2551 + Interview Questions in Accountancy Page 12 InterviewSolution

551.	Who gets the proceeds of the accomodation bill ?
Answer» Who gets the proceeds of the accomodation bill ?

Discussion

552.	The correct journal entry for return of goods purchased from Mr. John on credit is:
Answer» The correct journal entry for return of goods purchased from Mr. John on credit is:

Discussion

553.

Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2019, their Balance Sheet was as follows: Liabilities Amount (₹) Assets Amount (₹) Capital A/cs: Land and Building 4,00,000 Achal 3,00,000 Machinery 3,00,000 Vichal 5,00,000 8,00,000 Debtors 2,22,000 Creditors 1,79,000 Cash at Bank 78,000 Employees' Provident Fund 21,000 10,00,000 10,00,000 The firm was dissolved on 1st April, 2019 and the Assets and Liabilities were settled as follows:(a) Land and Building realised ₹ 4,30,000.(b) Debtors realised ₹ 2,25,000 (with interest) and ₹ 1,000 were recovered for Bad Debts written off last year.(c) There was an Unrecorded Investment which was sold for ₹ 25,000.(d) Vichal took over Machinery at ₹ 2,80,000 for cash.(e) 50% of the Creditors were paid ₹ 4,000 less in full settlement and the remaining Creditors were paid full amount.Pass necessary Journal entries for dissolution of the firm.

Answer» Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5. On 31st March, 2019, their Balance Sheet was as follows:


Liabilities		Amount (₹)	Assets	Amount (₹)
Capital A/cs:			Land and Building	4,00,000
Achal	3,00,000		Machinery	3,00,000
Vichal	5,00,000	8,00,000	Debtors	2,22,000
Creditors		1,79,000	Cash at Bank	78,000
Employees' Provident Fund		21,000
		10,00,000		10,00,000

The firm was dissolved on 1st April, 2019 and the Assets and Liabilities were settled as follows:

(a) Land and Building realised ₹ 4,30,000.

(b) Debtors realised ₹ 2,25,000 (with interest) and ₹ 1,000 were recovered for Bad Debts written off last year.

(c) There was an Unrecorded Investment which was sold for ₹ 25,000.

(d) Vichal took over Machinery at ₹ 2,80,000 for cash.

(e) 50% of the Creditors were paid ₹ 4,000 less in full settlement and the remaining Creditors were paid full amount.

Pass necessary Journal entries for dissolution of the firm.

Discussion

554.

Rectifythe following errors and ascertain the amount of difference in trial balance bypreparing suspense account: (a) Credit sales to Mohan Rs 7,000 were not posted. (b) Credit purchases from Rohan Rs 9,000 were not posted. (c) Goods returned to Rakesh Rs 4,000 were not posted. (d) Goods returned from Mahesh Rs 1,000 were not posted. (e) Cash paid to Ganesh Rs 3,000 was not posted. (f) Cash sales Rs 2,000 were not posted.

Answer»

Rectify
the following errors and ascertain the amount of difference in trial balance by
preparing suspense account:

(a)	Credit sales to Mohan Rs 7,000 were not posted.
(b)	Credit purchases from Rohan Rs 9,000 were not posted.
(c)	Goods returned to Rakesh Rs 4,000 were not posted.
(d)	Goods returned from Mahesh Rs 1,000 were not posted.
(e)	Cash paid to Ganesh Rs 3,000 was not posted.
(f)	Cash sales Rs 2,000 were not posted.

Discussion

555.	The error of undercasting of bank pass book is not relevant at the time of preparing the bank reconciliation.
Answer» The error of undercasting of bank pass book is not relevant at the time of preparing the bank reconciliation.

Discussion

556.	Explain the data base design for Model-I for producing the receipts the series of SQL statements for producing the payment side of cash book for Model-II.
Answer» Explain the data base design for Model-I for producing the receipts the series of SQL statements for producing the payment side of cash book for Model-II.

