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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. |
Accounts ques.. Rectify this entry. Pls give me the explanation too.... |
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Answer» Answer: to RAJA Account |
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| 2. |
Order for goods received from ramprasad, who is credited and dedter |
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| 3. |
X and y started business on 1st April, 2013 with capitals of 5,00,000 and 3,00.000 respectively1st May 2013, X introduced an additional capital of 1,00,000 and Y withdrew 50.000 fromhe capital. On 1st October 2013, X withdrew 2,00,000 from his capital and y introduced250.000 on his capital. Interest on capital is allowed @ 6% p.a. Calculate the interest oncapital for the year ending 31st March, 2014.al X - 22,750 and Y - 29,500(b) X- 29,000 and Y - 322,000oX - 27,000 and Y-45,000(d) X-29,500 and Y - 22,750 |
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Answer» d)x-29,500 & y-22,750 |
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| 4. |
Patent right is debit or credit |
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Answer» Answer: Debits INCREASE asset accounts, such as PATENTS, and expense accounts, such as amortization expense. ... CREDITS DECREASE asset and expense accounts, and increase revenue, LIABILITY and shareholders' equity accounts. |
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| 5. |
How to find out sales ratio in tamil |
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Answer» hey Explanation: |
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| 6. |
what will be the new profit sharing ratio of the remaining partners in the absence of any specific future ratio in the event of retirement or death of a partner |
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| 7. |
Journal entry paid to Shukhdev ₹1650 Discount availed ₹50 |
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Answer» Answer: |
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| 8. |
Record the following transactions in double column cash book and balance it 01 cash in hand 15,000. 02 bank balance 2,20,000 |
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Answer» by balance c/d Explanation: and half AMOUNT is TRANSFERRED in BAND nd half in cash COLUMN |
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| 9. |
- vyuvv - 11,VVU IUI Prenul = 30,000)12. In 2012 a Transport Company Ltd. made a public issue of 6% Redeemable Preference Sharesof 10 each repayable at 10% premium. 12,450 shares of * 10 each were subscribed and fullypaid.With a view to redeem such preference shares the company gave a notice as per requirements inJanuary, 2016. General Reserve in the Balance Sheet then, was 90,000 and Bank Balance76,000. In order to arrange funds the company offered for public subscription 7,500, 744%preference shares of 10 each, payable in full on application, 6,132 shares of these were takenand allotted. Immediately afterwards the company redeemed the whole of the 6% PreferenceShares in accordance with the terms of issue.You are required to give Journal Entries (including for cash) and prepare necessary accounts inthe books of the company from issue to redemption of Preference Shares.[B. Com., Rohilkhand : 1992; Dr. B. R. A. U.: 1992: Indore : 2005]TAns. Can Red Reserve 63 1807 1 24 500 61 990). Dami... |
Answer» BRO UR QUESTION IS TOO DIFFICULT FOR UNDERSTANDING......SO PLS COOPERATE WITH ME...... AND TRY TO UNDERSTAND...... PLS MARK ME BRAINLIEST...... |
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| 10. |
(Bills Receivable) dr hai ya cr |
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Answer» BILLS RECEIVABLE is a debit.... |
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| 11. |
Journal entry for purchase of fan |
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Answer» Answer: Fan a/c Dr. To cash a/c Explanation: ACCORDING to REAL ACCOUNT golden rule, DEBIT what comes in, credit what goes out Fan comes in and cash goes out |
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| 12. |
What is the voucher of goods return to Manish |
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| 13. |
What is the nature of Account? |
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Answer» Answer: In bookkeeping, an account refers to assets, liabilities, income, expenses, and EQUITY, as represented by individual LEDGER pages, to which changes in value are CHRONOLOGICALLY RECORDED with debit and credit entries. |
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| 14. |
A and B are partner in a firm sharing profit and losses in the ratio of 3 :2 they admit r are as a partner of 1 /4 share in the the profit of the farm are bringing rupees 600000 as his capital and his share of goodwill encash Goodwill of the firm is to be value at 2 year purchase of average profit of the last four years the profit of last 4 year are given below. Year2013-14 2014-15 2015-16 2016-17 (1) to cover management cost and involved charge of RS 56250should be made for the purpose of valuation of goodwill (2) the closing stock of the year ended 31 March 2017 was overvalued by rupees 15000 for the necessary journal entries on admissionR showing the working noteclearly |
