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. |
16. The value of closing stock for the year ending 31.3.2020 was Rs 28000 why its market value asRs 26,000. The accountant recorded the stock as Rs 28,000. Is it correct in his action? If not so then which principle is not adhered to? |
|
Answer» Answer: Closing stock always has a DEBIT BALANCE as it is an asset. Since the value of stock is overcast it has to be CREDITED to cancel the amount of overcast. Since the ERROR is detected after preparation of final account profit and loss ADJUSTMENT A/c will be debited. Explanation: I hope this is helpful for you |
|
| 2. |
at which maximum rate of percentage for premium on the face value of share can be declared by the company on their issue shares? |
|
Answer» Answer: When the company allots shares for the FIRST TIME these shares can be ISSUED at their nominal price or above or below such a nominal price. The accounting for shares issued at premium and shares issued at DISCOUNT varies a little. So let us see these accounting treatments and ALSO look at the securities premium account in some detail. |
|
| 3. |
1 Under barter system which of thefollowing is not Correct ? |
|
Answer» ugctcyctxtxtcycycycyccyycvhhni |
|
| 4. |
the ____ method equalizes the burden on each years profit and loss account for depreciation and repairs put together |
|
Answer» Answer: Depreciation fundExplanation: |
|
| 5. |
Recive from akhilesh 15000 in full atatetment of his account |
|
Answer» Answer: To Akhilesh. 15,000 Explanation: |
|
| 6. |
Calls unpaid are added back to authorised she vapitak in balance sheet is itTrue or False |
|
Answer» TRUE sjjenenwnasjwejekek |
|
| 7. |
sold goods for cash to priyansu of the list price 10,000at a 10% trade discount and 5% cash discount |
|
Answer» ....... |
|
| 8. |
Sold goods for cash topriyansu of the lust price 10,000at a 10% trade discount and 5% cash discount |
| Answer» | |
| 9. |
Sold goods for cash topriyansu of the list price 10,000at a 10% trade discount and 5% cash discount |
| Answer» | |
| 10. |
The amount of funds invested in currentassets is called_(c) surplus capital(a) Gross Working Capital(d) none of these(b) net working capital |
|
Answer» hope it's HELPFUL |
|
| 11. |
What is the cash conversion cycle for a firmwith a receivable period is 45 days, a payablesperiod of 50 days and an inventory period of65 days?(d) 60 days(c) 45 days(a) 30 days(b) 35 days |
| Answer» | |
| 12. |
Standard Debt Service Coverage Ratio(b) 1:1(d) 1.33(a) 2:1(c) 65% |
|
Answer» ▛▢▀▢▀▢▀▢▀▢⋆☆⋆▢▀▢▀▢▀▢▀▢▜ ✯ HERE IS YOUR ANSWER ✯ ▙▢▄▢▄▢▄▢▄▢⋆☆⋆▢▄▢▄▢▄▢▄▢▟ QUESTION:Standard DEBT Service COVERAGE Ratio ANSWER:1:1 ______________________ HOPE THIS WILL HELP YOU |
|
| 15. |
What is the source of funds for capitalexpenditure ?(a) only internal(c) both internal and external(b) only external(d) negligence |
|
Answer»
Capital expenditures refer to funds that are used by a company for the purchase, IMPROVEMENT, or maintenance of long-term assets to improve the efficiency or CAPACITY of the company. Long-term assets are usually physical, fixed and non-consumable assets such as property, equipment, or infrastructure, and that have a useful life of more than one ACCOUNTING period. Also known as CapEx or capital expenses, capital expenditures include the purchase of items such as new equipment, machinery, land, plant, buildings or warehouses, FURNITURE and fixtures, business vehicles, software, or intangible assets such as a patent or license. There are normally two forms of capital expenditures: (1) expenses to maintain levels of operation present within the company and (2) expenses that will enable an increase in future GROWTH. A capital expense can either be tangible, such as a machine, or intangible, such as a patent. Both intangible and tangible capital expenditures are usually considered assets since they can be sold when there is a need. It is important to note that funds spent on repair or in conducting continuing, normal maintenance on assets is not considered capital expenditure and should be expensed on the income statement whenever it is incurred as repair and maintenance expense |