Discussion

557.	Rectify the following errors:(i) Sale of old furniture worth ₹ 3,000 treated as sales of goods.(ii) Sales Book added ₹ 5,000 short.(iii) Rent of proprietor’s residence, ₹ 6,500 debited to Rent Account.(iv) Goods worth ₹ 11,970 returned by Manav posted to his debit as ₹ 11,790.
Answer» Rectify the following errors: (i) Sale of old furniture worth ₹ 3,000 treated as sales of goods. (ii) Sales Book added ₹ 5,000 short. (iii) Rent of proprietor’s residence, ₹ 6,500 debited to Rent Account. (iv) Goods worth ₹ 11,970 returned by Manav posted to his debit as ₹ 11,790.

Discussion

558.	Ganga Ltd purchased a machinery on January 1, 2001, for Rs 5,50,000 and spent Rs 50,000 on its installation. On September 1, 2001, it purchased another machine for Rs 3,70,000. On May 01, 2002 it purchased another machine for Rs 8,40,000 (including installation expenses). Depreciation was provided on machinery 10% per annum on original cost method annually on December 31. Prepare (a) Machinery account and Depreciation account for the years 2001, 2002, 2003 and 2004. (b) If depreciation is accumulated in the provision for Depreciation account, then prepare Machine account and Provision for depreciation account for the years 2001, 2002, 2003 and 2004.
Answer» Ganga Ltd purchased a machinery on January 1, 2001, for Rs 5,50,000 and spent Rs 50,000 on its installation. On September 1, 2001, it purchased another machine for Rs 3,70,000. On May 01, 2002 it purchased another machine for Rs 8,40,000 (including installation expenses). Depreciation was provided on machinery $10 %$ per annum on original cost method annually on December 31. Prepare (a) Machinery account and Depreciation account for the years 2001, 2002, 2003 and 2004. (b) If depreciation is accumulated in the provision for Depreciation account, then prepare Machine account and Provision for depreciation account for the years 2001, 2002, 2003 and 2004.

558.

Ganga Ltd purchased a machinery on January 1, 2001, for Rs 5,50,000 and spent Rs 50,000 on its installation. On September 1, 2001, it purchased another machine for Rs 3,70,000. On May 01, 2002 it purchased another machine for Rs 8,40,000 (including installation expenses). Depreciation was provided on machinery 10% per annum on original cost method annually on December 31. Prepare (a) Machinery account and Depreciation account for the years 2001, 2002, 2003 and 2004. (b) If depreciation is accumulated in the provision for Depreciation account, then prepare Machine account and Provision for depreciation account for the years 2001, 2002, 2003 and 2004.

Answer»

Ganga Ltd purchased a machinery on January 1, 2001, for Rs 5,50,000 and spent Rs 50,000 on its installation. On September 1, 2001, it purchased another machine for Rs 3,70,000. On May 01, 2002 it purchased another machine for Rs 8,40,000 (including installation expenses).

Depreciation was provided on machinery $10 %$ per annum on original cost method annually on December 31. Prepare

(a) Machinery account and Depreciation account for the years 2001, 2002, 2003 and 2004.

(b) If depreciation is accumulated in the provision for Depreciation account, then prepare Machine account and Provision for depreciation account for the years 2001, 2002, 2003 and 2004.

Discussion

559.	ABC Company provides the following information: Cost of the equipment: Rs. 5,000 Salvage value: Rs. 500 Useful life of equipment: 10 years Under straight line method, the yearly depreciation charge is:
Answer» ABC Company provides the following information: Cost of the equipment: Rs. 5,000 Salvage value: Rs. 500 Useful life of equipment: 10 years Under straight line method, the yearly depreciation charge is:

Discussion

560.	Sales to Amrish amounting to Rs 1430 has been posted to his account as Rs 1340. To rectify this error Amrish`s account shall be ___
Answer» Sales to Amrish amounting to Rs 1430 has been posted to his account as Rs 1340. To rectify this error Amrish`s account shall be ___

Discussion

561.

