2551 + Interview Questions in Accountancy Page 16 InterviewSolution

751.	If Seenappa spends of his salary on food, on house rent and on miscellaneous items, then find the fraction of his salary that remains with him.
Answer» If Seenappa spends of his salary on food, on house rent and on miscellaneous items, then find the fraction of his salary that remains with him.

Discussion

752.

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv and Sons for the year ended March 31, 2017. Rs Opening stock 50,000 Net sales 11,00,000 Net purchases 6,00,000 Direct expenses 60,000 Administration expenses 45,000 Selling and distribution expenses 65,000 Loss due to fire 20,000 Closing stock 70,000

Answer»

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv and Sons for the year ended March 31, 2017.

	Rs
Opening stock	50,000
Net sales	11,00,000
Net purchases	6,00,000
Direct expenses	60,000
Administration expenses	45,000
Selling and distribution expenses	65,000
Loss due to fire	20,000
Closing stock	70,000

Discussion

753.

Trialbalance of Kohli did not agree and showed an excess debit of Rs 16,300. He putthe difference to a suspense account and discovered the following errors: (a) Cash received from Rajat Rs 5,000 was posted to the debit of Kamal as Rs 6,000. (b) Salaries paid to an employee Rs 2,000 were debited to his personal account as Rs 1,200. (c) Goods withdrawn by proprietor for personal use Rs 1,000 were credited to sales account as Rs 1,600. (d) Depreciation provided on machinery Rs 3,000 was posted to Machinery account as Rs 300. (e) Sale of old car for Rs 10,000 was credited to sales account as Rs 6,000. Rectify the errors and prepare suspense account.

Answer»

Trial
balance of Kohli did not agree and showed an excess debit of Rs 16,300. He put
the difference to a suspense account and discovered the following errors:

(a)	Cash received from Rajat Rs 5,000 was posted to the debit of Kamal as Rs 6,000.
(b)	Salaries paid to an employee Rs 2,000 were debited to his personal account as Rs 1,200.
(c)	Goods withdrawn by proprietor for personal use Rs 1,000 were credited to sales account as Rs 1,600.
(d)	Depreciation provided on machinery Rs 3,000 was posted to Machinery account as Rs 300.
(e)	Sale of old car for Rs 10,000 was credited to sales account as Rs 6,000. Rectify the errors and prepare suspense account.

Discussion

754.	The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _____ by _____.
Answer» The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _____ by _____.

Discussion

755.	What is meant by Pay -In - Slip?
Answer» What is meant by Pay -In - Slip?

Discussion

756.	X, Y and Z entered into partnership on 1st April, 2016. They contributed capital ₹ 40,000, ₹ 30,000 and ₹ 20,000 respectively and agreed to share profits in the ratio of 3 : 2 : 1. Interest on capital was to be allowed 15% p.a. and interest on drawings was to be charged at an average rate of 5%. During the two years ended 31st March, 2018, the firm made profit of ₹ 21,600 and ₹ 25,140 respectively before allowing or charging interest on capital and drawings. The drawings of each partner were ₹ 6,000 per year.On 31st March, 2018, the partners decided to dissolve the partnership due to difference of opinion. On that date, the creditors amounted to ₹ 20,000. The assets, other than cash ₹ 2,000, realised ₹ 1,21,000. Expenses of dissolution amounted to ₹ 760.Draw up necessary Ledger Accounts to close the books of the firm.
Answer» X, Y and Z entered into partnership on 1st April, 2016. They contributed capital ₹ 40,000, ₹ 30,000 and ₹ 20,000 respectively and agreed to share profits in the ratio of 3 : 2 : 1. Interest on capital was to be allowed 15% p.a. and interest on drawings was to be charged at an average rate of 5%. During the two years ended 31st March, 2018, the firm made profit of ₹ 21,600 and ₹ 25,140 respectively before allowing or charging interest on capital and drawings. The drawings of each partner were ₹ 6,000 per year. On 31st March, 2018, the partners decided to dissolve the partnership due to difference of opinion. On that date, the creditors amounted to ₹ 20,000. The assets, other than cash ₹ 2,000, realised ₹ 1,21,000. Expenses of dissolution amounted to ₹ 760. Draw up necessary Ledger Accounts to close the books of the firm.

Discussion

757.	Which of the following errors do not effect trial balance
Answer» Which of the following errors do not effect trial balance

Discussion

758.	On 1st April, 2014, A Ltd. purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st October, 2014 an additional machinery costing ₹ 1,00,000 was purchased. On 1st October, 2016, the machine purchased on 1st April, 2014 was sold for ₹ 1,43,000 and on the same date, a new machine was purchased ata cost of ₹ 2,00,000.
Answer» On 1st April, 2014, A Ltd. purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st October, 2014 an additional machinery costing ₹ 1,00,000 was purchased. On 1st October, 2016, the machine purchased on 1st April, 2014 was sold for ₹ 1,43,000 and on the same date, a new machine was purchased ata cost of ₹ 2,00,000.

