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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.
| 9201. |
X,Y and Z are partners sharing profits and losses int the ratio 3:2:1. Y retires selling his share to X and Z for ₹16,000,₹10,000 being paid by X and ₹6,000 by Z. The profit for the year after Y's retirement is 48,000. Pass entries to (a) record the sale of Y's share to X and Z and (b) distribute the profit between X and Z. |
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Answer» ANSWERParticularsL.F.Debit (Rs.)Credit (Rs.)General Reserve A/c Dr. 1,80,000 Workmen Compensation Reserve A/c Dr. 24,000 To X’s Capital A/c 1,02,000 To Y’s Capital A/c 68,000 To Z’s Capital A/c 34,000(Being accumulated PROFIT distributed among partners in old RATIO) X’s Capital A/c Dr. 15,000 Y’s Capital A/c Dr. 10,000 Z’s Capital A/c Dr. 5,000 To Profit and Loss A/c 30,000(Being debit balance in profit and loss A/c distributed among partners in old ratio) Working note:1. Calculation of share in credit balance of ReserveTotal credit balance of Reserves = General Reserve + WCF = 1,80,000 + 24,000 = 2,04,000 X’s share = 2,04,000 X 3/6 = Rs. 1,02,000Y’s share = 2,04,000 X 2/6 = Rs. 68,000Z’s share = 2,04,000 X 1/6 = Rs. 34,0002. Calculation of share in debit balance of Profit and Loss A/cX’s share = 30,00 X 3/6 = Rs. 15,000Y’s share = 30,000 X 2/6 = Rs. 10,000Z’s share = 30,000 X 1/6 = Rs. 5,000Note: Employer Provident FUND will not be distributed as it is a liability and not accumulated profit. |
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| 9202. |
True or false:i) event and transaction in chronological order (t /f) |
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Answer» does that MEAN? |
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| 9203. |
Bank reconciliation statement 1.balance as per cash book 150002.cheque deposited to bank on 16/12/2019 for rs 3000 credited into pass book on 5 Jan 2020 |
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Answer» jjjsjdieiei TAR yhdhhzjnxhxhahghej nahi HAI wo tar te jast vel lagato AANI to |
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| 9204. |
The standard for quick ratio is |
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Answer» A result of 1 is considered to be the NORMAL QUICK ratio. ... A company that has a quick ratio of LESS than 1 may not be able to fully pay off its current liabilities in the SHORT term, while a company having a quick ratio higher than 1 can instantly get RID of its current liabilities. |
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| 9205. |
Received a cheque for 28000 from Varun in Full settlement |
| Answer» HEAR 28000 RS are our income so bank account is debited and,varun account is credited.Explanation:SETTLEMENT of varun account,bank A/c. Dr. 28000 To varun A/c. 28000 | |
| 9206. |
25. Post them into ledger LfDetailsAmountDate1.11.20131200120108028.11.2013ParticularM/s Rajindra Prakash & Sons:One 36' Usha Celling FanLess Trade discount @ 10%M/s Modern Prakash & Sons:Goods returned being faultyM/s Relargh & Sons:Goods returned being faultyReturn Outward A/c Cr10010029.11.2013500500168030.11.2013 |
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Answer» dhshshshdhhshshshshshhshshshshshshshshhshshshshshshejajsjaj hahahhahahaha |
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| 9207. |
Which is the financial reporting period shorter than a full financial year |
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Answer» tion: Interim period is a FINANCIAL reporting period shorter than a FULL financial YEAR. 4.2 Interim financial report means a financial report containing either a complete set of financial statements or a set of condensed financial statements (as described in this STANDARD) for an interim period. 5 |
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| 9208. |
MCQ cost accounting is related toa)Recording of financial transaction.b)Ascertaining the cost of goods product or service.c)management information system. |
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Answer» Hi FRND hope my answer helps Cost accounting provides the detailed cost INFORMATION that management needs to control current operations and plan for the future. Cost accounting information is also commonly USED in financial accounting, but its primary function is for use by managers to FACILITATE their decision-making. |
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| 9209. |
Did rs 4000 of work for a customer on account. |
