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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 851. |
(1) Identify and write the linear equations in two variables from thefollowingx + 2x + y = 0; x + y + 5 = 0; 2x - 3y = 5;3y = 9x - 2 ; m + mn + 2 = 0 ; 3 = 3m + 2n |
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Answer» x+2x+y=0,x+y+5=0,2x-3y=5,3y=9x-2,m+mn+2=0,3=3m+2n |
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| 852. |
ILLUSTRATION 2A fire occurred in the business premises of Mumbai Traders, Mumbai on 15-10-2015. Fromthe following particulars, ascertain the loss of stock and prepare a claim for insuranceStock an 1-1-201434,000Purchases from 1-1-2014 to 31-12-20141,22,000Sales from 1-1-2014 to 31-12-20141,80,000Stock on 31-12-201430,000Purchases from 1-1-2015 to 14-10-2015147,000Sales from 1-1-2015 to 14-10-2015150,000The stock salvaged was worth 18,000. The amount of policy was 63.000. There was anaverage cause in the policy. |
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Answer» Explanation: |
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| 853. |
QuestionMr. A is the owner of a house property whose municipal valuation is 7 75,000 and fair rent is 80,000 (Not covered by Rent Control Act). The construction of the property was commencedon 1st January, 2015 and completed on 30th April, 2016. The building comprises of three units and is let-out to Mr. X, Y and Z on an annual rent of 30,000 per unit. Mr. A paid municipaltax of 12,000 for the entire building during the previous year. Find out the annual value ofthe house if Mr. X and Y have taken their units for residential purposes and Mr. Z for hisbusiness purpose. |
Answer» Answer:SCIENCE, any system of knowledge that is concerned with the physical world and its phenomena and that entails unbiased observations and SYSTEMATIC experimentation. In general, a science involves a pursuit of knowledge COVERING general TRUTHS or the operations of FUNDAMENTAL laws. |
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| 854. |
Is Insurance of building paid is a revenue or capital expenditure.Is this included in income and expenditure a/c |
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Answer» Answer: it is a REVENUE expenditure Explanation: The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing ACCOUNTING YEAR. It is prepared with the objective of finding out the surplus or DEFICIT ARISING out of current incomes over current expenses. |
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| 855. |
Rerolusilorان2ooAssets1.186THEORY & PRACTICE OF ACCOUNTANCY6.P Ltd. issued Rs. 6,00,000 worth equity shares of the value of Rs. 10 per shareat a premium of Rs. 3 per share, payable as under:On Application Rs. 2 per share.On Allotment Rs. 4 per share and Rs. 2 premium.On Final call Rs. 4 per share and Re. 1 premium.All the calls were made and call money duly received with the exception of finalcall money on 500 shares |
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Answer» harshitueyauteoqpdudychslfheutowifhxjxiiwwus |
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| 856. |
A paid to B through C on behalf of D. A, B, C,D in ke book m kya kya entry hoga |
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Answer» fєrtílízαtíσn ín flσwєríng plαnts hαppєns thrσugh α prσcєss cαllєd pσllínαtíσn. pσllínαtíσn σccurs whєn pσllєn grαíns frσm thє αnthєr lαnd σn α stígmα. fєrtílízαtíσn σccurs whєn σnє σf thє spєrm cєlls fusєs wíth thє єgg ínsídє σf αn σvulє. αftєr fєrtílízαtíσn σccurs, єαch σvulє dєvєlσps íntσ α sєєd. |
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| 857. |
Goods returned by Zakir Khan5000 journal entry |
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Answer» Answer: |
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| 858. |
Assume that you are a Post-graduate in Economics and assigned with the responsibility ofanalyzing the down trend of economy during its lockdown period due to COVID - 19. Interestingly, the Govt. of India played a key role in reviving the economy. How will you justify the role of Government? What role does the Central Bank play? |
