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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.
| 5301. |
Kamal started with cash 1 lakh . Bought goods for cash 30000.Make a journal |
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Answer» Answer: 70,000.. hope it HELPS you plz mark me as BRAINLIST and don't forget to FOLLOW me please |
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| 5302. |
20. Ashish and Kanav were partners in a firm sharing profits and losses in the ratio of 3:2.On 31st March, 2018their Balance Sheet was as follows:BALANCE SHEET OF ASHISH AND KANAV as at 31st March, 2018inLiabilities₹AssetsTrade CreditorsEmployees' Provident FundMrs. Ashish's LoanKanav's LoanWorkmen's Compensation FundInvestment Fluctuation ReserveCapitals:AshishKanav42,00060,0009,00035,00020,0004,000BankStockDebtorsFurniturePlantInvestmentsProfit and Loss Account35,00024,00019,00040,0002,10,00032,00010,0001,20,00080,0002,00,0003,70,0003,70,000 |
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Answer» tnRnjatkktakatjarhshhf,hfufjfu |
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| 5303. |
6. What is meant by debit balance of profit and loss adjustment account?[a] Profit[b] Loss[c] Divisible profit. [d] Net Profit[d] all |
Answer» ➡️ Divisible profit.Brainliest plz..⚠️ |
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| 5304. |
5. Which of the following which reserves is not credited to partner's capital account ?[a] Investment reserve[b] bad debt reserve[c] workman comperesation reserve[d] all |
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Answer» Explanation: Rajesh and Ravi each Capital Accounts will be credited by ... Following is the BALANCE SHEET of the FIRM, Ashirvad, OWNED by A , B and C who ... (d) Liability on account of Workmen Compensation Reserve amounted to ... |
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| 5305. |
4. Total weighted profit of last five year of a firm is Rs.2,70,000, what is the value of goodwill onthe basis of weighted average profit of last 3 years ?[a] 1,62,000[b] 54,000[c] 22,500[d] None of the given |
Answer» Question :-Answer :-Weighted Average profit method -• ) Product - profit× weight • ) weighted average profit - • ) valuation of goodwill- weighred average profit × agreed no. of years
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| 5306. |
In which subsidiary book inter account transfers are recorded |
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Answer» OKKK......... |
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| 5307. |
Record the following transactions in the Purchase Book of Bhagwati Cloth House, Hisar-2020April-03 Bought cloths from DCM Ltd Delhi (Invoice No A112)200 meters cotton cloth @ Rs 30 per meter.100 meters woolen cloth @ Rs110 per meterTrade Discount 10%, GST 5%April-10 Bought from Siya Ram Brothers, Mumbai (Invoice No 8730)150 meter silk cloth @ 150 per meter.100 meter cotton cloth @ Rs 80 per meter.Trade Discount 15% GST 5% |
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Answer» ugfxd7jdycdyghftyhhkjbft |
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| 5308. |
2. By calculating interest on credit balance of capital, partner's capital[a] increase[b] increase or decrease[c] decrease [d] None of the given |
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Answer» Answer: by calculating interest on CREDIT BALANCE is decrease Explanation: because you SERVE your credit balance then will be decreased |
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| 5309. |
1. In partnership every partner is ........ for other partner.[a] representative [b] creditor[c] officer[d] debtor |
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Answer» a. Representative Explanation: |
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| 5310. |
Angel Corporation reported pretax book income of $1,008,000. During the current year, the net reserve for warranties increased by $26200. In addition, tax depreciation exceeded book depreciation by $102,000. Finally, Angel subtracted a dividends received deduction of $26600 in computing its current-year taxable income. Angel's hypothetical tax expense in its reconciliation of its income tax expense is: |
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Answer» Homework is work that is given by teachers for students to do at home. Homework is usually given to students by their school teachers. It is a practice work which helps students revise what they've learned that day. Homework helps students to remember what they learned. Some students will get more homework and some will get less. This depends on how old they are, what grade/primary/year they are in and how smart/intelligent they are. This could help decide what level they are at. Some students say that homework is a WASTE of time and that they do enough work at school. However, it is often believed that homework is important for a student because it may help in their exams and education. Homework is essential for anyone that is confused or behind a subject. Homework helps parents to get to know about their children progress in studies. It can also teach a child to be responsible. However, it