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Rs. 1,500 spent on repairs before using a second hand car purchased recently is a
100 articles at the sale price of Rs. 200 each sent to a customer on approval basis were recorded as actual sales on that price. The sale price was made cost plus 25%. The amount of inventory on approval will be
A and B are partners, sharing profits in the ratio of 5:3. They admit C with 1/5 share in profits, which he acquires equally from both 1/10 from A and 1/10 from B. New profit sharing ratio between A and B will be
On 1st Sept. 2016 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one – sixth profit on invoice price. Invoice price of goods will be _____________
A second hand car is purchased for Rs. 15000, the amount of Rs. 1000 is spent on its repairs, Rs. 500 is incurred to get the car registered in owners name and Rs. 1200 is paid as dealers commission. The amount debited to car account will be
Ras started business on 01.01.2016 with a capital of Rs. 20,000 and he borrowed Rs. 3,000 from a friend. He earned a profit of Rs. 10,000 during the year and withdrew cash Rs. 5,000 for private use. What is his capital at the end of the year?
Mohan paid Rs. 500 towards a debit of Rs. 2,500, which was written off as bad debt in the previous year. Mohan’s account will be credited with
Total sales during the year amounted to Rs. 70,000; Cash sales Rs. 10,000; Balance of trade receivables at the end of the year Rs. 25,000. Cash received from customers during the year will be
A trader purchased furniture on Jan 1, 2015 for Rs. 5,200. Its scrap value is 200 and life 10 years. Depreciate furniture according to fixed instalment method. Balance of furniture a/c at the end of third year will be
The total of debit and credit side of Mr. Raja Ram’s Trial balance as on 31st March, 2016 were Rs. 20,000 and Rs. 10,000 respectively. The difference was transferred to suspense A/c. On 4th April 2016, it was found that the total of sales book was carried forward as 5,000 instead of 4,000. The balance of suspense A/c after rectification of this error will be -
Goodwill is to be calculated at one year’s purchase of the average of the last 3 years profit. The profit of the first year was Rs. 6,000, second year twice the profit of the first year and the third year one and half times of the profit of the second year goodwill amount will be -
Huge Ltd. issued 25,000 equity shares of Rs.100 each at a premium of Rs. 15 each payable as Rs. 25 on application, Rs. 40 on allotment and balance in the first call. The applications were received for 75,000 equity shares but the company issued to them only 25,000 shares. Excess money was refunded to them after adjustment for further calls. Last call on 500 shares were not received and were forfeited after due notice. The above is the case of
When balance as per cash book is the starting point, and cheques issued for payment Rs. 400 was wrongly credited by Bank as Rs.900 then in the bank reconciliation statement cash balance will be
There was difference in the bank column of cash book and passbook by Rs. 2,500. On scrutiny it was found that interest of Rs. 500 charged directly by the bank was not entered in the cash book. The same was adjusted in the cashbook before reconciliation statement. Now, in the bank reconciliation statement, this interest of Rs. 500 is to be
1,000 kg of oranges are consigned to a wholesaler, the cost being Rs. 8 per kg, plus Rs. 925 of freight. It is concluded that a loss of 15% is unavoidable. The cost per kg of orange will be
If cost of goods sold is Rs. 80,700, Opening stock Rs. 5,800 and Closing stock Rs. 6,000. Then the amount of purchase will be
Prakash Ltd. issued 15,000, 15% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is
Tista Ltd. has issued 14% Debentures of Rs. 10,00,000 on April 01, 2014 and the company pays interest half-yearly on June 30, and December 31, every year. On March 31, 2016, the amount shown as “interest accrued but not due” in the Balance Sheet will be:
Debentures which are not secured by any charge upon any assets of the company are called
Ram Ltd. re-issued 200 equity shares of Rs.9 each @ Rs. 7 per share. These shares were issued originally at par. Amount debited to discount on re-issue of shares will be
The plant and machinery account of a firm had a debit balance of Rs. 1,47,390 (before charging depreciation for the year) as on 31st December, 2016. On 1st Jan., 2013 Co. started business and has been following the practice of charging full year’s depreciation every year on Diminishing balance method @ 15%. Cost of machinery on 01.01.2013 will be
A bill has been drawn on August 10, 2016 payable after 3 months. The maturity date of the bill will be
If sales revenue is Rs. 5,00,000, cost of goods sold is Rs.3,10,000. The gross profit is
A population comprises of 5 units. The total number of all possible samples each of size 2 units that can be drawn from the population with replacement is:
A manager gets 5% commission on net profit after charging such commission. Gross profit Rs. 48,000 and expenses of indirect nature other than manager’s commission are Rs. 6,000.Commission amount will be
Ramesh drew a 45 days bill on Komal on 25th Jan., 2015. The bill will mature on
Birbal drew a three month bill on Satyapal for Rs. 5,000. On due date Satyapal approached Birbal to renew the bill for another month @ 12% p.a. Amount of the new bill will be
Preet accepted a 90 days bill of Rs. 10,000 drawn by Jeet on 05.02.2016. On 13.03.2016, Preet wished to retire the bill. Jeet offered rebate @ 12% p.a. Considering the year of 360 days, rebate amount will be -
A company issued Rs. 2,00,000 15% debentures at a discount of 5% redeemable after 10 years at a premium of 10%. Loss on issue of debentures will be
A Limited Company forfeited 100 Equity Shares of the face value of Rs.10 each, Rs.6 per share called-up, for non-payment of first call of Rs.2 per share. The forfeited shares were subsequently reissued as fully paid – up Rs.7 each. Give necessary entries in the company’s Journal.