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Answer» baidvsisb Explanation: beidvdmsodbnejdjr ekzibend iebk |
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| 859. |
200000illustration 2X Ltd. has its H.O. in Delhi and a branch in Mumbai. H.O. supplied goods to its branch at cost plus 33/3%. From theparticulars given below prepare a Branch Trading Account in the books of H.O.ParticularsAmountParticularsAmount₹₹Opening Stock (I.P.)40,000 Sales:Goods sent to Branch (1.P.)2,50,000 Cash1,00,000Return to H.O. (I.P.)10,000 Credit3,00,000Discount allowed to customers10.00060,000Closing Stock (I.P.)It is estimated that 2% of the goods received are lost through natural wastage. |
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Answer» Answer: Ltd. has its H.O. in Delhi and a branch in Mumbai. H.O. SUPPLIED GOODS to its branch at cost plus 33/3%. From the particulars given below prepare a Branch TRADING Account in the books of H.O. Particulars Amount Particulars Amount ₹ ₹ Opening Stock (I.P.) 40,000 Sales: Goods sent to Branch (1.P.) 2,50,000 Cash 1,00,000 Return to H.O. (I.P.) 10,000 Credit 3,00,000 Discount allowed to customers 10.000 60,000 Closing Stock (I.P.) |
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| 860. |
ReceivableHint : Provision for Doubuui ULUITurnover RatioQ. 80. Calculate Trade Payables Turnover Ratio and Average Payment Periodfrom the following:Total PurchasesCash PurchasesPurchases Returns (out of credit purchases)Opening Balance of CreditorsOpening Balance of Bills PayablesClosing Balance of CreditorsClosing Balance of Bills Payables24,00,0006,40,00060,0003,00,00020,0003,50,00010,000 |
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Answer» Answer: TRADE Payables TURNOVER Ratio and Average Payment Period from the following: Total PURCHASES Cash Purchases Purchases RETURNS (out of credit purchases) Opening BALANCE of Creditors Opening Balance of Bills Payables Closing Balance of Creditors Closing Balance of Bills Payables 24,00,000 6,40,000 60,000 |
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| 861. |
Calculate Operating Ratio from following informationRevenue from Operations '5,00,000, Sales Returns 1,00,000, Rate of Gross loss on Cost 20%, Wages '20,000, OfficeExpenses 75,000, Selling Expenses 50,000, Interest on Borrowings `20,000. |
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Answer» Answer: Revenue from Operations '5,00,000, SALES Returns 1,00,000, Rate of GROSS LOSS on Cost 20%, Wages '20,000, Office Expenses 75,000, Selling Expenses 50,000, Interest on BORROWINGS `20,000. |
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| 862. |
Which Accounting Convention states that same accounting principles should be used forpreparing financial statements year after year. Explain that convention. (see lesson-2) |
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Answer» CONVENTION of conservatism. The convention of consistency MEANS that same accounting principles should be used for PREPARING financial STATEMENTS year after year. |
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| 863. |
You are looking at the Profit and Loss A/c's of two different business enterprises. You2.come across the term Depletion' in the first case and 'Amortisation' in second case.State the types of business of the two enterprises. |
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Answer» this is your answer |
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| 864. |
Observe and answer:-study the following worksheet from a spreadsheet file and answer the questions given below:a. identify a cell that contains a label. b. write down a formula that could be in cell F2, to calculate the average price of loaf of bread.c. write down a formula that could be in cell B10, to add a the total cost of food from each supermarket.d. write down a formula that could be in cell G2, find the lowest price of the loaf of bread from the supermarkets |
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Answer» Answer: 2 (C): Classify the Accounts into ASSETS, Liabilities, Income, Expenditure and CAPITAL (3M) (1) Goods A/C (2) WAGES A/C (3) Loan A/C (4) Debtors A/C (5) Creditors A/C (6) Furniture A/C (7) Bills Receivable A/C (8) Meena's Capital A/c (9) Drawing A/C (10) Discount A/C (11) Rent Received A/c (12) Building A/C CANA |
