Explore topic-wise InterviewSolutions in Current Affairs.

Answer:

labh KE sambandh me sajhedaar Ko diye GYE isi aashwasan ko labh ki garunti kaha jata hai .is PRAKAR ki garunti ferm ke sabhi sajhedaar ya KOI EK sajhedaar de sakta hai.

ANSWER:

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Answer:

Branch Account under Debtors System is a Real Account. ... When the Branch Manager is ALLOWED petty cash on IMPREST System, the amount remitted by Head Office to REIMBURSE the actual expenses will be DEBITED to the Branch Account.

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Answer:

In other words, previous years' trading accounts should be drawn up again to ASCERTAIN the normal rate of GROSS profit. For EXAMPLE, it may be the PRACTICE of the firm concerned to value stock at 10% below COST. This will deflate gross profit.

ANSWER:

it is PREPARED by consignee

Explanation:

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ANSWER:

where is TRIAL BALANCE ??

Explanation:

The Values you have entered should in a ORDER please SEND your QUESTION to me in a right way, sure I will workout it

ANSWER :

✎ According to Traditional Approach or English Approach of accounts CLASSIFICATION :-

• ★ Prepaid Expenses is a Personal Account. It COMES under Representative Personal Account.

✎ According to Modern Approach or American Approach of accounts classification :-

• ★ Prepaid Expenses is an Asset Account. It comes under CURRENT Asset Account.

________________________________________________________________

KNOW MORE :

❒ Accounts are classified on the basis of two APPROACHES :-

• Traditional Approach or English Approach

• Modern Approach or American Approach

❒ On the basis of Traditional Approach or English Approach of accounts classification, there are three accounts heads :-

• Personal Accounts

• Real Accounts

• Nominal Accounts

❒ On the basis of Modern Approach or American Approach of accounts classification, there are five accounts heads :-

• Assets Accounts

• Liabilities Accounts

• Capital Accounts

• Revenue Accounts

• Expenses Accounts

Answer:

a) TRAIL balance

EXPLANATION:

In double entry SYSTEM, the TWO aspects debit and credit are followed but in single entry system only one aspect are been followed

ANSWER:

The market INTERESTED rate is ALSO CALLED as the interested rate.

Explanation:

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Answer:

C. The auditor and his assistant.

Explanation:

An auditor PREPARES a PROGRAM that contains detailed information about various STEPS and AUDIT procedures to be followed by the audit.

JOURNAL ENTRY DR Cr

1) CASH A/c Dr. 45,000

To CAPITAL A/c 45,000

2) Bank A/c Dr. 20,000

To Cash A/c 20,000

ANSWER:

GOODS and SERVICE TAX

Explanation:

goods and service tax

ANSWER:

A book or record in which certain TYPES of transaction are recorded before becoming part of the double-ENTRY book-keeping system. The most common books of PRIME entry are the day book, the cash book, and the journal.

SHARE APPLICATION and ALLOTMENT ACCOUNT is a PERSONAL account.

ANSWER:

The NUMBER of issued shares is recorded on a company's balance SHEET as CAPITAL stock, or OWNERS' equity.

ANSWER:

INTEREST a/c----------DR 7,000

To CASH a/c. 7000

Answer:

Dividend refers to a reward, cash or otherwise, that a company GIVES to its shareholders. Dividends can be issued in various forms, such as cash payment, stocks or any other form. A company's dividend is DECIDED by its BOARD of DIRECTORS and it REQUIRES the shareholders' approval.

ANSWER :

✪ Option (d) RS. 55,000

• ➻ If Debtors is Rs. 15,000, Stock is Rs.15,000, Fixed Assets is Rs. 30,000 and Creditor is Rs.5,000; then Capital is Rs. 55,000.

____________________________________________________________

SOLUTION :

❒ Given :-

• Debtors = Rs. 15,000

• Stock = Rs. 15,000

• Fixed Assets = Rs. 30,000

• Creditors = Rs. 5,000

❒ To Find :-

• Capital = ?

❒ Calculation :-

Here,

• ✎ Total Assets = Debtors + Stock + Fixed Assets

➜ Total Assets = Rs. 15,000 + Rs. 15,000 + Rs. 30,000

➜ Total Assets = Rs. 60,000

• ✎ Total Liabilities = Creditors

➜ Total Liabilities = Rs. 5,000

We know that,

According to Accounting Equation,

Using this formula we get,

• ★ Asset = Capital + Liability

➜ Rs. 60,000 = Capital + Rs. 5,000

➜ Capital = Rs. 60,000 - Rs. 5,000

∴ Capital = Rs. 55,000

• Hence, the value of Capital is Rs. 55,000.