Discussion

759.	Calculate amount of medicines consumed during the year ended 31st March, 2018: ₹Opening Stock of Medicines 1,00,000Opening Creditors for Medicines 90,000Cash purchases of Medicines during the year 3,00,000Closing Stock of Medicines 1,50,000Closing Creditors for Medicines 1,30,000
Answer» Calculate amount of medicines consumed during the year ended 31st March, 2018: ₹ Opening Stock of Medicines 1,00,000 Opening Creditors for Medicines 90,000 Cash purchases of Medicines during the year 3,00,000 Closing Stock of Medicines 1,50,000 Closing Creditors for Medicines 1,30,000

Discussion

760.	'Book-keeping is not a part of accounting'.Do you agree with the statement?
Answer» 'Book-keeping is not a part of accounting'.Do you agree with the statement?

Discussion

761.	A company bought machinery for Rs. 25000 and depreciation rate is 10% on SLM. Which of the following is correct?
Answer» A company bought machinery for Rs. 25000 and depreciation rate is 10% on SLM. Which of the following is correct?

Discussion

762.	People who write computer programmes are called as _______.
Answer» People who write computer programmes are called as _______.

Discussion

763.

Calculate the due dates of the bills in the following cases: Date of Bill Tenure (Period) (i) 1st December, 2017 60 Days (ii) 30th April, 2018 2 Months (iii) 28th January, 2018 1 Month (iv) 23rd November, 2017 2 Months (v) 29th May, 2017 4 Months

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

Date of Bill		Tenure (Period)
(i)	1st December, 2017	60 Days
(ii)	30th April, 2018	2 Months
(iii)	28th January, 2018	1 Month
(iv)	23rd November, 2017	2 Months
(v)	29th May, 2017	4 Months

Discussion

764.	To find out the stock of stationery consumed, we use equation where consumption equals-
Answer» To find out the stock of stationery consumed, we use equation where consumption equals-

Discussion

765.	Which account is temporarily opened to rectify the errors effecting the Trial Balance?
Answer» Which account is temporarily opened to rectify the errors effecting the Trial Balance?

Discussion

766.	Which of the following specialised journals record the " goods returned by customers"?
Answer» Which of the following specialised journals record the " goods returned by customers"?

Discussion

767.	In a cinema hall, the charge per person is Rs.200. On the first day, only 60% of the seats were filled. The owner decided to reduce the price by 20% and there was in increase of 50% in the number of spectators on the next day. The percentage increase in the revenue on the second day was
Answer» In a cinema hall, the charge per person is Rs.200. On the first day, only 60 $%$ of the seats were filled. The owner decided to reduce the price by 20 $%$ and there was in increase of 50 $%$ in the number of spectators on the next day. The percentage increase in the revenue on the second day was

Discussion

768.	To which of the following concerns does the business entity principle not apply?
Answer» To which of the following concerns does the business entity principle not apply?

Discussion

769.	What are the different parameters used to measure the size of the business?
Answer» What are the different parameters used to measure the size of the business?

769.

What are the different parameters used to measure the size of the business?

Answer»

What are the different parameters used to measure the size of the business?

Discussion

770.	What do you think was in the brown paper bag that the Chief received?
Answer» What do you think was in the brown paper bag that the Chief received?

Discussion

771.	(a) What are the features of a good table? Mention any 3 points. (b) Explain any 3 merits of a direct personal investigation.
Answer» (a) What are the features of a good table? Mention any 3 points. (b) Explain any 3 merits of a direct personal investigation.

Discussion

772.	Closing stock is credited in the:
Answer» Closing stock is credited in the:

Discussion

773.

Put the following on the proper side of a Cash Account, a Debtor's Account and a Creditor's Account: ₹ (i) Sold goods to Sanjay on credit 50,000 (ii) Sold goods to Mohan for cash 20,000 (iii) Purchased goods from Ram on credit 25,000 (iv) Cash received from Sanjay 19,000 (v) Goods returned by Sanjay 2,000 (vi) Paid rent 500 (vii) Cash paid to Ram 15,000

Answer» Put the following on the proper side of a Cash Account, a Debtor's Account and a Creditor's Account:

		₹
(i)	Sold goods to Sanjay on credit	50,000
(ii)	Sold goods to Mohan for cash	20,000
(iii)	Purchased goods from Ram on credit	25,000
(iv)	Cash received from Sanjay	19,000
(v)	Goods returned by Sanjay	2,000
(vi)	Paid rent	500
(vii)	Cash paid to Ram	15,000

Discussion

774.