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| 865. |
Which one of the following is not an example of credit balance account?a) capital accountb) purchase return bookc) sales accountd) drawing account |
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Answer» I am not SURE about this |
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| 866. |
Purchase book is prepared for the recording ofa) goods puchasedb)assets purchasedc) both a and bd) only credit purchase goods |
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Answer» both a and b Explanation: |
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| 867. |
On 1.4.2020, the godown of Vista Ltd. was destroyed by fire and a considerable part ofthe stock was destroyed. The stock salvaged was Rs. 40,000. Vista Ltd. had taken a fire insurance policy for Rs. 1,68,000 to cover the loss of stock by fire.The records of the company revealed the following particulars:Rs.Stock on 01.01.2019 1,70,000Stock on 31.12.2019 2,20,000Purchases during 2019 4,10,000Sales during 2019 5,30,000Purchase from 01.01.2020 to the date of fire 75,000Sales from 01.01.2020 to the date of fire 1,00,000Wages paid during 2019 89,160Wages paid from 01.01.2020 to the date of fire 23,500It was the practice of the company to value its stock at cost plus 10%. Calculate the amount of claim to be submitted to the Insurance Company |
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Answer» the stock was destroyed. The stock salvaged was Rs. 40,000. VISTA Ltd. had taken a fire insurance policy for Rs. 1,68,000 to COVER the loss of stock by fire. The records of the company REVEALED the FOLLOWING particulars: Rs. Stock on 01.01.2019 1,70,000 Stock on 31.12.2019 2,20,000 Purchases during 2019 4,10,000 Sales during 2019 5,30,000 Purchase from 01.01.2020 to the date of fire 75,000 |
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| 868. |
Page2019Jan 1Jan 5=Jan 8 -Saulo=[o prepare single column cash book of kumar treadersStarted bussiness with cash 18,000Goods sold fore hash hooocash deposited in to bank 2500Purchased machinery for 4500.Jan 12 Stationary Eupenses 1000.Jan 15=Purchased goools for cash 5000.Jan 20 = Cash withdraw from bank for personal use 1500Jan 24 = Ruut Recieved 1500Jan 28= lash paid to Ramya 2000Jango Commision Recieved 1000. |
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| 869. |
C of Calcutta sent 100 bicycles to B of Mumbai to be sold on consignment basis on 1.1.2014. The cost of eachbicycle was ~ 800, C incurred ~ 500 for freight, ~ 750 for cooli charges and ~ 850 for insurance premium.On 31.12.2014, C received on Account Sales from B, which showed that he sold 80 bicycles @ ~ 1,200 each andafter deducting his commission and expenses amounting to ~ 20,000, he sent the balance amount by a draft with theAccount Sales. According to contract, B is entitled to get ordinary commission @ 10% and del credere commission@ 5% on sale proceeds. Show important Ledger Accounts in the books of both the parties. |
Answer» Accounting or ACCOUNTANCY is the measurement, processing, and communication of FINANCIAL and non financial information about economic entities such as businesses and corporations.Organizations in this sector: Institute of Chartered Accountants in ENGLAND and WALES |
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| 870. |
Which of the following statements are true?A) Financial statements are only interim report BFinancial statements are also known as annualrecords. C) Financial statements are historic. |
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| 871. |
On 15th July, a company purchased 2000 kgsRs.12 per kg and on 20th July - 4000 kgs @ Rs.18per kg. If the Closing Stock is 500 kgs to be valuedas per FIFO method, the value will be600090006500Save & NextSkip |
Answer» Science, any system of knowledge that is concerned with the physical world and its phenomena and that entails UNBIASED observations and systematic EXPERIMENTATION. In general, a science involves a pursuit of knowledge COVERING general truths or the operations of fundamental laws. |
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| 872. |
Cost Price Method1. C of Calcutta sent 100 bicycles to B of Mumbai to be sold on consignment basis on 1.1.2014. The cost of eachbicycle was 800, C incurred 500 for freight, R 750 for cooli charges and 3 850 for insurance premium.On 31.12.2014, C received on Account Sales from B, which showed that he sold 80 bicycles @ 1,200 each andafter deducting his commission and expenses amounting to 20,000, he sent the balance amount by a draft with theAccount Sales. According to contract, B is entitled to get ordinary commission @ 10% and del credere commission@5% on sale proceeds. Show important Ledger Accounts in the books of both the parties.2. On 1st January, 2014 Sadhan Sen of Sodepur sent 1,000 units of silk goods to Biren Bose of Berhampur The goodscost 75,000 to Sadhan and these were sent on consignment basis. Sadhan had to incur an expenditure of 1,500on the goods. On the due date, the goods reached the destination and Biren had to spend on the goods 1,000 onvarious accounts.On 30th September, 2014 an Account Sales was received by Sadhan showing that 750 units were sold at * 150 each.Biren charged 5% ordinary commission and 7/2% del credere commission. The consignee sent with the AccountSales a sight draft for 90,000 only.You are required to prepare the Account Sales and the necessary Journal entries and Ledger accounts in the booksof both the parties.3. On 1st January, 2015, C of Calcutta sends 1,000 boxes of clothing to M of Madras on consignment basis. The goodsin each box cost *200. C pays railway freight and insurance 500 and draws upon M a bill for 10,000 which isduly accepted.On 2nd April, 2015, M forwards an Account Sales to showing that 500 boxes have been sold at 250 per boxwhile 300 boxes were sold at * 260 per box and 200 boxes remained in stock unsold. The expenses incurred by M |
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Answer» what is this Explanation: what is this |
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| 873. |
3:16) is a tallied Trial Balance a conclusive proof of accuracy of the ledger accounts? Give one errorwhich may still remain even if the trial balancetallies?3:17)Under the Companies Act,all companies are required to maintain theiraccounts according to :a) Cash basisc)Either cash or accrual basisb) Accrual Basisd)None of the above3:18)Classiry the following into Real, Personal or Nominal Accounts:a)Commission Accruedb)Commission Paid2:19)When closing capital is more than opening capital, it denotesa)Profitc)No profit, no lossb) Lossd)Profit, if there is no introduction offresh capital2:20)If capital at the end of the year is Rs40,000, Capital introduced during the year is Rs30,000,drawings forhe year Rs20,000 and the loss for the year is Rs60,000, thetsvapital at the beginning of the year is:a)Rs90,000c)Rs70,000b)Rs80,000d)Rs 10,000 |
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Answer» hsjekririehrbrkrkrj Explanation: ugfjikdjdvdjeirirueehe |
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| 874. |
The management of RT Ltd. has called for a statement showing the workingcapital need to finance a level of activity of 2,00,000 units of output for theyear. The cost structure for the company’s production for the above level ofactivity is (per unit) :Raw materials Rs. 30Direct labour Rs. 15Overhead (including depreciation @ 6 per unit) Rs. 15Selling price Rs. 80Other Information :a) Minimum desired cash balance is Rs. 4,00,000b) Raw materials are held in stock, on an average for 1 monthc) Work in progress (assume 50% completion stage) will appropriate to 1months productiond) Finished goods remain in warehouse, on an average for 2 monthse) Supplier of materials extend one month credit and debtors are provided 2months credit. Cash sales are 20% and credit purchase is 75% of purchasef) There is a time lag in payment of wages one month and half a month incase of overheadsPrepare a statement of working capital requirement. |
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Answer» Answer: The management of RT Ltd. has called for a statement showing the working capital NEED to finance a level of activity of 2,00,000 units of output for the year. The cost structure for the company’s production for the above level of activity is (per unit) : Raw materials Rs. 30 Direct labour Rs. 15 Overhead (including depreciation @ 6 per unit) Rs. 15 Selling PRICE Rs. 80 Other Information : a) Minimum desired cash balance is Rs. 4,00,000 b) Raw materials are held in stock, on an average for 1 month c) Work in progress (ASSUME 50% completion stage) will APPROPRIATE to 1 months production |
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| 875. |
A company having a net working capital of Rs. 2.8 lakhs as on 31st March2019 indicates the following financial ratios and performance figures.Current ratio 2.4Liquidity ratio 1.6Inventory turnover ratio 8Gross profit on sales 20%Credit allowed (months) 1.5The companies fixed assets is equivalent to 90% of its net worth (share capitalplus reserves) while reserves amounted to 40% of share capital.Prepare the Balance sheet of the company as on 31st March 2019 showingnecessary calculations.10 |
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Answer» Answer: Answer I think am not SURE what sure I have am in a SHORT TIME of p people who are aware of this PROBLEM in t and you will NEED can you do a better job of the |
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| 876. |
18000• prime cost 9000, factory cost = 11400, cost of production - 13680, total cost = 14040 and sale =what is profitA 3960B.O 3970CO 3990DO 3920 |
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Answer» AGAR nahi aye to batana Explanation: |
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| 877. |
Anbu purchased a machine on 1 April 2015 forRs. 4,00,000. The life of a machine is 3 yrs and estimated Residual Value is Rs. 40,000 calculate Depreciation |
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Answer» Badshah |
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| 878. |
Q.11 The Capital Employed is Rs.200000/-, Average profit for last 3years is Rs. 40000/- & the normalrate of return is 15% Calculate thegoodwill at 4 years purchase of Superprofit? |
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Answer» Goodwill = Rs. 40,000 Explanation: GIVEN :
To find :
Solution : Goodwill = Super Profit × No. of years Purchases Normal Profit = Capital Employed × Normal Rate of Return ⇒ 2,00,000 × 15/100 ⇒ 30,000 Normal Profit = Rs. 30,000 Super Profit = Average Profit - Normal Profit ⇒ 40,000 - 30,000 ⇒ 10,000 Super Profit = Rs. 10,000 Goodwill = Super Profit × No. of years Purchases ⇒ 10,000 × 4 ⇒ 40,000 Goodwill = Rs. 40,000 ∴ Goodwill = Rs. 40,000 |
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| 879. |
If beginning work in progress equivalent unit is 2500 units. Work done in current price equivalent unit is 3800 unit & unitscompleted is current period 4000, then ending work in progress equivalent units will be. |
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Answer» hfodjfjgefjgcbgghygghhugghkufho |
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| 880. |
5.Sweta, Geeta and Jyoti are equal partners. Geeta retires. Geeta's share is gained by Sweta andJyoti equally. New profit and loss sharing ratio of Sweta and Jyoti will be...(A) 3:1 (B) 2:1 (C) 1:2 (D) 1:1 |
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Answer» (D) 1 : 1 New PROFIT and LOSS sharing ratio of Sweta and Jyoti will be 1 : 1 Step-by-step Explanation: Solution : Old Ratio : Sweta, Geeta and Jyoti are equal partners So, Sweta : Geeta : Jyoti = 1 : 1 : 1 Sweta's Share = Geeta's Share = Jyoti's Share = Geeta retires, Geeta's Share is Gained by Sweta and Jyoti equally : Geeta's Share = Share of Geeta TAKEN by Sweta = Share of Geeta taken by Jyoti = New Profit Share = Old Profit Share + Share taken from Geeta Sweta's New Share = Jyoti's New Share = New Profit Sharing Ratio = Sweta : Jyoti
∴ New profit and loss sharing ratio of Sweta and Jyoti will be 1 : 1 |
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| 881. |
060633ENGASQuestion No. 7. calculate profit as per financial account in cost account under expenses/over income 2470 in, cost account over expenses/ under income 3000 profit as per cost sheet 19,770Answer |
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| 882. |
% of manufacturing expences toprime cost manufacturing expences =2,40,000 prime cost = 9,00000AnswerA. 26.66%B. 27.44%C. 30.14%D. 31.11% |
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| 883. |
9. From the following information calculate Gross Profit Ratio: 2Cost of goods sold Rs. 900000, Sales Rs. 1200000.Which items are included in Current Assets ? (any four)Or |
Answer» SOLUTION :❒ Given :-
❒ To Find :-
❒ Required Formula :-
❒ Calculation :-[ As sales RETURN is not mentioned in the question, therefore, sales is considered as Net Sales. ] USING the formula of Gross Profit,
➜ Gross Profit = Rs. 1200000 — Rs. 900000 ∴ Gross Profit = Rs. 300000 ✪
_________________________________________________________ ANSWER :❍ Current Assets :-
❍ Example of some Current assets are :-
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| 884. |
If Cost incurred for work in processinventory is Rs.3,50,000 and total equivalentunits completed till date are 3500, thenweighted overage cost will be.AnswerA.1200B. 1000C.100D. 10 |
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Answer» jjsbhh Explanation: hznnsnnd dnndmkdlem E |
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| 885. |
Nora the Explorer was travelling and came to a checkpoint in the jungle. The checkpoint had three trees with purple, yellow and white orchids. Each tree had a wooden postbox the same color as the flowers on it. Each postbox contained two maps. Each map had a route on it - two of them of 25km each, two of them of 15km each, and the last two of 10km.One each postbox is a statement:Purple postbox: The purple and white trees have a 10km map each.Yellow postbox: The yellow and purple trees have a 25km map each.White postbox: The white and yellow trees have a 15km map each.On the ground in front of the trees is a sign that says: "Only one of the three trees has an honest statement, it will have the shortest route to your destination."What is the length of the shortest route that Nora can possibly take |
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Answer» Answer: 25 Explanation: |
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| 886. |
Calculate the units of closingstock of finished goods amount ofclosing stock of finished goods rs90,000 cost of production per unit=600AnswerA.150B. 200C.160D. 190 |
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Answer» foyer gift our out chic BRIO thick flu xdyidydidicfi |
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| 887. |
2. The value of the bond is defined asOa) Present value of interestpayments it getsOb) Present value of contractualpayments it gets till maturityOc) Present value of future interestflows and redemption valueO d) None of the above |
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Answer» ANSWER is b ( present value of comtractual PAYMENTS it gets TILL maturity ) . |
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| 888. |
Question No. 1materials= 1,20,000, wages=72,000, factory on cost =43,000, officeon cost= 48,000 sales= 3,40,000 whatis net profit |
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| 889. |
प्रश्न 3. एक निजी कंपनी में सदस्यों की अधिकतम संख्याहोती है-(a) 20(b) 200(c)50(d) इनमें से कोई नहीं। |
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Answer» Explanation: |
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| 890. |
36. 100 units are processed at a total cost of 160, normal loss is 10%, & scrap units are sold @0.25 each. If the output is 80 units, then the value of abnormal loss is: |
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Answer» Explanation: Accounting or ACCOUNTANCY is the measurement, processing, and COMMUNICATION of financial and non financial information about economic ENTITIES such as businesses and corporations. Organizations in this sector: Institute of CHARTERED Accountants in England and WALES |
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| 891. |
35. 200 units were introduced in a process in which 20 units is the normal loss.If the actual output is 150 units, then there is: |
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Answer» Answer: |
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| 892. |
35. 200 units were introduced in a process in which 20 units is the normal loss.If the actual output is 150 units, then there is:(a) No abnormal loss |
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Answer» Explanation: ⠀⠀⠀⠀⠀▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅ TRUE friendship needs equal shares of LOVE, RESPECT and honesty. Therefore, to MAINTAIN true friendship, you need the WHOLE package, just not apart of it. ⠀⠀⠀⠀⠀▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅ |
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| 893. |
Paid8.f4. निम्नलिखित सूचनाओं के आधार पर भोपाल क्लब का 31 दिसम्बर, 2016 को समाप्त वर्ष काGardening expenses-₹600 has been paid and ₹100 is outstanding.एवं भुगतान खाता बनाइए-1 जनवरी, 2016 को रोकड़ शेष ₹3,750 था।सदस्यता शुल्क-क्लब के500 सदस्य थे, जिनको प्रति सदस्य ₹30 देना था, उनमें से 75 सदस्यबिजली के पंखे पंखे जिनमें कीमत प्रत्येक की₹750 थी, उधार खरीदे गये थे जिसमें से ₹10जी चन्दा नहीं तथा 25 सदस्यों ने आगामी वर्ष का चन्दा भी दे ।का ही भुगतान किया गया है।वेतन-₹70 प्रति माह से नवम्बर, 2016 तक दे दिया गया है।किराया-लब का माह जनवरी, 2017 तक का ₹ 250 प्रति माह से दे दिया गया है।विद्युत व्यय-₹640 दिये गये हैं,₹60 देना शेष है।कार्यालय व्यय-₹425 हुए हैं, जिसमें से ₹ 100 अदत्त हैं।उतर-रोकड शेष₹3.7857 |
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Answer» fєrtílízαtíσn ín flσwєríng plαnts hαppєns thrσugh α prσcєss cαllєd pσllínαtíσn. pσllínαtíσn σccurs whєn pσllєn grαíns frσm thє αnthєr lαnd σn α stígmα. fєrtílízαtíσn σccurs whєn σnє σf thє spєrm cєlls fusєs wíth thє єgg ínsídє σf αn σvulє. αftєr fєrtílízαtíσn σccurs, єαch σvulє dєvєlσps íntσ α sєєd. |
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| 894. |
Lokesh and Azad are partners sharing profits in the ratio3:2, with capitals of Rs 50,000 and Rs 30,000, respectively.Interest on capital is agreed to be paid @ 6% p.a. Azad isallowed a salary of Rs 2,500 p.a.During 2013, the profits prior to the calculation of intereston capital but after charging Azad's salary amounted to Rs12,500. A provision of 5% of profits is to be made inrespect of manager's commission.Prepare accounts showing the allocation of profits andpartner's capital accounts. |
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Answer» Answer: Lokesh and Azad Are Partners Sharing PROFITS in the Ratio 3:2, with Capitals of Rs 50,000 and Rs 30,000, Respectively. - Accountancy Ledger Lokesh and Azad are partners sharing profits in the ratio 3:2, with capitals of Rs 50,000 and Rs 30,000, respectively. Interest on capital is agreed to be paid @ 6% p.a. Azad is allowed a SALARY of Rs 2,500 p.a. During 2016, the profits prior to the calculation of interest on capital but after charging Azad’s salary amounted to Rs 12,500. A provision of 5% of profits is to be made in respect of MANAGER’s commission. Prepare accounts showing the allocation of profits and partner’s capital accounts. Advertisement Remove all ads SolutionShow Solution Profit and Loss Adjustment Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Interest on Capital
By Profit and Loss (12,500 + 2,500) 15,000 Lokesh 3,000
4,800
Azad 1,800
Partner’s Salaries Azad 2500
Provision for Manager’s Commission `15,000 × (5/100)`
Profit transferred to
Lokesh Capital 4,170
6,950
Azad Capital 2,780
15,000
15,000 Partners’ Capital Account Dr. Cr. Particulars Lokesh Azad Particulars Lokesh Azad
Balance b/d 50,000 30,000
Interest on Capital 3,000 1,800 Balance c/d 57,170 37,080 Partner’s Salaries
2,500
Profit and Appropriation 4,170 2,780
57,170 37,080
57,170 37,080 |
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| 895. |
From the following information ofNairutva and Rutvik's firm determine the value of goodwill of partnership firm on the basis ofcapitalisation of Weighted Average Profit Method.Year Profit (₹)2012-'13 45,0002013-'14 50,0002014-'15 65,0002015-'16 75,0002016-'17 90,000Additional information :(1) Business assets : ₹6,00,000(2) Business liabilities: ₹1,70,000(3) Normal expected return of business is 10%.plz give me the answer as fast as possibleMAY DEAR ❤️ |
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Answer» Answer: Explanation: CALCULATION of weighted profits : Since the profits are DISPLAYING an increasing trend , weighted average method are used to value goodwill Particulars 2012-13 2013-14 2014-15 2015-16 2016-17 Profits earned 45,000 50,000 65,000 75,000 90,000 Weights 1 2 3 4 5 Weighted profit 45,000 1,00,000 1,95,00 3,00,000 4,50,000 Weighted Average profit = sum of weighted profits / Total of weights = 10,90,000 / 15 = 72667 Capital of firm = Assets - liabilities = 6,00,000 - 1,70,000 = 4,30,000 Value of the firm = 72667 / 10 x 100 = 7,26,670 Value of goodwill = 7,26,670 - 4,30,000 = RS 2,96,670 |
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| 896. |
SECTION-DIV. Answer any four questions. Each question carries twelve marks.26. Journalise the following transactions in the books of Shri Bharat:DateTransactionsAmount)2016Sept 01 business with cash50,000.sept 03 Opened an account in Canara Bank10,000."06 - Cash purchases20,000." 08- Bought goods from Radhakrishna25,000. " 10 - Sold goods for cash30,000."15 -Sold goods to Bhavana on credit23,000." 18- Cash Paid to Radhakrishna on account 15,000."25 -Received cheque from Bhavana in fullsettlement of her account22,500."26- Paid rent by cheque2,000."28- Interest credited to our account atCanara Bank300." 30- Paid salary 3000 |
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| 897. |
B) The Balance Sheet of Sheetal Ltd. and Shah Ltd, as on 31* March 2016is as follows:Balance Sheet as 31-3-2016LiabilitiesSheetal Ltd. Shah Lid. AssetsSheetal Lid. Shah Lid.1.80,00020.000Share Capital:10,00,000 4,00,000 BuildingShares of Rs. 10 each1,50.000MachineryGeneral Reserve532,000 2.82.000harlaa.com192.00097,000Profit for the year1,42,000 60,000 Stock1,95.000 123,000Creditors1,82,000 87,000 Debtors395,000Investment shares of20,000Bills PayableShah Ltd (24,000shares) at costBills Receivables35,00014,94,000 5,47,00014,94,000 5,47,000Other information:1)Sheetal Ltd. acquired the shares of Shah Ltd. on 1" October2015.ii) The Bill payable of Sheetal Ltd. represented Rs. 15,000 issuedin faviour of Shah Ltd.Prepare a Consolidated Balance Sheet as on 31-3-2016.15258) - 2002 |
Answer» SORRY I didn't KNOW |
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| 898. |
QUES 2: RAM Ltd. invited applications for the issue of 2,00,000 equity shares of RS 20 eachpayable Rs & on applications, Rs 10 (including Rs 4 as Securities Premium) on allotment andbalance on first and final call. The prospectus provided that in case of partial allotment,money received in excess on application would be adjusted towards the amounts due onallotment and call. The company received applications for 5,00,000 shares out of whichapplications for 1,00,000 shares were rejected outrightly and other applicants were allottedshares on pro-rata basis. The company received all moneys due on allotment and call exceptfrom one shareholder (who applied for 4,000 shares) who failed to pay the allotment andthe call moneys. The company forfeited his shares. Out of the forfeited shares, the companyre-issued 1200 shares at the rate of Rs 16 per share, fully paid up. You are required to recordthe above transactions and show the relevant items in the balance sheet of the company. |
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Answer» Answer: what the AMOUNT given on application it's not clear. So, UPLOAD UR QUESTION image |
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| 899. |
Income and expenditure account generally show up(a) net profi / loss(B) gross profit/loss(c) capital fund(d) non of these |
Answer» GROSS profit/losshope it HELPS you |
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| 900. |
The Third Quarter report of Malhotra Ltd. gives the following information about segment (4) performance SEGMENT SALES(RS) GROSS PROFIT. |
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Answer» Answer:
Explanation: |
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