|
| 16. |
Question1of 521.5 pointsWsoviIn the project which yields the highestrate of return is selected.(d) Discounted cash flow(b) pay-back period(c) accounting rate of return method(a) net present value methodSubmit |
| Answer» | |
| 17. |
ইজারা চুক্তির বৈশিষ্ট আলোচনা কর? |
|
Answer» Answer: Main features of a Financial LEASE the LESSEE (borrower or customer) SELECTS an asset (equipment, software, vehicle. the lessor (finance company) purchases that asset. the lessee uses that asset during the lease. the lessee pays a series of installments or RENTALS for USING that asset. |
|
| 18. |
Analyse the performance of Rupa & Co. for the year ending March 31, 2015 andW with the help of information given below by using accounting ratios:Revenue from OperationsCast of Revenue from OperationsDepreciation on Plant & MachineryHOJECT WORKP.175Specific Project Q. 14(on Accounting Ratio)March 31, 2015 March 31, 2014Administrative & Selling Exp.75,00,00057,00.0005,70,0003,01,50050,00010,00096,0001,37,70060,00,00045,00,0004,80,0002,40,00030,00010,00080,0001,00,000Depreciation on FurnitureShare Issue Expenses Written OffInterest on Long-term DebtsProvision for TaxationBALANCE SHEETSas at 31st March 2015 and 2014ParticularsNote 31.3.2015No.31.3.2014118,00,00014,70,00018,00,0008,35,200LEQUITY AND LIABILITIES:Shareholder's Funds:Share CapitalReserve and SurplusNon-Current Liabilities :Long term BorrowingsCurrent Liabilities :Trade PayablesShort term Provision212,00,000 10,00,00038,22,300 5,04,8001,37,700 1,00,00054,30,000 42,40,000TOTAL31,35,000 25,83.0001,05,000 1,05,00020,000 30,0004II. ASSETS:Non-Current Assets :Fixed AssetsInvestmentsOther Non Current AssetsCurrent Assets :InventoryTrade ReceivablesCash & Cash EquivalentsOther Current Assets12,00,000 9.00,0009,00,000 5,00,00060,0001.12,00010,00010,00054,30,000 42,40,0005TOTAL |
|
Answer» Answer: Direction: Complete the table below. Write your answer on the answer sheet Environmental What is its EFFECT on the What can you do to Condition LIFE cycle of ORGANISMS? prevent prevent its harmful effect? Flood Drought Ultraviolet rays Typhoon Explanation: ઓચફડૉનટચઠઠ દ્વારા નમૂનાની છબીઓ અને એ પણ નથી કે તે ક્યા ક્યા બાત હે ઈશ્વર કંઈક ઈ તો ઇ મેલ ઈ ઈ ઈ |
|
| 19. |
Jan 1 chandra commenced business with case rs 60000 |
| Answer» | |
| 20. |
Amount paid by cheque to binod rs. 47000 in full settlement of rs. 48000 |
|
Answer» Answer: Explanation: Before recording any TRANSACTION it is important to KNOW the GOLDEN RULES OF ACCOUNTS. If you already know it, you are a step AHEAD of others. For those who do not know, they are as follows: |
|
| 21. |
- Ram & Co is a Partnership Firm with Ram Vijay and ShyProfit & Losses in the ratio of 5:3:2. The balance sheet of the form80.000 Plant and MachineryVijay will retire from Partnership, therefore the following adjustment(1) Goodwill is to be valued at Rs. 1.00.000 but the same will not supportcan be usedis as underAmount AssetsLiabilitiesRs.Land and BuildingCapitalRamVijay20.000 FurnitureShyam30,000 InvestmentGeneral Reserve20.000 Stock3.00.000 DebtorsLong term LoanBank overdraft44.000Trade creditors1.63.0006.57.000be made:65asset in the new firm.(ii) Land & Building, Plant & Machinery are to be depreciated by 10%5% respectively(11) Investment are to be taken over by Vijay at Rs. 15.000(iv) Provision of 20% is to be made on Debtors to Cover doubtfulRam and Shyam will share future Profits equally. Amount due to Vijayobe transferred to his Loan Account.Prepare Revaluation Account Capital Accounts of the partners and BuleSheet of the New Firm.the following information CalculateDehi |
