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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. |
The purpose of the cash flow statement is to: |
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| 2. |
Thal bdiaIllustration 1 (Without GST).Duter the following transactions in the subsidiary books, post them into the Ledgerand prepare a Trial Balance:Date Particulars1,00,0005,00010,00015,000, Trade Discount @ 10%2018Nov. Sudhir commenced business with cashNov. 4 Bought furniture from Raj Furniture HouseNov. 5 Purchased goodsNov. Purchased goods from Marathi & Co. of the list price ofNov. Opened a Bank Account by depositingNov. 30 Sold goodsNov. 10 Purchased stationery from R.K. MartNov. 14 Sold goods to Zakir KhanNov. 44 Goods returned by Zakir KhanNov. 15 Payment to Marathi & Co. by chequeNov. 20 Goods purchased from Khosla & Co.Nov. 25 Goods returned to Khosla & Co.Nov. 28 Paid electricity billNov. 29 Cash sales30 Withdrew for personal use from the bank15,00020,00050013,0003,0005.00010,0002,00020010.0002,000Solution:MOLDOAK DOUBLE COLUMN) |
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Answer» .................................. |
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| 3. |
True or false :-Currency is a real asset. |
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Answer»
FALSE ............... |
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| 4. |
I want Rspl accountancy paper class 12 |
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Answer» I don't have SORRY fsbzjsjanjdjakswks |
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| 6. |
Plz solve this question. Important for the 12th boards. N plz give correct answers. Plz help. |
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Answer» Explanation: in PATNERS capital i have not SHOWEN the revalution profit i forgeted but i have added you can make GOODWILL and capital a/c own |
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| 8. |
To.bbDouble Entry Book Keeping-CBSE25. From the following balances, as on 31st March, 2018, preparebalances, as on 31st March, 2018, prepare Trading and Profit and IAccount and Balance Sheet:40031840V8.000 |
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Answer» IAM not UNDERSTAND the QUESTION |
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| 9. |
The stock is to be valued at 92%of its book value |
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Answer» reduced it by 8% in balance SHEET and show it if its patenership question show it in REVALUTION a/c if sole propritor show as dep 8% |
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| 10. |
On 1st April 2016 a firm purchased a machinery for8,00,000. On 1st Oct. in the same accounting year, anadditional machinery costing 4,00,000 was purchased. OnOckist 2017, the machinery purchased on 1st April 2018 wassold off for 3 3,60,000. On 1st October 2018, a newmachinery was purchased for 10,00,000 while themachinery purchased on 1st October 2016 was sold for3,40.000 on the same date. The firm provides depreciationon its machinery @ 10% p.a. on original cost 31st Marchevery year.Prepare Machinery Account (ii) Provision for DepreciationAccount (iii) Machinery Disposal Account |
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| 11. |
WHAT IS LEDGERFeatures of ledger |
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Answer» Answer: a book in which a company, bank, etc. records the money it has paid and received. Explanation: some of the features of Ledger which SET it apart from other accounting systems: Ledger never creates or modifies your data. Your entries are kept in a text file that you maintain, and you can rest assured, no automated tool will ever change that data. The amount of data REQUIRED by Ledger is minimal. It figures out from looking at your data what you mean by it and how you want it reported back to you. Accounts are created as they appear; currencies are created as they’re referenced. Anywhere that a value can be calculated, you can leave it out. Ledger is a double-entry accounting tool, meaning that all entries must balance. If an entry does not balance, it will CAUSE an error and the REPORT will not be generated. Ledger is always checking the accuracies of your entries at every run; you won’t ever run into problems with “unaccounted” sums in an account. Ledger is 100% currency-agnostic. You can store multiple currencies in any account, convert between them, or even pay in one currency and receive change in another. Ledger is international. UTF8 is ACCEPTED anywhere in data files, Ledger uses ISO format dates, attaches no meaning to the naming of accounts, and can accept data in either US or European decimal formats. It will report currencies back to you following the manner of your own entries. Ledger uses a simple set of base commands which can be extended in countless ways. You can create monthly reports, average reports, check account balances, reconcile accounts, keep track of capital gains on stocks, etc |
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| 12. |
Please solve this accountancy question |
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| 13. |
Which coloumn in trial balance |
