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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.
| 10301. |
Objectives of a new accounting system |
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Answer» mary objective of accounting STANDARD is to harmonize the different accounting policies.This statement MEANS that accounting standards are the conflict RESOLVER in any case of accounts.To state the reliability and credibility of FINANCIAL statements,the accounting standards have been improve and they provide a standard for the diverse accounting policies and PRINCIPLES. |
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| 10302. |
Amar and Bimal entered into partnership on 1st April, 2017 contributing ₹ 1,50,000 and ₹ 2,50,000 respecitvely towards capital. The Partnership Deed provided for interest on capital @ 10% p.a. It also provided that Capital Accounts shall be maintained following Fixed Capital Accounts method. The firm earned net profit of ₹ 1,00,000 for the year ended 31st March 2018. Pass the Journal entry for interest on capital. |
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Answer» entry on interest on capital is GIVEN below:Explanation:In case there is no agreement made on the interest rate, 6% PER annum interest is given as per the Partnership ACT, 1932.Amar’s contribution towards capital = Rs. 1,50,000Bimal’s contribution towards capital = Rs. 2,50,000According to their partnership deed, interest rate is given as 10% per annum. So, the calculation of interest on capital will be DONE as follows: -Amar’s Interest Bimal’s Interest Thus, the Amar and the Bimal's interest will be Rs. 15000 and Rs. 25000 respectively. |
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| 10303. |
Prem and Manoj are partners in a firm sharing profits in the ratio of 3 : 2. The Partnership Deed provided that Prem was to be paid salary of ₹ 2,500 per month and Manoj was to ger a commission of ₹ 10,000 per year. Interest on capital was to be allowed @ 5% p.a. and interest on drawings was to be charged @ 6% p.a. Interest on Prem’s drawings was ₹ 1,250 and on Manoj’s drawings was ₹ 425. Interest on Capitals of the partners were ₹ 10,000 and ₹ 7,500 respectively. The firm earned a profit of ₹ 90,575 for the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account of the firm. |
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Answer» and Loss Appropriation account of the firm is calculated below. EXPLANATION:Net Profit of the firm = RS. 90,575 Interest on each (PREM and Manoj) of the drawings Salary for Prem Manoj’s commission= Rs. 10,000 Interest on capital for Prem and Manoj is Rs. 10,000 and Rs. 7,500 respectively. Total becomes Rs. 17,500. Now, we will CALCULATE profit that is available for distribution Profit is to be shared in the ratio of 3:2 Prem’s profit share Manoj’s profit share |
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| 10304. |
A and B are partners. A’s Capital is ₹ 1,00,000 and B’s Capital is ₹ 60,000. Interest on capital is payable @ 6% p.a. B is entitled to a salary of ₹ 3,000 per month. Profit for the current year before interest and salary to B is ₹ 80,000. Prepare Profit and Loss Appropriation Account. |
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Answer» and Loss appropriate amount is calculated below:EXPLANATION:Amount A has given to the FIRM= Rs, 1,00,000 Amount B gave to the firm = Rs, 60,000 INTEREST on capital is to be calculated at rate of 6% per annum A’s Interest = 6% of 1,00,000= 6,000 B’s Interest = 6% of 60,000= 3600 Total is 9,600 (6,000+3600) B’s Salary for COMPLETE year Profit given in the question is Rs. 80,000 Each partner’s profit will be 17,200 Thus, the divisible profit will be |
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| 10305. |
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They had advanced to the firm a sum of ₹ 30,000 as a loan in their profit-sharing ratio on 1st October, 2017. The Partnership Deed is silent on interest on loans from partners. Compute interest payable by the firm to the partners, assuming the firm closes its books every year on 31st March. |
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Answer» t is calculated below.Explanation:Total AMOUNT given by the partners = Rs. 30,000 The ratio of profit sharing = 3:2 So, we need to CALCULATE advance from each of A and B. Interest PERIOD = 6 months as given in the question (Oct’ 2017 to Mar’ 2018) = 6 months Interest will be calculated as (amount will be taken as per the ratio of profit for A and B, we calculated above): Rate of interest given is 6% per annum on the loans Calculation of Interest payable by the firm to the partners:The Interest payable by the firm to the partner A is Rs. 540 and interest payable by the firm to the partner B is Rs. 360. |