Trialbalance of Anuj did not agree. It showed an excess credit of Rs 6,000.Heput the difference to suspense account. He discovered the following erro Rs (a) Cash received from Ravish Rs 8,000 posted to his account as Rs 6,000. (b) Returns inwards book overcast by Rs 1,000. (c) Total of sales book Rs 10,000 was not posted to Sales account. (d) Credit purchases from Nanak Rs 7,000 were recorded in sales Book. However, Nanak’s account was correctly credited. (e) Machinery purchased for Rs 10,000 was posted to purchases account as Rs 5,000. Rectify the errors and prepare suspense account.

Answer»

Trial
balance of Anuj did not agree. It showed an excess credit of Rs 6,000.

He
put the difference to suspense account. He discovered the following erro Rs

(a)	Cash received from Ravish Rs 8,000 posted to his account as Rs 6,000.
(b)	Returns inwards book overcast by Rs 1,000.
(c)	Total of sales book Rs 10,000 was not posted to Sales account.
(d)	Credit purchases from Nanak Rs 7,000 were recorded in sales Book. However, Nanak’s account was correctly credited.
(e)	Machinery purchased for Rs 10,000 was posted to purchases account as Rs 5,000. Rectify the errors and prepare suspense account.

Discussion

562.	[dummy - to be removed] What is the journal entry in bank books for the transaction of withdrawing RS 1200 from the bank by a customer?
Answer» [dummy - to be removed] What is the journal entry in bank books for the transaction of withdrawing RS 1200 from the bank by a customer?

Discussion

563.	Consider the following statements about Serious Fraud Investigation Office: Which of the above statements is/are correct
Answer» Consider the following statements about Serious Fraud Investigation Office: Which of the above statements is/are correct

563.

Consider the following statements about Serious Fraud Investigation Office: Which of the above statements is/are correct

Answer»

Consider the following statements about Serious Fraud Investigation Office:

Which of the above statements is/are correct

Discussion

564.	All indirect expenses related to business are charged to:
Answer» All indirect expenses related to business are charged to:

Discussion

565.	"बालक बच गया। उसके बचने की आशा है क्योंकि वह लड्डू की पुकार जीवित वृक्ष के हरे पत्तों का मधुर मर्मर था, मरे काठ की अलमारी की सिर दुखानेवाली खड़खड़ाहट नहीं" कथन के आधार पर बालक की स्वाभाविक प्रवृत्तियों का उल्लेख कीजिए।
Answer» "बालक बच गया। उसके बचने की आशा है क्योंकि वह लड्डू की पुकार जीवित वृक्ष के हरे पत्तों का मधुर मर्मर था, मरे काठ की अलमारी की सिर दुखानेवाली खड़खड़ाहट नहीं" कथन के आधार पर बालक की स्वाभाविक प्रवृत्तियों का उल्लेख कीजिए।

Discussion

566.	Which of the images given in the options exhibit a similar process to the process occurring in the question image ?
Answer» Which of the images given in the options exhibit a similar process to the process occurring in the question image ?

Discussion

567.	21. If the list price of a toy is reduced by 2, a person can buy 2 toys more for Rs360. Find the original price of the toy.
Answer» 21. If the list price of a toy is reduced by 2, a person can buy 2 toys more for Rs360. Find the original price of the toy.

Discussion

568.	Which characteristic of a computer system is shown in the statement 'Ability to perform various tasks, simple as well as complex?
Answer» Which characteristic of a computer system is shown in the statement 'Ability to perform various tasks, simple as well as complex?

Discussion

569.	The structure of statements in a computer language is called _____
Answer» The structure of statements in a computer language is called _____

Discussion

570.	Describe and discuss the procedure of creating the receipts side of a cash book.
Answer» Describe and discuss the procedure of creating the receipts side of a cash book.

