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This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
1,16,000 (Cr.).]Chander and Damini were partners in a firm sharing profits & losses equally. On31st March, 2017 their Balance Sheet was as follows:Balance Sheet of Chander and Damini as on 31.3.2017AmountAssetsAmountLiabilities3WSundry CreditorsCapitals :ChanderDamini1,04,000 Cash at BankBills Receivable2,50,000Debtors2,16,000 4,66,000 FurnitureLand and Building5,70,00030.00045.00075.0001.10.0003.10,0005.70,000On 1.4.2017, they admitted Elina as a new partner for 1/3rd share in the profon the following conditions :(i) Elina will bring 3,00,000 as her capital and 50,000 as her sharegoodwill premium, half of which will be withdrawn by Chander anDamini.(ii) Debtors to the extent of 5,000 were unrecorded.(iii) Furniture will be reduced by 10% and 5% provision for bad and doubtdebts will be created on bills receivable and debtors.(iv) Value of land and building will be appreciated by 20%.(v) There being a claim against the firm for damages, a liability to the exteof 8,000 will be created for the same.Prepare Revaluation Account and Partners' Capital Accounts. (CBSE 201Ans : Revaluation Profit * 41,750; Capital Balance : Chander 2,83,375 apartners |
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Answer» Answer: ELINA will BRING 3,00,000 as her capital and 50,000 as her share goodwill PREMIUM, half of |
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| 2. |
fawn company's margin of safety is $90,000. if the company's sales drop by $80,000, it will still have positive net operating income. |
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Answer» I do no the answer SORRY to SAY this to you BRO / sis Explanation: ✍ |
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| 4. |
An investor is considering the purchase of the bond with the face value of 21000 with thecoupon rate of 12% and maturity period of 5 years. If the investor wants a yield of 14°9,What is the maximum price he should be ready to pay for this bond'? If the bond is sellingfor 2990 What would be his yield? |
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Answer» Answer: A bond's COUPON rate denotes the amount of annual interest PAID by the bond's issuer to the bondholder. Set when a bond is issued, coupon interest rates are determined as a percentage of the bond's par VALUE, also known as the "face value." A $1,000 bond has a face value of $1,000. If its coupon rate is 1%, that MEANS it pays $10 (1% of $1,000) a year. Explanation: I hope it helps you |
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| 5. |
M,N& K were partners in a firm sharing profits in the ratio of 5:4:3.N retired and his share was divided equally between M and k .New ratio will be: |
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Answer» The answer is 7:5 Please FOLLOW me |
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| 7. |
Journalist the following transactionsin the books of Hima: 7 marksA.Rs.9000 due from Nina are nowbad debts.B.Goods of Rs.3000 wereused by Hima. C.Charge[email protected]% on machine of Rs.40,000.D. Provide interest on capitalof Rs. [email protected]%.E. Purchase Landof Rs 300000. F. Rs.10000 withdrawnfrom BOB. G. Sold goods to Roma incash of Rs. 6000.plz give proper ans |
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| 8. |
According to ……… , if the new partner in not able to bring his share of goodwill in cash, then goodwill should be adjusted through the capital accounts of the partners. |
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Answer» |
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| 9. |
Additional capital introduce in the business 50000 |
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Answer» Answer: Bank A/C ..... Dr. 50000 To CAPITAL A/C. 50000 Explanation: |
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| 10. |
9(B). Pass the necessary Journal entries in the books of Shyam-2016Jan: 1Shyam started business with 20,000 borrowed from his friend Ravi.Jan. 3Bought goods from Mohinder for cash of invoice price worth 3,000 at a trade discount of 15cash discount 10%.Jan. 4 Bought goods from Kirmani worth 3,000.Jan. 8 Sold goods to Vishwanath of invoice price worth 4,000 allowing 20% trade discount and 109discount. He paid half in cash.Jan. 9 Withdrew for personal use :Cash 100, Goods 200.Jan. 14Goods returned to Virmani worth 500.Jan. 25 Paid salaries 200.Jan, 25Goods worth 100 given away as charity.Jan. 28 Purchased furniture from Madanlal worth 800.Jan 22Paid rent of the shop 100. |
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Answer» Answer: Cash A/c. DR. 100000 To capital A/c. 80000 To MR RATAN. 20000 |
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| 11. |
can you please make a journal entry for this please! with the type of account too! I will mark u as brainliest |