has sometimes been a controversial form of learning as some groups argue about its disadvantages. The basic objectives of assigning homework to students often align with schooling in general. However, teachers have many purposes for assigning homework, including. What is MATHS:- Mathematicians seek and USE patterns to formulate new conjectures; they resolve the truth or falsity of such by mathematical proof. When mathematical structures are good models of real phenomena, mathematical reasoning can be used to provide insight or predictions about nature. Through the use of abstraction and logic, mathematics developed from counting, CALCULATION, measurement, and the systematic study of the shapes and motions of physical objects. Practical mathematics has been a human activity from as far back as written records exist. The research required to solve mathematical problems can take years or even centuries of sustained inquiry. Mathematics is essential in many fields, including natural science, engineering, medicine, finance, and the social sciences. Applied mathematics has led to entirely new mathematical disciplines, such as statistics and game theory. Mathematicians engage in pure mathematics (mathematics for its own sake) without having any application in mind, but practical APPLICATIONS for what began as pure mathematics are often discovered later. What is ENGLISH:- English is a West Germanic language originally spoken by the inhabitants of early medieval England. It is named after the Angles, one of the ancient Germanic peoples that migrated to the area of Great Britain that later took their name, England. Both names derive from Anglia, a peninsula on the Baltic Sea. English is most closely related to Frisian and Low Saxon, while its vocabulary has been significantly influenced by other Germanic languages, particularly Old Norse (a North Germanic language), as well as Latin and French. English has developed over the course of more than 1,400 years. The earliest forms of English, a group of West Germanic (Ingvaeonic) dialects brought to Great Britain by Anglo-Saxon settlers in the 5th century, are collectively called Old English. Middle English began in the late 11th century with the Norman conquest of England; this was a period in which English was influenced by Old French, in particular through its Old Norman dialect. Early Modern English began in the late 15th century with the introduction of the printing press to London, the printing of the King James Bible and the start of the Great Vowel Shift. What is SCIENCE:- Science (from Latin scientia 'knowledge') is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe. The earliest roots of science can be traced to Ancient Egypt and Mesopotamia in around 3000 to 1200 BCE. Their contributions to mathematics, astronomy, and medicine entered and shaped GREEK natural philosophy of classical antiquity, whereby formal attempts were made to provide explanations of events in the physical world based on natural causes. After the fall of the Western Roman Empire, knowledge of Greek conceptions of the world deteriorated in Western Europe during the early centuries (400 to 1000 CE) of the Middle Ages, but was preserved in the Muslim world during the Islamic Golden Age. The recovery and assimilation of Greek works and Islamic inquiries into Western Europe from the 10th to 13th century revived "natural philosophy", which was later transformed by the Scientific Revolution that began in the 16th century as new ideas and discoveries departed from previous Greek conceptions and traditions. What is General Knowledge:- General knowledge is information that has been accumulated over time through various mediums. It excludes specialized learning that can only be obtained with extensive training and information confined to a single medium. General knowledge is an essential component of crystallized intelligence. It is strongly associated with general intelligence and with openness to experience. ᴘʟᴇᴀsᴇ ᴍᴀʀᴋ ᴍᴇ ᴀs ᴛʜᴇ ʙʀᴀɪɴʟɪᴇsᴛ |
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| 5311. |
Three features of bartering |
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Answer» Features of barter system are as follow: Barter system is direct exchange of GOODS and services. It requires the double coincidence of wants. Barter system ELIMINATES the use of money. It generally flourishes among UNCIVILIZED and backward communities. Barter system is POSSIBLE where the area of exchange is limited. |
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| 5312. |
There are two kinds of resources_____and_____that you need to guide in management |
Answer» There are TWO kinds of resourcesBIOTIC and abiotic that you NEED to guide in MANAGEMENT.Hope this helps you ❤Please MARK as brainliest |
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| 5313. |
Sold goods for aryanfor cash rs 10000and credit 15000 to rajesh |
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Answer» blahajssgvdhsiskssmwkkssjdh |
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| 5314. |
Errors in personal and real account affect |
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Answer» sorry but I can't understand ur question |