Answer» XG gkjjjfjuuuhdddfggggfdfgggvjhffcvvvbvvvvvvvvghvvvghjjjnvvhhvfvbbxxxcvbnmnjhgc. vbbhhhbhhhhhhjjhhhhhbbbbbbhhvbhhghkkkkkkjjjjjjjhvbjcc. cvvbvvvvvvvvvbgfccccccuuuuuyyyggggvgfffgggggghbbhgcccvc. |
|
| 22. |
Sold good for cash to priyansu of the list price 10000 at a 10% trade discount and 5%cash discount |
| Answer» | |
| 23. |
Sold goods to akhilesh of the lidt price of20000 at a 10% discount |
| Answer» | |
| 24. |
amount paid for stationary during 2010 is ₹ 880.stock of stationary at the end year is ₹90 what amount will be posted to income and expenditure account during the year 2010 |
|
Answer» babanababananqnqnqqbbqbdtgffrrdfygfthhccyyvjvjhygvhvhvhvhvhvvhvhvhhugguluguguggugug Explanation: fyfygugigugug6tugugfufuf6dug6rugub |
|
| 25. |
R ILLUSTRATION 4. Record the following transactions in the journal of Sohan :June 4 Bought goods from Dinesh of the list price 50,000 less trade discount at201710%June 7 Goods returned to Dinesh of the list price 35,000.June 10 Paid cash to Dinesh under a cash discount of 2%. |
|
Answer» Answer: Explanation: Question 1: ENTER the following transactions in the JOURNAL of Manohar Lal & Sons.: 2018 ₹ March 1 Manohar Lal & Sons STARTED business with cash 60,000 2 Purchased furniture for cash 10,000 4 Purchased goods for cash 25,000 5 Bought goods from Kamlesh 15,000 10 Paid cash to Kamlesh 15,000 16 Purchased goods from SOHAN 6,000 18 Purchased goods from Sohan for cash 8,000 20 Paid rent for the office 1,000 |
|
| 26. |
Goods sold to Mr Ram rs 8000 plus igst 12% 5000 were received in cash and balance sales was on credit |
|
Answer» Mr RAM a/c DR. 3960 |
|
| 27. |
Discuss the business risks related to revenue and receipts cycle..in auditing |
|
Answer» MARK me as BRAINLIEST and FOLLOW me ｡◕‿◕｡ |
|
| 28. |
A company had a balance of Rs.4,0,5000 on 1stJanuary ,2018 in its machineryaccount ,10% per annum depreciation was charged by diminishing balance method .On the 1st July ,2018 the company sold a part of the machinery for Rs.87,500 ( which was purchased on 1st January ,2016 for Rs.1,20,000) and on the same date , the company purchased a new machinery for Rs.2,50,000 .On 31st December ,2018 the directors of the company decided to adopt the fixed instalment method of depreciation as per AS-10( Revised) instead of diminishing balance method; the rate of depreciation remaining the same.Prepare Machinery Account in the books of the company for the year ended ,2018. |
| Answer» | |
| 29. |
Please help me to solve this question as soon as possible please guys |
|
Answer» cash A/c Dr. 20,000 To BANK A/C 20,000 ( paid to bank for opening a current ACCOUNT) withdraw A/C Dr. 1,000 To expense A/ C 1,000 ( withdraw from private expenses) Bank A/C Dr. 3,000 To withdraw A/C 3,000 ( withdraw from bank) Bank A/C Dr. 2,000 To withdraw A/C 2,000 ( withdraw from bank for private USE) cash A/C Dr. 5,000 To Bank A/C 5,000 ( placed on fixed DEPOSIT amount to bank by transfer from current account) Bank A/C Dr. 2,500 To purchase A/C 2,500 |
|
| 30. |
अंकित एंड बसंत आर पार्टनर्स इन ए फर्म शेयरिंग प्रॉफिट्स एंड लॉसेस इन द रेश्यो ऑफ 3 रेश्यो टू द एडमिट चंदन इन टू द पार्टनरशिप फॉर 1/5th share.infuture profit sharing ratio between Ankit and basant would be 5:7 calculate new profit sharing ratio |
| Answer» | |
| 31. |
B. A purchasing manager for Weibo Hardware Berhad has sole discretion in selecting vendors for the parts and supplies sold by the company. The manager directs a disproportionate number of purchase orders to a supply company owned by the manager’s brother in law which charges above market prices for its products. The manager’s relationship with the vendor is unknown to his employer. REQUIRED: (a) Explain the type of fraud in the situation above. (3 Marks) (b) Discuss the control procedures that can be implemented to prevent the fraud. (7 Marks) |
| Answer» | |
| 32. |
Paid to mohan to repair computer in office journal entry |
|
