All the following errors do not effect the trial balance except
Financial statements are part of -
The areas where in different accounting policies can be adopted are
The total of the sales book is posted periodically to the credit of
The amount of the dishonoured bill has been wrongly debited to general expenses account, which type of error has been committed?
Bank account is _____
Cost of tour abroad by the sales manager to develop markets (tour was successful) is ____
‘Advance received from customers is not taken as sale’ is based on
Mohan Stationers will debit purchase of stationery in ____
Amount spent on advertisement is _____
Cost of goods sold can be calculated by ____
Rs. 5,000 spent on repairs of a newly purchased old motor car is debited to _____
Suspense account debit balance Rs. 200 in trial balance, will be recorded in the _____
Liability for bill discounted is a ______
In valuation of consignment inventory only _______ expenses of the consignee are added
Premium on issue of shares is recorded in _______
Interest is calculated on _______ of securities
Income tax in case of a sole trader is treated as ________
A businessman purchased goods for Rs. 25,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2010. The market value of the remaining goods was Rs. 5,00,000. He valued the closing inventory at Rs. 5,00,000 and not at Rs. 7,50,000 due to
XY 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. Applications 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 _____
Opening inventory Rs. 3,700, Purchases Rs. 20,800, Closing inventory Rs. 2,500. Cost of goods sold will be _______
Original cost Rs. 25,000, salvage value Rs. 1,000, useful life 10 years. Annual depreciation under SLM will be
When preparing a Bank Reconciliation Statement if you start with balance as per Pass Book, then cheques paid by bank recorded twice in Pass Book Rs. 1050 will be ______
Net profit of the firm will be
A started business with Rs. 20,000 cash and Rs. 11,000 inventory. Cash sales & cash purchases were Rs. 10,000 & Rs. 5,000. Total sales and purchases amounted to Rs. 70,000 & Rs. 50,000. Outstanding Trade Payables were Rs. 15,000 and Trade Receivables Rs. 25,000. Expenses paid Rs. 17,000. Machine was purchased for Rs. 10,000 out of which Rs. 8000 has been paid. Cash in hand at the end of the year was Rs. 5,000. Total of Trial Balance at the end of the year will be ___________
Both the discount columns of the Cash Book were omitted to be posted in the ledger.This error............................?
Goods purchased Rs. 1,00,000, sales Rs. 90,000 Margin 20% on sales. Closing inventory is _____
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
Income tax liability of the proprietor Rs. 1200 was paid out of petty cash. Journal entry will be ________
An old, machine was purchased for Rs. 60,000. It was repaired for Rs. 5,000 and Rs. 5,000 paid on its installation. Machinery repairs a/c will be debited by -
Ras started business on 01.01.2010 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?
A partnership firm maintains the inventory records under perpetual system of inventory. Consider the transactions occured for the month of March 2010.
If the firm sold 32 units on March 24, 2010 closing inventory under FIFO method is -
Capital introduced by Mr. A on 01.01.2009 Rs. 1,00,000. Further capital introduced during the year was Rs. 50,000. Mr. A withdrew Rs. 200 per month on the last date of each month.Interest on drawings was charged @ 5%. Profit earned during the year was Rs. 10,000.Capital on 31.12.2009 will be _______
Purchased goods from A Rs. 500 passed through sales book the rectifying journal entry will be _______
Opening inventory 20, 000
Closing inventory 18, 000
Purchases 85, 800
Carriage inwards 2, 300
Carriage outwards 3, 000
Office Rent 5, 000
Sales 1 , 40,700
Gross profit will be _____
X of Kanpur sends out certain goods at cost + 25%. Invoice value of goods sent out Rs. 2,00,000. 4/5th of the goods were sold by consignee at Rs. 1,76,000. Commission 2% upto invoice value and 10% on any surplus above invoice value. Commission amount will be ________
Goods costing Rs. 1000 supplied to Ramesh at the invoice price of 10% above cost and a Trade Discount for 5%. The amount of Sales will be
A & B purchased a piece of land for Rs. 60,000 and sold it for Rs. 90,000. A had contributed Rs. 40,000 and B Rs. 20,000. The profit on venture will be -
A, B & C are partners sharing profits in the ratio of 3:2:1. B retires and goodwill of the firm is fixed at Rs. 1,80,000. No goodwill A/c appears in the books of the firm. A & C decide to share profits in the ratio of 3:1. B’s share of goodwill will be adjusted in the Capital accounts of A and C in
A Co. issued Rs. 1,00,000 12% Debentures at 5% discount, redeemable at 5% premium after 10 years. Loss on issue of debentures will be
A partnership firm earned net profits during the last 3 years as follows –
The capital investment in the firm throughout the above mentioned period has been Rs. 1,00,000. Having regard to the risk involved 15% is considered to be a fair return on capital. Goodwill on the basis of 2 years purchase of average super profit earned during the above mentioned 3 years will be
A & B are partners in a business sharing profits and losses in the ratio of 7:3. They admit C as a partner. A sacrificed 1/7th share and B sacrificed 1/3rd of his share in favour of C. New Profit sharing ratio will be
G Ltd. acquired assets worth Rs. 7,50,000 from H. Ltd. by issue of shares of Rs. 100 each at a premium of 25%. The number of shares to be issued by G. Ltd., to settle the purchase consideration will be
A & B are equal partners with capitals of the Rs. 10,000 and Rs. 8,000 respectively. They admit C as a partner with 1/4th share in the profits of the firm. C brings Rs. 8,000 as his share of capital. Value of goodwill 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 _____
Ramesh & Suresh are partners sharing profits in the ratio of 2:1 (Ramesh Capital is Rs. 1,02,000 and Suresh Capital is Rs. 73,000) They admitted Mahesh & agreed to give him 1/5 in share. He brings Rs. 14,000 as his share of goodwill. He agreed to contribute capital in profit sharing ratio. How much capital will be brought by incoming partner?