From the following Balance Sheet as at 31st March, 2019 and Statement of Profit and Loss for the year ended 31st March, 2019 of RSB Ltd. and additional information, prepare Cash Flow Statement: Particulars Note No. 31st March, 2019 (₹) 31st March, 2018 (₹) I. EQUITY AND LIABILITIES 1. Shareholders' Funds (a) Share Capital 7,50,000 5,00,000 (b) Reserves and Surplus 1 9,50,000 3,00,000 2. Non-Current Liabilities Long-term Borrowings (5% Debentures) 7,00,000 4,00,000 3. Current Liabilities (a) Trade Payables 1,10,000 90,000 (b) Other Current Liabilities 2 39,000 25,000 (c) Short-term Provisions (Provision for Tax) 2,60,000 2,25,000 Total 28,09,000 15,40,000 II. ASSETS 1. Non-Current Assets (a) Fixed Assets – Tangible 3 6,85,000 7,45,000 (b) Non-current Investments 7,50,000 2,50,000 2. Current Assets (a) Current Investments 6,74,000 95,000 (b) Inventories 1,00,000 2,00,000 (c) Trade Receivables 4,00,000 1,50,000 (d) Cash and Cash Equivalents 2,00,000 1,00,000 Total 28,09,000 15,40,000 STATEMENT OF PROFIT AND LOSS for the year ended 31st March, 2019 Particulars Note No. 31st March, 2019 (₹) 31st March, 2018 (₹) I. Revenue from Operations 4 40,00,000 35,00,000 II. Other Income 5 35,000 30,000 III. Total Revenue (I + II) 40,35,000 35,30,000 IV. Expenses: Purchases of Stock-in-Trade 27,00,000 24,70,000 Change in Inventories of Stock-in-Trade 6 1,00,000 50,000 Finance Cost 27,500 20,000 Depreciation 40,000 45,000 Other Expenses 22,500 20,000 Total Expenses 28,90,000 26,05,000 V. Profit before Tax (III – IV) 11,45,000 9,25,000 VI. Less: Tax 3,45,000 2,25,000 VII. Profit after Tax (V – VI) 8,00,000 7,00,000 Notes to Accounts Particular 31st March 2019 (₹) 31st March 2018 (₹) 1. Reserves and Surplus Debenture Redemption Reserve 1,00,000 1,00,000 Surplus, i.e., Balance in Statement of Profit and Loss 8,50,000 2,00,000 9,50,000 3,00,000 2. Other Current Liabilities Interest on Debentures 35,000 20,000 Outstanding Expenses 4,000 5,000 39,000 25,000 3. Fixed Assets–Tangible Cost 8,90,000 9,90,000 Less: Accumulated Depreciation 2,05,000 2,45,000 6,85,000 7,45,000 4. Revenue from Operations Sales 42,00,000 35,75,000 Less: Sales Return 2,00,000 75,000 40,00,000 35,00,000 5. Other Income Interest on Deposits 15,000 12,500 Dividend on Investments 10,000 17,500 Gain (Profit) on Sale of Fixed Assets 10,000 … 35,000 30,000 6. Change in Inventories of Stock-in-Trade Opening Stock 2,00,000 2,50,000 Less: Closing Stock 1,00,000 2,00,000 1,00,000 50,000 Additional Information: Additional debentures were issued on 1st October, 2018 of ₹5,00,000. On the same date, part of outstanding debentures were redeemed and interest was paid, whereas interest on outstanding debentures was paid on 10th April, 2019. Board of Directors proposed dividend in both the years 10%. Interim Dividend of ₹ 1,00,000 was paid during the year. A fixed asset with original cost of 1,00,000, on which depreciation till date was provided of ₹ 80,000 was sold at a profit of ₹ 10,000.

Answer»

From the following Balance Sheet as at 31st March, 2019 and Statement of Profit and Loss for the year ended 31st March, 2019 of RSB Ltd. and additional information, prepare Cash Flow Statement:

Particulars	Note No.	31st March, 2019 (₹)	31st March, 2018 (₹)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital		7,50,000	5,00,000
(b) Reserves and Surplus	1	9,50,000	3,00,000
2. Non-Current Liabilities
Long-term Borrowings (5% Debentures)		7,00,000	4,00,000
3. Current Liabilities
(a) Trade Payables		1,10,000	90,000
(b) Other Current Liabilities	2	39,000	25,000
(c) Short-term Provisions (Provision for Tax)		2,60,000	2,25,000
Total		28,09,000	15,40,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets – Tangible	3	6,85,000	7,45,000
(b) Non-current Investments		7,50,000	2,50,000
2. Current Assets
(a) Current Investments		6,74,000	95,000
(b) Inventories		1,00,000	2,00,000
(c) Trade Receivables		4,00,000	1,50,000
(d) Cash and Cash Equivalents		2,00,000	1,00,000
Total		28,09,000	15,40,000

