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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.
| 2551. |
Deposited into bank in cash book |
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Answer» Received commision and paid salary Bank a/c dr. To cash a/c Bank A/c Dr. To cash A/c |
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| 2552. |
State a transaction that increase and decrease capital |
| Answer» Interest on drawings and interest on capital | |
| 2553. |
Latest cbse sample paper 2019-2020 |
| Answer» Mera pass h | |
| 2554. |
Dk.goel chapter 12 q16 |
| Answer» | |
| 2555. |
Business starded with cash how to write in journal entry |
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Answer» Cash \\c dr To capital a\\c Particular. L.F. Debit. CreditCash a/c dr. To capital a/c |
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| 2556. |
Pvnl |
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| 2557. |
How to record transactions in purchase book?? |
| Answer» | |
| 2558. |
Explain the basic terms in accounting? |
| Answer» Business Transaction: An Economic activity that affects financial position of the business and can be measured in terms of money e.g., expenses etc.Account\xa0: Account refers to a summarized record of relevant transactions of particular head at one place. All accounts are divided into two sides. The left side of an account is called debit side and the right side of an account is called credit side.Capital: Amount invested by the owner in the firm is known as capital. It may be brought in the form of cash or assets by the owner.Drawings: The money or goods or both withdrawn by owner from business for personal use, is known as drawings. Example: Purchase of car for wife by withdrawing money from business.Assets: Assets are valuable and economic resources of an enterprise useful in its operations. Assets can be broadly classified as:1. Current Assets: Current Assets are those assets which are held for short period and can be converted into cash within one year. For example: Debtors, stock etc.2. Non-Current Assets: Non-Current Assets are those assets which are hold for long period and used for normal business operation. For example: Land, Building, Machinery etc. They are further classified into:(a) Tangible Assets: Tangible Assets are those assets which have physical existence and can be seen and touched. For Example: Furniture, Machinery etc.(b) Intangible Assets: Intangible Assets are those assets which have no physical existence and can be felt by operation. For example: Goodwill, Patent, Trade mark etc.Liabilities: Liabilities are obligations or debts that an enterprise has to pay after some time in the future.Liabilities can be classified as:1. Current Liabilities: Current Liabilities are obligations or debts that are payable within a period of one year. For Example: Creditors, Bill Payable etc.2. Non-Current Liabilities: Non-Current Liabilities are those obligations or debts that are payable after a period of one year. Example: Bank Loan, Debentures etc. | |
| 2559. |
What is cash book? and how to prepare. |
| Answer» | |
| 2560. |
Difference between criedt balance and debit balance? |
| Answer» While preparing an account if the debit side is greater than the credit side, the difference is called “Debit Balance”. So, if\xa0Debit Side > Credit Side,\xa0it is a debit balance.When the credit side is greater than the debit side the difference is called “Credit Balance”. So, if\xa0Credit Side > Debit Side,\xa0it is a credit balance. | |
| 2561. |
How to make ledger? |
| Answer» The Ledger is the main or Principal book of accounts in which all thebusiness transactions would ultimately find thier place under various accounts in a duly classified form.By this classification / collective effect we are able to know the following –\tHow much amount is due from each customer and how much amount the firm has to pay to each supplier/ creditor.\tThe amount of Purchase and Sales during a particular period.\tAmount paid or received on account of various items.\tUltmate position of Assets and Capital.\tFor the preparation of Trial Balance which helps in ascertaining the Arithmatic Accuracy of the Accounts.Ledger is also called the Principal Book of Accounts | |
| 2562. |
How to prepare trial balance? |
| Answer» \tTo prepare a trial balance we need the closing balances of all the ledger accounts and the cash book as well as the bank book. So firstly every ledger account must be balanced. Balancing is the difference between the sum of all the debit entries and the sum of all the credit entries.\tThen prepare a three column worksheet. One column for the account name and the corresponding columns for debit and credit balances.\tFill out the account name and the balance of such account in the appropriate debit or credit column\tThen we total both the debit column and the credit column. Ideally, in a balanced error-free Trial balance these totals should be the same\tOnce you compare the totals and the totals are same you close the trial balance. If there is a difference we try and find and rectify errors. Here are some cases that cause errors in the trial balance\tA mistake in transferring the balances to the trial balance\tError in balancing an account\tThe wrong amount posted in the ledger\tMade the entry in the wrong column, debit instead of credit or vice versa\tMistake made in the casting of the journal or subsidiary book | |
| 2563. |
How to identify Recordable and non -recordable transaction? |
| Answer» | |
| 2564. |
Cash sale of rs 15000 plus CGST and SGST @6%each Allowed cash discount @2% of sale value of goods |
| Answer» Cash 16468Discount allowed 332 To sales 15000 To output Cgst 900 To output sgst 900 | |
| 2565. |
Define contra Entry. |
| Answer» Entry which is record in both the side of cash book with the same transaction is called contra entry. | |
| 2566. |
What is petty cash book? |
| Answer» It is a book in which small transaction are recorded like freight charges,expenses,etc are called petty cash book. | |
| 2567. |
Bank overdraft means |
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Answer» When payment amount exeed from the amount in bank amount then bank provides the remaing amount and charges interst on it Short term liability |
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| 2568. |
What are liquid assets? |