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| 5315. |
Ammu, Devu, Paru and Malu are partners sharing profits in ratio of 3:2:3:2. On the retirement of Paru, goodwill was valued at 1,20,000. Paru's share of goodwill will be given to her by adjusting it into the capital accounts of Ammu, Devu and Malu. Record necessary entry for the treatment of goodwill when new profit sharing ratio decided is 3:1:6. |
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Answer» Step-1 : Find out Gaining RATIO Of remaining partner as New ratio - Old Ratio Step-2 : Find out share of retiring partner in goodwill Step-3 : Amount calculated under step-2 will be compensated by the gaining partner in gaining ratio. Entry will be : Gaining Partner's CAPITAL A/C DR To Sacrificing Partner's Capital A/C |
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| 5316. |
21. The following information's were obtained from the books of Delhi club as on 31.3.20X1 at the end ofthe first year of the club. You are required to prepare receipts and payments Account, Income andExpenditure Account for the year ended 31.3.20X1 and a Balance Sheet as at 31.3.20X1 on mercantilebasis:(1) Donations received for Building and Library Room 52,00,000(ii) Other revenue income and actual receipts:Revenue Income/ Actual receipt Entrance fees17000/17000Subscriptions20000/19000Locker rents600/600Sundry Income1600/1060Refreshment account- Nil(iii) Other revenue expenditure and actual payments:Revenue Expenditure/Actual Payments:-Land (cost Rs 10,000) :-nil/10000Furniture (cost Rs 1,46,000) :-nil/130000Salaries:- 5000/4800Maintenance of play grounds:-2000/1000Rent:-8000/8000Refreshment:- nil/8000*Donations to the extent of 25,000 were utilized for the purchase of Library Books, balance was stillunutilized. In order to keep it safe, 9% Govt. Bonds of 1,60,000 were purchased on 31.3.20x1.remaining amount was put in the Bank on 31.3.20X1 under the term deposit. Depreciation at 10% p.a. wasto be provided for the whole year on Furniture and Library Books.*Answer: Surplus 15,100 B/S Total 3,40,440; Bank O/D 1,08,140 |
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Answer» Answer: |
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| 5317. |
What is theory base of accounting |
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Answer» Answer: The theory base of ACCOUNTING consists of principles, concepts, rules and guidelines DEVELOPED over a period of time to bring uniformity and consistency to the PROCESS of accounting and enhance its UTILITY to different USERS of accounting information. |
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| 5318. |
Work done in linear motion is defined by W=F.ds , what is it's analogue in rotational motion ?plz plz plz plz plz don't spam |
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Answer» Answer: Rotational Analogue of force in linear motion is torque. τ = r × F
Force is NECESSARY for a body to do translational motion. Similarly it is the torque which is required to ROTATE a body. If net torque APPLIED on the body about the axis of ROTATION is zero, then the body DOESNOT rotate. |
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| 5320. |
Amount of retirement benefits of employees exceeding rs 20000 per employee is treated as |
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Answer» Answer: Rs 20 lakh The retirement GRATUITY payable is 16 TIMES the basic pay subject to maximum of Rs 20 lakh. In case of DEATH of an EMPLOYEE, the gratuity is paid based on the length of service, where the maximum BENEFIT is restricted to Rs 20 lakh |
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| 5321. |
Name any one accounting standard? |
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Answer» Answer: Disclosure of Accounting PoliciesExplanation: follow me MARK me as BRAINLIST ✌️✌️✌️ and LIKE my ANSWERS |
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| 5322. |
Atio.11. Calculate Liquid Ratio from the following:Current LiabilitiesCurrent Assets00)InventoryPrepaid ExpensesTrade Receivables₹1,50,0002,40,00075,00015,00090,000 |
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Answer» Answer: CURRENT RATIO = Current ASSET / Current liabilities = 80000/50000 = 1.6 Quick ratio = Quick assets / Current liabilities = 60000/ 50000 = 1.2 Current Assets = Trade receivables + Cash in HAND + Cash at Bank + Inventories + Advance Tax = 30000 + 10000 + 10000 + 20000 + 1000 = 80000 Quick Assets = Current Assets - Inventories = 80000-20000 = 60000 Current Liabilities = 50000. |
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| 5323. |
17. Out of the following which is not Accountingconcept a. Realization conceptb. Going concern conceptc. Cost conceptd. Consistency concept |
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Answer» CONSISTENCY concept Explanation: Answer of the above QUESTION |
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| 5324. |
16. Benefits to convergence to IFRS isa. Easy Preparation of Financial statementsb. Easy access to global capital market c.Books of accounts are minimizedd. All of the above |
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Answer» Answer: OPTION b)PLEASE MARK as brainliest follow me! |