Answer» Hey mate here's your answer Explanation: MohanA/c...........dr. To cash A/c (Being PAID to mohan to REPAIR computer in OFFICE) HOPE it's helpful for you |
|
| 33. |
. New line Ltd. issued 20.000 shares of Rs. 10 each at a premium of Rs. 2 payable asfollows:On application Rs. 2On allotment Rs. 5 (including premium)On first call Rs. 2On final call Rs. 3Applications for 15,000 shares were received and all these shares were allotted. The firstcall was made and the amount due thereon was received except the amount on 500shares. Hence, these shares were forfeited and reissued at Rs.7 each, as fully paid up.Pass journal entries in the books of the companyI want full answer for this question. please help me. |
|
Answer» Answer: ACTUALLY some one else asked this question and some one had ANSWERED it but really i DONT know the answer i just thought it WOULD help u Explanation: |
|
| 34. |
New line Ltd. issued 20.000 shares of Rs. 10 each at a premium of Rs. 2 payable asfollows:On application Rs. 2On allotment Rs. 5 (including premium)On first call Rs. 2On final call Rs. 3Applications for 15,000 shares were received and all these shares were allotted. The firstcall was made and the amount due thereon was received except the amount on 500shares. Hence, these shares were forfeited and reissued at Rs.7 each, as fully paid up.Pass journal entries in the books of the company |
|
Answer» |
|
| 35. |
(इ) पाठात उल्लेख असणारी नदी |
|
Answer» सही है। और मेरे को समझ में नहीं आ रहा |
|
| 36. |
What is the branch stock account (excess of list price over invoice price in credit sales.) |
|
Answer» Answer: ADVERTISEMENTS:
The following points highlight the top 2 basis for final account system of accounting for branch. The basis are: 1. At Wholesale Price Basis 2. At Cost Price/Invoice Price Basis (i.e.). Basis # 1. At Wholesale Price Basis: Wholesale and RETAIL Profit at Branch: The discussion made so FAR reveals the total profit EARNED by a branch, i.e., no distinction is made between the wholesale profit and retail profit. For example, the cost price of product is Rs. 100, the wholesale price is Rs. 140 and the retail price is Rs. 150. ADVERTISEMENTS:
Now, if that product is sent to a Branch and the same sold by the branch, the profit will be Rs. 50 (i.e., 150 – 100). That is, in other words, the profit earned by a branch is Rs. 10 only. Rs. 40 could have been made by selling the same on wholesale basis. In order to understand the real profit at retail Branches, it is the practice to charge the Branch with wholesale price and THEREAFTER determine the profit. It is to be remembered that H.O. Trading Account will be credited with goods sent to branch at wholesale price only. Similarly, closing stock at Branch should be valued at wholesale price and Head Office MUST maintain a proper reserve on closing stock of branch. The same is charged against Profit & Loss Account. Thus, the entry will be: Remember: (a) H.O. Profit = Excess of Wholesale Price over the Cost to H.O. (b) Branch Profit = Excess of Selling Price over the Wholesale Price |
|
| 37. |
Comprehensively assess the impact of the Budgeting and Budgetary Control practices on Financial Performance. |
|
Answer» Budget and budgetary control DIRECT affect performance of BUSINESS of organisation through it variances can be DETERMINED and necessary actions to remove such variances are decided and IMPLEMENTED |
|
| 38. |
Shubham Limited invited applications for 1,00,000 equity shares of rupees 10 each ata premium of 2 rupees per share payable as follows: on application 2.50 rupees, on allotment 4.50 rupees (including premium), on first call 2.50 rupees and on final call 2.50 rupees per share.Applications were received for 1,50,000 shares and shares were allotted pro-rata to the applicants for 1,20,000 shares and remaining applications were rejected.A, who was allotted 200 shares could not pay the sum due on allotment.Shares held by him were forfeited on his failure to pay the first call. B, holding 300 shares, could not pay the two calls. The company forfeited his shares after the final call was made. Pass journal entries for forfeiture and re-issue in the books of Shubham Limited. |