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Answer» We wati to the HuntsmanExplanation:GOUDATOR'S ACCOUNT13. The Balance sheet of Raj lid as on 1-3-2014 is as under the dateon which the company liquidated voluntarilyAssetsRs.19.000 quity shares of Rs 100Patentseach. R. 60 paid per share2.00.0009.00.000 Plant & Machinery12,50.0005.000 quity shares of Rs 100Land & Buildings5,00,000cach, R$ 75 paid per share 3.75.000 Debtors5.50.00010,000 Preference Shares or1.50.000RS. 100 each (6)10.00.000 Stock2.75.0005% Mortgage debentures5.00,000 Profit & Loss Ne (Dr)6,00,000Outstanding intereston Debentures25.000Creditors7.25.00035,25.00035.25,000Additional INFORMATION :(1) Creditors include Preferential creditors of Rs. 75,000 and a Loan forRs. 2,50.000 secured by a Mortgage on Land and Buildings.(2) The Preference DIVIDENDS were in ARREARS for two years.(3) The expense of liquidation amounted to Rs. 54,500.(4) The assets were realized as follows:Rs.Patents1,50,000Stock3.00,000Land & Buildings6,00,000Debtors4,00,000Plant & Machinery10,00.000(5) The liquidator is entitled to a remuneration of 3% on assets realized and 2%on amount distributed to unsecured creditors other than preferential creditors,Prepare Liquidator's FINAL Statement of Receipts and Payments.[Guj. Uni., S.Y., Nov. 2014 |
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| 9210. |
Bought plant * 5,000 |
| Answer» PLEASE PROVIDE FULL QUESTION EXPLANATION:Full question please | |
| 9211. |
A company makes bicycles. It produces 850 bicycles a month. It buys the tires for bicycles from a supplier at a cost of Rs.60 per tire. The company’s inventory carrying cost is estimated to be 15% of cost and the ordering is Rs.90 per order. Compute EOQ. 639 tires |
| Answer» TION:ਹੜੇ ਸ਼ਬਦ ਕਿਸੇ ਨਾਂਵ ਜਾਂ ਪੜਨਾਂਵ ਨਾਲ ਆ ਕੇ ਉਨ੍ਹਾਂ ਦੇ ਗੁਣ ਜਾਂ ਔਗਣ , ਗਿਣਤੀ ਜਾਂ ... | |
| 9212. |
मैंडेटरी फॉर ऑल कंपनी जो फाइनेंसियल स्टेटमेंट डेट रिपोर्ट्स आफ कंपनीज ऐसेट लायबिलिटी एंड शेरहोल्डर्स इक्विटी |
| Answer» LOUR anchorExplanation:मैंडेटरी फॉर ऑल कंपनी जो फाइनेंसियल स्टेटमेंट डेट रिपोर्ट्स आफ कंपनीज ऐसेट लायबिलिटी एंड शेरहोल्डर्स इक्विटी | |
| 9213. |
In every transaction, atleast .................... parties are involved |
| Answer» TWO parties.Explanation: | |
| 9214. |
Fill in the blank:In every transaction, atleast .................... parties are involved |
| Answer» | |
| 9215. |
Prepare the ledger account of shyam in journal of ram purchase goods from shyam of the list price of rupees 25000 at a trade discount of 12% return defective 10% goods to Shyam paid cheque of rs 11,000 shyam on accountcleared the account of shyam by paying cash under a discount of 10% shyam sold goods to us for rs 10,000 |
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Answer» jwhshshshshhshshshhahahahhshshshshshhshahshhshshshsh |
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| 9216. |
Credit sales wrongly passed through the purchase book classify the principle of error |
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Answer» what we NEED to do here no PUNCTUATION ALSO |
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| 9217. |
Short note of live stock |
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Answer» here it isExplanation:Explanation:LIVESTOCK is commonly DEFINED as domesticated animals raised in an agricultural setting to produce labor and commodities such as meat, eggs, milk, fur, leather, and wool. ... Horses are considered livestock in the United STATES. The USDA classifies pork, veal, beef, and lamb as livestock and all livestock as red meat.IS IT HELPFUL?IF IT IS PLEASE MARK ME AS BRAINLIEST |
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| 9218. |
Credit sales wrongly passed through the purchase book |
| Answer» SUSPENSE a/c. DR. To SALES. A/c To PURCHASES a/c | |
| 9219. |
Repaid loan from Mr X rs.5,000 (including interest Rs. 250) |
| Answer» EXPLANATION:Loan a/c dr. 4750 INTEREST a/c. Dr. 250 To CASH a/c. 5,000Hope it HELPS you. | |
| 9220. |
9. Raju and Sanju are partners sharing profits in the ratio 2:1 and their balance sheet on 31st March 2012 was as follows:LiabilitiesAmount in AssetsAmount in ₹1502,500CreditorsBills payableReserve fundRaju's loanCapitals:RajuSanju20,0005,0003,00010,000Cash in handBills receivableDebtors 30,000Less: RDD -1,500StockMachinery28,50021,85010,00015,00010,00063,00063,000They agreed to sell the business to a limited company and the company to take overthe assets including cash and liabilities as follows:Machinery at 8,000 ; stock at * 17,500; debtors at 25,350; Goodwill at 3000.The company agreed to takeover creditors at Rs 19,500 and the realization expensesamounted to Rs 150The firm received 20,000 of the purchase price in 10 fully paid equity shares andthe balance in cash. Prepare necessary ledger accounts and journal entries in thehooks of the firm. |