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Answer» the will GET 300000 they will be SHARING this MUCH of PROFIT |
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| 15. |
Issue+of+share+for+cash+at+par |
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Answer» when we issue of SHARE for a cash at par then the gournal ENTRY follow:- |
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| 16. |
According to cocept of accounting life of business is.till when |
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Answer» INDEFINITE period |
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| 17. |
Record the opening entry on 1st April 2019 from the following particulars buildings 24000patents 18000fixtures &fittings 6000bills payable 4000 machinery 10000 creditors 4000 |
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| 19. |
What is the capitalisation method in contrast to Goodwill... |
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Answer» Answer: Goodwill, under this method, is ascertained by deducting the actual capital employed from the capitalized value of business. Under this method, the value of the whole business is DETERMINED by applying normal RATE of RETURN. ... Capitalisation of average profits method. Capitalisation of super profits method. Explanation: FOLLOW me please |
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| 20. |
In balance sheet, balance of closing stock post in which side and why |
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Answer» Explanation: Closing STOCKS are the Current Asset in balance sheet. and in Balance sheet it will be mentioned as Current Assets. Closing stock will appear in in the section of Cost of GOODS Sold in P&L, it will appear on the DEBIT SIDE of Trial balance & and will appear under current assets in the Balance sheet |
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| 21. |
Give journal entries for the following transaction in the books of raja ram |
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Answer» where are the ENTRIES ? |
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| 22. |
A business has an all together seperate existence..this is based on? |
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Answer» Explanation: A company with such PERSONALITY is an INDEPENDENT legal existence separate from its shareholders, directors, officers and creators. This is FAMOUSLY known as the veil of incorporation. ... Proprietary interest REFERS to the ability of a company to own PROPERTY like a land or building. |
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| 23. |
According to double entry system of accounting? |
Answer» ❤️❤️The double-entry SYSTEM of accounting or bookkeeping means that for every business transaction, amounts must be recorded in a minimum of TWO accounts. The double-entry system also requires that for all transactions, the amounts entered as DEBITS must be equal to the amounts entered as credits.❤️❤️Explanation: ❤️❤️hello dear here is your answer mark it brainlist ok and FOLLOW me... :) ☺️☺️❤️❤️ |
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| 24. |
journalise the following transaction in the book of Dhanush and post them to ledger first one 2016 started business with cash |
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Answer» To CAPITAL A/c |
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| 25. |
Paid to urmila Rs.20000 on behalf of sharmila |
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Answer» To CASH A/C. 20,000 (PAID cash to Urmila) THNQ. #. |
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| 26. |
Madan and gopal are partners sharing profits in 3:2 . They admit sooraj for 1/3 share of profit on 1 april . They also decide to share future profit equally . Goodwill of the firm was valued at 55000 . Goodwill existed in the books of account at 100000 which the partner decide carry forward.Soraj is unable to bring his share of goodwill.pass the necessary journal entries on admission of sooraj if(a) Goodwill is not to be raised and written off;(b) Goodwill is to be raised and written off |
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Answer» MADAN GOPALA departments and then the PROFIT of an angle of 135 |
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| 27. |
2.2 Pass journal entries from the following transaction, post them into ledger and make a trial balance of ShreePanchmukhi ltd:1. Sahdev started business with cash RS.5,00,000.Purchased goods for cash Rs. 20,000.Purchased goods from Raghubir on credit for Rs. 25,000.Purchased furniture form fancy furniture house for Rs. 1,50,000 on credit.Sold goods for cash Rs. 30,0006/ Sold goods to Yuvraj on credit for Rs. 50,000.V. Cash paid to Raghubir Rs.20,000.8. Cash received form Yuvraj Rs.15,000.S. Paid rent Rs. 10,000, |
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Answer» Heya Here's UR ANSWER in the ATTACHMENT |
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| 28. |
