Saved Bookmarks
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) Commenced business with cash(ii) Purchased furniture for cash(iii) Stationery purchased(iv) Cash paid for installation of machine(v) Goods given as charity(vi) Drawings by the proprietor for household expenses(vii) Bought from Salil |
|
Answer» Answer: 1.Cash a/c........Dr To capital a/c 2. Furniture a/c.... Dr To cash a/c 3. Stationery a/c... Dr To cash a/c 4. INSTALLATION a/c... Dr To cash a/c 5. Charity a/c...... Dr To goods a/c 6. Proprietor a/c....... Dr To cash a /c 7. Goods a/c.... Dr To SALIL a/c. |
|
| 2. |
Cima or cma is both are same |
|
Answer»
na CIMA MEANS chartered instute and MANAGEMENT accountant. and CMA means CERTIFIED management accountants.
|
|
| 3. |
Make journal entry. sold goods rs. 5000 at a loss of rs. 1000 |
|
Answer» cash DR. 4000rs loss on sale dr. 1000RS |
|
| 4. |
Analytical study on various adjustment of the partnership firm final account |
| Answer» | |
| 5. |
Essential of a good transport syatam |
|
Answer» a sound CONNECTION of ROAD,RAILWAYS etc Explanation: for a good transport SYSTEM a good connection of roads and railways is required |
|
| 6. |
Prepare T accounts.Purchased exploration equipment for 22,000 by paying 12,000 cash and agreeing to pay the balance in 3 months. |
|
Answer» PURCHASE AC Dr 22000 CASH AC CR. 12000 |
|
| 7. |
Pass journal entry :Bought goods at the list price of rupees 25000 from Mohan less 20% trade discount and 2% cash discount and trade 40% by cheque |
|
Answer» Answer: 64 I Explanation: Pav DHANI entry 5 journey entry board GOOD at the LIST PRICE of RUPEES |
|
| 8. |
Paid insurance premium Rs 800 of which Rs 200 is Prepaid |
|
Answer» Answer: 800+200=1,000 and 800-200=600 |
|
| 9. |
Goods worth rupees 100000 were destroyed by fire. Insurance company admited and paid claim for 60% . Give journal entry |
|
Answer» loss by fire a/c. dr. 100000 to purchases a/c. 100000 insurance a/c. dr 60000 (100000*60%=60000) to loss by fire a/c 60000 |
|
| 10. |
जारकसाझदार ह जा लाभों को 4:1 के अनुपात में बाँटते हैं। A अपने हिस्से का 1/4 भाग और Bअपने हिस्से का 1/20C.एक नया साझेदार, के पक्षमें त्याग करता है तो त्याग का अनुपात और नया अनुपात क्या है ? |
| Answer» | |
| 12. |
Sold goods of Rs 4000 to pqr from which half amount received through cheque what is journal entry |
|
Answer» sales A/C DR To BANK A/C Explanation: Debit what comes in Credit what goes out |
|
| 14. |
Why take closing stock value whichever is less |
|
Answer» Answer:PLEASE mark answer as BRAINLIEST answer if answer is helpful. Explanation: Stock is always VALUE at COST or NRV (Net realisable value whichever is lower. This is in accordance with Principle of conservatism or Prudence. |
|
| 15. |
received a cheque of 4,850 from X in full sattlement of his account of 5,000 cheque was immediately deposited into bank |
|
Answer» Explanation: BANK A/c ..............Dr. 4850 Discount A/c ........Dr. 150 To X 5000 |
|
| 16. |
Purchase goods from monu at rated discount 10% Rs.5000 |
|
Answer» ANSWER: DISCOUNT RECEIVE A/c Dr. To BANK/Cash A/c Explanation: |
|
| 17. |
Ganesh Mahesh and Dinesh our partner who share profit and loss in the ratio of 3:1:1 their balance sheet as on 31 December 2016 was as follow:- liability:- (a) capital accounts Ganesh 60000 Mahesh 40000 Dinesh 30000. (b) general reserve 30,000. assets:- (a) sundry assets 140000. (b) profit and loss account 20000. on January 1 2017 Dinesh retired it there is any reserve profit or loss pass necessary general entry for the same Ganesh and Mahesh decided to distribute profit in future equally. |
| Answer» | |
| 18. |
Business start with capital 10000 and deposit 1000 into bank.pass the entry in tally |