| Answer» | |
| 39. |
0.3Bombay Transport Ltd.purschsed on 1st April 2014 from Delhi motors five truckscosting Rs.3,00,000 each on the hire purchase system. The payment was to be made asfollows:10% of cash price down;25% of cash price at the end of the four subsequent halfyearsThe payment due on 31st March 2015 could not be made and hence the trucks wereseized by the vendor,But, after negotiation ,the hire purchaser was allowed to keep three trucks on thecondition that the value of the other two trucks would be adjusted against the amountdue, the trucks being valued at cost less 25%depreciation Bombay TranspostLtd.closes its books on 31st March each year and the depreciation is charged at 15%per annum on the original cost The vendor spent Rs.60,000 on getting the truckrepaired and sold one of them for Rs.2,50,000.Prepare necessary ledger accounts inthe books of both the parties. |
|
Answer» JAB Aapki zaroorat hoti hai |
|
| 40. |
In 2016, Zara securities earned sales revenues of Rs. 540,000. Their expenses were of Rs.175.000 and purchased license with a cost of Rs. 80.000. The accountant paid the charity onbehalf of owner for Rs. 5,000. Net income for the year 2016: |
|
Answer» Answer: 280000 Explanation: 540,000 - (175.000+80.000+5,000) |
|
| 41. |
3 limitations of cash book. |
|
Answer» Answer: It FOLLOWS the Single ENTRY System of ACCOUNTING. Not as efficient, accurate and reliable as Accrual Basis of Accounting. No concept of matching revenues and expenses. It is not a good management tool as there is a TIME gap between the actual happening of the transaction and its actual RECEIPT or payment . |
|
| 42. |
8. Develop an Accounting Equation from the following transactions:(i) Mohan commenced business with cash. 50,000(ii) Purchased goods for cash. 30,000(iii) Purchased goods on credit. 20,000(iv) Sold goods (costing * 10,000) for. 12,000(u) Bought furniture on credit. 2,000(vi) Paid cash to a creditor. 15,000(vii) Salary paid1,000 |
|
Answer» Answer: purchase to cash 20000 purchase to creditor or party cash account br. 12000 to sale account. 10000 to profit and loss ac. 2000 furniture to party or CREDITORS. 2000 Debtor's to creditor 15000 salary to cash 1000 |
|
| 43. |
The capital of the firm of anuj and benu is 1000000 and the market rate of interest is 15%.Annual salary to the partners is 60000 each. The profit for last three years were 280000, 380000 and 420000. Goodwill of the firm is to be valued on the basis of two years of purchase of last three years average super profit. Calculate the goodwill of the firm |
|
Answer» Answer: hii buddy here is the answer to that question Explanation: Goodwill = 3 YEARS average of super profits Super profit = Average profit - Normal profit = {(30000+ 36000 +42000 ) /3 )- 12000/- as SALARY} - ( 100000 x 15/100) =24000-15000 = 9000 Goodwill=9000 x 2 =18000 ORFor computing the goodwill FIRST we have to determine the super profit which is shown below: As we know that Super profit = Average profit - normal profit where, Average profit is = (Rs 30,000 + Rs 36,000 + Rs 42,000) ÷ (3 years) = Rs 108,000 ÷ 3 years = Rs 36,000 And, the normal profit is = INTEREST on CAPITAL + partner salary The interest on capital is = Rs 1,00,000 × 15% = Rs 15,000 And, the partner salary is = 6,000 × 2 partners = Rs 12,000 So, the normal profit is = Rs 15,000 + Rs 12,000 = Rs 27,000 So, the super profit is = Rs 36,000 - Rs 27,000 = Rs 9,000 Now the goodwill amount is = Super profit × number of years purchased = Rs 9,000 × 2 years = Rs 18,000 Hence, the goodwill amount is Rs 18,000 hope it will be helpful to yoube happy and healthy ❤️ Follow me^_________^ |
|
| 44. |