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Answer» ... ................. |
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| 12. |
ledger accounts: April1 started business with 1,00,000;April6 sold goods to kishore on credit 43,000; April7 sold goods to Anand for cash 50,000; April 8 commission received 5000; April14 goods returned by kishore 10,000; April16 purchased goods from Murali on credit 20,000 in proforma |
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Answer» Explanation: On 1st April, 2018, Mohit started business with a CAPITAL of ₹ 50,000. He made the FOLLOWING transactions: 2018 ₹ April 03 Purchased goods from Rita on credit for 20,000 April 04 Cash paid to Rita 10,000 April 06 Goods sold to Rohit 25,000 April 08 Received cash from Rohit 20,000 April 12 Goods purchased from Rita 12,000 April 18 Cash paid to Rita 20,000 April 25 Goods sold to Rohit 10,000 April 30 Received cash from Rohit |
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| 13. |
Q2. Expla in the relationship between time to maturity and bond valuation with the help of adiagramAn investor is considering the purchase of the bond with the face value of 21000 with thecoupon rate of 12% and maturity period of 5 years. If the investor wants a yield of 14°9,What is the maximum price he should be ready to pay for this bond'? If the bond is sellingfor 2990 What would be his yield? |
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Answer» Answer: you search in the book are ASK teacher Explanation: |
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| 14. |
Original cost 100000, life =5 years , expect salvage value 5000 rate of depreciation per annum |
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Answer» please follow me and THANKS my answer as BRAINLIEST as BRAINLIEST as BRAINLIEST |
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| 15. |
Q3."Technical Analysis is based on the hypothesis that the future behavior of the system isdetermined by its past behavior." Comment on this statement.Ms. K wants to invest in a company that has just given a current dividend of 10 per share.The face value of the share is 2100. Dividends are expected to grow at 7% for 5 years, at5% for the next 3 years and at 3% thereafter perpetually. Find out the intrinsic value of theshare at the end of 4 year if the required rate of return of Ms. K is 10%. |
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Answer» Explanation: ANSWER to first part is; The HYPOTHESIS that technical behavior is based on historical events is true because of that fact that technical analysis always employs some algorithm which MAKES DECISIONS based on past data fed to algorithm. Although such analysis are impacted by artificial intelligence but historical data is necessary or the BASIS for any technical analysis. It is also belived that this data should be real and accurate for correct analysis |
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| 16. |
Journal entry of cartage paid on goods sold to sharda and co |
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Answer» DIRECT expenses/freight a/c DR. to CASH a/c |
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| 17. |
Unnecessary answers will be reportedJournalise the following transactions(1) RS 5000 due from Akhil are irrecoverable.(2) Sohad is declared insolvent.Received from his official receiver 60 paise in a rupee on a debt of Rs 10000.(3) Received cash for a baddebt written off last year Rs 700.(4) Withdraw cash from bank for personal use Rs 1000(5) Goods Rs 1500 given as charity(6) Goods of Rs 3000 Lost by fire during the month of January 6.(7) Rent paid in advance of Rs 500.(8) Goods taken by the Proprietor for his personal use from the business for an amount of Rs 2000.(9) Amount of Rs 5000 spent for installing the new machinery in the business premises.(10) Depreciation Rs 500 on furniture.(11) Interest on capital RS 1000 (12)Interst on drawings RS 500. |
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Answer» HAPPY INDEPENDENCE day GOOD morning |
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| 18. |
What is meant by forfeiture of Shares? What is the result of forfeiture of shares? |
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Answer» Answer: share in a share company than the owner LOSES forfeits by failing to meet the purchase requirement INCLUDE paying on allotment or call MONEY owed or avoiding selling or TRANSFERRING shares during a restricted PERIOD |
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| 19. |
Recovery 19900 from akash whose account of 24800 was written of as bad debts in past |
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Answer» BAD DEBTS RECOVERED A/C Dr. 19900 To Akash's A/C 19900 |
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| 20. |
Find the compound interest on rs 20000 at 15% per annum for 2 years 4 months |