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| 10306. |
Jaspal and Rosy were partners with capital contribution of ₹ 10,00,000 and ₹ 5,00,000 respectively. They do not have a Partnership Deed. Jaspal wants that profits of the firm should be shared in their capital ratio. Rosy convinced jaspal that profits should be shared equally. Explain how Rosy would have convinced Jaspal for sharing the profit equally. |
| Answer» PLZ EXPLAINE me the entirw QUESTIO | |
| 10307. |
In the absence of Partnership Deed, what are the rules relation to (a) Salaries of partners, (b) Interest on partners capitals (c) Interest on partners loan (d) Division of profit, and (e) Interest on partners drawings |
| Answer» E) INTEREST on PARENTS DRAWING | |
| 10308. |
Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts: (i) Land and Building (ii) Excise Duty (iii) Creditors (iv) Capital (v) Motor Vehicles (vi) Goodwill (vii) Investments (viii) Salary (ix) Debtors (x) Bad Debts (xi) Depreciation (xii) Wages (xiii) Repairs (xiv) Ramesh, a debtor (xv) Interest Received (xvi) Bank Overdraft (xvii) Purchase Returns (xviii) Drawings (xix) Freight (xx) Return Inwards. |
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| 10309. |
Simran and Reema are partners sharing profits in the ratio of 3 : 2. Their capitals as on 31st March, 2017 were ₹ 2,00,000 each whereas Current Accounts had balances of ₹ 50,000 and ₹ 25,000 respectively interest is to be allowed @ 5% p.a. on balances in Capital Accounts. The firm earned net profit of ₹ 3,00,000 for the year ended 31st March 2018. Pass the journal entries for interest on capital and distibution of profit. Also prepare Profit and Loss Appropriation Account for the year. |
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Answer» tion:25,000 respectively INTEREST is to be ALLOWED @ 5% p.a. on BALANCES in CAPITAL Accounts. The firm earn...nicefollow me |
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| 10310. |
Bhanu and Partab are partners sharings profits eqully. Their fixed capitals as on 1st April, 2017 are ₹ 8,00,000 and ₹ 10,00,000 respectively. Their drawings the year were ₹ 50,000 and ₹ 1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Profit for the year ended 31st March, 2018 was ₹ 1,20,000. Prepare Profit and Loss Appropriation Account. |
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Answer» and Loss APPROPRIATION is calculated belowExplanation:Bhanu’s drawings PER year = Rs. 50,000 Partab’s drawings per year = Rs. 1,00,000 Calculation of InterestInterest will be calculated at 15% per annum. Bhanu’s interest ION drawings Partab’s interest ion drawings Calculation of Interest based on their capitalInterest on capital will be calculated at the RATE of 10% per annum. Fixed capitals for each ONE of them is given as 8,00,000 and 10,00,000. Bhanu’s Partab’s Total interest will be (Rs. 80000 + Rs. 100000) i.e., Rs. 1,80,000 |
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| 10311. |
Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get monthly salary of Rs 15,000 each, Interest on Capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were Rs 5,00,000 each and drawings during the year were Rs 60,000 each. The firm incurred a loss of Rs 1,00,000 during the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. |
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Answer» and Loss Appropriation account of the FIRM is CALCULATED below. EXPLANATION:Total loss of the firm that is given = RS. 1,00,000 Capital of each Reema and Seema = Rs. 5,00,000 Drawings for each during the year = Rs. 60,000 INTEREST on the drawings of each of the partner Reema’s interest Seema’s interest Total interest on drawings is Rs. 6,000 (3,000 + 3,000) Total loss is 1,00,000. Net loss transferred to each account will be equally divided among Reema and Seema: |
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| 10312. |
X and Y are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 80,000 and ₹ 60,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of ₹ 6,000 which has not been withdrawn. Profit for the year ended 31st march, 2018 before interest on capital but after charging Y’s salary amounted to ₹ 24,000. A provision of 5% of the profit is to be made in respect commission to the manager. Prepare an account showing the allocation profits. |