Interest on capital at 6% p.a. is to be allowed. Capital in the beginning was Rs. 3,00,000. Interest amount will be
Net salary paid to employees Rs. 45,000 in cash after deducting income tax Rs. 1,000,professional tax Rs. 200, employees provident fund Rs. 2,000, staff welfare fund Rs. 100and recovery of loan Rs. 1,700. Salary A/c will be debited with -
Depreciation on motor car, whose cost is Rs. 58,000 with an accumulated depreciationreserve of Rs. 11,600, at 20% p.a. on diminishing balance will be
X sells goods at cost plus 60%. Total sales were of Rs. 16,000. Cost price of goods will be
A trader sells goods at a profit of 25% on sale. In a particular month, he sold goodscosting Rs. 34,200. Rate of profit on cost will be -
A manager gets 5% commission on sales. Cost price of goods sold is Rs. 40,000 whichhe sells at a margin of 20% on sale. Commission will be
Which of the followings is a valuation principal?
Profit or loss on revaluation is shared among the partners in
In case of admission of a partner, the first account prepared is
After the death of a partner, amount payable is received by
Rings and pistons of an engine were changed at a cost of Rs. 5,000 to increase fuel efficiency is:
Unexpired portion of Capital expenditure is shown in
On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will be
If the firm pays Income Tax on behalf of partners, such payment of personal income tax should be treated as
Issued 2,000, 12% Debentures of Rs. 100 each at a discount of 2% redeemable at a premium of 5%. Loss on issue of debentures will be
(i) 1,00,000 Equity shares of 10 each fully called up.
(ii) Calls in arrears Rs. 10,000
(iii) Calls in advance Rs. 5,000
(iv) Proposed dividend 15%
Dividend payable will be
On April 1, 2016, a bill was drawn for two months. The maturity date of payment will fall on:
Rs. 5,000 spent on maintenance of plant and machinery is:
The basis of ‘quasi contractual relations’ is the
Goods which are in existence at the time of the Contract of Sale is known as
A contingent contract dependent on the non-happening of a future uncertain event becomes void when such event
Which of the following is not the right of a partner i.e., which he cannot claim as a matter of right?
Which of the following is false? An offer to be valid must:
A, B and C jointly promised to pay Rs. 60,000 to D. A was compelled by D to pay the entire amount of Rs. 60,000. Here
The doctrine of Caveat Emptor does not apply, when
A threatens to kill B if he does not agree to sell his scooter to him for Rs. 5,000. Here, B’s consent is obtained by:
Suppose you have entered into a partnership agreement and the partnership deed provides neither for the duration nor for the determination of our partnership. What is the technical expression for this kind of partnership?
A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it is
When offer is made to a definite person, it is known as
Selection of goods with the intention of using them in performance of the contract and with the mutual consent of the seller and the buyer is known as
Which of the following elements does not affect the free consent of the parties
A new partner can be admitted in the firm with the consent of
A agrees to pay Rs. 50,000 to B if he kills C. The agreement is
An agreement in restraint of legal proceedings is void. It does not cover an agreement which
Which of the following is not disability of an unregistered firm?
A contract is discharged by rescisson which means the
Which of the following acts are not included in the implied authority of a partner?
A mistake as to a law not in force in India has the same effect as:
In which form of the contract, the property in the goods passes to the buyer immediately:
If a seller handed over the keys of a warehouse containing the goods to the buyer, it results in
Which of the following statements is not true about minor’s position as a partner?
The unpaid seller has right of stoppage of goods in transit only where the buyer
As per the accepted view, the registration of the firm is considered complete when
In case of illegal agreements, the collateral agreements are:
Which one of the following is/are document of title to goods?
Which of the following is not an implied condition in a contract of sale?
The special damages, i.e., the damages which arise due to some special or unusual circumstances -
Sometimes, a party is entitled to claim compensation in proportion to the work done by him. It is possible by a suit for
A stipulation in a contract of sale of goods whose violation by seller gives a right of rescission to buyer, is called:
A contract for the sale of goods which provide that the property would pass to the buyer on full payment of price and execution of sale deed, is known as