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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.
| 1051. |
Bad debts which are |
| Answer» The debts that cannot be recovered | |
| 1052. |
Goods of Rs 5000 were taken by him for personal use |
| Answer» Drawings a/c Dr 5000____To purchase a/c 5000(being goods taken for personal use)The\xa0goods taken by the proprietor for personal use, reduces the inventory of the business. Hence,it is placed on a temporary drawings account. It reduces the Owner\'s equity account. It is not an expense of the business. | |
| 1053. |
What is BRS ? |
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Answer» B A N K R EC ON C I L IA T I O N S T A T E M E N TBank Reconciliation Statement is prepared to reconcile the difference between the bank Balance shown by the Cash Book and Bank Pass Book. A schedule showing the items of difference between the bank statement and the bank column of Cash Book is known as Bank Reconciliation Statement (BRS). |
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| 1054. |
Mrs tushar decided to start computer business |
| Answer» Cash a/c... Dr To capital a/c.... | |
| 1055. |
Sold goods of Rs 7,500 plus CGST and SGST 6% each |
| Answer» Cash a/c dr 8,400 To sells a/c 7,500 To CGST a/c 450 To SGST a/c 450 | |
| 1056. |
Bought stationary of Rs 300 plus CGST and SGST @ 6% each |
| Answer» Stationary\xa0account\xa0dr\xa0.300CGst\xa0and\xa0SGst\xa0....dr\xa018+18=36\tTo\xa0cash\xa0account.............336(\xa0being\xa0cash\xa0paid\xa0on\xa0tax\xa0and\xa0purchase\xa0stationary) | |
| 1057. |
Trading account and profit & loss account are in the syllabus of class 11th |
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Answer» yes Yes they are in syllabus Ofcourse they are Yes they are |
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| 1058. |
Give 2 example of current liability |
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Answer» Creditors, Bill Payable 1. Bills.2.dividend payable. |
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| 1059. |
nakad Bhutan kar statinory kharidi |
| Answer» | |
| 1060. |
Class 11 project journal ledger trial balance balance sheet and final accounts |
| Answer» \tRecord the following transaction of A & Co in Journal & Prepare necessary Ledger AC. • On 1st Jan, • 2nd Jan, bought goods on Credit from P & Co for Rs 2,000. • 3rd Jan, sold goods for Cash to B & Co for Rs 500. Asset Amt (Rs p) Liabilities Amt (Rs p) Cash in hand 500 Loan from SBI 10,000 Cash in bank 8,000 Amt due to V & Co 5,000 Stock of goods 4,000 Machinery 20,000 Furniture 5,000 R & Co (Amt due to A & Co) 2,000 S & Co (Amt due to A & Co) 3,000\t4.\xa0• 4th Jan, sold goods to R & Co on credit Rs 1,000. • 5th Jan, received from R & Co amount on 1st Jan Rs 1,900 as full settlement of Rs 2,000. • 6th Jan, payment paid to V & Co by cheque (V & Co allowed Rs 50 discount). • 8th Jan, old furniture sold for cash (book value Rs 300 at Rs 350). • 10th Jan, bought goods for cash Rs 1,000. • 11th Jan, received cheque from S & Co deposited in bank Rs 3,000. • 12th Jan, paid for repair of machinery Rs 200. • 13th Jan, bought goods from V & Co on credit Rs 2,000. • 14th Jan, received cheque from R & Co deposited in bank discount allowed Rs 50 (1,000 – 50 = 950).Click on the given link for full project:Journal, Ledger, Trial Balance and Balance Sheet - SlideShare | |
| 1061. |
Name the basis of accounting in which outstanding salary are not recorded... |
| Answer» Cash Basis | |
| 1062. |
What is the T account.... Nd is it included in the syllabus of 2020-21 class 11? |
| Answer» T-accounts\xa0are simply another way of representing an account.There is one T-account for each account on a balance sheet.Each T-account contains the\xa0name and balance\xa0(current dollar value) of a particular account.The current value of a T-account is always taken from the most recently prepared balance sheet.The\xa0opening and normal balance of an asset\xa0account\xa0goes on the\xa0left side\xa0of a T-account because assets appear on the\xa0left\xa0side of a balance sheet.On the other hand, the\xa0opening and normal balance of a liability or owner’s equity (capital) account\xa0goes on the\xa0right side\xa0of a T-account because liabilities and owner’s equity appear on the\xa0right\xa0side of a balance sheet. | |
| 1063. |
Ram bought goods from anand |
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Answer» Purchase A/C. DrAnand\'s A/C Purchases A/C...........Dr. To Anand\'s A/C Purchases A/C............Dr. To Band\'s A/C |
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| 1064. |
30 transaction with journal entries with ledger and trial balance |