L 4.REINSTALLMENT SALES:Samsam Co. started installment Sales business on Jan.1, 2014. Following information is obtained from its record:20142015Purchased merchandise on account 5,00,000 6,80,000Sold merchandise on installment basis 10,00,000 12,00,000Collected installments of 2014 sales 3,00,000 2,00,000Collected installments of 2015 sales4,00,000Paid accounts payable4,00,0006,00,000Paid operating expenses75,000 1,00,000Install, contract (2014) cancelled but50.000Merchandise could not be repossessedMerchandise inventory (ending)1,00,000 2,40,000The company uses perpetual inventory system andcloses its accounts on December 31 each year.REQUIRED: Entries for the year 2015 includingadjusting and closing entries. |
| Answer» | |
| 45. |
Shubham Limited invited applications for 1,00,000 equity shares of rupees 10 each atpremium of 2 rupees per share payable as follows: on application 2.50 rupees, onallotment 4.50 rupees (including premium), on first call 2.50 rupees and on final call250 rupees per share.Applications were received for 1,50,000 shares and shares werealloned pro-rata to the applicants for 1,20,000 shares and remaining applications wererejected. A who was allotted 200 shares could not pay the sumn due onaliounen Shares held by him were forfeited on his failure to pay the first call. B,holding 300 shares, could not pay the two calls. The company forfeited his shares afterthe final call was made.Pes journal entries for forfeiture and re-issue in the books of Shubham Limited. |
|
Answer» bsbsbdbbsbsbbsbdbd.......xjhrjr |
|
| 46. |
Prepare Balance Sheet from the given data, but be careful, every item will not be appeared in Balance Sheet. |
| Answer» | |
| 47. |
Request edit access5. If you want to purchase an annuity providing an income of $2000 at the end of eachmonth for five years, how much will it cost if the purchase funds eam 18% compoundedmonthly?A. $192,429.30B. $78,760.54C. $80,681.00D $4886.44E. $818.60 |
|
Answer» B) i HOPE it is helpful thank you |
|
| 48. |
The budgeted expenses of three departments of Raja engineering company forthe year 2014- 15 are as follows:A B CDirect material 120000 95000 90000Direct wages 115000 80000 80000Factory overheads 95000 65000 63750Administrative overheads20000 20000 12000Direct labour hours 1000 13000 7500The company recovers factory overheads at direct labour rates and administration overheads as percentage of factory cost. The direct costs and labour hours incurred on job number 26 completed during the year are as follows:Department A Department B Department CDirect material 6000 5000 4000Direct wages 4200 3300 2250Direct labour hours 1000 1200 600What price should be charged for job number 26 to include a profit of 10% on cost? |
| Answer» | |
| 49. |
Conclusion of Branch accounting |
|
Answer» BRANCH ACCOUNTING : It refers to Accounts of branch that are PREPARED for the purpose to calculate Profit and loss in branches of VARIOUS organisation. It is related with departmental Accounting but It includes the work related to Head Office and record TRANSACTION on both cost price and investment price. In nutshell , Branch Accounting related to the ascertainment of Profit and losses of particular Branch ____________________ Hope its helps you Mark as brainlist ❤️ |
|
| 50. |
Ghanshyam and Govind are partners in a business sharing profit and losses in the ratio of 153 and 2 by 3 on 1st April 2019 their capital 40000 and 50000 respectively on that date the exam gram in partnership and give him 1 by 4 share in future profit gangrar brings 40000 as his capital and 30,000 as a Goodwill the amount of goodwill is immediately withdrawn why the old partners in cash draught journal entry and so and the capital account of all the partnership as well as Goodwill account calculate the proportion in which partners would share profit and losses in future solution |
|
Answer» Answer: yar time nahi LAG raha NA to date data tara QUESTION KA answer |
|