STATEMENT OF PROFIT AND LOSS

for the year ended 31st March, 2019
Particulars	Note No.	31st March, 2019 (₹)	31st March, 2018 (₹)
I. Revenue from Operations	4	40,00,000	35,00,000
II. Other Income	5	35,000	30,000
III. Total Revenue (I + II)		40,35,000	35,30,000
IV. Expenses:
Purchases of Stock-in-Trade		27,00,000	24,70,000
Change in Inventories of Stock-in-Trade	6	1,00,000	50,000
Finance Cost		27,500	20,000
Depreciation		40,000	45,000
Other Expenses		22,500	20,000
Total Expenses		28,90,000	26,05,000
V. Profit before Tax (III – IV)		11,45,000	9,25,000
VI. Less: Tax		3,45,000	2,25,000
VII. Profit after Tax (V – VI)		8,00,000	7,00,000

Notes to Accounts

Particular		31^st March 2019 (₹)	31^st March 2018 (₹)
1.	Reserves and Surplus
	Debenture Redemption Reserve	1,00,000	1,00,000
	Surplus, i.e., Balance in Statement of Profit and Loss	8,50,000	2,00,000
		9,50,000	3,00,000
2.	Other Current Liabilities
	Interest on Debentures	35,000	20,000
	Outstanding Expenses	4,000	5,000
		39,000	25,000
3.	Fixed Assets–Tangible
	Cost	8,90,000	9,90,000
	Less: Accumulated Depreciation	2,05,000	2,45,000
		6,85,000	7,45,000
4.	Revenue from Operations
	Sales	42,00,000	35,75,000
	Less: Sales Return	2,00,000	75,000
		40,00,000	35,00,000
5.	Other Income
	Interest on Deposits	15,000	12,500
	Dividend on Investments	10,000	17,500
	Gain (Profit) on Sale of Fixed Assets	10,000	…
		35,000	30,000
6.	Change in Inventories of Stock-in-Trade
	Opening Stock	2,00,000	2,50,000
	Less: Closing Stock	1,00,000	2,00,000
		1,00,000	50,000

Additional Information:

Additional debentures were issued on 1^st October, 2018 of ₹5,00,000. On the same date, part of outstanding debentures were redeemed and interest was paid, whereas interest on outstanding debentures was paid on 10^th April, 2019.

Board of Directors proposed dividend in both the years 10%.

Interim Dividend of ₹ 1,00,000 was paid during the year.

A fixed asset with original cost of 1,00,000, on which depreciation till date was provided of ₹ 80,000 was sold at a profit of ₹ 10,000.

Discussion

775.	Which document evidenced that the credit has been granted to the named person for the reason stated therein?
Answer» Which document evidenced that the credit has been granted to the named person for the reason stated therein?

Discussion

776.

Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2019 at which date their Balance Sheet stood as: Liabilities ₹ Assets ₹ Capital A/cs: Building 45,000 Bale 50,000 Machinery 15,000 Yale 40,000 90,000 Furniture 12,000 General Reserve 8,000 Debtors 8,000 Bale's Loan A/c 3,000 Stock 24,000 Creditors 14,000 Bank 11,000 1,15,000 1,15,000 (a) The assets realised were:Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000.(b) Yale took over the Furniture at ₹ 9,000.(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account.(d) Dissolution Expenses amounted to ₹ 2,500.Prepare the:(i) Realisation Account; (ii) Capital Accounts of Partners;(iii) Bale's Loan Account; (iv) Bank Account.

Answer» Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2019 at which date their Balance Sheet stood as:


Liabilities		₹	Assets	₹
Capital A/cs:			Building	45,000
Bale	50,000		Machinery	15,000
Yale	40,000	90,000	Furniture	12,000
General Reserve		8,000	Debtors	8,000
Bale's Loan A/c		3,000	Stock	24,000
Creditors		14,000	Bank	11,000

		1,15,000		1,15,000

(a) The assets realised were:

Stock ₹ 22,000; Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000.

(b) Yale took over the Furniture at ₹ 9,000.

(c) Bale agreed to accept ₹ 2,500 in full settlement of his Loan Account.

(d) Dissolution Expenses amounted to ₹ 2,500.

Prepare the:

(i) Realisation Account; (ii) Capital Accounts of Partners;

(iii) Bale's Loan Account; (iv) Bank Account.

Discussion

777.	Repairs to building Rs 300 were debited to Building account. Which of the following is correct with regards to its rectification?
Answer» Repairs to building Rs 300 were debited to Building account. Which of the following is correct with regards to its rectification?

Discussion

778.

Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019: Particulars ulars Note No. 31st March, 2019 (₹) 31st March, 2018 (₹) I. EQUITY AND LIABILITIES 1. Shareholders' Funds (a) Share Capital 5,00,000 5,00,000 (b) Reserves and Surplus (Surplus, i.e., Balance in Statement of Profit and Loss) 2,00,000 1,45,000 2. Current Liabilities (a) Trade Payables 90,000 50,000 (b) Other Current Liabilities 20,000 10,000 (c) Short-term Provisions 1 50,000 30,000 Total Total Expenses 8,60,000 7,35,000 II. ASSETS 1. Non-Current Assets (a) Fixed Assets 4,50,000 4,00,000 (b) Non-Current Investments 50,000 1,50,000 2. Current Assets 2,60,000 1,85,000 Total 8,60,000 7,35,000 Notes to Accounts Particulars 31st March, 2019 (₹) 31st March, 2018 (₹) I. Short-term Provisions Provision for Tax 50,000 30,000 Additional Information:(i) Proposed Dividend for the years ended 31st March, 2018 and 2019 are ₹ 50,000 and ₹ 75,000 respectively.(ii) Interim Dividend paid during the year was ₹ 10,000.

Answer» Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019:

Particulars ulars	Note No.	31st March, 2019 (₹)	31st March, 2018 (₹)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital		5,00,000	5,00,000
(b) Reserves and Surplus (Surplus, i.e., Balance in Statement of Profit and Loss)		2,00,000	1,45,000
2. Current Liabilities
(a) Trade Payables		90,000	50,000
(b) Other Current Liabilities		20,000	10,000
(c) Short-term Provisions	1	50,000	30,000
Total Total Expenses		8,60,000	7,35,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets		4,50,000	4,00,000
(b) Non-Current Investments		50,000	1,50,000
2. Current Assets		2,60,000	1,85,000
Total		8,60,000	7,35,000

Notes to Accounts

Particulars	31st March, 2019 (₹)	31st March, 2018 (₹)
I. Short-term Provisions
Provision for Tax	50,000	30,000

Additional Information:

(i) Proposed Dividend for the years ended 31st March, 2018 and 2019 are ₹ 50,000 and ₹ 75,000 respectively.

(ii) Interim Dividend paid during the year was ₹ 10,000.

Discussion

779.	A company using the accrual method of accounting performed services in August. The services were for Rs 2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September. In September when the company receives Rs 2,000 from the customer, which account should the company debit?
Answer» A company using the accrual method of accounting performed services in August. The services were for Rs 2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September. In September when the company receives Rs 2,000 from the customer, which account should the company debit?

Discussion

780.

Find out Karl Pearson's coefficient of correlation: Capital Units (in '000) 10 20 30 40 50 60 70 80 90 100 Profit Receipt 2 4 8 5 10 15 14 20 22 30

Answer» Find out Karl Pearson's coefficient of correlation:

Capital Units (in '000)	10	20	30	40	50	60	70	80	90	100
Profit Receipt	2	4	8	5	10	15	14	20	22	30

Discussion

781.	X draws a bill on Y for Rs. 20,000 for 3 months on 01.01.2012. The bill is discounted with the banker at a charge of Rs. 100. At maturity the bill returned dishonored. In the books of X for dishonor the bank account will be credited by ______.
Answer» X draws a bill on Y for Rs. 20,000 for 3 months on 01.01.2012. The bill is discounted with the banker at a charge of Rs. 100. At maturity the bill returned dishonored. In the books of X for dishonor the bank account will be credited by ______.

Discussion

782.	What is a journal? Give a specimen of journal showing at least five entries.
Answer» What is a journal? Give a specimen of journal showing at least five entries.

Discussion

783.	Give the advantages of following consistency concept. or Why should a business follow a principle of consistency?
Answer» Give the advantages of following consistency concept. or Why should a business follow a principle of consistency?

783.

Give the advantages of following consistency concept. or Why should a business follow a principle of consistency?

Answer»

Give the advantages of following consistency concept.

or

Why should a business follow a principle of consistency?

Discussion

784.	If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?
Answer» If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?

Discussion

785.	Gross profit is calculated as:
Answer» Gross profit is calculated as:

Discussion

786.	सही में आंबेडकर ने भावनात्मक समत्व की मानवीय दृष्टि के तहत जातिवाद का उन्मूलन चाहा है, जिसका प्रतिष्ठा के लिए भौतिक स्थितियों और जीवन-सुविधाओं का तर्क दिया गया है। क्या इससे आप सहमत हैं?
Answer» सही में आंबेडकर ने भावनात्मक समत्व की मानवीय दृष्टि के तहत जातिवाद का उन्मूलन चाहा है, जिसका प्रतिष्ठा के लिए भौतिक स्थितियों और जीवन-सुविधाओं का तर्क दिया गया है। क्या इससे आप सहमत हैं?