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Answer» Following are the transactions for the period April 20×1 to March 20×2 in the books of Michael Traders\t1-AprMichael started business with cash 600,000, cash at Bank of America 700,000, furniture 200,000.1-AprPurchased Plant & Machinery worth 250,000 by cheque.25-AprPurchased goods from ABC Ltd worth 800,000 @10% trade discount.5-MayCash Sales 1,000,000 @5% trade discount to XYZ Traders15-MayDeposited cash with Bank of America 500,000.5-JunPaid ABC Ltd 300,000 in cash.10-JunReceived commission 75,000 by cheque.25-JunCash Purchases 250,000.5-JulSold goods to XYZ Traders 475,000.15-JulReceived 275,000 by cheque from XYZ Traders.5-AugLoan taken from Bank of America 200,00025-AugPurchased goods from ABC Ltd 50,000.27-AugWithdrew cash from bank 10,000.5-SepReceived commission 55,000 in cash.10-SepPaid ABC Ltd 70,000 by cheque.20-SepReceived 90,000 in cash from XYZ Traders.1-OctBank loan repaid 50,000.25-OctCash Purchases 25,000.5-NovSold goods to XYZ Traders 47,000.15-NovWithdrew cash from bank 15,000.5-DecReceived interest from bank 5,000.25-DecPurchased goods from ABC Ltd 75,000.5-JanCash Sales 100,000.15-JanDeposited cash with Bank of America 35,000.25-FebCash Purchases 450,000.28-FebOffice was taken on rent in the month of Feb. Office rent paid in cash 50,000.28-FebEmployees were hired in the month of Feb. Paid salary by cheque 30,000 & cash 30,000 for the month of Feb 20×2.5-MarSold goods to XYZ Traders 675,000.31-MarPaid office rent by cheque 50,000.31-MarPaid salary in cash 30,000 for the month of March 20×2.\t\xa0For answers click on the given link:Show 30 transactions of journal, ledger, trial balance ... Show answer |
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| 1065. |
All the Dr and Cr items ? |
| Answer» There are so manyAll the expense and asset come under debitWhile all the income,liability,losses come under credit✌✌ | |
| 1066. |
Resignation by a marketing manager is not recorded in the books of account.why? |
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Answer» Thanks \tIn the given case,it has been stated that the Marketing Manager had resigned from his post and such resignation was not recorded in the books of Accounts of the organisation.\tThe treatment of such resignation,of not recording it,by the organisation is\xa0correct and justified.\tIn the books of accounts,only those transactions are recorded which can be expressed in monetary terms ignoring the qualitative aspects of such transactions.\tThe resignation of Marketing Manager is a case of Human Resource Management\xa0and therefore,cannot be recorded in the books of accounts. |
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| 1067. |
June 1 Cash in hand journel entry |
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Answer» Cash A/c Dr.To capital A/c Hii |
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| 1068. |
A credit sale to vinod rs 143 credited to hos account as 134rs |
| Answer» Rectify the following errors:i. Sales to Vinod of Rs.143 posted to his account as Rs.134.ii. Sales to Vinod of Rs.143 debited to his account as Rs.134.iii. Sales to Vinod of Rs.143 credited to his account as Rs.134.Ans\xa0Journal Entries\xa0 | |
| 1069. |
What is contra entry??? |
| Answer» Contra entry represents deposits or withdrawals of cash from bank or vice versa. The purpose of contra entry is to indicate the transactions that effect both cash and bank balances. This entry does not affect the financial positions of a business. A contra entry is recorded in both sides of a two column Cash Book and is denoted by ‘C’ in the ledger folio column. | |
| 1070. |
Is GST in syllabus |
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Answer» Yes Yes Yup Yes Yes |
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| 1071. |
Give the necessary journal entries when provision are created for depreciation |
| Answer» \t\tCreating Provision for Depreciation Account−\xa0Under this method, depreciation is\xa0not\xa0credited to the Assets Account; in fact, it is credited to the provision for Depreciation Account. At the year end, asset is shown at the original cost in the Balance Sheet and total depreciation up to the date of Balance Sheet is shown as Provision for Depreciation Account.\tJournal entries for depreciation are:Charging Depreciation\t\t\xa0\t\t\t\tDepreciation A/cDr.\xa0To Provision for Depreciation A/c\xa0(Depreciation charged)\xa0\tClosing of Depreciation Account\tProfit and Loss A/cDr.\xa0To Depreciation A/c\xa0(Depreciation account is transferred to Profit and Loss Account)\xa0\tWhen the asset is sold, the accumulated depreciation on that asset is credited to the Asset Account by passing the following Journal entry:\tProvision for Depreciation A/cDr.\xa0To Asset A/c\xa0(Accumulated depreciation transferred to Assets Account)\xa0\t | |
| 1072. |
Parul and Artuna, school time friends met |
| Answer» | |
| 1073. |
Gopinath started business with cash 25000 |
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Answer» Cash a/c Dr.. 25000/- to capital a/c.....25000/- Cash account Dr 25000 -to capital account Cash A/c Dr. 25,000/- To captial A/c. 25,000/- |
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| 1074. |