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| 5325. |
15. AS-40 Explainsa. Investment propertyb. Revenue recognitionc. Depreciation accountingd. None of the above |
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Answer» It's D Explanation: |
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| 5326. |
13. Accounting principles arein, a. Writtenb. Oralc. Bothd. All of the above |
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Answer» All of the above FOLLOW me |
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| 5327. |
10. Insignificant events are not recorded in the books of accounts dueto, a. Materiality conceptb. Accrual conceptc. Conservatism conceptd. Money measurement concept |
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Answer» Answer: here's your answer..... ......................................... a. MATERIALITY concept .......................................... ....... hope it helps you..!! ........... Explanation: ...... GOOD morning ✌️have a great day AHEAD |
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| 5329. |
A. B & C were partners. Their fixed capitals were A 18,000, B12,000and 6,000 respectively. According to the Partnership Deed, they wereentitled to an interest on capital at 5% p.a. In addition B was also entitled todraw a salary of 300 per month. C was entitled to a commission of 5% onthe profits after charging the interest on capital, but before charging the salarypayable to B. The net profits for the year were 18,000 distributed in theratio of capitals without providing for any of the above adjustments. The profitswere to be shared in the ratio of 5:2:3. Pass the necessary adjustmententry showing the working clearly. |
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Answer» Answer: A. B & C were partners. Their fixed CAPITALS were A 18,000, B12,000 and 6,000 respectively. According to the Partnership Deed, they were entitled to an interest on capital at 5% p.a. In addition B was ALSO entitled to draw a salary of 300 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profits for the year were 18,000 distributed in the ratio of capitals without PROVIDING for any of the above adjustments. The profits were to be shared in the ratio of 5:2:3. PASS the necessary adjustment entry showing the working clearly. |
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| 5330. |
To which account bad debts return will be credited, which is received from the debtor who become insolvent in past?plz fast |
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Answer» Answer: AccountingCapital Logo Home/Journal Entries/What is the Journal Entry for Recovery of Bad Debts? What is the Journal Entry for Recovery of Bad Debts? Journal Entry for Recovery of Bad Debts At times a debtor whose account had earlier been written off by a CREDITOR as a bad debt MAY decide to make a PAYMENT, this is called the recovery of bad debts. While posting the journal entry for recovery of bad debts it is important to note that it is treated as a gain to the business & that the debtor should not be credited as in case of sales. While journalizing for bad debts debtor’s personal account is credited and bad debts account is debited because bad debts written off are treated as a loss to the business and now when they are recovered it is seen as a fresh gain Journal entry for recovery of bad debts is as follows; Cash or Bank A/C Debit Real A/C Dr. What comes in To Bad Debts Recovered A/C Credit Nominal A/C Cr. income & gains Debit (Cash or Bank) depending on how the money is received Rules applied as per MODERN or US STYLE of accounting Cash or Bank A/C Debit the increase in assets Bad Debts Recovered A/C Credit the increase in income
The closing journal entry for bad debts recovered would be as follows; |
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| 5331. |
When is purchase returns made? to which account it will be credited?plz fast |
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Answer» Answer: When the returned to the SUPPLIER of the goods, then the CASH account or ACCOUNTS payable account for the cash purchases or credit purchases RESPECTIVELY will be debited with a corresponding credit to purchase return account as there is the return of the goods out of the company to the supplier. |
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| 5332. |
for the purpose of calculating kamalendus share in the profit, profit of 2016 should be taken as the basis profit for the year 2016 was 320000 |
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| 5333. |
Which is one of the following options does not form a part of the ifrs hierachy statement |
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| 5334. |
On the base of26 Poubexe Accounting equationfollowingHarish stasted business with cash 22,00,000the |
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Answer» HAPPY Dassehra |
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| 5335. |