____________________________________________________________

KNOW MORE :

Dual Aspect Concept expresses the relationship between Assets, Liabilities and Capital that is expressed in the form of equation.

The equation for the relationship between Assets, Liabilities and Capital is known as Accounting Equation.

The accounting equation is :

• ★ Asset = Liability + Capital

This accounting equation is related to the Balance Sheet of final accounts, SINCE Capital, Liabilities and Assets are the elements of Balance Sheet.

Although, this equation may be extended to Trading and Profit and Loss ACCOUNT which is commonly known as Income STATEMENT or Revenue Statement.

ANSWER:

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Answer:

Let us Learn about the Treatment of Abnormal Item of Goods.

Abnormal Item of Goods, if any, should be excluded at the TIME of preparing Trading Account. Therefore, value of such goods which affect opening stock or purchase are to be deducted. SIMILARLY, if any abnormal item of sale is included with sales, the same is also to be excluded.

As a RESULT, the (Memorandum) Trading Account will disclose the stock of normal line of goods at the date of fire. Therefore, the unsold value of abnormal item of goods is to be added with the normal stock in order to ascertain the total value of stock. It is BETTER, for this purpose, to prepare the (Memorandum) Trading Account in two columns, viz., Columnar Trading Account showing the Normal and Abnormal items of goods.

The company has been following the practice of valuing the Stock of goods at actual cost PLUS 10%. Including in the stock on 1.1.2009 were some shop-soiled goods which originally cost Rs. 2,000, but were valued at Rs. 1,100. These goods were sold during the year 2009 for Rs. 1,000. Subject to these, the rate of Gross Profit and the basis of valuation of Stock were uniform.

ANSWER:

B. CREDIT sales is ascertained by preparing total creditor a/c

Answer:

ACCOUNTANCY AND...

0:18:10

QUESTION 13 OF 50

H.O. SENT GOODS to branch @ cost plus 20%. Goods sent

to branch at INVOICE price- Rs.1,20,000. Therefore branch

A/c will be credited with goods sent to branch (loading)

with

OPTIONS

a.

Rs.80,000

b.

Rs.1,00,000

c.

Rs.20,000

d. Rs.1,20,000

ANSWER:

D. Rs.9,000

Explanation:

Salaries - Rs.5,000.

Outstanding salaries (PREVIOUS year) - Rs. 1,000.

Outstanding salaries (current year) - Rs. 3,000.

Salary will be debited in profit and loss A/c with

Rs. 9,000

( by ADDING all the salaries)

So, the FINAL answer of the question is option D. Rs. 9,000.

Answer: Goodwill is usually associated with mergers and acquisitions (M&A). When one company is purchased by another, it is COMMON for the buyer to PAY more than the market VALUE of the TARGET business's IDENTIFIABLE assets and liabilities. The amount paid in excess of the market value is known as goodwill.

ANSWER:

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Answer:

In the final ACCOUNTS, it is shown as an expense on the DEBIT side of the profit and loss account and added to CAPITAL in the BALANCE sheet.

ANSWER:

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ANSWER:

Is PREPARED to SETTLE down the DISCOUNTS and for DEPRECIATION

Answer:

ADVERTISEMENTS: The actual amount of claim is determined by the formula: Claim = Loss Suffered X Insured VALUE/Total Cost. The object of such an Average Clause is to limit the liability of the Insurance Company.

Filing fire insurance claims enables you to repair or even rebuild your damaged home. "Actual cash value" policies entitle you to the amount it WOULD take to return your home, including its contents, to its pre-fire fair market value. ... So, as long as it's the same value as your OLD lot, your insurance covers it.

90-120 days

Most fire claims, if handled correctly, should settle within 90-120 days.. Claimants who are unfamiliar with the fire claim process are likely to make mistakes which result in settlement DELAYS.

ANSWER :

★ Closing STOCK of the branch at invoice price

• Under Stock-Debtors system, branch stock ACCOUNT shows the closing Stock of the branch at invoice price at the end of the year.

_____________________________________________________________

KNOW MORE :

❒ Stock and Debtors Method :-

• ✎ Stock and Debtors Method is a method of branch accounting which is followed for large size BRANCHES where goods are sent to the branches at selling price or at invoice price.

• ✎ Under Stock and Debtors Method, Branch Stock Account, Goods Sent to Branch Account, Branch Debtors Account, Branch CASH Account, Branch Expenses Account, Branch Fixed Assets Account, Branch Adjustment Account and Branch Profit and Loss Account are prepared or maintained with a view to ascertain the profit or loss of the branch and in order to exercise control over branch stock and expenses.

____________________________________________

❒ Branch Stock Account :-

• ✎ An account prepared under Stock-Debtors System of branch accounting is Branch Stock Account. This account is a replica of the goods account and this account records the transactions in regard to stock in the branch at invoice price.