Debit Balance as per cash book of Narayan Enterprises as on 28th February 2010 is Rs. 15,000. Cheques deposited but not cleared Rs. 660 and cheques issued but not presented for payment Rs. 2150. Balance as per pass book should be ______
On 1st Sept. 2009 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________
Suresh of Delhi consigned 600 fans to Naresh of Bareilly to be sold on his account and at his risk. The cost of each fan is Rs. 300. Suresh paid Rs. 6000 as freight and insurance. Naresh paid Rs. 1500 as Octroi & Cartage; Rs. 3500 for godown rent and insurance. 500 fans were sold for Rs. 1,80,000. Naresh was entitled to a commission of 4% on sale @ Rs. 350 per fan and 20% of any surplus price realized. Profit on consignment will be ________
X and Y enter into a joint venture. X supplied goods to Y from his own inventory worth Rs. 70,000. X incurred expenses amounting to Rs. 6000 on joint venture. The venture resulted in a total profit of Rs. 15,000 of which their ratio of distribution is 2:1. The entire sale proceeds were received by Y. No inventory left at the end of the venture. Amount received by X from Y in final settlement will be ________
A and B are partners sharing profits in the ratio of 3:2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. B is to be allowed an annual salary of Rs. 2,500. The profits of the year prior to calculation of interest on capital but after charging B’s salary amounted to Rs. 12,500. Manager is to be allowed a Commission of 5% of profits remaining after deducting salary and interest on capital but before charging such Commission, Profit transferred to partners Capital Accounts 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
A, B, and C are partners, sharing profits in the ratio of 4:3:2. D is admitted for 2/9 share of profits and brings Rs. 30,000 as his capital and Rs. 10,000 for his share of Goodwill. The new profit sharing ratio between A:B:C:D will be 3:2:2:2. The Goodwill amount brought by D will be shared by:
Shiva Ltd. issued 20,000 shares of Rs. 10 each. Payments were to be made as - on application Rs. 3; on Allotment Rs. 4 and on First and Final Call Rs. 3. Applications were received for 20,000 shares and all were accepted. All money duly received. Balance Sheet total will be ________
X Ltd. forfeited 100 shares of Rs. 10 each issued at par to Ravi on which he had paid Rs. 2.50 per share on application and Rs. 2.50 per share on allotment but on which he had not paid Rs. 5 on first and final call. In case of forfeiture, share capital account will be debited by ________
A Ltd. makes an issue of 10,000 Equity shares of Rs. 100 each payable as follows:
On application and allotment Rs. 50
On First Call Rs. 25
On Second & Final Call Rs. 25
Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued on fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be ________
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
Share capital 5,00,000 shares of Rs. 10 each
Directors decide to provide 10% for dividend on share capital. Amount of proposed dividend will be __________
Which of the statement is incorrect?
As per the India Contract Act, 1872, every person is competent to contract provided he:
A agrees with B to discover a treasure by magic. This is an:
Which of the following agreements is void?
Which of the following agreements are void?
An agreement is void if it is opposed to public policy. Which of the following is not covered by heads of public policy?
Consideration must move at the desire of
The following persons can enter into contracts as per the provisions of the Indian contracts Act, 1872:
The doctrine of Caveat Emptor does not apply, when:
The Sale of Goods Act, 1930 deals with:
In which of the following cases, the unpaid seller loses his right to lien?
The death of a promisor before the performance of the contract may lead to discharged of the contract by :
Necessary condition for existing goods is:
In case of sale:
Which of the following is correct?
