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Premium on Redemption of Debentures A/c is ____A/c
On the death of partner his executors are paid the share of deceased partner in the profit of the firm till the date of his death. This amount is recorded in profit and loss____ A/c is recorded in Profit and Loss
X Ltd makes an issue of 1,00,000 equity shares of Rs. 10 each payable as follows
On Application – Rs. 5
On Allotment – Rs. 2.5
On Call – Rs. 2.5
One shareholder, holding 5,000 shares did not pay the call money. His shares were forfeited and out of them 3,000 shares were reissued at Rs. 8 per share as fully paid. The amount of Capital Reserve will be Rs. ____
The capital of a sole trader is affected by____
A Bill of Exchange matures on 16th July. Suddenly it was declared as bank strike and the next day is Sunday. Then the due date of bill will be___
Salary payable to an employee Rs. 50,000/-. Which account is to be credited?
According to the Companies Act, 2013, preference shares are to be redeemed with in a period of____ years.
Trial balance is prepared to locate ____
If there is no partnership deed, the profits will be shared by the partners ____
Cost of acquisition, which is yet to be allocated is ____
For the year ended 31st March 2011, sales amounted to Rs. 20,00,000 (at 20% profit on cost), of which goods sold for Rs. 1,00,000 are lying in the godown of the seller at buyer’s risk. These goods are treated as a part of____
All fixed assets are put together and all current assets are put together, under which of the following accounting stages?
X and Y are partners sharing profits and losses in the ratio of 3:2. They admitted Z for 1/4th share. The new profit sharing ratio will be ___
The Suspense A/c facilitates the preparation of ___ even if the has not been balanced.
A decrease in the provision for bad and doubtful debts results in____
Calculate depreciation for the 4th year under sum of years digits methodCost of the asset Rs. 10,00,000 Life Time 5 years Salvage value 10%
Mr. Z purchased goods for Rs. 20,00,00, and sold 4/5th of goods for Rs. 22,00,000, of which he received Rs. 20,00,000 in cash. His expenses amounted to Rs. 2,50,000 during the year. Mr. Z counted the net profit as Rs.1,50,000 for that year. Which concept is violated?
As per Section 133 of the Companies Act, 2013, companies cannot use the securities premium for ____
When the shares are issued to promoters for the services rendered by them _____ A/c will be debited.
The total of Discount column on the debit side of cash book is transferred to____
When recording of a transaction, substance of that transaction should be considered and not its legal form. This statement is according to____
All of the following are the advantages of accounting standards, except ____
Bill at sight means the instance at which ____
The following are the features of perpetual inventory system except ____
A sent to B goods of the invoice price of Rs. 2,00,000. 4/5th of these goods were sold by B for 1, 76,000. Commission is to be paid at 2% upto invoice price and 10% on any surplus price realized. What is the amount of commission?
In the absence of agreement, the partners are entitled to ____
As per the Companies Act, 2013 which of the following statements is false in respect of a Small Company?
An inexperienced accountant prepared the following trial balance
Find out the balance of Suspense A/C
In the admission of a partner, the new partner is liable from____
What will be the effect on Capital a/c after rectifying the following errors :
(i) Purchase of a cycle for Rs. 3,000 was debited to conveyance A/c (fixed assets are depreciated at 10 %)
(ii) Credit purchase of goods from X for Rs. 2,500 was wrongly entered in the sales book
(iii) Cash received from Mr. A Rs. 1,500 was posted to the A/c of Mr. B
List price of the machinery purchased
Calculate depreciation for the 3rd year WDV method
Cash received from Ramesh Rs. 1,500 is recorded correctly in cash book, but debited to his account. Because of this error
Government raised funds through taxes and spent them for the public expenditure. The deficit or surplus at the end of the year is
As per trial balance on 31-03-2014
Provision for bad debts Rs.1000
Bad debts Rs. 2000
Sundry debtors Rs. 30,600
Further Bad debts Rs. 600
Make provision for doubtful debts – 5%
Make provision for Discount on debtors – 2 %
Provision for discount on sundry debtors will be ____
Amit & Anil are partners in the ratio of 5:3. Their capitals are Rs. 2,50,000, & Rs. 2,00,000 respectively. Atul was admitted and he brings Rs. 50,000 as capital and Rs.16, 000 as his share of goodwill for 1/5th ___share of profits. Balance of Capital Accounts will be ___
The cash book showed a credit balance of Rs. 9,000, but the pass book made up to the same date revealed that a cheque of Rs. 2,000 had not been presented for payment and a cheque of Rs. 3,000 paid into account had not been cleared. The balance as per pass book will be
HDC Ltd. Issued 10,000 – 12% Debentures of 100 each at Rs. 94, on 1 Jan, 2010. Under the terms of issue 1/5th of the debentures are redeemed annually. First redemption on 31/12/10. Calculate discount to be written off in 2013.