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Answer» ion profits are calculated as below. Explanation:Y’s Salary= Rs.6000 Interest AGREED is 5% Manger’s COMMISSION will be calculated as: So, commission of Manager will be Interest on capital for X and Y will be: Thus, the Interest on capital for X and Y will be Rs. 4000 and Rs. 3000 respectively.Profit SHARING for each partner would be:- 30,000 – 1500 (Manager’s commission) = Rs, 28,500 Profit to be calculated on X’s shareY’s share Thus, the X and the Y's share will be Rs. 9300 and Rs. 6200 respectively. |
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| 10313. |
X, Y and Z are partners in a firm sharing profits in 2 : 2 : 1 ratio. The fixed capitals of the partners were : X ₹5,00,000; Y ₹ 5,00,000 and Z ₹ 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of ₹ 2,000 per month. The profit of the firm for the year ended 31st March, 2018 after debiting Z’s salary was ₹ 4,00,000. Prepare Profit and Loss Appropriation Account. |
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Answer» tion:WORKING Notes: 1. salary to z has not been debited to PROFIT and loss APPROPRIATION accounts because profit of Rs. 4,00,000 is given after adjusting the Z ,S salary. 2.calculation of interest on capitalInterest on X's capital = 5,00,000 × 10/100 = ₹50,000Interest on Y's capital = 5,00,000 × 10/100 = ₹50,000Interest on Z's capital = 2,50,000 × 10/100 = ₹25,0003. Calcuation of profit share of each parther DIVISIBLE of profit after interest on capital = Rs.4,00,000 -1,25,000 = 2,75,000 profit sharing ratio = 2:2:1 X's profit share = 2,75,000 × 2/5 = ₹1,10,000Y's profit share = 2,75,000 × 2/5 = ₹1,10,000Z's profit share = 2,75,000 × 1/5 = ₹55,000 |
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| 10314. |
Bat and Ball are partners sharing the profits in the ratio of 2 : 3 with capitals of ₹ 1,20,000 and ₹ 60,000 respectively. On 1st October, 2017, Bat and Ball granted lonas of ₹ 2,40,000 and ₹ 1,20,000 respectively to the firm. Bat had allowed the firm to use his property for business for a monthly rent of ₹ 5,000. The loss for the year ended 31st March, 2018 before rent and interest amounted to ₹ 9,000. Show distribution of profit/loss. |
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Answer» ution of PROFIT and loss is given below. EXPLANATION:The ratio of profit SHARING between the partners is given as 2:3. Interest based on Bat and Ball’s loan :Interest amount on Bat’s loan Interest Amount on Ball’s loan YEARLY rent paid:Monthly Rent = Rs. 5000So yearly rent will be Distribution of loss:Loss that will be shared by the partners will be calculated as: Bat’s SHARE of lossBall’s share of loss |
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| 10315. |
X and Y are partners sharing profits and losses in the ratio of 2 : 3 with capitals ₹ 2,00,000 and ₹ 3,00,000 respectively. On 1st October, 2017, X and Y granted loans of ₹ 80,000 and ₹ 40,000 respectively to the firm. Show distribution of profits/losses for the year ended 31st March, 2018 in each of the following alternative cases: Case 1 : If the profits before interest for the year amounted to ₹ 21,000. Case 2 : If the profits before interest for the year amounted to ₹ 3,000. Case 3 : If the profits before interest for the year amounted to ₹ 5,000. Case 4 : If the loss before interest for the year amounted to ₹ 1,400. |
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Answer» ution of PROFITS and losses are given: EXPLANATION:Interest on the loan of XInterest on the loan of YCase 1: If profits at the END of the year will be Rs.21,000 Profit transferred to X’s accountProfit transferred to Y’s account Case 2: If the profit is 3,000 X’s profit = 2400 Y’s profit = 1200 Profit before Interest is 3,000 By loss X’s account Y’s account Case 3: When profit is Rs.5000 2400 and 1200 are calculated above for X and Y X’s capital Y’s capital Case 4: When loss is 14,00 Loss transferred to X’s account = Rs. 2000Loss transferred to Y’s account = Rs. 3000Total |
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| 10316. |
A and B are partners from 1st April, 2017, without a Partnership Deed and they introduced capitals of ₹ 35,000 and ₹ 20,000 respectively. On 1st October, 2017, A advances a loan of ₹ 8,000 to the firm without any agreement as to interest. The profit and Loss Account for the year ended 31st March, 2018 shows a profit of ₹ 15,000 but the partners cannot agree on payment of interest and on the basis of division of profits. You are required to divide the profits between them giving reasons for your method. |