Discussion

571.	Show the treatment of prepaid expenses, depreciation and closing stock at the time of preparation of final accounts when:(a) When given inside the Trial Balance?(b) When given outside the Trial Balance?
Answer» Show the treatment of prepaid expenses, depreciation and closing stock at the time of preparation of final accounts when: (a) When given inside the Trial Balance? (b) When given outside the Trial Balance?

571.

Show the treatment of prepaid expenses, depreciation and closing stock at the time of preparation of final accounts when:(a) When given inside the Trial Balance?(b) When given outside the Trial Balance?

Answer»

Show the treatment of prepaid expenses, depreciation and closing stock at the time of preparation of final accounts when:

(a) When given inside the Trial Balance?

(b) When given outside the Trial Balance?

Discussion

572.

Calculate the due dates of the bills in the following cases: Date of Bill Tenure (Period) (i) 1st December, 2018 60 Days (ii) 30th April, 2019 2 Months (iii) 28th January, 2019 1 Month (iv) 23rd November, 2018 2 Months (v) 29th May, 2018 4 Months

Answer» Calculate the due dates of the bills in the following cases:

Date of Bill		Tenure (Period)
(i)	1st December, 2018	60 Days
(ii)	30th April, 2019	2 Months
(iii)	28th January, 2019	1 Month
(iv)	23rd November, 2018	2 Months
(v)	29th May, 2018	4 Months

Discussion

573.	पेट की आग का शमन ईश्वर (राम) भक्ति का मेघ ही कर सकता है- तुलसी का यह काव्य-सत्य क्या इस समय का भी युग-सत्य है? तर्कसंगत उत्तर दीजिए।
Answer» पेट की आग का शमन ईश्वर (राम) भक्ति का मेघ ही कर सकता है- तुलसी का यह काव्य-सत्य क्या इस समय का भी युग-सत्य है? तर्कसंगत उत्तर दीजिए।

Discussion

574.	'एक बार शुरू होने परकहीं नहीं रुकता हस्तक्षेप'इस पंक्ति को केंद्र में रखकर परिचर्चा आयोजित करें।
Answer» 'एक बार शुरू होने पर कहीं नहीं रुकता हस्तक्षेप' इस पंक्ति को केंद्र में रखकर परिचर्चा आयोजित करें।

Discussion

575.

From the following balances prepare Final Accounts as at 31st March 2017:- Particulars (₹) Particulars (₹) Stock 1-4-2016 23,500 Freight In 1,100 Purchases 46,800 Freight Out 3,000 Sales 1,30,000 Rent (Factory 1/3, Office 2/3) 7,500 Productive Expenses 27,000 Legal Expenses 800 Unproductive Expenses 5,800 Miscellaneous Receipts 500 Trade Expenses 1,200 Sundry Debtors 30,000 Returns In 6,600 Sundry Creditors 16,100 Returns Out 2,800 Donation 600 Loose Tools 7,200 Bad-Debts 4,750 Trade Marks 5,000 Bad-Debts Recovered 4,000 Discount Cr. 2,100 Bank Charges 2,800 Salaries 9,600 Loan on Mortgage 20,000 Fixed Deposit with Punjab National Bank 10,000 Interest on Loan 2,400 Cash in Hand 1,300 Motor Vehicles 50,000 Leasehold Land 60,000 Capital 1,37,450 Life Insurance Premium 6,000 Value of Closing Stock was ₹ 36,500 on 31st March, 2017.

Answer» From the following balances prepare Final Accounts as at 31st March 2017:-

Particulars	(₹)	Particulars	(₹)
Stock 1-4-2016	23,500	Freight In	1,100
Purchases	46,800	Freight Out	3,000
Sales	1,30,000	Rent (Factory 1/3, Office 2/3)	7,500
Productive Expenses	27,000	Legal Expenses	800
Unproductive Expenses	5,800	Miscellaneous Receipts	500
Trade Expenses	1,200	Sundry Debtors	30,000
Returns In	6,600	Sundry Creditors	16,100
Returns Out	2,800	Donation	600
Loose Tools	7,200	Bad-Debts	4,750
Trade Marks	5,000	Bad-Debts Recovered	4,000
Discount Cr.	2,100	Bank Charges	2,800
Salaries	9,600	Loan on Mortgage	20,000
Fixed Deposit with Punjab National Bank	10,000	Interest on Loan	2,400
Cash in Hand	1,300
Motor Vehicles	50,000
Leasehold Land	60,000
Capital	1,37,450
Life Insurance Premium	6,000

Value of Closing Stock was ₹ 36,500 on 31st March, 2017.