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Answer» 300 rupeesExplanation:there is RATIO of RAJU and SANJU is is 2 1 |
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| 9222. |
True/False11. Under NPO, sale of old newspapers is shown as an income. |
| Answer» FALSE BABY EXPLANATION:SEX sex sex sex sex sex sex and sex | |
| 9223. |
As 16 borrowing cost for the enterprise |
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Answer» The borrowing COSTS that directly RELATE with the acquisition, construction or production of a qualifying asset NEED to be CAPITALIZED as a part of the cost of the asset. Thus, as PER AS 16, you need to determine the amount of the borrowing costs that are eligible for capitalization.Explanation:thank me if it's helpful to you |
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| 9224. |
Fire Insurance requires one party calledInsurer to idemnify another party called |
| Answer» DI kehope this HELPED YOUPLEASE MARK me as BRAINLIEST | |
| 9225. |
Fill in the blanks: Information in financial reports are based on .................... transaction. |
| Answer» | |
| 9226. |
Prepare the ledger account of sham in the journal of Ram |
| Answer» GIVE the COMPLETE INFORMATION... | |
| 9227. |
Partner(s) by the9. Goodwill is valued with a purpose to compensatepartners. |
| Answer» YES the valuation of goodwill is to compensate the SACRIFICING PARTNER for their SACRIFICE... | |
| 9228. |
12. In which of the following cases, revaluation account is credited? (a) Decrease in value of liability(6) Increase in value of liability(c) Decrease in value of asset(d) No change in value of liability |
| Answer» DECREASE in VALUE of LIABILITY | |
| 9229. |
12] Arun and Varun are partners sharing profits in the ratio of 3:2. They admit 2ManolTepartnershipThe new profil siiaring ratio is 4:3:3. Calculate the sacrifice ratio of Arun andNamun, |
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Answer» tion:ACCOUNTANCYA and B are partners sharing profits in the ratio of 3 : 2. with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on CAPITAL is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. During the year profit prior to interest on capital but after charging B's salary amounted to Rs. 12,500. A provision of 5% of the profits is to be made in respect of Manager's COMMISSION. PREPARE an account showing the allocation of profits and the Partners' Capital Accounts. Profit And Loss Account Particulars Amount Particulars AmountTo Manager;s commission(15000*5/100) 750 By profit before B's Salary(12500+2500) 15000To Net profit T/f toP/L AppropriationAccount 14250 Total 15000 Total 15000 Profit And Loss Appropriation Account Particulars Amount Particulars Amount To Interest on capitalA = 50000*6% = 3000B=30000*6% = 1800 4800 By net profit 14250 B's Salary 2500 To profit T/f toA's Capital A/c = 4170B's Capital A/c = 2780 6950 Total 14250 Total 14250 Partners capital account Particulars A B Particulars A B By bal b/d 50000 30000 By Int on capital 3000 1800 salary 2500 To bal c/d 57170 37080 By P/L Appr A/c 4170 2780 Total 57170 37080 Total 57170 37080 hope it's helpfulplease mark my answer as brainlist pleasethank you |
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| 9230. |
Partner(s) by the 9. Goodwill is valued with a purpose to compensatepartnersof winting nartners which results in an end of the existing |
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Answer» Meaning of GoodwillGoodwill is the value of the reputation of a firm built over time with respect to the expected future profits over and above the normal profits. A well-established firm earns a good name in the MARKET, builds trust with the customers and also has more business connections as compared to a newly set up business. Thus, the MONETARY value of this advantage that a buyer is ready to pay is termed as Goodwill.The buyer who pays expects that he will be able to earn super profits as compared to the profits earned by the other firms. Thus, it can be said that goodwill exists only in case of firms making super profits and not in case of firms earning normal profits or losses. It is an intangible real asset which cannot be seen or felt but exists in reality and can be bought and sold.Browse more Topics under Admission Of A PartnerReconstitution of a Partnership FirmAdjustment of CAPITAL and CHANGE in Profit Sharing Ratio AMONG Existing PartnersAdjustment and Revaluation of Assets |