| Answer» Liquid Assets: Liquid Assets are those which are already in the form of cash or can easily be convertible into cash and has a negligible effect on the price available in the market. For example marketable securities, government bonds, certificates of deposits etc. | |
| 2569. |
From the following transactions of S.kumar |
| Answer» | |
| 2570. |
If a bill is dicounted with bank it is_______ by the bank in custmer account |
| Answer» Debited | |
| 2571. |
Q. State any four reasons when the cash book balance will be higher than the pass book balance?? |
| Answer» Cheques issued but not presented.bank charges deduced by bank.bank paid the dues as per standing instructions.wrong debit in cash book.wrong credit in pass book. | |
| 2572. |
What are the theoritical based chapters in accountancy.. Make a list on it. |
| Answer» Chapter 1 | |
| 2573. |
Journal of ganesh March 3 solds goods to dev rupees 100000 |
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Answer» CASH A/C DR 100000 TO SALES 100000 Dev a/c To sales Ganseh account Dr.To Sales Account Cash account drTo sales Ganesh acc To sale acc |
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| 2574. |
Triple column cash book entries |
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Answer» With dicount come in teiple colum not in course of class 11 The cash transactions with discount and gst comes under triple column cash book. |
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| 2575. |
Which assumptions or principle help in inter and intra firm comparison |
| Answer» Consistency assumption | |
| 2576. |
Business started with cash 200000 |
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Answer» Cash A/C to capital Date particular L.f amount amount Dr. Cr.1july cash A/c 2,00,000 To capital 2,00,000 (Started business with Cash) |
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| 2577. |
Recived an order from Karan and co. for supply of good of R. S 50,000 |
| Answer» It will not be recorded in the book of accounts as there is no money involved in the situation. (money measurement principle) | |
| 2578. |
What are the classification of errors in trial balance |
| Answer» | |
| 2579. |
What is real account? |
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Answer» Real Accounts: These are the accounts of all the assets and liabilities of the organization. We do not close these accounts at the end of the accounting year and appear in the Balance Sheet. Thus, we carry forward the balances of these accounts to the next accounting year. Therefore, we can also say that these are permanent accounts. The accounts of all those things whose value can be measured in terms of money and which are properties of all business are termed Real Accounts such as Cash Account, Furniture Account. |
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| 2580. |
What is gst journal entry |
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Answer» It is a tax paid b to the government on various types of goods .There are 2 types of it 1) Interstate(cgst and sgst)2) intrastate(igst) Gst stands for goods and service tax. |
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| 2581. |
Page no8.73question20 |
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| 2582. |
Half yearly question paper 2019 |
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| 2583. |
Mr X paid into bank as capital rs 600000 |
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Answer» Bank account debit to capital account Bank a/c Dr. 600000 To capital a/c Bank a/c dr to capital a/c i think |
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| 2584. |
New book 2019 page no. 11.48 question no. 18 april 18 want its solution |
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| 2585. |
What is the treatment of transaction withdrew from bank in double column cash book |
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Answer» In such case there is contra entry (bank and cash both)in debit side amount will be written in cash and by credit side in bank column amount will be written as cash is coming and from bank cash is decreasing Bank me se jitna amount nikala h uthna credit side me dal dege pr uski ulti journal entry se means by cash k nam se |
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| 2586. |
Hi is there a foreigne girl |
| Answer» | |
| 2587. |
chapter 1 c. mohan juneja |
| Answer» | |
| 2588. |
What is business transaction |
| Answer» It is an agreement between two parties involving the transer or exchange of goods or services | |
| 2589. |
What is single entry system of accounting? |
| Answer» | |
| 2590. |
What is balance? |
| Answer» An account balance is the difference between the debits and credits posted to the account during the current accounting period plus the beginning balance. Not all accounts maintain balances from one accounting period to the next. Temporary accounts are closed at the end of each accounting cycle to permanent accounts, which carry the balances on to the next accounting period. | |
| 2591. |
What is earned income |
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| 2592. |
briefly explain bank reconciliation statement |
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Answer» It if the statement given by bank for checking or rectifying the errors.Sayad bro doubt hai Bro practical questions practice karo theory jayada nai aega |
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| 2593. |
Prepare simple cash book transactions |
| Answer» Bhai transaction to de | |
| 2594. |
Loan amt returned wid interest of rs 4000 @8% on loan |
| Answer» Bro complete the question ? plz | |
| 2595. |
Paid wages |
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Answer» Wages = Dr , To. Cash ac You want journal entry of this transaction or something else?? |
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| 2596. |
What are the rule of debit&credit under old,modern,traditional approach |
| Answer» | |
| 2597. |
Account ki konsi book h app me |
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Answer» T. S gerewals Dk goel |
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| 2598. |
How to do bills of exchange |
| Answer» | |
| 2599. |
When a pass book shows a debit balance it means?? |
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Answer» Pass book shows the -ve balance ( unfavorable balance) Yes |
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| 2600. |
TS grewal question number 14 of cash book |
| Answer» | |