Discussion

576.	Define accounting.
Answer» Define accounting.

Discussion

577.	What Journal entry will be passed in the books of drawer (X) and drawee (Y) at the time of dishonour of bill in the following cases:(i) If bill of ₹ 50,000 was discounted from bank and noting charges paid by the bank was ₹ 600.(ii) If B/R of ₹ 50,000 was endorsed in favour of Z. Noting charges paid by Z ₹ 600.(iii) If B/R is returned with drawer and noting charges were ₹ 600.
Answer» What Journal entry will be passed in the books of drawer (X) and drawee (Y) at the time of dishonour of bill in the following cases: (i) If bill of ₹ 50,000 was discounted from bank and noting charges paid by the bank was ₹ 600. (ii) If B/R of ₹ 50,000 was endorsed in favour of Z. Noting charges paid by Z ₹ 600. (iii) If B/R is returned with drawer and noting charges were ₹ 600.

Discussion

578.

A, B and C are partners in a firm sharing profits in the proportion of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2018 stood as follows: Liabilities Amount (₹) Assets Amount (₹) Sundry Creditors 2,70,000 Cash in Hand 42,500 General Reserve 1,20,000 Cash at Bank 2,14,500 Capital A/cs: Debtors 1,63,000 A 2,00,000 Stock 17,500 B 1,20,000 Investment 1,32,500 C 80,000 4,00,000 Building 2,10,000 B's Loan 10,000 7,90,000 7,90,000 B died on 30th June, 2018 and according to the deed of the said partnership his executors are entitled to be paid as under:(a) The capital to his credit at the time of his death and interest thereon 10% per annum.(b) His proportionate share of General Reserve.(c) His share of profit for the intervening period will be based on the sales during that period. Sales from 1st April, 2018 to 30th June, 2018 were as ₹ 12,00,000. The rate of profit during past three years had been 10% on sales.(d) Goodwill according to his share of profit to be calculated by taking twice the amount of profits of the last three years less 20%. The profit of the previous three years were: 1st Year: ₹ 82,000; 2nd year: ₹ 90,000; 3rd year ₹ 98,000.(e) The investments were sold at par and his executors were paid out in full.Prepare B's Capital Account and his Executors' Account.

Answer» A, B and C are partners in a firm sharing profits in the proportion of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2018 stood as follows:

Liabilities		Amount (₹)	Assets	Amount (₹)
Sundry Creditors		2,70,000	Cash in Hand	42,500
General Reserve		1,20,000	Cash at Bank	2,14,500
Capital A/cs:			Debtors	1,63,000
A	2,00,000		Stock	17,500
B	1,20,000		Investment	1,32,500
C	80,000	4,00,000	Building	2,10,000
			B's Loan	10,000
		7,90,000		7,90,000

B died on 30th June, 2018 and according to the deed of the said partnership his executors are entitled to be paid as under:

(a) The capital to his credit at the time of his death and interest thereon 10% per annum.

(b) His proportionate share of General Reserve.

(c) His share of profit for the intervening period will be based on the sales during that period. Sales from 1st April, 2018 to 30th June, 2018 were as ₹ 12,00,000. The rate of profit during past three years had been 10% on sales.

(d) Goodwill according to his share of profit to be calculated by taking twice the amount of profits of the last three years less 20%. The profit of the previous three years were: 1st Year: ₹ 82,000; 2nd year: ₹ 90,000; 3rd year ₹ 98,000.

(e) The investments were sold at par and his executors were paid out in full.