The balance of cash book column in cash book can be |
| Answer» Write two characteristic of BPO | |
| 1075. |
Prepare trial balance of Shri sunderChapter 19 |
| Answer» | |
| 1076. |
Prepare a cash book of rishi |
| Answer» | |
| 1077. |
What difference between in SLM and WDVM? |
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| Answer» | BASIS FOR COMPARISON | SLM | WDV | \t\t\tMeaningA method of depreciation in which the cost of the asset is spread uniformly over the life years by writing off a fixed amount every year.A method of depreciation in which a fixed rate of depreciation is charged on the book value of the asset, over its useful life.Calculation of depreciationOn the original costOn the written down value of the asset.Annual depreciation chargeRemains fixed during the useful life.Reduces every yearValue of assetCompletely written offNot completely written offAmount of depreciationInitially lowerInitially higherImpact of repairs and depreciation on P&L A/cIncreasing trendRemains constantAppropriate forAssets with negligible repairs and maintenance like leases, copyright.Assets whose repairs increase, as they get older like machinery, vehicles etc.\t|
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| 1078. |
Can any one solve the Q8 ( pg no. 10.39) of ch cash book of TS Grewal\'s book plzzzzzzz?? |
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Answer» Class 11 TS Grewal - 2020 Solution with Questions: https://play.google.com/store/apps/details?id=jaikalki.biomagzine.com.k11tsgrewal2020(All solution of ts grewal 2020) Gng withholding bu |
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| 1079. |
Is bank charges gst upon us ? |
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Answer» Bcoz get is good and service tax so how bank can charge gst. They provide us service but there is no policy of charging tax, so they don\'t. No |
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| 1080. |
Which method will be best for 10 crore rupeess accounting |
| Answer» | |
| 1081. |
What is compound vouchers |
| Answer» Compound Voucher records a transaction that involves multiple debits/credits and one credit/debit. | |
| 1082. |
Ledger chapter some questions with answers |
| Answer» | |
| 1083. |
Pag no 9.47 ka question no 9 |
| Answer» | |
| 1084. |
In which case nominal account are changed to personal account |
| Answer» | |
| 1085. |
Question no. 19, vii.T S Grewal class 11 |
| Answer» | |
| 1086. |
Notes of bases of accounting |
| Answer» a mix of the Cash Basis and the Accrual Basis of Accounting. | |
| 1087. |
why solve the journal entries |
| Answer» Journal entries\xa0help transform business transactions into useful data. | |
| 1088. |
Summarising |
| Answer» simply\xa0to identify the most important information from a text | |
| 1089. |
Explain nature of Accounting Standards |
| Answer» Goods returned to pankaj | |
| 1090. |
Started businesses with cash rs 150000&goods rs 50000 show journal |
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Answer» Cash A/C Dr. 1,50,000Stock A/C Dr. 50,000 To Capital. 2,00,000(Being started business with cash and goods) Cash A/C Dr. 150000Stock A/C Dr. 30000 To capital A/C. 180000(Being business started with cash and goods) Cash A/ c Dr 1,50,000 Purchase A/C Dr 50,000To capital A/C 2,00,000 |
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| 1091. |
Supplied goods costing 3600 to sanjay issued @20% above cost less 10% TS |
| Answer» | |
| 1092. |
Purchase iron safe for 2,00,000, filing cabinet for 50,000 and computer for 1,00,000 |
| Answer» | |
| 1093. |
Enter the following transaction in journal of shail brother |
| Answer» | |
| 1094. |
Received cheque from Ram as loan |
| Answer» | |
| 1095. |
Jurnalise the following transactions of singh Enterprises, Delhi |
| Answer» | |
| 1096. |
Ch 8 ex |
| Answer» | |
| 1097. |
20 simple transactions of a business and make journel and ledger of all the transactions. |
| Answer» | |
| 1098. |
what is the main topic in accountancy? |
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Answer» The four main accounting subjects are\xa0Finance, Accounting, Management and Economics. Introduction is important u have to clear it then u will automatically understand all the topics |
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| 1099. |
Shri Ganesh commenced with business cash 35000 goods 8000 and furniture 7000 |
| Answer» Cash A/c Dr. 35000Goods A/c Dr. 8000Furniture A/c Dr. 7000 To Capital A/c 50000(Being cash and goods and furniture brought for commencement of business) | |
| 1100. |
Different between accountancy and accounting |
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Answer» Accountancy starts where accounting ends Accountancy is the knowledge of accounting whereas accounting is its practical application to prepare financial statements ,books of accounts etc. |
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