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Answer» hgggggggvffffxxxnjjjjj |
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| 21. |
Explain about methods of single entry system. |
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Answer» iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii |
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| 22. |
12. Show which accounts are to be debited and which are to be credited to record theof Netai Chand :(a) Introduced capital by paying a cheque for *65,000 into the bank. |
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Answer» To capital account .... 65000 ( being INTRODUCED capital by paying cheque) ☺️☺️ |
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| 23. |
are the guidance notes issued by the ICAI ( inst. of chartered accountants of India)r madatory or recommendatory in nature??? |
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Answer» Answer: they are mandatory in nature. |
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| 24. |
Calculate Break even salesVariable cost = 800000fixed cost = 300000profit = 100000also please explain how you got the answer. Thank you :) |
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Answer» Answer: BEP = 9,00,000 Explanation: SALES - VARIABLE cost = contribution or fixed cost + PROFIT = contribution or sales - variable cost = fixed cost + profit contribution = fixed cost + profit = 3,00,000 + 1,00,000 = 4,00,000 sales = contribution + variable cost = 4,00,000 + 8,00,000 = 12,00,000 PVR = contribution / sales × 100 = 4,00,000 / 12,00,000 × 100 = 33.3333% BEP = fixed cost / PVR = 3,00,000 / 33.3333% = 9,00,000 |
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| 25. |
Interest due but not paid 100 |
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Answer» INTEREST A/C Dr. 100 TO OUTSTANDING INTEREST A/C 100 |
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| 26. |
The rate at which present value of cash inflows becomes equal to present value of cash outflows |
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Answer» Answer: the RATE at which present value of cash in FOUR wheeler FALSE become EQUAL to present values off the cash OUTFALLS outfalls |
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| 27. |
Write the advantages of accounting |
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Answer» Answer: It is the help US to see TOTAL budget of an ACCOUNTING PERIOD |
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| 28. |
Kannan bought goods from us journal entry |
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Answer» to PURCHASES a/c Explanation: |
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| 29. |
Swami sold goods to us journal entry |
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Answer» Cash A/c or Our A/c. Dr. To SALES A/c in our books Purchase A/c. Dr. To CashA/c or swami |
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| 31. |
Various types of rates of interest offered in india |
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Answer» Various types of rates of interest offered in India are: 1.Fixed interest 2.Compound interest 3.Simple interest 4.Variable interest 5.The Discount Rate 6.ThePrime Rate 7.Annual Percentage Interest plzz mark it as brainlist answer.. Hope it vl help u |
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| 32. |
Girish,Mahesh and Varun are partners sharing profits and losses in the ratio of 6:3:2 respectively. their capital on 1/4/17 stood at Rs6000,30000 and 20000 respectively on 30 September 2017 . Varun died and the deceased partner share of good will is Rs 10000 .the deceased partners share of accurred profit upto the date of his death is Rs 4200.varun's commission is Rs 6000 per month. His drawings upto to the date of death amounted to Rs 8000.interest on capital @ 10%.prepare varun's capital A/c. |
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Answer» Answer: VARUN ACCOUNTS PARTICULAR RS PARTICULAR RS TO DRAWING 8000 By balance b/d 20000 By int on CAPITAL 1000 TO varun 27200 BY profit & loss 4200 excutor suspence a/c By goodwill GIRISH 6/9 6667 mahesh 3/9 3333 10000 35200 35200 |
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| 33. |
Briefly appreciate the exact nature of accounting |
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Answer» The Nature of Accounting Systems. • Accounting is the process of recording, CLASSIFYING, summarizing, reporting and interpreting INFORMATION about the economic ACTIVITIES of an organization
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| 34. |
Sold goods of 30000 against cheque allowing 2% discount |
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Answer» 29400 Explanation: 2%=600 30000-600 29400 HOPE IT WILL HELP YOU FINDING YOUR ANSWER..... MARK ME AS BRAINLIEST......PLZZZZ |
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| 35. |
