures: (i) Dr. BANK A/c and Cr. Debentures. Application and ALLOTMENT A/c by Rs. 1,20,000. (II) Dr. Debentures Application and Allotment A/c - Rs. 1,20,000, Cr. 6% Debentures A/c - Rs. 1,00,000 and Securities Premium Reserve A/c - Rs. 20,000. 2013,March 31: For Interest on Debentures: (iii) Dr. Debentures' Interest A/c and Cr. Debentureholders' A/c by Rs.6,000. (iv) Dr. Debentureholders'A/c and Cr. Bank A/c by Rs. 6,000. (v) Dr. STATEMENT of Profit and LOSS and Cr. Debentures' Interest A/c byRs. 6,000. |
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| 987. |
Saraswati Ltd. Issued 10,000 6% Debentures of Rs.100 each at a premium of 5% on 1st April, 2013 redeemable on March 31, 2018. The issue was fully subscribed. It was decided to invest 15% of the face value of debentures to be redeemed towards Debenture Redemption Investment on 30th April, 2017. Investment were encashed and Debentures were redeemed on due date. Record necessary entries for issue and redemption of debentures. |
Answer» Solution :  Notes : (1) DRR will be created on 31ST March of the PREVIOUS year. (2) Minimum investment of 15% will be made on or before 30TH April of the year in which debentures are to be redeemed and the same will be encashed at time of redemption of debentures. (3) Interest on Investment is not calculated because rate of interest is not given (4) As per CBSE MARKING scheme there is no need to pass ENTRIES for interest on debentures unless required. |
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| 988. |
Sansui Ltd. Intends to issue 1,00,000, 10 % Debentures of ₹ 100 each at a discount of ₹ 10. The accountant is of the view that since the Companies Act, 2013 does not permit issue of shares at a discount, debentures also connot be issued at a discount. The financial advisoe of the company hawever, advises the company that they can issue the debebentures at discount. What must be the reason for the advice of the financial advisor ? |
| Answer» SOLUTION :It is correct that COMPANIES are not premitted to issue shares at DISCOUNT by the Companies Act, 2013 but , the Act does not prohibit issue of debentures at discount. The finanical ADVISOR MUST have advisedthe company on this basis. | |
| 989. |
Sate the significance of Analysis of Financial Statement to the 'Creditors'. |
| Answer» SOLUTION :CREDITORS are interested in ANALYSING Financial Statement so that they can assess the financial POSITION of the enterprise before GRANTING or extending credit. | |
| 990. |
Sangam Woollens Ltd.',Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute woollen garments free of cost to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The compnay also decided to employ 50 young presons from these villages in its newly established factory. The company issued 40,000 Equity Shares of Rs. 10 each and 1,000, 9% Debentures of Rs. 100 each to the vendors for the purchase of machinery of Rs. 5,00,000. Pass necessary Journal entries. |
Answer» SOLUTION :
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| 991. |
Samsung One Ltd. has opening credit balance of Rs 5,00,000 in Surplus, i.e., Balance in Statement of Profit and Loss. Debentures Redemption Reserve has opening balance of Rs 1,25,000. It earned a profit of Rs 2,00,000 for the year ended 31st March, 2019. It was decided to transfer Rs 50,000 to Debentures Redemption Reserve and also proposed dividend of Rs 1,00,000 against last year's proposed dividend of Rs 90,000. Show the appropriations by preparing Note to Accounts on Reserves and Surplus. How will be Proposed Dividend shown in the Note ,to Accounts? |
Answer»  Proposed DIVIDEND for CURRENT year, i.e., year ended 31st MARCH, 2019 RS 1,00,000 will be SHOWN in the Notes to Accounts. |
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| 992. |
Sameer, Yasmin and Saloni were partners in a firm sharing profits and losses in theratio of 4:3:3. On 31st March, 2016 their Balance Sheet was as follows: On the above date, Sameer retired and it was agreed that: (i) Debtor of Rs 4,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtfrl debts will be maintained. (ii) An unrecorded creditor of Rs 20,000 will be recorded. (iii) Patents will be completely written of and 5% depreciation will be charged on stock, machinery and building. (iv) Yasmin and saloni will share future profits in the ratio of 3:2. (v) Goodwill of the firm on Sameer's retirement was clued at Rs 4,40,000. Pass necessary Journal entries for the above transactions in the books of the firm on Sameer's retirement. |
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Answer» Solution :LOSS on REVALUATION: RS 1,08,300, Sameer's Lone- Rs 4,76,,680. For Adjustment of Goodwill: Dr. YASMIN's CAPITAL A/c by Rs 1,62,000 and Saloni's Capital A/c by Rs 54,000, Cr. Sameer's Capital A/c by Rs 2,16,000. |
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| 993. |