(1)Goods worth 5,000 destroyed by fire.(2)Insurance Company admitted claim for 4,000 only. journal entry |
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Answer» Answer:GOODS DISTROYED BY FIRE A/c DR. 5000 To. TRADING A/c 5000 P&L A/c Dr. 1000 (5000 - 4000) To. GOODS DISTROYED BY FIRE A/c 1000 (5000 - 4000) Amt claimed by insurance co. A/c. Dr. 4000 ASSET (in Balance sheet) 4000 Explanation: |
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| 29. |
What is goodwill?please help me friends |
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Answer» Goodwill is an intangible asset which places an enterprise at an advantageous POSITION DUE to which the enterprise is able to earn HIGHER profits without putting extra EFFORTS. It is intangible in nature. It is amortized over its useful life. |
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| 30. |
On Feb 6, 2013, Mr. K Srinivas wanted to start a business. So, he decided to start a business on Agro Seeds. He decided to move on with Agro Seeds as he had an eight year experience in private Agro Seeds business firm.He decided to invest Rs. 10,00,000. He got the amount from different sources. He applied for a bank loan, and got bank loan from State Bank of India for amount of Rs. 2,50,000. He invested Rs. 3,00,000 from his personal savings. He opened a bank account with the name of “Golden Agro Seeds”. He deposited an amount of Rs. 5,00,000 and kept the other Rs. 50,000 as cash-in-hand. On March 2, additional bank loan was sanctioned and an amount of Rs. 3,50,000 was transferred to account. He borrowed Rs. 73,000 from Mr. Jayaprakash on 15 March, 2013 by promising him to pay an amount of Rs. 7,300 for 10 months and an interest of 1% per month for the total principal amount. He took a small loan for the remaining capital of Rs. 27,000 from Mr. Ritesh on March 16, 2013, which was interest free and he had to pay it within December 15, 2013 i.e he had to pay Rs. 3,000 per month. Mr. K. Srinivas withdrew Rs. 50,000 from the bank account on March 17, 2013.On March 17, 2013, he had Rs. 2,00,000 as cash-in-hand and Rs. 8,00,000 in his bank account. On March 25, 2013, he rented a furnished shop by paying an advance of Rs. 1,00,000 through the bank account by cheque and he had to pay rent of Rs. 20,000 per month. He had no employees since it was a small store and he was capable to manage alone.On April 1, 2013, “Golden Agro Seeds” was started. At the end of the year, the following transactions were recorded, excluding transactions made before business started.Sr. No. Particulars. Amount ( Rs. )1 Purchases ( Cash / Bank ) 4,00,000 2 Purchases ( Credit ) 4,00,0003 Sales ( Cash ) 8,00,0004 Sales ( Credit ) 2,00,0005 Rent 24,000 6 Insurance Expenses 12,000 7 Travelling Expenses 10,000 8 Electricity Expenses 15,0009 Wages 8,00010 Service and Maintenance 6,000 11 Repair 20,000On May 1, 2013, Mr. Srinivas purchased a laptop for Rs. 29,000. On September 9, 2013, he purchased a printer worth Rs. 8,000.Depreciation : Laptop 10% p.a Printer 8% p.a1. Journalise the above transactions. Post them into ledger and prepare Trial Balance.2. Prepare Trading Account, Profit & Loss Account and Balance Sheet.3. Prepare a Bar Diagram or a Pie Chart showing the expenses.4. Calculate all possible ratios. |
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Answer» ggchbghgdubdjvs gbzydvxhxdmDg sjcshcdbcfbx |
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| 31. |
Enter the following transaction in the journal of j j singh 2017 |
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Answer» Where are the TRANSACTIONS??? |
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| 32. |
Please send solution of this answer as early as possible |
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| 33. |
Hi I need an answer for that question above |
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| 34. |
Purchased furniture 10000 plus CGST and SGST @6% each and paid for furniture by cheque |
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Answer» FurnitureA/c Dr. 10000 Input CGST A/c Dr 600 Input SGST A/c Dr. 600 To BANK A/c 11200 |
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| 35. |
Paid to gopal in full settelement of his account after deducting 5%discount |
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Answer» Explanation: total Amount payable= 10000 Discount RECIEVED = 5% actually paid 10000 - 5% = 9500 so Discount recieved= 10000 - 9500 = 500..its a gain to us.... The transaction affects THREE accounts... gopal account (we owe money) , Cash a/c(paid 9500 ) , Discount recieved a/c( recieved 5% Discount;500 ).. gopal account is a Personal account (as the name suggests) cash account is a Real account (All the assets and Liabilities come under Real account; cash is an asset) Discount Recieved is a nominal account (All expenses incomes gains losses come under nominal account and Discount recieved is a gain) The Three golden rules of accounting are.. Personal account - Debit the receiver CREDIT the giver.. Nominal account - Debit All expenses and losses, credit All incomes and gains Real account - Debit what comes in ,credit what GOES out. in contention with the above rules.. gopal should be debited (he is the receiver) Discount Recieved hould be debited (its a gain) Cash should be credited (it is going out). So the JOURNAL Entry will be... Gopal Dr 10000 To Discount recieved a/c 500 To cash a/c. 9500 (Being amount due to Gopal settled ) |