Prepare B's Capital Account and his Executors' Account.

Discussion

579.	X sold goods to Y on 1.3.2017 for ₹ 12,000 and drew upon Y a bill of exchange for the same amount payable after two months. X immediately discounted the bill with his bank at 9% p.a. The maturity date of the bill was a non business day (holiday), therefore, X had to present the bill as per the provisions of the Indian Instruments Act, 1881. The bill was dishonoured by Y and X paid ₹ 45 as noting charges. Y settled the claim of X five days after the dishonour of the bill by a cheque which included interest 12% for the term of the bill.Journalise the above transactions in the books of X and Y and prepare Y's account in the books of X and X's account in the books of Y.
Answer» X sold goods to Y on 1.3.2017 for ₹ 12,000 and drew upon Y a bill of exchange for the same amount payable after two months. X immediately discounted the bill with his bank at 9% p.a. The maturity date of the bill was a non business day (holiday), therefore, X had to present the bill as per the provisions of the Indian Instruments Act, 1881. The bill was dishonoured by Y and X paid ₹ 45 as noting charges. Y settled the claim of X five days after the dishonour of the bill by a cheque which included interest 12% for the term of the bill. Journalise the above transactions in the books of X and Y and prepare Y's account in the books of X and X's account in the books of Y.

Discussion

580.	David wants to replenish the Rs150 petty cash fund. He has receipts for the following total payments: supplies, Rs36; and postage (Office Expense), Rs27. A cash count shows Rs87 in the petty cash box. What is the correct journal entry to record the transaction?
Answer» David wants to replenish the Rs150 petty cash fund. He has receipts for the following total payments: supplies, Rs36; and postage (Office Expense), Rs27. A cash count shows Rs87 in the petty cash box. What is the correct journal entry to record the transaction?

Discussion

581.	'B' being unable to meet his acceptance for ₹ 2,000 due on 15th June, approaches the Drawer 'A' (who is in possession of the bill) on 30th June, with the request to receive ₹ 800 in cash and draw on him for the balance plus ₹ 15 for interest at 3 months date and cancel the old bill for ₹ 2,000. 'A' agrees to this. Pass the entries in the books of 'A' and 'B'.
Answer» 'B' being unable to meet his acceptance for ₹ 2,000 due on 15th June, approaches the Drawer 'A' (who is in possession of the bill) on 30th June, with the request to receive ₹ 800 in cash and draw on him for the balance plus ₹ 15 for interest at 3 months date and cancel the old bill for ₹ 2,000. 'A' agrees to this. Pass the entries in the books of 'A' and 'B'.

Discussion

582.	Payment of rent expenses is recorded on which side of cash book?
Answer» Payment of rent expenses is recorded on which side of cash book?

Discussion

583.	Distinguishbetween straight line method and written down value method ofcalculating depreciation.
Answer» Distinguish between straight line method and written down value method of calculating depreciation.

Discussion

584.	Identify the preposition indicating means in the sentence. It was known to everyone that Tarun was exceptionally skilled in lock picking, so when Jayashree locked herself out, Tarun helped her by picking it with a bobby pin.
Answer» Identify the preposition indicating means in the sentence. It was known to everyone that Tarun was exceptionally skilled in lock picking, so when Jayashree locked herself out, Tarun helped her by picking it with a bobby pin.

584.

Identify the preposition indicating means in the sentence. It was known to everyone that Tarun was exceptionally skilled in lock picking, so when Jayashree locked herself out, Tarun helped her by picking it with a bobby pin.

Answer»

Identify the preposition indicating means in the sentence.

It was known to everyone that Tarun was exceptionally skilled in lock picking, so when Jayashree locked herself out, Tarun helped her by picking it with a bobby pin.

Discussion

585.	Sales to Shakila of Rs. 2,400 was posted to the debit of her account. How it shall be corrected?
Answer» Sales to Shakila of Rs. 2,400 was posted to the debit of her account. How it shall be corrected?