Discussion

787.	The petty cash book ___.
Answer» The petty cash book ___.

Discussion

788.	Salary paid to Ram Rs 10,000 for the month of August was recorded to his personal account. To rectify this,___ Account shall be debited & ___ Account shall be credited by Rs 10,000.
Answer» Salary paid to Ram Rs 10,000 for the month of August was recorded to his personal account. To rectify this,___ Account shall be debited & ___ Account shall be credited by Rs 10,000.

Discussion

789.	The owner introduces his personal car into business. Which of the following is true?
Answer» The owner introduces his personal car into business. Which of the following is true?

Discussion

790.	Identify obstacles that one may encounter in problem solving.
Answer» Identify obstacles that one may encounter in problem solving.

Discussion

791.

Rectifythe following errors assuming that a suspense account was opened.Ascertainthe difference in trial balance. (a) Credit sales to Mohan Rs 7,000 were posted to Karan as Rs 5,000. (b) Credit purchases from Rohan Rs 9,000 were posted to the debit of Gobind as Rs 10,000. (c) Goods returned to Rakesh Rs 4,000 were posted to the credit of Naresh as Rs 3,000. (d) Goods returned from Mahesh Rs 1,000 were posted to the debit of Manish as Rs 2,000. (e) Cash sales Rs 2,000 were posted to commission account as Rs 200.

Answer»

Rectify
the following errors assuming that a suspense account was opened.

Ascertain
the difference in trial balance.

(a)	Credit sales to Mohan Rs 7,000 were posted to Karan as Rs 5,000.
(b)	Credit purchases from Rohan Rs 9,000 were posted to the debit of Gobind as Rs 10,000.
(c)	Goods returned to Rakesh Rs 4,000 were posted to the credit of Naresh as Rs 3,000.
(d)	Goods returned from Mahesh Rs 1,000 were posted to the debit of Manish as Rs 2,000.
(e)	Cash sales Rs 2,000 were posted to commission account as Rs 200.

Discussion

792.

Vignesh bought 10 notebooks from market and cost was Rs.10 per notebook. Gautam got 7 notebooks of the same type. A: Vignesh calculated the total amount like this: 10 x 10 + 10 x 7 = Rs.170 B: Gautam calculated the total amount like this: (10 + 7) x 10 = Rs. 170 Which of the method is correct?

Answer»

Vignesh bought 10 notebooks from market and cost was Rs.10 per notebook. Gautam got 7 notebooks of the same type.

A: Vignesh calculated the total amount like this:
10 x 10 + 10 x 7 = Rs.170

B: Gautam calculated the total amount like this:
(10 + 7) x 10 = Rs. 170

Which of the method is correct?

Discussion

793.	List the distinctive advantages of a computer system over a manual system.
Answer» List the distinctive advantages of a computer system over a manual system.

Discussion

794.	Success begins in the mind
Answer» Success begins in the mind

Discussion

795.

Give Journal entries for the following : (i) Interest due but not received Rs. 2,000 (ii) Rent due to landlord Rs. 1,000. (iii) Out of the rent paid this year, Rs.3,000 relates to next year.

Answer»

Give Journal entries for the following :

(i) Interest due but not received Rs. 2,000

(ii) Rent due to landlord Rs. 1,000.

(iii) Out of the rent paid this year, Rs.3,000 relates to next year.

Discussion

796.	Which of the following are the qualitative characteristics of accounting information?
Answer» Which of the following are the qualitative characteristics of accounting information?

Discussion

797.	Bank purchased a computer on 01.03.2015 at a cost Rs. 50,000, estimated life is 8 years, amount of depreciation under straight-line method will be __________.
Answer» Bank purchased a computer on 01.03.2015 at a cost Rs. 50,000, estimated life is 8 years, amount of depreciation under straight-line method will be __________.

Discussion

798.

Give journal entries of M/s. Mohit traders; post them to the Ledger from the following transactions: August, 2017 Rs 1 Commenced business with cash 1,10,000 2 Opened bank account with H.D.F.C. 50,000 3 Purchased furniture 20,000 7 Bought goods for cash from M/s. Rupa Traders 30,000 8 Purchased good from M/s. Hema Traders 42,000 10 Sold goods for cash 30,000 14 Sold goods on credit to M/s. Gupta Traders 12,000 16 Rent paid 4,000 18 Paid trade expenses 1,000 20 Received cash from Gupta Traders 12,000 22 Goods return to Hema Traders 2,000 23 Cash paid to Hema Traders 40,000 25 Bought postage stamps 100 30 Paid salary to Rishabh 4,000

Answer»

Give journal entries of M/s. Mohit traders; post them to the Ledger from the following transactions:

