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Bill is drawn by Mr.Mohan on Mr. Mahesh on 30th January 2012 for one Month, then due date of the bill is_________
If goods are sold but not delivered to the customer, they will be included in _____
Once the property (ownership) in goods has been transferred to the buyer, it can be recognised as sales. Hence, goods sold but not delivered can be recognised as Sales as the ownership has been transferred. Possession (delivery) is not a criteria for recognition of sales. It is only the ownership which matters.
Unclaimed dividend is shown under ______
Proprietor used a rented building both forbusiness purpose and as well as residenceequally. The rent paid during the year for thebuilding was Rs.1,32,000 debited to rentexpenses A/c in the books of business. Onemonth rent is still outstanding. Liability of thebusiness for rent outstanding ___
Which of the following will not affect trial balance?
Which of the following is an event ?
The normal rate of return is 20%. The total capital employed is Rs.6,00,000. The average profit is Rs.1,50,000. Calculate goodwill as the basis of 3 years purchase of super profits.
Which of the following is not a contingentliability?
Opening stock 400 units @ Rs.20 each. Purchases during the year 200 units @Rs.25each. Issues – 250 units In LIFO Method, closing stock will be?
Which of the following concept shows difference between amount of receipt andright to receive an amount?
Balance in JLP A/c of partners is________
Goods sent on sale or return basis at a cost of Rs.1 lakh. In that, 50% of goods were accepted and 30% of the goods were returned. The remaining stock was held with customer and the period not yet expired. Then closing stockwill be ________
Goods costing Rs.5,000 will be distributed as wages for Rs.5,000. Market price is Rs.6,000.Journal entry is _______
The long term assets that have no physical existence but are rights that have value is known as
Proprietor’s personal expenditure notrecorded in the books of accounts due to_____
The debenture amount Rs.2,000 issued as collecteral security required the following Journal entry
Which of the following is false with respect to debentures?
Which of the following are not taken into consideration while calculating closing stock
Cost of machinery Rs.60,000. They charged depreciation @ 20% on SLM method. In 2nd year they decided to change method and adopt WDV method @ 20%. If machine was sold for Rs.30,000 at the end of 3rd year. Calculate the amount of loss.
A company issued 10,000 shares out of 14,000 applied. Mr. A got 300 shares on pro-rata basis.How many shares he would have applied?
Tree limited forfeited 500 shares of Rs.20 each issued at 5% discount, for non payment of allotment and final call of Rs.9 and Rs.5 respectively. Amount credited to share forfeiture A/c will be
ABC partners, each partner has an individual life policy of Rs.50000 on 31st August, partner ‘B’ died and the surrender value of each policy at death is Rs.2,000. Share of ‘B’ partner is(equal sharing)
Rohan & Sohan are partners in a firm sharing profits & losses in the ratio of 3 : 1. A partner Mohan is admitted and he brought Rs.40,000 as goodwill. New profit sharing ratio of all the partners is equal. The amount of goodwill to be shared by old partners is
The directors of E limited made the final call of Rs.50 per share on 1st August 2012 indicating the last date of payment of call money to be 31st August. Mr. White holding 5000 shares paid the call money on October 15th 2012. If the company adopts table ‘A’, the amount of interest on calls-in-arrears to be paid by Mr. White would be _________
The accounting equation asset = capital + liabilities, which of the following is true. Ram has started business with 5,50,000 and has purchased goods worth 1,50,000 on credit
A & B are sharing profits in the ratio 2 : 1 . C is admitted as a partner for 1/4th of the share of profits, 3/4th part of his share from A and 1/4th of his share from the B. The new profit sharing ratio is________
Delcredre commission will be given for ______
What is the principle of nominal A/c?
X purchased goods on 90 days credit from Y of worth Rs.20,000. Y has given a trade discount of Rs.1,000 on the same. He also allowed a cash discount of Rs.500, if payment is made within 30 days. X availed cash discount and also paid the dues of Y. At the end, goods purchased from Y remained unsold and included in the stock. What is the amount of stock.