Discussion

586.	Solve the following problems.Parmeshi bought a site for Rs. 34,000. He paid commission over the cost price. How much did he spend for the site on the whole?
Answer» Solve the following problems. Parmeshi bought a site for Rs. 34,000. He paid commission over the cost price. How much did he spend for the site on the whole?

586.

Solve the following problems.Parmeshi bought a site for Rs. 34,000. He paid commission over the cost price. How much did he spend for the site on the whole?

Answer»

Solve the following problems.

Parmeshi bought a site for Rs. 34,000. He paid commission over the cost price. How much did he spend for the site on the whole?

Discussion

587.	A company purchased on 1st July, 2015 machinery costing ₹ 30,000. It further purchased machinery on 1st January, 2016 costing ₹ 20,000 and on 1st October, 2016 costing ₹ 10,000. On 1st April, 2017, one-third of the machinery installed on 1st July, 2015 became obsolete and was sold for ₹ 3,000. The company follows financial year as accounting year.Show how the Machinery Account would appear in the books of company if depreciation is charged 10% p.a. on Written Down Value Method.
Answer» A company purchased on 1st July, 2015 machinery costing ₹ 30,000. It further purchased machinery on 1st January, 2016 costing ₹ 20,000 and on 1st October, 2016 costing ₹ 10,000. On 1st April, 2017, one-third of the machinery installed on 1st July, 2015 became obsolete and was sold for ₹ 3,000. The company follows financial year as accounting year. Show how the Machinery Account would appear in the books of company if depreciation is charged 10% p.a. on Written Down Value Method.

Discussion

588.

Overdraft shown by the passbook of Mr. Murli is Rs 20,000. Prepare bank reconciliation statement on dated March 31, 2017. (i) Bank charges debited as per passbook Rs 500. (ii) Cheques recorded in the cash book but not sent to the bank for collection Rs 2,500. (iii) Received a payment directly from customer Rs 4,600. (iv) Cheque issued but not presented for payment Rs 6,980. (v) Interest credited by the bank Rs 100. (vi) LIC paid by bank Rs 2,500. (vii) Cheques deposited with the bank but not collected Rs 3,500.

Answer» Overdraft shown by the passbook of Mr. Murli is Rs 20,000. Prepare bank reconciliation statement on dated March 31, 2017.

(i)	Bank charges debited as per passbook Rs 500.
(ii)	Cheques recorded in the cash book but not sent to the bank for collection Rs 2,500.
(iii)	Received a payment directly from customer Rs 4,600.
(iv)	Cheque issued but not presented for payment Rs 6,980.
(v)	Interest credited by the bank Rs 100.
(vi)	LIC paid by bank Rs 2,500.
(vii)	Cheques deposited with the bank but not collected Rs 3,500.

Discussion

589.	21. At what price should a 9% Rs100 share be quoted when the money is worth 6%?
Answer» 21. At what price should a 9% Rs100 share be quoted when the money is worth 6%?

Discussion

590.	In which of the following orders data is entered in a journal?
Answer» In which of the following orders data is entered in a journal?

Discussion

591.	Your bank charges a monthly statement fee of Rs 140. Which account is debited to record the same in journal?
Answer» Your bank charges a monthly statement fee of Rs 140. Which account is debited to record the same in journal?

Discussion

592.	In case of discount given to customer to whom the goods were sold on credit, which of the following account is debited & credited respectively at the time of receipt of payment?
Answer» In case of discount given to customer to whom the goods were sold on credit, which of the following account is debited & credited respectively at the time of receipt of payment?

Discussion

593.	In case the business is of selling used cars, purchase of cars for resale shall be debited to:
Answer» In case the business is of selling used cars, purchase of cars for resale shall be debited to:

Discussion

594.	What are the basic features of bureaucracy?
Answer» What are the basic features of bureaucracy?

Discussion

595.	What is the entry passed when goods are bought on credit?
Answer» What is the entry passed when goods are bought on credit?