:ILLUSTRATION : 4.On 1st April, 2018, Ashok Ltd. was formed with an authorized capital of31,00,00,000 divided into 2,00,000 equity shares of 50 each. The company issuedprospectus inviting applications for 1,50,000 shares. The issue price was payable asunder:₹On Application15On Allotment20On CallBalanceThe issue was fully subscribed and the company allotted shares to all theapplicants. The company did not make the call during the year.The company also issued 5,000 equity shares of 50 each fully paid up to thevendors for purchase of office premises.Show the share capital in the Balance Sheet of the company as per Schedule-IIIand also prepare ‘notes to accounts'.: |
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| 5336. |
Cube5.000 Discount on purchases PLLPlant & machinery TILFinal Accounts /Without Adjustments1.4911. Given below is the trial balance of Janki Das as on 31st March, 2019. prepare a trading account. profitand loss account and balance sheet.Debit BalancesCredit BalancesStock on 1st April, 201890,000 Capital50.000Wages28.000 Loan from bank9.000Salaries4.000 Sales2.50.000Railway freight on purchasesPurchases1.20.000 Sundry creditors23.700Interest on overdraft PL200Purchases return1.500Cash at bank 9-1.800 Reserve for doubtful debtsBuildings11.000Sales return 01,000Sundry debtors35,000Office expenses5,500Drawings6,500Depreciation2,000Rent2,40018,000Travelling expenses5.000Repairs to plant1,600Cash in hand2003,43,2003.43.200Closing stock was valued at $ 35,000.[Ans. Gross Profit + 36,500; Net Profit # 19.800; Balance sheet total = 96,000.]ding and profit and loss account and |
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| 5337. |
6. From the following balances of Miss Sarita Madan, Prepare profit and loss account for the year endedAccounts (Without Adjustments]147March 31, 2019.Office expenses5.2803,0005.0006,40060,0002,500600482,4001,500AdvertisingLegal chargesPostage and telephoneSalaries and wagesTravelling expensesInterest received20,800Rent, rates and taxesInsuranceOffice lightingStationery920Repairs800Miscellaneous income4.000Commission paid200Bank charges73,000Gross profit[Ans. Net loss 38,800.]TRADING AND PROFIT AND LOSS ACCOUNT7. From the following particulars, prepare a Trading and Profit and Loss Account of a merchant for the1,200 |
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Answer» YAP.. |
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| 5338. |
LEARNING OBJECTIVESAfter studying this chapteryou will be able to:state the meaning andneed of accounting; |
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Answer» GOOD morning good morning |
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| 5339. |
The following errors have been detected before preparation of the final trial balance. You are required to pass the journal entries:a. A builders bill for Rs. 4,600 for the making of a small shed was debited to repairs accountb. Repairs to plant and machinery amounting to Rs. 900 has been charged to Plant and Machinery Accountc. A cheque for Rs. 750 received from Desai was credited to the account of Ramd. Goods sold to Z for Rs. 475 have been wrongly entered in the Sales Book as 745e. Purchase of stationery for Rs. 400 has been recorded in the cash book as Rs. 40 |
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Answer» vvfdfghv BNB vvhbbbhdfd DF ddfvbnnjhhh
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| 5340. |
X manufacturing company produces cement and cement products. It has rich and broad product mix which caters to the needs of both construction companies as well as ultimate consumers. The company's product mix consists of 25 product lines and each product line has more than 10 products. The company has more than 250 registered market outlets in North India. With a workforce of more than 450 employees the company generated sales revenues of rupees 14 million last year. On 15 June 2016 the company submitted its financial statements - profit and loss account and balance sheet of the previous year to income tax officer(ITO) for assessing its tax liability. After examining the company's financial statements, the ITO returned the statements to the company with the remarks that it has failed to prepare its financial statements as per established norms. The remarks of the ITO lef the owner of the company to seek help from a tax consultant. consequently the company approach a tax consultant who examined the company's financial statements and the accounting system and submitted his observation as All sales receipts are credited to the personal account of the owner from which 80% of the revenue generated is transmitted to company account in the first week of every month. The owner records the revenue from sales on the day cash is received. The company has charged depreciation of rupees .10 million on its plants and equipments during the last year by using straight line method. The company has charge depreciation for this set plant and equipment on the basis of the declining balance method for the first two years of its operation however the company replaced the declining balance method last year by sum of the years digit method. The company valued if one of the equipment at rupees 10,00,000 in the balance sheet of the previous year at its scrap value as if it is going to close the business during the current year. The equipment was