August, 2017		Rs
1	Commenced business with cash	1,10,000
2	Opened bank account with H.D.F.C.	50,000
3	Purchased furniture	20,000
7	Bought goods for cash from M/s. Rupa Traders	30,000
8	Purchased good from M/s. Hema Traders	42,000
10	Sold goods for cash	30,000
14	Sold goods on credit to M/s. Gupta Traders	12,000
16	Rent paid	4,000
18	Paid trade expenses	1,000
20	Received cash from Gupta Traders	12,000
22	Goods return to Hema Traders	2,000
23	Cash paid to Hema Traders	40,000
25	Bought postage stamps	100
30	Paid salary to Rishabh	4,000

Discussion

799.	X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X and Y under each of the following circumstances:(i) If X retains the bill till due date.(ii) If X discounts the same with his banker paying ₹ 100 for discount.(iii) If X endorses the same to his creditor Z, in full settlement of his debt of ₹ 4,080.(iv) If X sends the bill to his banker for collection.
Answer» X draws on Y a bill for ₹ 4,000 which was duly accepted by Y. Y meets the bill on its due date. Show what entries would be passed in the books of X and Y under each of the following circumstances: (i) If X retains the bill till due date. (ii) If X discounts the same with his banker paying ₹ 100 for discount. (iii) If X endorses the same to his creditor Z, in full settlement of his debt of ₹ 4,080. (iv) If X sends the bill to his banker for collection.

Discussion

800.	________ is a totaling error due to which the total shown is more than the actual total.
Answer» ________ is a totaling error due to which the total shown is more than the actual total.

Discussion

Explore topic-wise InterviewSolutions in .

If Seenappa spends of his salary on food, on house rent and on miscellaneous items, then find the fraction of his salary that remains with him.

The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _ by _.

What is meant by Pay -In - Slip?

Which of the following errors do not effect trial balance

Calculate amount of medicines consumed during the year ended 31st March, 2018: ₹Opening Stock of Medicines 1,00,000Opening Creditors for Medicines 90,000Cash purchases of Medicines during the year 3,00,000Closing Stock of Medicines 1,50,000Closing Creditors for Medicines 1,30,000

'Book-keeping is not a part of accounting'.Do you agree with the statement?

A company bought machinery for Rs. 25000 and depreciation rate is 10% on SLM. Which of the following is correct?

People who write computer programmes are called as _______.

Calculate the due dates of the bills in the following cases: Date of Bill Tenure (Period) (i) 1st December, 2017 60 Days (ii) 30th April, 2018 2 Months (iii) 28th January, 2018 1 Month (iv) 23rd November, 2017 2 Months (v) 29th May, 2017 4 Months

To find out the stock of stationery consumed, we use equation where consumption equals-

Which account is temporarily opened to rectify the errors effecting the Trial Balance?

Which of the following specialised journals record the " goods returned by customers"?

In a cinema hall, the charge per person is Rs.200. On the first day, only 60% of the seats were filled. The owner decided to reduce the price by 20% and there was in increase of 50% in the number of spectators on the next day. The percentage increase in the revenue on the second day was

To which of the following concerns does the business entity principle not apply?

What are the different parameters used to measure the size of the business?

What do you think was in the brown paper bag that the Chief received?

(a) What are the features of a good table? Mention any 3 points. (b) Explain any 3 merits of a direct personal investigation.

Closing stock is credited in the:

Which document evidenced that the credit has been granted to the named person for the reason stated therein?

Repairs to building Rs 300 were debited to Building account. Which of the following is correct with regards to its rectification?

Find out Karl Pearson's coefficient of correlation: Capital Units (in '000) 10 20 30 40 50 60 70 80 90 100 Profit Receipt 2 4 8 5 10 15 14 20 22 30

X draws a bill on Y for Rs. 20,000 for 3 months on 01.01.2012. The bill is discounted with the banker at a charge of Rs. 100. At maturity the bill returned dishonored. In the books of X for dishonor the bank account will be credited by ______.

What is a journal? Give a specimen of journal showing at least five entries.

Give the advantages of following consistency concept. or Why should a business follow a principle of consistency?

If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?

Gross profit is calculated as:

The petty cash book ___.

Salary paid to Ram Rs 10,000 for the month of August was recorded to his personal account. To rectify this,_ Account shall be debited & _ Account shall be credited by Rs 10,000.

The owner introduces his personal car into business. Which of the following is true?

Identify obstacles that one may encounter in problem solving.

Vignesh bought 10 notebooks from market and cost was Rs.10 per notebook. Gautam got 7 notebooks of the same type. A: Vignesh calculated the total amount like this: 10 x 10 + 10 x 7 = Rs.170 B: Gautam calculated the total amount like this: (10 + 7) x 10 = Rs. 170 Which of the method is correct?

List the distinctive advantages of a computer system over a manual system.