| Answer» UTION of profits is GIVEN below. Explanation:According to Partnership Act, 1932 profits should be divided equally among the PARTNERS, in case nothing has been mentioned in their agreement. Calculation of profits:- Interest on loan= 6% PER annum Amount of loan given by partner A = Rs,8000 Time period for which the loan has been provided (from 1st October 2017 to 31st March 2018) = 6 months Interest on A’s loan: THUS, the interest amount will be Rs. 240Equal profits of share will be: Total Profit obtained without deducting the interest amount = Rs 15,000, So, the actual profit will be This amount will be divided equally as So, A and B will get a profit of Rs. 7380. | |
| 10317. |
Harshad and Dhiman are in partnership since 1st April, 2017. No partnership agreement was made. They contributed Rs 4,00,000 and 1,00,000 respectively as capital. In addition, Harshad advance an amount of Rs 1,00,000 to the firm on 1st October, 2017. Due to long illness, Harshad could not participate in business activities from 1st August to 30th September, 2017. The profit for the year ended 31st March, 2018 amounted to Rs 1,80,000. Dispute has arisen between Harshad and Dhiman. Harshad Claims: (i) He should be given interest @ 10% per annum on capital and loan; (ii) Profit should be distributed in proportion of capital; Dhiman Claims: (i) Profit should be distributed equally; (ii) He should be allowed Rs 2,000 p.m. as remuneration for the period he managed the business in the absence of Harshad; (iii) Interest on Capital and loan should be allowed @ 6% p.a. You are required to settle the dispute between Harshand and Dhiman. Also prepare Profit and Loss Appropriation Account. |
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Answer» pute can be settled in the FOLLOWING way. Harshad Claims: (i) He should be given interest @ 10% per annum on capital and loan;There was no agreement made among Harshad and Dhiman. Harshad’s claim of interest rate of 10% is incorrect as according to Partnership Act 1932, interest on capital is not allowed and is allowed on loan only at rate of 6% per annum. (ii) Profit should be DISTRIBUTED in proportion of capital;Also, as there is no agreement, profit is to be distributed equally. Dhiman Claims: (i) Profit should be distributed equally;Dhiman’s demand of equal distribution of profit is acceptable according to Partnership Act. (ii) He should be allowed Rs 2,000 p.m. as remuneration for the PERIOD he managed the business in the absence of Harshad;But he is not entitled for any renumeration for looking into the business alone for a LONG time. (iii) Interest on Capital and loan should be allowed @ 6% p.a.Also, interest on loan is allowed only at 6% per annum. Distribution of Profits will be as follows: Profit and Loss Adjustment AccountInterest on Harshad’s Loan Account: Interest Thus, the interest will be Rs. 3000.Profit This is “Profit and Loss Adjustment Account”. Profit and Loss Appropriation Amount“Profit and Loss Appropriation Amount” will be 1,77,000 divided equally as 88,500 between Harshad and Dhiman equally. |
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| 10318. |
A, B and C are partners in a firm. They do not have a Partnership Deed. At the end of the first year of the commencement of the firm, they have faced the following problems: (a) A wants that interest on capital should be allowed to the partners but B and C do not agree. (b) B wants that the partners should be allowed to draw salary but A and C do not agree. (c) C wants that the loan given by him to the firm should bear interest @ 10% p.a. but A and B do not agree. (d) A and B having contributed larger amounts of capital, desire that the profits should be divided in the ratio of their capital contribution but C does not agree. State how you will settle these disputes if the partners approach you for purpose. |
| Answer» TION:In the GIVEN situation, C's claim is wrong.When there is no partnership deed, a partner is still entitled to interest on any amount advanced by him in excess of his capital contribution. The rate of interest on loan should be 6%p.a not more than that and it should still be paid in CASE of loss in any year.C should be paid interest on loan but not @10%p.a. He should be paid interest @6%p.a......Hope this helps youpleasemark as brainliestfollow me | |