A, B & C are partners in a firm. B retired from the firm. Old profit sharing ratio is 2:2:1. After retirement A & C decide to share profit equally. They had taken a joint life policy of Rs.2,00,000 with the surrender value of Rs.40,000. What will be the amount to be credited to the partners’ capital account on receiving the JLP amount, if JLP a/c is maintained at surrender value?
Indian oil is a bulk distributor of petrol. A perpetual inventory of petrol on hand is taken when the books are closed at the end of each month. The following summary of information is available of month.
Sales – Rs.37,80,00
General Administration cost – Rs.1,00,000
1 lakh liters @ 12/- per liter -Rs.12,00,00
Purchases (including freight inward):
June – 1 2 lakh liters @ 11.40 Rs. Per liter.
June -30 1 lakh liters @ 12.12 Rs. Per liter.
June – 30 closing inventory. 1,30,000 liters.
Using the information given above compute the amount of cost of goods sold for the month of June using LIFO method.
Mr. Y gives the following information 31.03.2015
Inventory on 1st Jan.2014 – 1,60,500
Purchases – 4,80,000
Manufacturing expenses – 75,000
Administrative expenses – 33,000
Financial expenses – 18,000
Annual insurance – 6,000
Sales – 7,00,000
G.P is 20% on sales. Find net profit –
When goods are sold on sale or return basis casually and if the buyer accepted goods the entry will be ____
Which of the following statements is false?
A current ratio of ______ and above indicates that the availability of sufficient net working capital and the ability of the firm to meet current liabilities.
X and Y entered in a joint venture
X supplied goods worth Rs. 60,000 and paid Expenses Rs. 6,000.
Y supplied goods worth Rs. 14,000 and paid Expenses Rs. 1,000.
Y sold the goods for Rs.1,00,000 and he is entitled to a commission of 5% on sales. Find the profit on Joint Venture.
A firm has 8 employees, each getting a salary of Rs. 8,000 p.m. After 1st Jan 2014 their salaries increased by 10%. On 1st July, 2014 they employed two trainees at salary of Rs. 2,500 each per month. The firm paid 11 months salaries only and has to pay the last one month’s salaries. The amount of total salary paid and outstanding salaries as on 3-12-2014 will be___
The trial. balance of a trader contains the following items-
Trade receivables – Rs. 3,20,000
Provision for Bad & doubtful debts – Rs. 17,000
Bad debts – Rs. 20,000
Further information: – Provide 5% for bad & doubtful debts.
Find out the amount to be transferred to Profit and Loss a/c?
Change in accounting estimate means the difference between:
Use the following information for questions –
Consider the following data pertaining to W Ltd. as on March 31, 2015
Issued, Subscribed Called-up 20,000 shares of Rs, 100 each) – 20,00,000
Calls in arrear – Rs. 10,000
Profit and loss account (Cr.) as on April 1,2014 – Rs. 67,000
Profit for the year – Rs. 1,90,610
The company wants to create a debenture Redemption Reserve and to transfer Rs.50,000 every year out of profits to redeem the debentures. The company declared 10% dividends.
The balance of Surplus after effecting above transactions =
5,000 meters of cloth was sent out on consignment basis at an invoice price of Rs. 30 per -meter, which were purchased by consignor at rice of Rs. 20 per meter. Consignor’s expenses amounted to Rs. 5,500. Consignee’s expenses amounted to Rs. 2,000. Consignee sold 4,000 meters at Rs. 40 per meter. He is entitled to a commission of 5% on total sales plus a further 20% of any surplus realized above the invoice price. Due to fall in the market price, the inventory of cloth is to be reduced by 10%. Calculate the profit on consignment?
M/s X, Y and Z are in retail business. The following information is obtained from their records for the year ended 31-03-2014. Goods received from suppliers Rs. 17,25,000 (subject to trade discount & taxes) Trade discount 3% and Sales Tax 11% Packaging & Transportation Charges Rs. 95,000 Sales during the year Rs. 25,00,000 Selling price of closing inventory Rs. 4,00,000. Find out the historical cost of inventory by using Adjusted selling price method.
X Ltd.’s profit and loss account for the year ended 31st December, 2011 includes the following information
Depreciation – 84,500
Bad Debts – 2,500
Increase in provision for doubtful debts – 22,000
Proposed dividend – 73,200
Retained profit for the year – 1,22,000
Liability of tax – 26,400
State what amounts should be transferred to:- (i) Provisions (ii) Reserves (iii) Neither related to provisions nor reserves
Prov Res No Prov/Res
A and B are partners sharing profits and losses in the ratio of their effective capital. They had Rs. 1,00,000 and Rs. 60,000 respectively in their capital accounts as on 1st January, 2011. A introduced a further capital of Rs. 10,000 on 1st April, 2011 and another Rs. 5,000 on 1st July, 2011. On 30th September, 2011. A withdrew Rs. 40,000. On 1st July, 2011. B introduced further capital of Rs. 30,000. The partners drew the following amount anticipation of profit. A drew Rs. 1,000 per month at the end of each month beginning from January, 2011. B drew Rs. 1,000 on 30th June, and Rs. 5,000 on 30th September. Calculate the ratio of effective capitals?