|
Answer» BANK ↑ CAPITAL ↑ Explanation: |
|
| 19. |
Ricpts and payment me kya antrgat kansi wasto ati he |
|
Answer» Answer: RECIPIENT account have only RECEIPTS and payment account SIDE only payments are there. |
|
| 20. |
Paid to sunil rs 400 for salary . what is it journal entry. |
|
Answer» To SUNIL a/c 400 |
|
| 21. |
Commission paid to ram behalf of raja rs 10000. waht is it journal entry |
|
Answer» to CASH ac |
|
| 22. |
Paid to ram rs 3000 for commission . what is it journal entry |
|
Answer» to CASH ac |
|
| 23. |
Plants purchased for rs70000 on 1 April 2016 is valued at rs 65000 on March 31,2016 |
|
Answer» To CASH 70000 Dep on plants... Dr 65000 To plants 65000 |
|
| 24. |
Capital introduced 20000 out of why ch 16000 |
|
Answer» for DEVELOPMENT of the CAPITAL |
|
| 25. |
Paid to ram for commision. what is it journal entry. |
|
Answer» Answer:COMMISSION ac DR to cash ac Explanation: after commission is paid,it is not NECESSARY to remember the NAME to whom it is paid |
|
| 26. |
Paid to ram for salary . waht is it journal entry |
|
Answer» Answer: to cash ac Explanation: since salary is PAID, it is unimportant to remember the name of the EMPLOYEE |
|
| 27. |
If any name is given in trial balance like ram which side will be posted ram dr or credit |
|
Answer» Answer: |
|
| 28. |
Ram gives Commission Rs500 to sham what is the journal entry |
|
Answer» COMMISION A/C DR To CashA/C |
|
| 29. |
0.28. Journalise the following transactions:Purchased goods for 21,00,000 from Manoj and availed discount of 10,000Paid amount due to Manoj by cheque and availed discount of 4,5003. Cash 5,000 paid to Desai and discount allowed by him 7200Cash 10,000 received from Govardhan and allowed him discount 500.13. Sold personal Car of the proprietor for 80,000 against cheque, which wasdeposited into the firm's bank account.10 Sold personal Car of the proprietor for 1,50,000 against cheque, which wasdeposited into the proprietor's personal bank account.20 Sold goods to Gaurav costing 1,00,000 at a profit of 40% and allowed him 10%trade discount and paid for cartage 3,000 not to be charged from him.24. Placed an order with Rudra & Co. for supply of goods of 780,000 and a cheque for40% amount is sent to them as an advance. |
|
Answer» your answer was very LONG MUJHE BAHUT padhne mein problem ho RAHI hai iska jawab Kisi aur se poochh lo |
|
| 30. |
On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST). Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. Required: a) Prepare the general journal entries to record the above transactions. (6.25 marks) b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks) c) Prepare a trial balance as at 31 July 2018. (1 mark) |
| Answer» | |
| 31. |
0.23. Journalise the following transactions in the Journal of Navin1. Out of Insurance premium paid this year, 315,000 is related to next year.2. Credit purchases from Ram & Co. for 350,000. Cash discount will be receion payment of bill within 10 days.3. Cash paid to Ram & Co. and discount availed of4. Paid Income Tax *20,000 by cheque.5. Goods costing 2,00,000 sold for cash at a profit of 10%6. Purchased iron safe for 32,00,000, filing cabinet for 50,000 and Com81,00,000.Ans. Total 37,05,000] |
|
Answer» Answer: 1. Prepaid INSURANCE A/c DR. 3,15,000 To Cash A/c. 3,15,000 2. Purchases A/c. Dr. 3,50,000 To Ram &com. A/c. 3,50,000 3. Ram &com. A/c. Dr. 350,000 To Cash A/c. 3,50,000 4. Drawings A/c. Dr. 20,000 To Bank A/c. 20,000 5. Cash A/c. Dr. 2,20,000 To Sales A/c. 2,20,000 6. IRON safe A/c. Dr. 32,00,000 Filing Cabinet A/c. Dr. 50,000 Computer A/c. Dr. 81,00,000 To Cash A/c. 1,13,50,000 Explanation: Are U sure the amount written in 6th no. is correct? |