Opening and closing balances of debtors are 30,000 & 40,000 respectively. Cash collected from debtors 2,40,000. Discount allowed is 15,000 for prompt payment. Bad debts Rs.10,000. The total goods sold on credit are______
Goods sent on consignment at a cost of Rs.50,000. 1/4th lost in transit and claim received Rs.10,000. The amount of abnormal loss to be transferred to general P & L A/c is______
All the enterprises should follow the same method of accounting policies for comparability of accounts is due to _______
The Piston & Rings are arranged for increasing fuel efficiency. This is a ______
Over Draft balance as per Cash Book of ‘X’ Rs.20,500. Direct remittance of his customer is Rs.50,000 and ‘X’ was not aware that Rs.25,000 cheque was deposited, returned unpaid and he was yet to be informed. Balance as per Pass Book is_________
Which of the following are accounting policies
Goods costing Rs.4,000 having normal sales value of Rs.6,000 were destroyed by fire. The scrap value of Rs.400 was taken over by insurance company. Insurance company accepted a final claim of Rs.2,700. Whatamount of loss by fire will be transferred to P& L A/c.?
A & B entered into Joint Venture to share Profit & Losses equally. A supplied goods worth Rs.7,000 and incurred expenses of Rs.300. B sold the goods for Rs.10,000 and incurred expenses of Rs.500. What is the final remittance by B to A?
A, B, C are partners sharing profits & losses equally and A paid liability of Rs.10,000 of the firm, from his private property, then the entry in the books of firm is_________
Where is “Loss on issue of shares” is shown infinancial statements?
‘A Limited’ purchased goods of Rs.10,00,000, and sold 90% of goods and remaining goods market value is Rs.90,000, and closing stock is 10%, but he recorded Rs.90,000 and not Rs.1,00,000. Which concept does he follows:-
On scrutiny, an accountant found that:
i. Bad debts recovery of Rs.500 was credited to debtors A/c wrongly
ii. Bank charges of Rs.50 was wrongly entered twice in Cash Book.
iii. Purchase returns of Rs.100 was omitted tobe entered in the book of A/c’s.
What is the impact on profit after rectification?
Mr. A started business with a capital of Rs.10 lakhs as a cloth merchant. During the year he purchased goods worth Rs.7,10,000 and sales during the year was Rs.8,42,000. He pays shop rent of Rs.20,000 for the year 2011-12, and other expenses Rs.75,000. Closing stock at the end of the year is Rs.45,000. What is gross profit?
A machine is purchased for Rs.5,00,000. It’s estimated working life is 10,000 hours, the Scrap value is Rs.1,00,000. Anticipated pattern of working hours are as follows:-
Depreciation for the 3rd year is_________
Calculate the amount of salary debited to P & L A/c for the year ending 31-03-13.
Salary outstanding as on 31-03-12 – Rs.25,000
Salary outstanding as on 31-03-13 – Rs.10,000
Prepaid Salary as on 31-03-12 – Rs.10,000
Salary paid in cash during the year – Rs.3,00,000
On 1-4-10 machine purchased for Rs.1,00,000 and 1st October another machine purchased for Rs.50,000. Depreciation on the machinery is charged by SLM @ 10%. What is the amount that should be shown in the books at the end of 31st March 2012.
On dissolution of a firm all assets are transferred to realization account at ________
Which of the following is revenue expenditure?
The dealer of construction materials due to unknown reason took physical stock of inventories on 11th April. The cost of stock was Rs.4,20,000 (including goods returned on consignment basis). The dealer received goods cost Rs.1,00,000 in March 2011 for sale on consignment basis. 20% goods have been sold in March, 60% of stock in between 1st – 10th April. Find cost of stock on 31-3-11.
Sold old furniture valued Rs.2,000 to Sona was recorded as sales, the book value of furniture was Rs.2,500. What will be the rectifying entry?
Opening stock - 1,50,000
Cash sales - 1,20,000
Credit sales - 2,30,000
Closing stock - Nil
Selling price - 125% of cost, then purchases =?
Find closing stock value __________
Units Cost Market value
70 5000 2000
20 3000 6000
30 7000 9000
Goods worth Rs.10,000 was destroyed by fire and insurance company admitted the claim of 60%. The journal entry
600 shares allotted to Mr. X, on which Rs.100 each called up, and Rs.50 paid up were forfeited and reissued for Rs.70 each as fully paid up. Amount transferred to capital reserve A/c is
While preparing B.R.S with balance as per cashbook which of the following will not be added
If preference shares are redeemed out of thefresh issue of Equity shares; which account willbe credited?
ABC Ltd has issued a cheque for Rs.3,50,000. The accountant by error has recorded the payment at Rs.35,000. This error can be identified on preparing _______
Z Ltd. Issued 1,50,000 shares of Rs.100 each at a discount of 10%. Mr. Gopi to whom 300 shares were allotted, failed to pay the final call of Rs.30 per share and hence all the shares are forfeited. What amount is transferred to shares Forfeiture A/c ?
For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:
C of Chennai sent goods costing Rs.6,00,000 to Delhi. These goods were to be sold at cost plus 33 1/3%. The consignee sent advance to consigner as a % of sales value and A sent accordingly Rs.4,80,000. What is the percentage of such advance on sales value?
_____ arises obligations where no contract isoriginally entered.
______ is good in substance, but suffers fromtechnical defect like Non – Registration.
What are the essential elements of validcontract
An offer is made with an intention to havenegotiation from other party. This type of offeris ____
M/S Law book Company offered books only toICAI council members. This offer generallyknown as:
Which of the following are validconsiderations?
A minor get injured his left leg in football match. He engaged a doctor for treatment of leg. The doctor’s claim for his services is under Indian Contract Act 1872 _____
An Intentional misrepresentation will amount to _____
Obtaining the consent on the basis of a relation subsisting between two persons where one party is able to dominate the will of another is called _______
Which of the following will stand under fiduciary relationship as per Indian contract Act, 1872?
_____ contracts are enforceable by futureevents.
Execution of a bond requiring employees leaving the organisation before the expiry of the term of service to pay compensation to the employee is considered as:
As per the provisions of Indian Contract Act, 1872 the original contract need not be performed in case of _____
Change in some or all terms of the contract is______
A, B, C were partners in a partnership firm. “A paid the liability of the firm without having authority. What the other partners will do?
Retiring Partner will be liable till _____
Sharing of profits is __evidence of partnership.
Partners should attend ______ to his duties.
A retiring partner is entitled to profits of thefirm?
A was an employee in a partnership firm with a salary of Rs.50,000 per month and he will get a share of 30% in profits if the profits of the firm exceed Rs.5 lakhs. Now ‘A’ is called _____
The person who represents himself as a partner in a firm is called ____
On which of the following grounds all or anyone of the partner can apply to the court for dissolution,
When a partner of a firm is adjudicated as an insolvent, he ceases to be a partner as_______
The loss arising out of partners insolvency shall be borne by ________ according to Garner Vs.Murray case
A partnership firm cannot exceed the maximum number other than banking company:-
What are the essential elements of contract of sale?
By transferring the property, the rights andliabilities will transfer to _____
A document issued by railway company acknowledging receipt of goods is known as __
Giving document of title to goods is which typeof delivery?
Merchantable Quality of goods means ___
The keys of warehouse where goods are storedis handed over to the buyer. It is called ____delivery.
M sold goods to B. The payment was to be done after one month. B did not made payment. The right of lien can be exercised by M When goods are____
The property of goods will be transferred to the buyer at the time where total payment is made.
An agreement made between two parties to pay consideration in future and in execution of sale deed is known as______
Unpaid seller sells goods to the new buyer who was in possession of the goods. The new buyer____
The implied warranties as per sale of goods act includes_____