| 10319. |
Following differences have arisen among P, Q and R. State who is correct in each case: (a) P used ₹ 20,000 belonging to the firm and made a profit of ₹ 5,000. Q and R want the amount to be given to the firm? (b) Q used ₹ 5,000 belonging to the firm and suffered a loss of ₹ 1000. He wants the firm to bear the loss? (c) P and Q want to purchase goods from a Ltd., R does not agree (d) Q and R want to admit C as partner, P does not agree? |
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Answer» a. Q and R are correct. b. Q is not correct. c. R is incorrect in this case. d. C would not be permitted to be the partner. Explanation:1. The amount Rs. 20,000 belongs to the firm, so P (being an agent) is liable to pay this amount to the firm along with the profit of Rs. 5000. As per the rule, any profit that is earned by an agent using the firm’s amount, belongs to the firm. So, Q and R are correct in asking P to pay the amount. 2. Q should pay the loss to the firm and firm would not bear this loss. According to Partner’s Act, in case there is any loss and firm’s money has been used, then he is liable to pay that amount. 3. According to the Partner’s Act, 1932, one partner can buy and sell goods even WITHOUT consulting the other partner. So, P and Q can buy goods from a LTD. Company. R not agreeing is incorrect. 4. C cannot be taken as a partner as P doesn’t AGREE. So, Q and R are incorrect in this case as all the partners should agree for inclusion of other partner. |
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| 10320. |
Enter the following transactions in Proper Subsidiary Books of Ram, Lucknow (UP) for the month of January 2018: |
| Answer» TION:Enter the following transactions in PROPER Subsidiary Books of Ram, LUCKNOW (UP) for the month of Jan.follow me..... | |
| 10321. |
M/s. Auto Help, Delhi purchased 500 pieces of motor cycle horns at ₹ 100 each plus IGST @ 12% from M/s G.S., Auto, Ghaziabad, (UP). Trade terms settled were: Trade Discount will be allowed @ 10% and Cash Discount @ 5% if payment is made within 7 days. M/s. Auto Help made the payment after 30 days. Determine the amount of Trade Discount and Cash Discount. |
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Answer» G.S., Auto, Ghaziabad, (UP). TRADE TERMS settled were: Trade Discount will be ALLOWED @ 10% and CASH Discount @ 5% if payment is made.follow me.. |
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| 10322. |
Trial Balance of A. B. Chandra as on 31-12-2019Amount (Cr.)750ParticularsCash in Hand40,0001.25083.00015.00010.000DrawingsOpening Stock (01/01/2018)WagesCash at BankInsuranceTrade ExpensesFurnitureBuildingsSalariesDiscount AllowedSales ReturnsPurchasesDebtorsAmount (Dr.)Particulars2,000 Discount Received2,800 Capital4,000 Purchases Returns2,000 Sales3,500 Creditors700 Bank Loan1,20020,00061,0005,0007503,00031,25010,0001,000Telephone ChargesBills Receivable1.800Total1,50,000-1.50,000The closing stock was valued at 12,000.You are required to prepare a Trading Account and a Profit and Loss Account for the yearending 31st December, 2019 and a Balance Sheet as on 31 December, 2019. |
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| 10323. |
(Fill up the blank with correct answer) 23._ is the process of transforming the people in a country intoworkers who are capable of producing goods and services.(Fill up the blank with correct answer) |
| Answer» MILL WORKERS or UNION WORKER | |
| 10324. |
Five methods of preparing bank cash book |
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Answer» your NAME DATE when your giving money AMOUNT to the PERSON your signature |
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| 10325. |
Five methods of preparing bank |
| Answer» METHOD 1: Bank reconciliation STATEMENT by Debit balance of Bank COLUMN of Cash Book.Method 2: Bank reconciliation statement by CREDIT balance as Cash Book (Overdraft).Method 3: Bank reconciliation statement by Credit balance as per Bank StatementMethod 4: Bank reconciliation statement by Debit balance as per Bank Statement (Overdraft).Explanation:I have only four method.Please follow me | |
| 10326. |
Five methods of preparing bank book |
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Answer» ard PROVE 2. adharcard prove3. address prove 4. we have OPEN an account in bank5. BANK MANAGER will prepare the book |
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| 10327. |
Five methid of preparing bank book |
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| 10328. |