|
| 32. |
Classify the following accounts according to their types : AsLiability, Capital, Revenue, Expenses.(20(1) Prepaid rent.(2) Proprietor's drawing.(3) Advances from Customers.(4) Debtors.(5) Dividend received.(6) Income Tax.(7) Depreciation.(8) Debentures. |
|
Answer» C 4dpp64dopr7pcyrc7e iycnvpfj. xtiyzobf707 |
|
| 33. |
Classify the following accounts according to their types : AsLiability, Capital, Revenue, Expenses.(20(1) Prepaid rent.(2) Proprietor's drawing.(3) Advances from Customers.(4) Debtors.(5) Dividend received.(6) Income Tax.(7) Depreciation.(8) Debentures. |
|
Answer» 1) liability 2) capital I KNOW only these |
|
| 34. |
20Q.10.Current liabilities of a company are 6,82,000. Itacurrent ratio is 4:1 and acid test ratio is 2.5 : 1.Calculate the value of current assets, liquid assetsand stock |
|
Answer» Explanation: Q.10.Current liabilities of a COMPANY are 6,82,000. ITA current ratio is 4:1 and ACID test ratio is 2.5 : 1. Calculate the value of current assets, LIQUID assets and ... |
|
| 35. |
Q.9. Cost of capital depends upon :(1) Volume of capital to be arranged(2) Sources of capital(3) Time of which capital is arranged(4) All of the abovefCenital |
|
Answer» Explanation: I THINK THE ANSWER IS (4)- All Of TheAboveMARK AS BRAINLIST |
|
| 36. |
From the given financial transactions of Raghu for an accounting year, Selectthe correct final answer of Accounting Equation i.e., Assets = Liabilities + Capitalfrom the given options. Raghu had the following transactions in an accounting year:(i) Commenced business with cash 150,000.(ii) Paid into bank 2 10,000.(iii) Purchased goods for cash 20,000 and credit 30,000.(iv) Sold goods for cash 40,000 costing? 30,000.(v) Rent paid 3 500.(vi) Rent outstanding 100.(vii) Bought furniture 5,000 on credit. |
|
Answer» Explanation: The AMOUNT of prepaid insurance will be credited from assets and debited in liability THUS, the equation will be 5000 +1000 = 2000+4000-1000. The same way COMMISSION of RS. 2800 will be added to assets and liability because there's an increase in cash and also an increase in capital (Income). |
|
| 37. |
for most investment decisions that a firm faces, NPV is either a superior decision criterion or at least it is considered a good technique to decide for investment what are your considerations. do you think that other techniques can provide better results while taking investment decision if yes please elaborate |
|
Answer» SORRY dear Explanation: please follow me |
|
| 38. |
Note : Since the capitals are131. After the accounts of a partnership have been drawn up and the booksclosed off, it is discovered that for the years ended 31st March, 2016 and 2017, interesthas been credited to the partners upon their capitals at 5% per annum although, noprovision for interest is made in the partnership agreement.The amounts involved are :Interest CreditedYearAB. C₹₹20164,200 2,400 1,32020174,320 2,520 1,320You are required to put through adjusting entry as on 1st April, 2017, if the profitswere shared as follows in 2016, 2:2:1 and in 2017, 3: 4:3. |
|
Answer» Answer: Explanation: To A's current A/c 400 To B's current A/c 200 (Being adjustment entry passed) Table showing Net Adjustments to be made Particulars A B C Adjustments in 2017 500 (200) (300) Adjustments in 2018 (100) 400 (300) Net Adjustments 400 200 (600)
Table showing adjustments to be made in 2017 Particulars A B C Interest on capital (2500) (2000) (1500) Profits 3000 1800 1200 Adjustments 500 (200) (300)
Table showing adjustments to be made in the year 2018 Particulars A B C Interest on [email protected]% (2500) (2000) (1500) Profits 2400 2400 1200 Adjustments (100) 400 ( 300) |
|
| 39. |