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| 9231. |
Fill in the blanks: Book keeping is a systemic record of all .................... transaction. |
| Answer» JOURNAL TRANSACTION is the ANSWER | |
| 9232. |
8. Token payment made to a person, who voluntarily undertakes a service which would normally command a fee is |
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Answer» Honorarium Honorarium – It is a token payment made to a person who VOLUNTARILY undertakes a SERVICE which would normally COMMAND a FEE. It is shown as an EXPENDITURE in Income & Expenditure A/c.Explanation: |
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| 9233. |
What is capital Deficiency of Asha and Usha? |
| Answer» THANK again for your EMAIL ADDRESS to SEND NAVEEN | |
| 9234. |
7. If Life Membership Fee of Rs. 5,000 wrongly treated as revenue receipt then effect of this error on surplus and closing balance of Capital Fund will be:(a) Capital Fund increased and Surplusincreased by Rs. 5,000.(b) Capital Fund decreased and Surplusincreased by Rs. 5,000.(c) No effect on Capital Fund but Surplusincreased by Rs. 5,000.(d) Capital Fund decreased by Rs. 5,000but no effect on Surplus. |
| Answer» SORRY i didn't KNOW this ANSWER | |
| 9235. |
Journalize the following transactions. |
| Answer» EXPLANATION:Cash a/c. Dr. 1,00,000Furniture a/c Dr. 2,00,000 To capital a/c. 3,00,000Purchases a/c Dr. 5,000To Cash a/c. 5,000Cash a/c. Dr. 6,000 To SALES a/c. 6000Rent a/c. Dr. 3,000 To Cash a/c. 3,000Machinery a/c. Dr. 40,000 to cash a/c 40,000Loan a/c. Dr. 3,00,000 To Cash a/c. 3,00,000 Cash a/c. Dr.6,000 To sales a/c. 6,000Bank a/c. Dr. 5,000 To Cash a/c. 5,000Purchases a/c. Dr. 50,000 To parchanda a/c. 50,000Parchanda a/c. Dr. 50,000 To Cash a/c. 45,000 To discount received a/c. 5,000Hope it helps you. | |
| 9236. |
6. Rs. 1,00,000 received as annual subscription. Out of this, Rs. 20,000 is of previous year whereas Rs. 10,000 is receivable at the end of the current year. Amount of subscription thatwill be shown in the Income and Expenditure Account will be:a) Rs. 1,00,000b) Rs. 90,000c). Rs 1,20,000d.) Rs 80,000 |
| Answer» B) RS. 90,000Explanation:1,00,000 - OUTSTANDING in BEG. + outstanding at END. | |
| 9237. |
Recording a transaction in a single entry system results in record of |
| Answer» JOURNAL TRANSACTION is the ANSWER | |
| 9238. |
2015) CamagedCashMachyProfor DepMachar375111553250 HadewaPo Dothe bu |
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Answer» No proper SEQUENCE of QUESTIONS...unable to UNDERSTAND UR question ...sorry.. |
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| 9239. |
As per as 12 an 3nterprise may get different types of grants from the |
| Answer» FOLLOW me and MARK me as BRAIN LIST | |
| 9240. |
3. Goodwill is accounted in the books if (a) It is a Purchased Goodwill(b) It is a Self-Generated Goodwill(c) It is decided to be accounted by the Partners(d) Its amount is paid by the Gaining ratio |
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Answer» As per 26 only PURCHASE goodwill will be RECORDED in book of ACCOUNTS When goodwill is purchase by the firm in a consideration in cash or kinds of cash it shown in the BALANCE sheet.a option is correctExplanation: |
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| 9241. |
Prepare trial balance for the book of shri A jadeja on 31th march 2016 |
| Answer» NOVA to a TIME for your same DAY and my BEST day | |
| 9242. |
1. Example of Not-for-Profit Organization? (a) Public Hospitals(b) Corporation(c) Audit Firm(d) Insurance Companies. |
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Answer» (a) PUBLIC HOSPITALS EXPLANATION: MARK me BRAINLIAST |
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| 9243. |
.....is transferred to the credit side ofTrading Account |
| Answer» EASE MARK Me As BRAINLIEST. | |
| 9244. |
Provide depreciation @10%on furniture costing rs.10000 for 9 months journal entry |
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Answer» :- → Depreciation A/c Dr. Rs. 750 → To Furniture A/c Rs.750Working NOTE → 10000 × 10/100 × 9/12→ 1000 × 9/12→ 9000/12→ Rs.750 |
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| 9245. |
Management accounting is basically concerned with |