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Answer» Answer: The format of the trial balance is a two-column schedule with all the DEBIT balances listed in ONE column and all the CREDIT balances listed in the other. The trial balance is prepared after all the transactions for the PERIOD have been journalized and POSTED to the General Ledger. |
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| 14. |
Pns GuitBalanOpening Stock Rs. 1,00,000: Closing Stock Rs. 60.000; Purchases Rs. 50,000 and GrossProfit is 10% of sales. The gross profit is:(a) Rs. 10,000(b) Rs. 12,000(c) Rs. 20.000(d) Rs. 15,000 |
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Answer»
10,000 because it is 10% in 1,00,000 is the 10,000 |
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| 15. |
Ilustration 26:Y are partners sharing profits aX and Y arebalance sheet as on 31ston 31st March 2015 was given below:Amount Assetsprofits and losses in the ratio of 2 : 1 respectively. TheirLiabilitiesAmountCapitals;40,00030,000GoodwillMachineryBuildingsDebtorsprovisionBills Receivable16,00050,00040,00050,00030,000CreditorsBills payable30,000100029,00015,00010,000Cash1,50,0001,50,000On 1st April 2015, they decidthe following conditions;12015. they decided to admit Mr. Z into partnership for 1/4th share in future profits onb) Goodwill of the firmishould bring 30,000 towards his capital.dwill of the firm is valued at 18,000 and decided to write it off immediately.c) Buildings to be appreciated by 10%.Create a provision for bad debts @8% on Debtors.e) Depreciate machinery by 5,000.New profit sharing ratio of X, Y and Z would be 2:1:1 respectively in the new firm.Give Journal entries and necessary ledger accounts and balance sheet of new firm.Sr. Accountancy221Question Bank show me the good will account |
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Answer» yes Explanation: yes2+2accountancy |
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| 16. |
Two differences between current liabilities and non Current liabilities? |
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Answer» Answer: CURRENT LIABILITIES are short TERM NON current liabilities are lomg term |
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| 17. |
Netaj and Subhash are partners sharing profit & Loss in theratio of 8:2, respectively. Bose was admitted as apartner for 1/4 share accquired equally from existingpartners. Calculate New Ratio and Sacrificing ratio |
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| 18. |
Commission not earned but received |
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Answer» ACCRUED COMMISSION is UR ANSWER..........✌✌ |
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| 19. |
Why the Gross annual value for self occupied house is zero? can someone elaborate this please |
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Answer» ANNUAL Value of the PROPERTY which is self occupied, which isless Municipal Taxes Paid. If the property is let out, its rent RECEIVED is your GROSS Annual Value. For a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. PLEASE MARK ME AS A BRAINLIEST!!!! |
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| 20. |
Journalise the following transactions in the books of Anupam.1. Received an acceptance of Rs. 2000 from Manoj for 2 months.2. An acceptance of Rs. 3000 from Mayur endorsed to Piyush in the full settlement of his accountfor Rs. 3100.3. Anupam's acceptance to Rajesh for Rs. 1500 renewed for a further period of 1 month afteradding 12% interest p.a.4. Dilip sold goods to Anupam for Rs. 3000 and draws a bill of Rs. 2000 at 2 months and thebalance settled in cash. |
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Answer» Answer: 2000 from Manoj for 2 months. 2. An ACCEPTANCE of RS. 3000 from Mayur endorsed to Piyush in the full SETTLEMENT of his account Explanation: hope this HELPS you ....if YES then plzz Mark me as a brilliant☺️ |
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| 21. |
Give Journal Entries in each of the following cases in the books of company.1) Issued 500 6% Debentures of Rs. 100 at Rs.100 repayable at Rs.1002) Issued 1000 8% Debentures of Rs. 100 at Rs.95 repayable at Rs.1003) Issued 1500 10% Debentures of Rs. 100 at Rs.105 repayable at Rs.1004) Issued 2000 12% Debentures of Rs. 100 at Rs.95 repayable at Rs.1055) Issued 2000 14% Debentures of Rs. 100 to the vendors of the Machinery. |
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| 22. |
19. Give formula about operating profit ratio. |
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Answer» Answer: The profit margin RATIO formula can be calculated by dividing net income by net sales. Net sales is calculated by subtracting any returns or refunds from gross sales. Net income equals total REVENUES minus total expenses and is usually the last NUMBER reported on the income statement. Explanation: plz mark as brainliest EVEN though it is not |
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| 23. |
17. What is meant by comparative statements method ? |
Answer» ᎪᏁsᎳᎬᏒ:
hᎾᏢᎬ ᎥᏆ hᎬᏞᏢs mᎪᏒᏦ Ꭺs ᏆhᎬ bᏒᎪᎥᏁᏞᎥᎬsᏆ... |
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| 24. |
16. What is called simple debenture ? |