• ✎ In the debit side of Branch Stock Account records the inflow of stock into the branch and in the credit side records its OUTFLOW from Branch.

• ✎ At the end of an accounting year, Branch Stock Account shows the closing stock of the branch at invoice price.

• ✎ Branch Stock Account helps to exercise control over the Branch Stock.

Answer:

Net profit is the gross profit (revenue MINUS COGS) minus operating expenses and all other expenses, such as taxes and interest paid on debt. Although it may appear more COMPLICATED, net profit is calculated for us and PROVIDED on the INCOME statement as net income.

ANSWER:

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EXPLANATION:

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Answer:

A normal loss means a loss which is inherent in nature and cannot be avoided. It USUALLY arises due to NATURAL causes such as evaporation, leakage, breakage, etc. We consider it while VALUING the CLOSING STOCK by deducting the quantity of loss from the total quantity.

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ANSWER:

you have to be a dialogu SYSTEM and a LOT of PEOPLE

ANSWER:

Interest DR. 11000

To Bank CR. 11000

(Being interest PAID by bank.)

Explanation:

Date Particulars L.F. Debit Amount (Rs) Credit Amount (Rs)

2017

Mar. 01 CASH A/c Dr. 60,000

To Capital A/c

60,000

( Started business with cash)

Mar. 02 Furniture A/c Dr. 10,000

To Cash A/c

10,000

(Furniture PURCHASED for cash)

Mar. 04 Purchases A/c Dr. 25,000

To Cash A/c

25,000

( Goods purchased for cash)

Mar. 05 Purchases A/c Dr. 15,000

To Kamlesh’s A/c

15,000

(Goods purchased from Kamlesh)

Mar. 06 Cash A/c Dr. 36,000

To Sales A/c

36,000

( Goods sold for cash)

Mar. 08 Hari’s A/c Dr. 30,000

To Sales A/c

30,000

(Goods sold to Hari)

Mar. 10 Kamlesh’s A/c Dr. 15,000

To Cash A/c

15,000

(Cash paid to Kamlesh)

Mar. 14 Cash A/c Dr. 18,000

To Hari’s A/c

18,000

(Cash received from Hari)

Mar. 16 Purchases A/c Dr. 6,000

To SOHAN’s A/c

6,000

(Goods purchased from Sohan)

Mar. 18 Purchases A/c Dr. 8,000

To Cash A/c

8,000

(Goods purchased from Sohan for cash)

Mar. 20 Rent A/c Dr. 1,000

To Cash A/c

1,000

(Paid office rent)

Mar. 26 Cash A/c Dr. 750

To Commission A/c 750

(Commission received)

Mar. 27 Salary A/c Dr. 1,200

To Cash A/c

1,200

(Salary paid to Gopal)

Mar. 28 Cash A/c Dr. 12,000

To Hari’s A/c

12,000

(Cash received from Hari)

Mar. 29 Drawings A/c Dr. 4,000

To Cash A/c

4,000

(Cash withdrawn from office for personal use)

Mar. 30 Wages A/c Dr. 7,200

To Cash A/c

7,200

(Wages paid)

Mar. 30 Machinery A/c Dr. 8,000

To Cash A/c

8,000

(Machinery purchased for cash)

TOTAL 2,57,150 2,57,150

ANSWER:

(A)CAR is the REAL answer

Answer:

500mm^2

Explanation:

1cm^2=100mm^2

5cm^2=500cm^2

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ANSWER:

HTTPS://documentcloud.adobe.com/link/track?uri=urn:AAID:SCDS:US:c6ac91f0-99e5-4c65-beb2-fb52838707ca

Answer:

Solution(By EXAMVEDA TEAM)

Loss on sale of FIXED assets will not appear in cost accounting. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of ASSET account, and credit the fixed asset.

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ANSWER:

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ANSWER:

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ANSWER:

Legacy : Legacy represents the AMOUNT or property RECEIVED by organization under a will on death of the CONTRIBUTORS. In other words we can SAY that ligacies are the donations made by a person in his will, so their donation are called legacy.

(i)  Legacies received for a specific purpose must be capitalized in the name of concerned fund for which it is received.

(ii) Legacies received not for any sprcific fund/general may be added to the capital fund.

ANSWER:

can you ASK the QUESTION detailly

ANSWER:

OTHER EXPENSES IN PROFIT AND LOSS ACCOUNT

Answer:

The PROFIT and loss (P&L) statement is a FINANCIAL statement that summarizes the REVENUES, costs, and expenses incurred during a specified period, usually a fiscal quarter or year.

ANSWER:

auditing

Explanation:

EXPLANATION:

This QUESTION is very TOUGH and HARD