The bank balance as per Cash book on 31st December is Rs. 8,560. From the following particulars find out the bank balance as per pass book
(i) On 18th December, the debit balance of Rs. 1, 700 was recorded as Credit balance in cash book
(ii) A Cheque of Rs. 500 issued was recorded twice in the cash book
(iii) A cheque of Rs. 250 issued, was not recorded in cash book
(iv) Dividend collected Rs. 250 and subscription paid Rs. 100 by bank were not recorded in cash book.
E Ltd. sends out its accounting machines costing Rs. 200 each to their customers on sales or return basis. All such transactions are however, treated like actual sales and are passed through the day book. Just before the end of the financial year, i.e., on December 24, 2011, 300 such accounting machines were sent out at an invoice price of Rs. 280 each out of which only 90 accounting machines are accepted by the customers at Rs. 250 each and as to the rest no report is forthcoming. What is total effect on sales?
Goods will be sent on consignment at invoice price which is 20% above cost. 1/5th of the goods costing Rs. 60,000 were damaged in transit. Find out invoice price of the goods sent on consignment?
Trial Balance is prepared according to
Selection of accounting policies is based on:
Which of the followings is a valuation principal?
Profit or loss on revaluation is shared among the partners in
A finder of a purse on the road in a market is duty to trace the real owner of purse. If finder does not do so, he shall be guilty of ___
In case of ____in addition to the implied condition as to the merchant ability there isanother implied condition that the goods shall be wholesome
What are the rights available for an unpaid seller?
A partner without having real interest, can give the name to the partnership?
Damages which are in the nature of penalty.
When partnership is compulsory dissolved?
____ is a stipulation collateral to the main purpose of the contract which creates right to claim damages and not to rescind the contract
Under Indian Partnership act 1932, In the absence of any agreement to the contrary all the partners of the firm are-
Under the sale of goods act, 1930. The risk prima facie passes with ___
The liability of a newly admitted partner in a partnership firm___
The court in a case, may order specific performance of the promise made by a party in a contract
In which of the following cases restraint of trade is valid?
One person wants to travel from Tirupathi to Chittgong, The bus travelling from Tirupathi to Chittgong comes to the bus station. It is an
Which of the following is not an implied warranty?
In the absence of partnership deed partners are entitled to
‘X’ agreed to purchase a ring from ‘S’. X believed that ring was a diamond. S knows that X was under a mistake and did not disclose the fact. Then x can
X & Y entered into a contract, one part is legal and another is illegal the legal & illegal, part is not separable than the contract is
____denotes that the parties to a contract are not bound under the contract.
A partner cannot demand his proportionate share of premium from other partners at the time of dissolution of partnership
On a dissolution of a firm the partners selling the goodwill of a firm cannot
A entered into partnership agreement with B. In which A makes an advance to the firm in addition of capital to be contributed by him, after dissolution of firm
A is a manufacturer of Ball Pens. He advertises in the trade press that in future the retail price of his pen will be Rs.5 and strict action will be taken against who is not observing this price. B had read the advertisement, but he forget and retails the Pen at Rs.8. Advice A?
X nephew ran away from house. Y the servant of X find the X’s nephew without knowing the X reward for finding nephew.
'N’ singer contracted with a theatre manager to sing a song. Due to her illness she failed toperform the contract, she received 20,000 as advance
X is minor who had broken his left arm then doctor had treated him. How can the doctor regain his cost of treatment
Viru agrees to buy the crop of rice that would yield in Y’s farm located in Punjab at the rate of Rs.2,000 per 100 kg. This deals under the sale of goods act 1930
If X,Y,Z are partners and Z is murdered by ‘W’. W comes with a proposal to enter into partnership and Y objects. What is the situation?
A,B,C and D are carrying on business of mobile exports. A was well aware of the price of mobile and good knowledge in the purchasing of mobiles. A made personal transaction in the name of the firm.
Mohan invited Sohan for a dinner. Sohan by expending Rs.200 went to Mohan’s house. By the time Sohan reached Mohan’s house it was locked and Sohan stayed in a hotel. Can Sohan
Peter buys a mosquito killer machine assuming that it is worth 50,000/-. But actually it costs 5000/-. The remedy available to peter
A share of partners in a partnership firm?
If any one of the joint promisors makes a default in making contribution. How will it be settle down by other promisors?
Kedar promised to pay Rs.5000 to car repairer the car repairer incurred expenses but Kedar refused to pay the agreed amount. Is the car repairer can?
Under the sale of goods act 1930, In case the seller delivers to the buyer a quantity less than the goods brought under the contract, the buyer
Which does not came into the category of delivery?
Which is not true in case of a finder of goods?
In C.I.F. Contracts, C.I.F. stands for: