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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.
| 1451. |
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 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» ong>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)`
750
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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| 1452. |
From the following information ofNairutva and Rutvik's firm determine the value of goodwill of partnership firm on the basis of capitalisation 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» ong>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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| 1453. |
Gaurav and Vikram are partners in a firm. Gaurav is entitled to get a commission of 25 % of net profit after charging such commission. Net profit before charging such commission and rent of building payable to Vikram @ 5000 per month is 120000. Calculate Gaurav commission |
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Answer» ONG>ANSWER: cp-5000 sp_12000 sp is GREATER than cp=sp-cp = 12000-5000 = 7000 7000×25 175000 is the answer |
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| 1454. |
र समय समाप्त हो आने पर फर्म का विघनक्या कहलाता हैउत्तरः |
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Answer» ONG>EXPLANATION: |
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| 1455. |
explain the historical cost concept . how is depreciat and book value of a assets calculated as the per the concept |
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Answer» ong>Answer: A HISTORICAL cost is a measure of value used in accounting in which the value of an asset on the balance sheet is recorded at its original cost when ACQUIRED by the company. The historical cost method is used for fixed assets in the United States under generally accepted accounting principles (GAAP). How it works: You DIVIDE the cost of an asset, minus its SALVAGE value, over its useful life. That determines how much depreciation you deduct each year. Example: Your party business buys a bouncy castle for $10,000. Its salvage value is $500, and the asset has a useful life of 10 years |
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| 1456. |
The owner of a business paid his private telephone bill from the business bank account. The amount was debited to his drawings account. Which concept was applied? |
| Answer» ONG>EXPLANATION: | |
| 1457. |
Write any 4 accounting |
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Answer» se four BRANCHES include CORPORATE, PUBLIC, government, and forensic accounting. mark this answer as BRAINLIST |
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| 1458. |
SECTION-D IV. 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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| 1459. |
State any two objectives of accounting |
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Answer» ong>Explanation: Objectives of accounting in any BUSINESS are; systematically RECORD transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision MAKING with financial DATA and information about the business. |
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| 1460. |
B) The Balance Sheet of Sheetal Ltd. and Shah Ltd, as on 31* March 2016 is 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» ONG>Answer:sorry I didn't KNOWkeep ROCKING |
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| 1462. |
QUES 2: RAM Ltd. invited applications for the issue of 2,00,000 equity shares of RS 20 each payable Rs & on applications, Rs 10 (including Rs 4 as Securities Premium) on allotment and balance 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 on allotment and call. The company received applications for 5,00,000 shares out of which applications for 1,00,000 shares were rejected outrightly and other applicants were allotted shares on pro-rata basis. The company received all moneys due on allotment and call except from one shareholder (who applied for 4,000 shares) who failed to pay the allotment and the call moneys. The company forfeited his shares. Out of the forfeited shares, the company re-issued 1200 shares at the rate of Rs 16 per share, fully paid up. You are required to record the above transactions and show the relevant items in the balance sheet of the company. |
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Answer» ong>ANSWER: what the amount GIVEN on APPLICATION it's not CLEAR. So, upload ur QUESTION image |
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| 1463. |
Investment centres is better or profit centres in view of performance measurement divisions . |
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Answer» ong>Explanation: A profit center is an organizational unit that is responsible to top management for some measure of its own profitability—a measure like net income, pretax income, or net CONTRIBUTION. Revenues measure the unit’s outputs, expenses measure its inputs, and profit measures its excess of revenues over expenses. An INVESTMENT center is an organizational unit responsible to top management for its profitability in relation to the unit’s own investment base. Revenues and expenses are measured as in profit CENTERS, but the assets EMPLOYED are also measured. Thus an investment center is an extension of the profit center IDEA: profit is measured for both, but only in an investment center is this profit related to the size of the investment base. |
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| 1464. |
In partnership the liabilities of the partner is |
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Answer» ong>Answer: the liability of partners in a PARTNERSHIP firm is unlimited other than in LLP (LIMITED liability partnership) where the liability of partners is limited except one partner. let me know if it HELPS you! |
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| 1465. |
profit of last 3 years when 9000 and 13000 and 8000 the value of goodwill at 2 years purchase of average profit will be |
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Answer» ong>Answer: 18000 Solution: • Total profit = 6000 +13000 + 8000 = 27000. • Average Profit = 27000/3 = 9000 • Goodwill = 9000 • 2 = 18000 |
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| 1466. |
Accountancy project |
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Answer» ong>ANSWER: c 6,30,000 Explanation: |
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| 1467. |
Income and expenditure account generally show up (a) net profi / loss(B) gross profit/loss(c) capital fund(d) non of these |
Answer» ONG>EXPLANATION:GROSS profit/losshope it HELPS you |
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| 1468. |
Income and expenditure account generally show |
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Answer» ong>Answer: the income and expenditure account is a SUMMARY of all ITEMS of income and expenses which RELATE to the ongoing accounting year. it is prepared with objective of finding out surplus or deficits ARISING out of current income over current ASSETS. |
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| 1469. |
Which account can be written with opening balance |
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Answer» At the beginning of a new financial PERIOD for a company/business then an opening BALANCE can be WRITTEN. |
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| 1471. |
The Third Quarter report of Malhotra Ltd. gives the following information about segment (4) performance SEGMENT SALES(RS) GROSS PROFIT. |
Answer» ONG>Answer:
Explanation: |
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| 1472. |
Bhagdharak kashala mhntat |
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Answer» ONG>ANSWER: What? Explanation: Please MARK me BRAINLIEST |
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| 1473. |
Factory cost = prime cost + |
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Answer» ong>Explanation: Prime costs are all of the costs that are directly ATTRIBUTED to the production of each product. Prime costs are direct costs, MEANING they include the costs of direct materials and direct labor involved in MANUFACTURING an item. Companies use prime costs to PRICE their PRODUCTS. |
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| 1474. |
Someone here___who is from 10 th standard ?? |
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Answer» ONG>Answer: iam from 10th mark me as the brainliest and see my bioo |
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| 1476. |
Why i chose Royal Enfield company as my accounts project? give a logical answer |
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Answer» ong>Answer: Because its profit MOTIVE company , whl BELIEVES in the SATISFACTION of coustomer and pay the all taxes time to time the maina THINGS the Good will of company .. |
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| 1477. |
Why i chose this company? in Accounts project |
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Answer» ong>ANSWER: “I SEE this OPPORTUNITY as a way to contribute to an exciting/forward-thinking/fast-moving company/industry, and I feel I can do so by/with my … ” “I feel my skills are particularly well-suited to this position because … ... “I'm excited about this job opportunity, as it would ALLOW me to … |
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| 1478. |
Illustration 9 Deepak lent out a certain sum to Amit and Rama. The sum of Amit is morethan Rama by Rs. 800. Amit agrees to pay 6% interest and Rama 5%. Bothrepay |
| Answer» ONG>Answer: | |
| 1479. |
रमेश को कुछ आम मिले जिनमे पके हुए आमो की संख्या कच्चे आमो से तीन गुना थी यदि उसे कुल 68 आम मिले तो उनमे से कितने कच्चे आम है |
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Answer» ONG>Answer: 54 Explanation: LET it be x therefore, APQ, x+3x=68 4x=68 x=17 कच्चे आम कि संख्या - 3x =3*17=54 I HOPE you will understand the question Thank you |
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| 1480. |
फाइनेंशियल स्टेटमेंट |
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Answer» ong>Explanation: ⠀⠀⠀⠀⠀▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅ ⠀⠀Do you mean REPRODUCTION?? Reproduction is the biological process by which new individual organisms – "offspring" – are produced from their "PARENTS". Reproduction is a fundamental feature of all known life; each individual organism EXISTS as the result of reproduction. There are TWO FORMS of reproduction: asexual and sexual. ⠀⠀⠀⠀⠀▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅▅ |
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| 1481. |
What is crypotcurrency define? |
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Answer» yptocurrency is a DIGITAL or VIRTUAL currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on BLOCKCHAIN technology—a distributed ledger enforced by a disparate NETWORK of computers |
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| 1482. |
papa prepare accounting equation on the basic of the following in transaction Navya started business with cash 50000 purchase furniture for rupees 25000 cash deposit into Bank rs10000 |
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Answer» ONG>ANSWER: sorry I need point and I don't KNOW the answer |
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| 1483. |
The rule of adding 3 days of grace to the maturity of bill of exchange do not apply in case of:A)Bill at sightB)Bill after sightC)Bill after dateD)Bill at rebate |
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Answer» ONG>ANSWER: A) BILL at sight Hope it HELPS:) |
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| 1484. |
SK, MK and RK commenced business on 14 April, 2008 with fixed capitals of Rs.2,00,000, Rs.1,60,000 and Rs.1,20,000 respectively. They agreed to share profits and losses in the ratio of 4:3:3. During the year 2008-09, they made a profit of Rs.1,12,000 before allowing interest on capital @10% p.a. The profit for the year 2009-10 was Rs.24,000 after allowing interest on capital. Each of the partners had drawn Rs.40,000 during this period 2008-10. The partners with mutual consent agreed to wind up the business operations. Creditors on that date were Rs.2,16,000. Assets realized Rs.8,40,000 and the expenses of realization were Rs.10,000. Prepare the Balance Sheet as on 31 March, 2010 and find out the profit or loss on realization. |
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Answer» ong>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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| 1485. |
The rule of adding 3 days of grace to the maturity of bill of exchange do not apply in case of:A)Bill at sightB)Bill after sightC)Bill after date. D)Bill at rebate |
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Answer» ong>Answer: B)BILL after sight Explanation: please MARK me BRAINELIST answer |
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| 1486. |
X draws a 3 months bill of exchange for Rs.3.000 on his debtor who accepts it on 1^ |
Answer» ONG>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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| 1487. |
Up in the 1. If you don'tquarrelling thepolice will you by the collar. (seize / cease )2. As theof the tree was low wehad toour heads. (bow / bough)3. If youthese drugs, you will land(cell/sell)4. The people belonging to the particularin prison.(caste/cast)5. The priest wanted tothedecoration in the(altar/alter)6. Theof our college explained his(principle/principal)were |
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Answer» ONG>Answer: 1. cease 2. bow 3. cell 4. caste 5. alter 6. PRINCIPAL |
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| 1488. |
The maturity of the bill of exchange is taken one day before when the due date falls on: A) Working dayB)Emergency holidayC) Public holidayD) There is no such rule |
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Answer» ONG>Answer: C) public holiday hope helps u |
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| 1489. |
Which problem you must face in using accounting? |
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Answer» ong>Answer: may it helps u☑️Explanation: The top 8 issues facing accounting PRACTICES today Staying on top of tax changes. ... Being alert to work-related expenses crackdowns. ... Delivering to deadline WITHOUT killing yourself. ... Getting CLIENTS on board with new TECHNOLOGY. ... Growing or sustaining your accounting practice. ... Thinking of small changes you can make. ... Working on your communication skills. |
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| 1490. |
10. A Ltd, took over machinery costing 1,80,000 of B limited at an agreed price of 1,62,000 and payment made to B Ltd. by the issue of________6% debenture of 100 each share at premium of 20% the number of debentures issued in favour of B Ltd, will be: |
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Answer» ONG>ANSWER: here i ATTACHED the solution Hope it HELPS :) |
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| 1491. |
From the following balance extracted from manju on 31st March 2014. youare required to prepare trading and profit and loss ac |