Sameer and Yasmin are partners with capital of Rs.15,00,000 and Rs. 10,00,000 respectively. They agree to share profits in the ratio of 3:2 Show how the following transactions will be recorded in the capital accounts of the partners in (i) the capitalsare fixed, and (ii) the capitals are fluctuating. The books are closed on March 31, every year. |
Answer» SOLUTION :FIXED CAPITAL METHOD 
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| 994. |
Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were Rs 2,00,000 and Rs 1.15,000 respectively. They admitted Asiti on 1st April, 2013 as a new partner for 1/6th share in future profits. Aditi brough Rs 1,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries for the above transaction on Asiti's admission. |
Answer» Solution :`{:(,,Rs),((a),"Total Capital of the NEW Firm on Aditi's Capital","6,00,000"),((B),"LESS Total Expisting Capial of SALONI, Shrishti and Aditi","4,50,0000"),(,("Rs2,00,000+Rs 1,50,000+Rs 1,00,000"),),(,"VALUE of Goodwill of the Firm [(a)-(b)]", underline underline overline "1,50,000"):}` 
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| 995. |
Samachar India Ltd. Took over the assets of Rs. 14,00,000 and liabilities of Rs. 4,00,000 from News Ltd.fora purchase consideration of Rs. 9,19,000. Samachar India Ltd. Issued a promissory note of Rs. 17,000 payable after60 days in favour of News Ltd. and the balance amount was paid by issue of equity shares of Rs. 100 each at a premium of Rs. 25 per share. Pass necessary Journal entries for the above transactions in the books of Samachar India Ltd. |
Answer» Solution : Note: No. of EQUITY Shares to be issued = RS. 9,02,000/Rs. 125 = 7,216 shares. |
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| 996. |
Saloni and Srishti are partners in a firm. Their capital accounts as on April 01. 2016 showed a balance of Rs. 2,00,000 and Rs.3,00,000 respectively. On July 01, 2016, Saloni introduced additional capital of Rs.50,000 and Srishti, Rs. 60,000. On October 01 Saloni withdrew Rs. 30,000, and on January 01, 2016 Srishti withdraw, Rs. 15,000 from their capitals. Interest is allowed @ 8% p.a. Calculate interest payable on capital to both the partners during the financial year 2016-2017. |
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Answer» Solution :Statement SHOWING Calculation of Interest on Capital For Saloni `{:(,,(Rs","),),("Interest on Rs. 2,00,000 for full year",=(Rs. 2","00","000xx8xx1)/100=,16","000,),("Add: Interest on Rs.50,000 for 9 months",=(Rs.50","000xx9xx8)/(12xx100)=,(3","000)/(19","000),),("Less:Interest on 30,000 for 6 months",=(Rs.30","000xx8xx6)/(12xx100)=,1","200,),(,,ulbar(ul(17","800)),):}` ALTERNATIVELY interest can be calculated on Rs. 2 lakh for 3 months, on Rs. 2,50,000 for 3 months, and on Rs. 2,20,000, for 6 months (Rs. 4,000 + Rs. 5,000 + Rs. 8,800 = Rs. 17,800). `{:(,,(Rs.),),("Interest on Rs.3,00,000, for full year @8%",=(Rs.3","00","000xx8xx1)/100=,24","000,),("Add:Interest on Rs.60,000,for 9 months",=(Rs.60","000xx8xx9)/(100xx12)=,(3","600)/(27","600),),("Less: Interest on Rs.15,000 for 3 months",=(Rs.15","000xx8xx3)/(100xx12)=,300,),("(Money withdrawn)",,ulbar(ul(27","300)),):}` Alternatively interest can be charged on Rs. 3,00,000 for 3 months on Rs. 3,60,000 for 6 months and on Rs. 3,45,000 for 3 months(Rs. 6,000 + Rs. 14,400 + Rs. 6,900 = Rs. 27,300). |
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| 997. |
Salary paid for the year ended 31st March, 2010 amounted to Rs 75,000. How much amount will be recorded in Income and Expenditure Account in the following case? {:("","31-3-2009","31-3-2010"),("Outstanding Salary"," 6,500"," 6,000"),("Prepaid Salary"," 1,200"," 1,000"):} |
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Answer» RS 75,700 |
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| 998. |
Salary paid in cash during the current year was Rs 80,000, Outstanding salary at the end was Rs 4,000, Salary paid in advance last year pertaining to the current year was Rs 3,200, paid in advance during current year for next year was Rs 5,000. The amount debited to Income and Expenditure Account will be : |
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Answer» RS 85,800 |
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| 999. |
Salary paid in cash during the current year was Rs 30,000, Outstanding salary at the end of previous year was Rs 2,000 and outstanding salary at the end of current year was Rs 3,000. Salary paid in advance during current year for next year was Rs 2,600. The amount debited to Income and Expenditure Account will be : |
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Answer» RS 33,600 |
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| 1000. |
Salaries paid to office staff Is shown In the Statement of Profit and Loss under: |
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Answer» COST of Materials Consumed, |
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