Discussion

596.	From the following, calculate the amount of bills accepted during the year.RsBills payable as on April 01, 2016 1,80,000Bills payable as on March 31, 2017 2,20,000Bills payable dishonoured during the year 28,000Bills payable honoured during the year 50,000
Answer» From the following, calculate the amount of bills accepted during the year. Rs Bills payable as on April 01, 2016 1,80,000 Bills payable as on March 31, 2017 2,20,000 Bills payable dishonoured during the year 28,000 Bills payable honoured during the year 50,000

Discussion

597.	With the help of an example, explain the materiality principle.
Answer» With the help of an example, explain the materiality principle.

Discussion

598.

Look and fill in the columns. One has been done for you. quiet quietly sad _______ fluent _ fierce _ angry _ gentle _________

Answer» Look and fill in the columns. One has been done for you.

quiet	quietly	sad	_______________
fluent	_______________	fierce	_______________
angry	_______________	gentle	_______________

Discussion

599.	Ravi sold goods for Rs 40,000 to Sudershan on Feb 13, 2016. He drew four bills of exchange upon Sudershan. The first bill was for Rs 5,000 payable after one month. The second bill was for Rs 10,000 payable after 40 days; the third bill was for Rs 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishounoured by Sudarshan on maturity. Sudershan settled Ravi’s claim in cash three days after the dishonour of each bill along with interest 12% p.a. for the terms of the bills. You are requested to record the necessary journal entries in the books to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare Sudershan’s account and Mustaq’s account in the books of Ravi.
Answer» Ravi sold goods for Rs 40,000 to Sudershan on Feb 13, 2016. He drew four bills of exchange upon Sudershan. The first bill was for Rs 5,000 payable after one month. The second bill was for Rs 10,000 payable after 40 days; the third bill was for Rs 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi. Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishounoured by Sudarshan on maturity. Sudershan settled Ravi’s claim in cash three days after the dishonour of each bill along with interest 12% p.a. for the terms of the bills. You are requested to record the necessary journal entries in the books to Ravi, Sudershan, Mustaq and bank for the above transaction. Also prepare Sudershan’s account and Mustaq’s account in the books of Ravi.

Discussion

600.

An accountant, while balancing his books found that there was a difference of Rs. 85.95 in the trial balance. Being required to prepare the final accounts, he placed this difference to a newly opened suspense account which was carried forward to the next year, when the follwing errors were discovered. (i) Goods bought from a merchant for Rs. 5.50 had been posted to the credit of his account as Rs. 55. (ii) An item of Rs. 10.62 entered in the sales return book had been posted to the debit of the customer who returned the goods. (iii) Rs. 60 owing by a customer had been omitted from the schedule of sundry debtors. (iv) Rs. 2.31 discount received from a creditor had been duly entered in his account but not posted to discount received account. Give journal entries necessary to correct these errors and prepare the suspense account.

Answer»

An accountant, while balancing his books found that there was a difference of Rs. 85.95 in the trial balance. Being required to prepare the final accounts, he placed this difference to a newly opened suspense account which was carried forward to the next year, when the follwing errors were discovered.

(i) Goods bought from a merchant for Rs. 5.50 had been posted to the credit of his account as Rs. 55.

(ii) An item of Rs. 10.62 entered in the sales return book had been posted to the debit of the customer who returned the goods.

(iii) Rs. 60 owing by a customer had been omitted from the schedule of sundry debtors.

(iv) Rs. 2.31 discount received from a creditor had been duly entered in his account but not posted to discount received account.

Give journal entries necessary to correct these errors and prepare the suspense account.

Discussion

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What is the entry passed when goods are bought on credit?

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Look and fill in the columns. One has been done for you. quiet quietly sad _______________ fluent _______________ fierce _______________ angry _______________ gentle _______________

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In case of discount given to customer to whom the goods were sold on credit, which of the following account is debited & credited respectively at the time of receipt of payment?

Look and fill in the columns. One has been done for you. quiet quietly sad _______ fluent _ fierce _ angry _ gentle _________