The term "Amortisation" is used to write off : |
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Answer» the term AMORTISATION is used for the action or process of gradually WRITTING off the INITIAL COST of an asset.Explanation: |
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| 10329. |
Noting charges Account is debited by _______ |
| Answer» CHARGES account is Dr by DRAWER (if it is BILLS of EXCHANGE) | |
| 10330. |
Liabilities+capital= |
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Answer» HERE IS YOUR ANSWER......MARK AS BRAIN LIST......HOPE IT HELP.....FØLLÓW MÉ....... |
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| 10331. |
In statistic are arranges in order of dictionary then what will be. rank of that word mamaji |
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Answer» tion:SUPPOSE that you are given a word in which none of the letters is repeated, and are asked to find the rank of the word in a dictionary. For example, if the word given is CAT, it will be very EASY to find its rank. You first WRITE down all possible combinations of the letters, which are CAT, CTA, ATC, TCA, ACT, TAC. Now, you arrange them in alphabetical order, which gives ACT, ATC, CAT, CTA, TAC, TCA.CAT is the 3^\text{rd}3 rd in the above list, so the rank of the word CAT is \boxed{3} 3 . |
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| 10333. |
Good costing rupees 24000 sold at a profit of 33⅓% half of the payment received in cash. Plz tell me how to calculate profit. |
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Answer» if 33.33% PROFIT is on COST then the profit will be as under:24000*33.33/100 if 33.33% profit is on SALES then the profit will be as under:24000*33.33/66.67Explanation: |
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| 10334. |
Chapter 2. Accounting for Partnership Firms-Fundamentals 2.8 0. Akhil and Bimand Bimal are partners sharing profits in the ratio of 3:2. Akhil gave loan to the firm of 1,00,000October, 2019. On the same date, the firm gave loan to Bimal of 1,00,000. They do not havagreement as to interest.i had also given his personal property for firm's godown at a monthly rent of 5,000,eams profit of 1,03,000 (before above adjustments) for the year ended 31st March, 2020.ShFirm eardistribution of profit for the year.bkit Bhanu and Charu are partners in a firm sharing profits and losses equally with capital of 7 |
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Answer» can you PLEASE answer your QUESTION in a bit shorter FORM please. this is a request from me. |
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| 10335. |
T after that cooss entry will be sobe made forransion accounount and Panther account andthisthis account is closed based both Side to tolesthis account are equalpingpingextnal the following is the balance sheet of theBanpite and ganesh as on 3) moch 2010 Barneos wineShaping Profit and be in the petto of 3.2.neSpecieb.Sepenolabalance sheetcapitalHability sidePoiticularAssetsPonticolorun |
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Answer» ratio of 2:2:1. Their CAPITAL BALANCES on 01.04.2017 STOOD at rs 90000, rs 60000 and rs 40000Hope this HELPS ❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️ |
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| 10336. |
Can you please give examples of closing entries |
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Answer» ➡Closing entries are those JOURNAL entries made in a manual accounting system at the end of an accounting PERIOD to shift the balances in temporary ACCOUNTS to permanent accounts.Examples of temporary accounts are the revenue, EXPENSE, and dividends paid accounts.PLZ FOLLOW ME FRIEND AND MARK THIS ANSWER AS A BRAINLIST ANSWER |
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| 10337. |
Goods worth ₹5000 and cash of ₹2000given as charity |
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Answer» Capital A/c DR 7,000 to Purchase A/c. 5,000 to Cash A/c. 2,000Explanation:CHARITY is not a bs exp |
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| 10338. |
Land was undervalued by 120000 |
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Answer» would be... .LAND Ac..........Dr. 120000 To REVALUATION Ac. 120000 ( being land was undervalued by 120000)hope it will HELP you |
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| 10339. |
Cost of goods manufactured is determined by management accounting. Is true/false |