| Answer» MANAGEMENT accounting or managerial accounting is concerned with the provisions and use of accounting information to managers WITHIN ORGANIZATIONS, to provide them with the basis to make informed BUSINESS decisions that will allow them to be better EQUIPPED in their management and control functions. | |
| 9246. |
Xyz are partners in 6:3:1 ratio their balance sheet was under on the date of profit ratio which 2:1:2 for future |
| Answer» GIVE COMPLETE and CORRECT QUESTION | |
| 9247. |
In a financial year ,Vinod had total sales of 7,40,000 out of which 5,60,000 were received in cash. The total expenses paid by him were 3,80,000, out of which 30,000 belongs to the next year and 10,000 are still outstanding. Determine Vinod’s Income for the year as per:a. Cash basis of Accounting.b. Accrual basis of Accounting. |
| Answer» BASIS: (not SURE, most PROBABLY I am right)INCOME = 560000-380000 = 180000B) Accrual basis:Income = 740000-(380000-30000+10000) = 380000 | |
| 9248. |
Alpha Limited prepared accounts up to 31st March each year. On 31st March 2018, its stock- taking could not be undertaken until 3rd April 2018 on which date the stock at cost amounted to Rs.2,40,000. An examination of inventories and related financial records disclosed that between 1st and 3rd April: (a) Sales totaled Rs.40,000 including (i) Rs.2,000 in respect of goods which left the warehouse on 29th March, and (ii) Rs.4,000 in respect of goods not delivered until 12th April. The rate of gross profit to sales was 30%. (b) Returns from customers totalled Rs.6,000. (c) Purchases totalled Rs.18,000 which included: (i) Rs.6,000 for goods received in March, and (ii) Rs.3,000 for goods received on 10th April. (d) Returns to suppliers totalled Rs.4,000. (e) There were arithmetical errors in the stock on 3rd April, resulting in an overvaluation of Rs.4,600. It is the company’s policy to record sales when invoice is raised and to record purchases when invoice is received. Required: Statement of Company’s stock at cost on March 31, 2018. |
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Answer» I got it the ANSWEREXPLANATION:PLEASE mark me as a brain list |
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| 9249. |
19. Proportional allotment of cost of item to cost centers or cost units is called as(A) Technical, Human, Conceptual(B) Conceptual, Human, Technical(C) Technical, Conceptual, Human(D) Human, Conceptual, Technical |
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Answer» a EXPLANATION: |
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| 9250. |
14. From the following information, calculate the amount of sports material to be debited to the Income and Expenditure Account of a Sport elab for the year ended 31 March 2020 Balance of Sports Materal as on 1 April 2019 20.000 Balance of Sports Marenal as on 31" March .2020 315,000 Creditors for Sports Material as on 1* April 2019 401.00 Creditors for Sports Material as on 31 March 2020 245.000 Payments made for Sports Material Creditors during the year ended 31 March 20 - 200.000 Also show the necessary account prepare for the above and show your workings clearly. |
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Answer» jdjjdjddjddddeyryhdhddhhfhfhfjfjfjffjfhhrhrjrjdjdjfjwhhdrhfrhdjfhhdhbdfhdhrdhudrhydrhrhrdhdjfbrbhrdhfnfhehdhdhrjnddbhsxhhhyhyjujfrirjiuryeheh yeh yyeusydyse yeyswysyeye RY uehydggey is really dyhfhdhudydyyhhytgdydbvgrbybydyhrhfyhryetgysggggtgtgt rffgv you u is a pig and have a GOOD night and have to be there by MD ZOHAYR KHAN is a great idea and my flag football game and I will check with the boss and he SAID that Safia tumhare bhejne is fxyhduvufyfydgfgdgftt for CHF fbtjrufc gfttefg gugfddeasssssssssssjhhhhhhiiiiiillllleeeeddddds bhhjjjhhhffhhfhfhf ruyrryryu is a pig and have a great day and I will be there at 4 5 lesson on Friday so I am KING of Prussia and I have a really dyhfhdhudydyyhhytgdydbvgrbybydyhrhfyhryetgysggggtgtgt is a pig and the rest is history of this week and next and my work and I have to go to the gym and I am not sure if I can make it to the office and have to be at work by the time I got home and I have to be at the airport now WAITING GG and have a great day and I will be there at 4 5 lesson onsddd hdhdhghrhdhfhfhfjrjfjjrr is a pig and have a great day and I will be there at work yuhgtrr is a yggggtjtututu and my mom is a good time to fyyffyfyyfyr and have a tyftfty is really |
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