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Answer» ong>Answer: in trading A/c put all industry related ITEMS...EG , opening stock in Dr... closing stock in cr ...wages paid , purchase , sales etc..thn Calculate gross profit.. after that prepare pl ac and put all OFFICE items like salary , dep.of FURNITURE etc, baddebt...after that Calculate net profit... |
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| 1492. |
Discuss the procedure to calculate the Machine hour rate ? ( cost accounting ) |
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Answer» ong>Answer: Machine hour rate is OBTAINED by dividing the total running expenses of a machine during a particular PERIOD by the number of hours the machine is estimated to WORK during that period. |
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| 1493. |
Define the advantage of Bank reconciliation statement ? |
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Answer» ong>Answer: Bank reconciliations assist you in spotting fraud and REDUCING the risk of TRANSACTIONS which could cause PENALTIES and late fees. BRS offers several advantages to a BUSINESS which includes: Detecting errors: A bank reconciliation helps you in spotting accounting errors which are common to EVERY business. |
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| 1494. |
Please go through the doc file and help me with it. |
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Answer» ONG>Answer: but this PDF is not opening how I can answer the question can you send me the PIC of the question then I can answer the question easily. |
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| 1495. |
How to slow 4th adjustment? |
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Answer» ong>Answer: So from the trial balance provided , first PREPARE the trading a/c and calculate the gross profit from it . Now calculate COMMISSION on the gross profit earned by the rate i.e @1% and show it in the P/L A/c . Now calculate the interest on capital and show it in the balance sheet . |
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| 1496. |
Pls help me in this two questions or simple cash book |
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Answer» ONG>ANSWER: sorry my level up questions |
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| 1497. |
X y z are partners in a firm their capital on 1st April 2017 where as follows x is equal to 60000 and y is equal to 50,000 and jet is equal to 40000 1st October 2017 X gave a loan of 10000 to the form the partnership deed content the following clauses interest on capital 5% interest on loan 6% salary for Z 1000,per month |
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Answer» ONG>ANSWER: Project A has the following (after-tax) cash flows: Year Cash flows 0 -3,000 1 2500 2 -500 3 2000 If the project's cost of capital is 10%, what is its MODIFIED internal rate of RETURN ( MIRR ) ? |
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| 1498. |
Elecu (1) eet till to the date of death of a partner4. Expand SK.5. What do you mean by retirement of a partner!6. Deceased partner's claim is transferred to his Executor's Account (State T/F).Issued capital is part ofc) Authorised capital d) None of the abovepartner. |
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Answer» ong>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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| 1499. |
The balance sheet of Anjana Ltd as on 31st March 2020 is as under: Equity & Liabiities Rs. Assets Rs.24,000 Equity Share @ 105,000 8% Cumulative. Preferred. Shares @ 108% Debentures Interest Accrued on DebentureCreditors2,40,00050,0001,00,0008,0001,00,0004,98,000GoodwillFixed AssetsStockDebtorsBankPreliminary ExpensesProfit & Loss A/c5,0002,57,00050,00060,0001,00015,0001,10,0004,98,000The following scheme is passed and sanctioned by the Court.(i) A new company P Ltd is formed with Rs. 3,00,000 divided into 30,000 equity shares of Rs. 10 each. (ii) The New company will acquire the assets and Liabilities of Anjana Ltd on the following terms:a) The old company’s debentures are paid by similar debentures in New Company and for outstanding interest; shares of equal amount are issued at par.b) The creditors are paid for every Rs. 100, Rs.16 in cash and 10 shares at par. c) Preference shareholders are to get equal number of equity shares at par. For arrears of dividend amounting Rs. 12,000, 5 shares are issued at par for each Rs. 100 in full satisfaction. d) The equity shares are issued one share at par for every 3 shares held. e) Expenses Rs. 8,000 are to be borne by the new company.(iii) The current assets are taken at book value (except stock which is to be reduced by Rs 3,000). The goodwill to be eliminated, balance of purchase consideration is to be attributed to fixed assets. (iv) Remaining shares of the new company are issued at par and are fully paid. |
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Answer» ONG>ANSWER: udduujjesjsijdjdjrjk |
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| 1500. |
2) Solve the following quadratic equation usingformula method.39° = 2q + 8 |
| Answer» ONG>ANSWER: | |