procured by the company five years ago for rupees 5500000. The depreciation charged on the said equipment till date has been rupees 20 lakh. The company purchased used crushing equipment for rupees 4500000 from JK Cements and the same has been recorded in its book for rupees 60 lakh which in the opinion of the company's chief accountant is the equipment's market value. The company has set off a portion of its loss of rupees 780000 which it suffered in 2014 against the profit of the previous year. According to the owner of the company, the setting of the loss against the profits has been in response to the company's board decision taken by it as its annual meeting in January 2015. The company purchased a building during the previous year for rupees 80 lakh but recorded the same in the books of accounts for rupees 6300000. This has been done just to reduce the wealth tax liability. The company has recorded some items of assets and an item of liability in its balance sheet which are not substantiated by any documentary evidence. commenting on such items, the company's Managing director states that certain items of the balance sheet do not need any evidence as they have been purchased from government and semi government organisation. After a careful investigation, the tax consultant recommends that the company's existing accounting system may either be modified or replaced by a computer aided accounting system that is designed in tune the accounting principles and standards Discussion Questions1. identify and examine the rationale behind the remarks of the income tax officer.2. comment on the observations of the tax consultant in the context of accountingprinciples and standards of reporting. Suggest also the measures that thecompany needs to take in order to meet the demands of the remarks made by theITO. |
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Answer» Answer: Can u please summerize or make it SMALLER because I DONT UNDERSTAND every THING saying |
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| 5341. |
You are a staff accountant at Outrageous Corporation. The controller of the company, Howard Eino, is concerned that profits reported in the annual report will not meet those forecast at the beginning of the year. He has asked you to decrease the amount of annual depreciation charged on certain equipment by revising the estimated life. When you tell Mr. Eino that revision of useful life solely to “manage” profit is not appropriate, he responds by saying, “Oh, everybody does it.” You realize that if you fail to do what your boss wants, you may receive an unfavorable annual performance evaluation. How will you resolve this dilemma? |
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Answer» MARK the above FRIEND as BRAINLIEST |
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| 5342. |
Material cost variance is equal to |
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Answer» Answer: Direct MATERIAL cost variance is equal to the sum of direct material price variance and material usage variance. Make SURE you mark me as brainiest please and brainiest you BACK. Thanks |
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| 5343. |
Acconting begins withthe application and ends withthe_prestation of _ |
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Answer» ACCOUNTING begins with the IDENTIFICATION of TRANSACTION and ENDS with the communication of information. |
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| 5344. |
During the year 2016 -17 the subscrition received were 11,000 |
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| 5346. |
COUNTING215lustration 51.Debit)Credit75,000Ramesh's CapitalSuresh's Capital20,00030,000/3.600ANCIAL STATEMENTS OF SOLE PROPRIETORSHIP : (WITH ADJUSTMENTS)Ramesh and Suresh are partners in a firm sharing profits and losses in the ratio of their capitals.e Trial Balance of the firm as on 31st December, 2019 was as under - |
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Answer» hiiiiiiiiiiiiiiiiiiiiiiiiiiii Explanation: |
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| 5347. |
6.Assets=Liabilities+Capital.Onwhichprincipleisitbased?(1Mark's) (a)RevenueRecognition (c)DoubleEntryPrinciple (b)MatchingPrinciple (d)Fulldisclosure. |
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| 5348. |
Prove that accounting equations are satisfied Started business with capital Rs.800000. |
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| 5349. |
Mr vaibhav started business with cash rs 100000 |
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Answer» Answer: then in ACCOUNTING EQUATION, add in cash and capital in ACCOUNT |
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| 5350. |
DatePageX Y Zon whichItd forfeited 500 shares of Rs 10 eachhs 6 per share were paid.The company re-issued 300re-issued 300 forfeited shares atRs 9 per sharejournal enteries jeforfeited entryhe issue of forfeiture share and transfer toPasscapitalreserve |
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Answer» Answer: what is the QUESTION. Explanation: pls tell me... I can't UNDERSTAND ANYTHING |
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