रिवैल्युएशन अकाउंट पार्टनर्स कैपिटल अकाउंट बैलेंस शीट ऑफ न्यू फिल्म |
| Answer» | |
| 40. |
ROI is considered to be the master ratio which reflects overall performance of thecompany. then identify the reasons due to which internal auditors are asked to improve other ratios such as ORE and ROA |
|
Answer» Answer: ek is ek I've do KE do in ice ice FUNNY over to ek of OUDH kal this doc SHOW |
|
| 41. |
7 pointsQ4) Show the effect offollowing transactions onassets liabilities and capitalthrough accounting equation:(a) Started business with cash120000(B) Rent received10000(D) Purchased goods oncredit from Manmeet35000(E) Paid cash forhousehold expense 7000(F)Sold goods for cash (costing10000) at 14000.(G) Cashpaid to manmeet 35000(H)Deposited into Bank 20000.Infinal equation youwillget:2O Cash=92000O Cash-82000O Capital=127500Stock=26000 |
|
Answer» Explanation: ........................... |
|
| 43. |
show the effects of the following transaction on assets liabilities and capital through accounting equation started business with cash ₹1,20,000 rent received ₹10,000 lnuested in shares ₹50,000 received divided ,₹5000purchase good on credit from ragani35,000paid cash for house hold expenses₹7,000sold good for cash costing rs10,000 ₹14000cash paid to ragani ₹35 000 deposited into bank ₹20,000 |
|
Answer» is THEREBY making the TRIP is MOVING out this week is moving out is that I am better |
|
| 44. |
Cash received from manisha rs19000after allowing5per discount |
|
Answer» Explanation: DISCOUNT is 1000.. LET's.. =20000×5÷100 = 1000 |
|
| 45. |
Name two commercial organizations on the basis of :a) Objective. |
|
Answer» MEANING, FEATURES AND IMPORTANCE |
|
| 46. |
Name the economic activities in which following people are involved. a) Bharat, who is practising as Chartered accountant. b) Ravi working as manager in a bank. |
|
Answer» Answer: (i) Profession - Occupation, practice, or vocation requiring mastery of a complex set of knowledge and skills through formal education and/or PRACTICAL experience. Every ORGANIZED profession (accounting, law, medicine, etc.) is governed by its respective professional body. (ii) Business - The TERM business is derived from the word ‘busy’. Thus, business means being busy. However, in a specific sense, business refers to any occupation in which people regularly engage in an activity with a view to earning profit. The activity may consist of production or purchase of GOODS for sale, or exchange of goods or supply of services to satisfy the needs of other people. (iii) Employment - Employment is not a simple term denoting the mere holding of a job for which a wage is paid, or the operating of one’s own business. Rather, it signifies the state of anyone who is doing what, under the circumstances, he most wants to do. Such a person is FULLY employed. |
|
| 47. |
The following particulars are available in respect of the business carried on by rathore |
|
Answer» Answer: the FOLLOWING thing is required to run business by Ratho REALLY WIIL be a..business environment b.. capital requirement c.. incorporation d.. certificate of origin |
|
| 48. |
Why do businessmen earn profit? State two reasons. |
|
Answer» earning a PROFILE is a IMPORTANT to business because profitae impacts wheather company can secure FINANCE from bank attract inverted to fjnd |
|
| 49. |
Journalise the transaction took goods from business for domestic use rupees 1,000 |
|
Answer» Answer: drawing a/c ... BR. 1000 to PURCHASES a/c 1000 (being goods withdrawn tum format me karna barna TEACHER marks kat legi |
|
| 50. |
Total updates number of accounting standards |
|
Answer» ffcbhbbbbbbbvvvvbbhhb njbbbbbbvvvvv Explanation: bvvgggggyihgyvv |
|