Success begins in the mind

Give Journal entries for the following : (i) Interest due but not received Rs. 2,000 (ii) Rent due to landlord Rs. 1,000. (iii) Out of the rent paid this year, Rs.3,000 relates to next year.

Which of the following are the qualitative characteristics of accounting information?

Bank purchased a computer on 01.03.2015 at a cost Rs. 50,000, estimated life is 8 years, amount of depreciation under straight-line method will be __________.

________ is a totaling error due to which the total shown is more than the actual total.

Explore topic-wise InterviewSolutions in .

If Seenappa spends of his salary on food, on house rent and on miscellaneous items, then find the fraction of his salary that remains with him.

The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _____ by _____.

What is meant by Pay -In - Slip?

Which of the following errors do not effect trial balance

Calculate amount of medicines consumed during the year ended 31st March, 2018: ₹Opening Stock of Medicines 1,00,000Opening Creditors for Medicines 90,000Cash purchases of Medicines during the year 3,00,000Closing Stock of Medicines 1,50,000Closing Creditors for Medicines 1,30,000

'Book-keeping is not a part of accounting'.Do you agree with the statement?

A company bought machinery for Rs. 25000 and depreciation rate is 10% on SLM. Which of the following is correct?

People who write computer programmes are called as _______.

Calculate the due dates of the bills in the following cases: Date of Bill Tenure (Period) (i) 1st December, 2017 60 Days (ii) 30th April, 2018 2 Months (iii) 28th January, 2018 1 Month (iv) 23rd November, 2017 2 Months (v) 29th May, 2017 4 Months

To find out the stock of stationery consumed, we use equation where consumption equals-

Which account is temporarily opened to rectify the errors effecting the Trial Balance?

Which of the following specialised journals record the " goods returned by customers"?

In a cinema hall, the charge per person is Rs.200. On the first day, only 60% of the seats were filled. The owner decided to reduce the price by 20% and there was in increase of 50% in the number of spectators on the next day. The percentage increase in the revenue on the second day was

To which of the following concerns does the business entity principle not apply?

What are the different parameters used to measure the size of the business?

What do you think was in the brown paper bag that the Chief received?

(a) What are the features of a good table? Mention any 3 points. (b) Explain any 3 merits of a direct personal investigation.

Closing stock is credited in the:

Which document evidenced that the credit has been granted to the named person for the reason stated therein?

Repairs to building Rs 300 were debited to Building account. Which of the following is correct with regards to its rectification?

Find out Karl Pearson's coefficient of correlation: Capital Units (in '000) 10 20 30 40 50 60 70 80 90 100 Profit Receipt 2 4 8 5 10 15 14 20 22 30

X draws a bill on Y for Rs. 20,000 for 3 months on 01.01.2012. The bill is discounted with the banker at a charge of Rs. 100. At maturity the bill returned dishonored. In the books of X for dishonor the bank account will be credited by ______.

What is a journal? Give a specimen of journal showing at least five entries.

Give the advantages of following consistency concept. or Why should a business follow a principle of consistency?

If creditors balance was Rs. 1,000 on 1st Jan 2018 and Rs. 2,000 on 31st Dec. 2018 and a payment of Rs. 500 was made to creditors, what is the amount of credit purchases made during the year 2018?

Gross profit is calculated as:

The petty cash book ___.

Salary paid to Ram Rs 10,000 for the month of August was recorded to his personal account. To rectify this,___ Account shall be debited &amp; ___ Account shall be credited by Rs 10,000.

The owner introduces his personal car into business. Which of the following is true?

Identify obstacles that one may encounter in problem solving.

Vignesh bought 10 notebooks from market and cost was Rs.10 per notebook. Gautam got 7 notebooks of the same type. A: Vignesh calculated the total amount like this: 10 x 10 + 10 x 7 = Rs.170 B: Gautam calculated the total amount like this: (10 + 7) x 10 = Rs. 170 Which of the method is correct?

List the distinctive advantages of a computer system over a manual system.

Success begins in the mind

Give Journal entries for the following : (i) Interest due but not received Rs. 2,000 (ii) Rent due to landlord Rs. 1,000. (iii) Out of the rent paid this year, Rs.3,000 relates to next year.

Which of the following are the qualitative characteristics of accounting information?

Bank purchased a computer on 01.03.2015 at a cost Rs. 50,000, estimated life is 8 years, amount of depreciation under straight-line method will be __________.

________ is a totaling error due to which the total shown is more than the actual total.

The asset has an original cost of Rs. 10,000 and accumulated depreciation of Rs. 8,000. We want to completely eliminate it from the accounting records, so we credit the asset account for Rs. 10,000, debit the accumulated depreciation account for Rs. 8,000, and debit the _ by _.

Salary paid to Ram Rs 10,000 for the month of August was recorded to his personal account. To rectify this,_ Account shall be debited & _ Account shall be credited by Rs 10,000.