Remedies available to the aggrieved party for the breach of contract :
The essential elements of a partnership at will are:
Implied contract, even if not in writing or express words, is perfectly ________ if other conditions are satisfied
According to the Indian Contract Act, 1872, Consent is said to be free when it is not caused by ________
Separation of the goods sold from other goods so as determine and identify the actual goods to be delivered is termed as:
A threatens to kill B if he does not agree to sell his scooter to him for Rs.5000 only.Here B’s Consent is obtained by ________
Goods not identified or agreed upon at the time of making of the contract of sale:
A contract is discharged by rescission which means the
When after the formation of a valid contract, an event happens which makes the performance of contract impossible, and then the contract becomes ________
A unilateral mistake as to fact leads to an agreement which is ________
Goods which are in existence at the time of the Contract of Sale is known as ________
An auction Sale is complete on the ________
An ordinary hire purchase agreement is a contract of :
In case of an agreement to sell, the aggrieved party ________
‘Buyer’ means a person who ________
A person who finds goods belonging to another and takes them into his custody________
Conditions and warranties ________
Registration of a firm is ________
The bidder at an auction sale can withdraw his bid ________
________ does not exist.
Registration of a partnership firm is- ________
A believes blue colour to be black colour, for any reason whatsoever. He has a garment shop.He sells one blue colour shirt to B, representing it to be black colour. B knows nothing about colour. B believes A and accepts the blue colour to be black colour, Later on B’s mother explains B that the colour of the shirt is actually blue and not black. It is a clear case of
The Partnership Act requires the giving of public notice in the case of :
Total utility is maximum when:
The consumer is in equilibrium at a point where the budget line :
An indifference curve slopes down towards right since more of one commodity and less of another result in:
The consumer is in equilibrium when the following condition is satisfied:
In the case of a Giffen good, the demand curve will be:
Which of the following is not an essential condition of pure competition ?
Which is the first order condition for the profit of a firm to be maximum?
In which form of the market structure is the degree of control over the price of its products by a firm very large?
Under which of the following forms of market structure does a firm have no control over the price of its product?
Price discrimination will be profitable only if the elasticity of demand in different markets in which the total market has been divided is:
The law of consumer surplus is based on :
Which of the following cost curves is never ‘U’ shaped ?
In the short run, when the output of a firm increases, its average fixed cost:
The cost of one thing in terms of the alternative given up is known as:
Contraction of demand is the result of
In the case of an inferior good the income elasticity of demand is:
The elasticity of substitution between two perfect substitutes is:
A vertical supply curve parallel to Y axis implies that the elasticity of supply is:
Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its:
An isoquant slopes :
Which of the following is considered production in economics?
Which of the following is not a characteristic of land?
Who is the official “lender of the last resort” in India?
Which of the following statement regarding privatization is correct?
Which of the following statements is correct?
At present 100 per cent FDI is allowed in -
FRBM Act stands for
The share of concessional debt in total external debt of India has:
Which of the following statements is incorrect?
In terms of generation of power ____________’s contribution, is the maximum
NTPC stands for
Most of the unemployment in India is:
What is India’s rank in world population?
In which state is the sex ratio most favourable to women?
India’s present population in 2013 is:
India accommodates nearly _________ per cent of world’s population
Which of the following statements is correct?
Find the tax which is direct tax among the following:
Per capita national income means:
Which of the following is an economic activity?
Demand for final consumption arises in:
The net value added method of measuring national income is also known as:
Which of the following is incorrect ?
Nearly _____ percent of working population is engaged in the service sector (2009-10).
The industrial sector depends on the agricultural sector because
The Indian industry faced the process of retrogression and deceleration because of:
Which of the following statements is incorrect?
We can say Indian agriculture has become modern since:
Generally an economy is considered underdeveloped if:
_______ is the apex bank for agriculture credit in India.
Laspeyre’s and Pasche’s method satisfy time reversal test
A frequency distribution
Ogive is used to obtain
The value of middlemost item when they are arranged in order of magnitude is called
The errors in case of regression equation are
The probability of an event can assume any value between
The most important continuous probability distribution is known is
A measure of precision obtained by sampling is given by
A range of value is
The index number is a special type of G.M.
The number of test of adequacy is ___________
If b2 – 4ac = 0, the roots are ____________
If (7p+3q) : (3p-2q) = 43:2 , then p:q is __________
Number of ________________ arrangement can be made by using all the letters of word Monday.
Which term of series 7,11,15, ………. nth term is equal to 403.
128 is equal to _____________________
The number of ways in which 6 boys sit in a round table so that two particular boys sit together
Rs. 4000 amount to Rs. 6000 in 3 years at the _______________ p.a., if interest is compounded half yearly.
A graphical representation of __________ can be prepared in 2 different ways.
The value of deciles divides the total number of observations into _____ equal parts.
6th term of series ab, a2b3, a3b5 ……. nth term is equal to
In how many ways can the letters of words “ACCOUNTANT” be arranged if vowels always occur together?
Find the present value of Rs. 500 due 10 years hence when interest of 10% is compounded half yearly?
If f(x) = x2+ 3x then f(2) – f(4) is equal to