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Answer» Explanation: The definition of a DEBENTURE is a long-term BOND ISSUED by a COMPANY, or an unsecured LOAN that a company issues without a pledge of assets. |
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| 25. |
14. When is the partnership firm dissolved by itself? |
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Answer» Answer: A firm may be dissolved under the FOLLOWING circumstances: (a) DISSOLUTION by Agreement (Section 40): A partnership firm can be dissolved by an agreement AMONG all the partners. Section 40 of Indian Partnership Act, 1932 ALLOWS the dissolution of a partnership firm if all the partners AGREE to dissolve it. |
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| 26. |
stock is valued 112500 if partner took over 50% of stock at 20% discount and the remaining stock was balance and sold at 30% cost |
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| 27. |
13. How will you record in the books of firm, if goodwill appearing in the old BalanceSheet at the time of admission of a new partner? |
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Answer» The accounting treatment of such GOODWILL is as follows: Old partner's Capital A/c DR. The entry to write off existing goodwill is ALWAYS passed whether the goodwill is brought in cash or not. After passing the above entry, goodwill will not appear in the NEW balance sheet. |
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| 28. |
What is the value of the tax shield if the value of the firm is Rs.5 million, its value if unlevered would be Rs.4.78 million, and the present value of bankruptcy and agency costs is Rs.360,000?Rs.140,000Rs.220,000Rs.360,000Rs.580,000 |
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| 29. |
If a firm's EBIT changes by 20% and it has a degree of financial leverage (DFL) of 2.5, what is the expected change in earnings per share (EPS)?20%40%50%60% |
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Answer» Answer: |
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| 30. |
What is the value of the tax shield if the value of the firm is Rs.5 million, its value if unlevered would be Rs.4.78 million, and the present value of bankruptcy and agency costs is Rs.360,000? |
Answer» The value of the tax shield is $580,000Explanation: The formula and the computation of the value of the tax shield is shown below: Value of the FIRM= Value of unlevered + value of the tax shield - (Present value of Bankruptcy + Agency costs) $5,000,000 = $4,780,000 + value of the tax shield - $360,000 $5,000,000 = $4,420,000 + value of the tax shield So, the value of the tax shield is = $5,000,000 - $4,420,000 = $580,000 Learn more What is levered and unlevered beta and which ONE is USED in the CAPM model |
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| 31. |
Whay is indirect expense |
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Answer» Hlo mate...❤ Answer: indirect expenses are the expenses which are for OFFICE POINT of VIEW....they are recorded in profit and loss account....and other than MANUFACTURING units... #hopes it helps❤❤❤ |
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| 32. |
What is cash discount |
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Answer» Answer: Cash discounts are incentives offered to buyers that reduce the amount owed to the SELLER by either a fixed amount or a percentage of the total bill. If an INVOICE fx is due in 30 days, a seller could offer the BUYER a cash discount of SAY 2% if the invoice is paid within the first 10 days of receipt. mark as brainiest |
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| 33. |
How can we transfer some part of amount to awners account in final accounts?? |
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| 34. |
Loan in trading or p n l |
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Answer» Answer: Don't UNDERSTAND your QUESTION PLEASE explain in DETAIL |
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| 35. |
From the following, pass necessary journal entries and show the presentation ofDebtors in final A/c:(4)EXTRACTOF TRIAL BALANCEAs on 31st March, 2005ParticularsDebitCreditDebtors1,50,000Bad-Debts6,500Provision for Doubtful Debts15,000djustments:a. Write off further Bad-debts Rs.5,000b. Provision for Doubtful debts is to be kept at 5% of Debtors.P. Provision for Discount on Debtors is to be maintained at 4%. |
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Answer» Answer: here is the SOLUTION of UR question I hope it will HELP you ☺☺ |
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| 36. |
Jan. 20 Purchase rom Lal 8. SUUS, JaumvupurGheeSugarRice* 5,000* 8,000* 6,000[Ans. Total Purchases = * 42,650]- Enter the following transactions, in Purchases Book of M/s J. K. Brothers,2016April 8 Purchased goods from Ramesh Electric Stores vide Invoice No. 2525 Heaters @ * 160 each, Trade discount 10% and paid VAT 10%15 Sunny fans @ 600 each, 10% Trade discount and paid VAT 10[Ans. Purchases A/c = * 12,870]Enter the following transactions in the Purchases Book of M/s Dayal & Sons.2016 |
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Answer» Answer: 5000fyh Explanation: styfviitfcbuuuuuuchxsrzfvugeyfxkobczeunuh8bussr599nvhgvcc kpeorleoeowowowozmzmslaltct57838747867fyifesgjojgdzzvgddgbjxvbzdycfv ghcgvxgxddtfc no.25..comcu |