What do you mean by commerce |
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Answer» Answer: Here is your answer. Explanation: Commerce is the conduct of trade among economic AGENTS. Generally, commerce refers to the exchange of goods, services or something of VALUE, between businesses or entities. From a broad perspective, nations are CONCERNED with managing commerce in a WAY that enhances the well-being of citizens, by providing jobs and producing beneficial goods and services. |
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| 36. |
Sold goods of 30000 against cheque allowed to percent discount |
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Answer» what is the QUESTION ? |
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| 37. |
M&m's proposition i states that a company's value is independent of its capital structure. |
Answer» The Modigliani-Miller THEOREM (M&M) states that the market value of a company is calculated using its earning power and the risk of its underlying ASSETS and is INDEPENDENT of the way it FINANCES investments or distributes dividends. |
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| 38. |
AnswerRamesh purchased a machine costing Rs. 60.000 under hire purchase system. He paidRs. 20.000 as down payment and the remaining in two instalments yearly with 10% interestWrite the journal entries in the books of the buyer.pls answer me quickly |
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Answer» Answer: Machine a/c.dr.60000 to INSTALLMENT a/c 40000 1st installment a/c dr.44000 to cash a/c. 40000 2nd installment a/c dr.44000 to 10%interest a/c 4000 to cash a/c. 40000 |
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| 39. |
Hellooo .......... what deos assets mean.???? |
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| 40. |
Give the formulas of chaptee 1 and 2 in account |
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Answer» SORRY.......................................... |
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| 41. |
Received interest on loan from the debtor 25000 |
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Answer» intrest on loan a/c dr.25000 to debtor's a/c cr.25000
Explanation: intrest COMES in our ACCOUNT that's why Debit & debtor's AC is credit because debit which comes & credit which goes |
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| 43. |
Formula of calculating compound and simple interest |
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Answer» Explanation: For EXAMPLE, assume the principal is $100,000, the interest rate is 11 percent and the term is 2 YEARS. The simple interest formula is I = P x R x T. Compute compound interest using the FOLLOWING formula: A = P(1 + r/n) ^ nt. ... DIVIDE the interest rate by the number of compounding periods per year: 0.05/4 = 0.0125. |
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| 45. |
change in profit sharing ratio amounts to dissolution of partnership or partnership firm . give reason in support of your answer |
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Answer» Answer: no change in PROFIT sharing RATIO does not amounts to DISSOLUTION of partnership or partnership firm. change in profit sharing ratio is due to retirement of PARTNERS or ADMISSIONS of a new partner on the firm. |
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| 46. |
It shows your money status in a bank. |
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Answer» what it shows |
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| 47. |
Which account is debited to record increase in value of a asset |
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Answer» ASSET AC Explanation: BCZ WHEN PRICE OF AN ASSET INCREASES, ITS VALUE IN THE MARKET INCREASES. THUS , ASSET GOT UPWARD REVALUATED. SO THE BALANCE OF ASSET ACCOUNT INCREASES... I HOPE IT WILL HELP YOU... |
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| 48. |
Need and importance of single entry system |
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Answer» Answer: The incomplete FORM of recording financial transaction is known as single entry SYSTEM. Explanation: Needs and Importance Of single entry system: 1. Simple and easy: As this system has no fixed PRINCIPLES to FOLLOW while recording the transactions, hence it is simple and easy to maintain. 2. Economy: As it does not REQUIRE skilled accounting personnel so this system is an economical system of recording transactions. 3. Suitable for small business: The small businesses cannot afford the cost of double entry system so it is helpful for small business. |
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| 49. |
What is difference between Accounts and Accountancy? |
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Answer» ANSWER: ACCOUNTS are accounts and ACCOUNTANCY is the woerk of accounts |
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