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| 36. |
The role of accounting has changed over a period of time. Do you agree? |
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Answer» yes Explanation: if the business grow and became large so it NEED a change INTHE financial STATEMENTS and TRANSACTIONS and further accounting tricks are used for big businesses |
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| 38. |
Pluto ltd. Issued 20000 equity shares of rupees 10 Each,payable as follows:Application rs4,allotment rs1,1st call rs3,2nd n final call rs2.Application were received for 30000 shares and pro rata allotment was made to all applicants. Excess money received on application was utilised towards allotment and subsequent calls. |
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Answer» Answer: Explanation: Journal entries Date Particulars L.F. Debit Am. Credit Am. 1. Bank A/C Dr. 1,20,000 To Equity SHARE Application A/C 1,20,000 (Being Share Application RECEIVED) 2. Share Application A/c Dr. 80,000 To Share Capital A/c 80,000 ( Being application money transfer to share capital ) 3. Equity Share Application A/c Dr. 40,000 To Allotment A/c 10,000 To share 1ST Call A/c 10,000 To share 2nd Call A/c 20,000 ( Being Balance of application transfer to allotment, 1st call, 2nd call ) 3. Share Allotment A/c Dr. 20,000 To Share Capital A/c 20,000 (Being allotment money transfer to share capital ) 4. Bank A/c Dr. 10,000 To share Allotment A/c 10,000 ( Being Allotment money received) 5. Share 1st call A/c Dr. 60,000 To Share Capital A/c 60,000 ( Being 1st call Transfer to share capital ) 6. Bank A/c Dr. 50,000 To share 1st Call A/c 50,000 ( Being 1st call received ) 7. Share 2nd Call A/c Dr. 40,000 To Share Capital A/c 40,000 ( Being 2nd call transfer to share capital ) 8. Bank A/c Dr. 20,000 To Share 2nd Call A/c 20,000 ( Being 2nd call received ) |
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| 39. |
Can you please solve this question It's really helpful for me . |
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Answer» Answer: 1.CASH ACCOUNT DR. 80000 To capital account 80000 2.office exp.account Dr. 5000 To cash account 5000 3.purchase account Dr. 8000 To cash account 8000 4.manof Dr. 6000 To sales account 6000 5.machinery account Dr. 15000 To surest 15000 6.cash account Dr. 2500 To RENT account 2500 Explanation: |
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| 40. |
Paid school fees of proprietor's daughter from the business rs 10000 |
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Answer» To CASH A/c |
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| 41. |
What opening balance Rupees 6000 |
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Answer» Explanation: opening BALANCE is b/d in cash BOOK ,sales and PURCHASE book |
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| 43. |
Chhavi and neha were partners in a firm sharing profit and losses equally. chhavi withdrew a fixed amount at the beginning of each quarter.interest on drawings is charged @6% p.a. At the end of the year, interest on chhavi's drawing s amounted to 900. pass necessary journal entry for charging interest on drawing. |
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Answer» [(900×12)×6%×5.5÷12]=297 |
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| 44. |
Why the cash account in the bank account are not posted in the |
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| 45. |
What considerations should be borne in mind for designing accounting reports? |
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Answer» timeliness credibility |
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| 46. |
Cash sales 20000 rupees in which 12000 is banked on next day Cash book entry |
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Answer» Answer: to sales account 20000 2.bank account Dr.12000 to cash account 12000 |
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| 47. |
Withdrawn goods of rupees 200 for personal use of business |
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Answer» Answer: what you WANT to ASK if you PROPERLY PROVIDE question then I can be helpful |
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| 49. |
Journal entry for-Bought goods at list price of 15000 from Rakesh less 10% trade discount and 5% cash discount and paid 40% price immediately. Also apply 12% IGST solution with journal entries |
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Answer» Purchases A/c - - - - -DR 13500 Input IGST A/c - - - - - Dr 1620 To Cash A/c. 5746 To Discount received A/c. 302 To Rakesh's A/c 9072 ( being goods purchased @ 10% trade discount, 5% cash discount, 12% IGST. PAID 40% Price immediately) |
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