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| 37. |
An account with a $400 credit balance is incorrectly placed on the trial balance as a $400 debit a) How much will the difference be between the debit and credit columns of the trial balance? b) how is an error like this found? |
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Answer» Answer: 800 Explanation: trial BALANCE will not tally then DIVIDE the difference by 2 |
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| 38. |
RK. Ltd purchased furniture on July1,2018 at a cost of *1,50,000. The firm writes off depreciation on 31st March each year @10%p.a. on straight line method. Prepare Furniture Account for four years.don't spam and give me full answer on copy .... |
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| 39. |
226 RK, Ltd purchased furniture on July 1, 2018 at a cost of *1,50,000. The firm writes off depreciation on 31 March each year @10%p.a. on straight line method. Prepare Furniture Account for four yearsgive me full answer .... on page or copy don't spam |
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| 40. |
From the following information, prepare balance sheet.1) Current Ratio 2 2) Working capital 4 Lacs 3) Fixed assets turnover 1:34) Sales = Cash/Credit 1:25) Creditors velocity 2 months 6) Stock velocity 2 months 7) Debtors velocity 3 months 8) Net profit 10% Of turnover 9) Reserves 2.5% of turnover 10) Debentures/Share capital 1:2 11) Gross profit ratio25% 12) Capital block to current assets 3:2Show full working notes |
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Answer» Which SUBJECT is this... |
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| 41. |
the life of machine whose cost is 10000 for 10year if it's depreciated at 10% then what is its scrape value is |
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Answer» Explanation: i = R/100 i = 10/100 i = 0.1 |
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| 42. |
What do u understand by the term analysis |
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Answer» the CAREFUL examination of the different parts or details of SOMETHING |
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| 43. |
Tangible assets do not inlcude |
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Answer» Answer:GOODWILL or patents Explanation:this is because these are non-tangibles ASSETS. Tangible assets are those which can be TOUCHED and who has physical existence. For example furniture etc. And non-tangible assets are those which cannot be seen only can be felt and these assets doesn't have physical existence. |
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| 44. |
Suman and saurabh are partners sharing profits and losses in the ratio of 2:1 . Jawahar and hemant are admitted and profit sharing ratio becomes 4:3:2:1. Goodwill is valued at rs. 54000. Jawahar brings required goodwill and rs. 120000 cash for capital. Hemant brings in rs. 60000 cash and rs. 20000 worth Furniture as his capital in addition to the required amount of goodwill in cash. Calculate the goodwill of Jawahar and Hemant. |
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Answer» SUMAN and saurabh are partners sharing profits and losses in the ratio of 2:1 . Jawahar and hemant are admitted and profit sharing ratio becomes 4:3:2:1. Goodwill is valued at rs. 54000. Jawahar BRINGS REQUIRED goodwill and rs. 120000 CASH for capital. Hemant brings in rs. 60000 cash and rs. 20000 worth Furniture as his capital in addition to the required amount of goodwill in cash. Calculate the goodwill of Jawahar and Hemant. |
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| 45. |
if net loss is 5000 general expeses are 14500 sales amount to 25000 the gross profit will be with explanation |
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Answer» gross PROFIT= sales amount-general expenses-net loss gross profit≠ 25000-14500-5000 ≈5500 Explanation: HOPE its help you. #COMMERCIAN |
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| 46. |
a firm had a capital balance of 100000 at the beginning of a year at the end of the year the firm has total assets of 150000 and total liabilities of 70000 if the total withdrawal during the period were 30000 what was the amount of net profit net loss for the year |
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Answer» Explanation: |
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| 47. |
Overdraft as per pass book RS 7690Cheques issued but not cashed bill 31.3.2012, RS 2300Cheques paid into bank but not cleared prior to 31.3.2012 RS 3000.Interést charged on overdraft appeared in the pass book only RS 120.Bank charges debited by bank but not recorded in the cash book RS 600.Bank paid insurance premium as per standing instructions RS 220.A customer paid into firms bank account directly RS 1000.PREPARE BANK RECONCILIATION STATEMENT AS ON 31:3:2012 |
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| 48. |
E-Banking is cover;a. internet bankingb. mobile bankingc. online bankingd. all of these |
Answer» d.all of theseExplanation: E-Banking COVERS INTERNET banking, MOBILE banking, onlime banking. Hope It helps you |
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