| Answer» PE this HELPS ❤️Mark as BRAINLIEST ❤️Follow me | |
| 10340. |
Where is The convention of conservation is applicable |
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Answer» tion:In accounting, it states that when CHOOSING between TWO solutions, the one that will be least likely to OVERSTATE assets and income should be SELECTED. Essentially, "expected LOSSES are losses but expected gains are not gains". |
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| 10341. |
Deposited in the bank current account |
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Answer» creditedExplanation:BEACUSE its ADDED THATS the SIMPLEST ANSWER |
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| 10342. |
Journal entry of Started business with cash Nu. 100,000: goods worth Nu. 20,000 and furniture worth Nu. 30,000. |
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Answer» expenditurecapital 100000. GOODS 20000 FURNITURE 30000saving 50000total 100000. TOTAL 100000 |
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| 10343. |
Prepare an analytical petty cash book bate particular rs bate 2019 Jan 01 received cash from main cashier rs 1000 05 paid cartridge on good rs 300 10 paid postage stamp 100 15 stationery purchased rs 200 20 auto fair rs 100 |
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Answer» I am not sure if you have any QUESTIONS you may have a good IDEA to have any questions you may be able and phone calls the other side I am writing this mail I don't have to be some reason b I can GET the only one who are in the only thing is I. I don't know if you have any questions or need any type of the if HD sfusitd issues ksjzhx her JOSIAH's |
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| 10344. |
Mohan ,vijay and anil are partners..30,000 , 25000 and 20000 are their capital at closing . How the answer is 1900 wrong distribution |
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Answer» goofuwjjauahwhusujejisbdn |
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| 10345. |
How do i know when to credit the bank account on general journals |
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| 10346. |
ENTRY GOT SOLD GOODS COSTING RS2500 AT A PROFIT 40% ON COST |
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Answer» ry is explained with necessary explanation.Explanation:The ENTRY for this will be : Cash A/c Dr. 3500 To SALES A/c 2500 To P&L A/c 1000Cash account is debited with the total amount received from sales i.e. COST plus profit . Sales account is credited with the amount of goods sold. The rest amount is transfer to profit and loss account as it is our profit. |
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| 10347. |
Plz anyone can journalise this its very important for me Goods of 3,00,000 purchase from Nikhil Traders and received 10% T.D and 5% C.D. Paid 40 paise in a rupee (GST 18%). |
| Answer» PLZZ FOLLOW me DEAR FRIEND | |
| 10348. |
Pramod Mahajan is a Manager in Bajaj Co. Ltd. at Mumbai. He is in the grade ef 76 700-150-8,800 since 1st January, 2016. He gets 60% of Basic Pay as Deam Allowance and 8% of Basic Pay as City Compensatory Allowance. He has been provided th a furnished accommodation by the conmpany, owned by it, fair rent being 4,000 pes month. Furniture costing * 25,000 has also been provided by the company. A car of 1.6 litr Isc kis given to him, which is used for personal purpose also. Driver's salary and all the expenses related to official use are borne by the company. Facility of a gardener watchman and a servant is provided to him. They are paid by the company @7 450 p.m 450 p.m. and 300 p.m. respectively. He contributes 15% of his Basic Pay and Dearness Allowance to Recognised Provident Fund. Company contributes the same amount. Interest of 2,500 @ 12.5% has been credited to his P.F. Account in the end of financial year. On 1st April, 2018, he took an interest free loan of 1,50,000 from his employer for his marriage. He repaid 50,000 on 1st December, 2018. Assume rate of interest is 15% per annum. Assuming that his salary becomes due on 1st of next month, calculate taxable income under the head Salaries' of Shri Pramod Mahajan for the Assessment |
| Answer» HEY bhagwan jane do you have a great DAY and I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at work and then I will be there at | |
| 10349. |
Received a cheque from shyam for 3860 and discount allowed to him 140 cheque deposited into bank on the same day |
| Answer» CHEQUE received=3860 Discount=1403860-140=3720ans | |