On 2-03-2015, 50,000, 10% debentures of Rs.100 each are issued at a discount of 5%. On 10-3-2015, 80,000 , 6% preference shares of Rs.100 each are redeemed at a premium of 10% along with one month dividend. On 22-03- 2015, 40, 000 equity shares of Rs.100 each are issued at a premium of 15%. On 28-02-15, bank balance was Rs.6,34,000. What is the bank balance on 31-03-2015?
P, Q, and R are partners sharing profits and losses in the ratio of 3:2:1. R retired. Future profit sharing ratio is 2:1. There was a joint life policy of Rs.6,00,000 with a surrender value of Rs.80,000. What will be the treatment in the Partner’s Capital A/c’s, if JLP is maintained at surrender value along with reserve?
An investment of Rs.22,000 was not recorded in the books of account. The adjustment entry will be.
1,500 boxes costing Rs.10 each were sent on consignment. Rs.12,000 spent on freight. A loss of 10% is unavoidable. Calculate the cost of each box.
Which of the following are not the methods of preparing the trial balance?
At the time of valuation of goodwill, weighted average price method is followed, if the profits of the firm are ____
From the following information calculate the amount received from debtors.
• Opening balance of cash Rs.56,000
• Bills discounted Rs.21,000
• Bills payable honoured Rs.14,000
• Cash purchases Rs.1,26,000
• Other Expenses Rs.1,84,000
• Payment to Creditors Rs.2,32,000
• Cash sales Rs.3,95,000
• Closing balance of cash Rs.47,000
Out of the following which is not the external factor of depreciation?
Match the following
In the balance sheet of a company, capital work in progress is shown under the head __
A bill is drawn by X on 06-03-2015, for a period of 30 days after sight. It is accepted on 10-03- 2015. The due date of the bill will be ___
Which of the following statements are true about discount columns of cashbook?
Securities premium cannot be used for ___
Contingent liability is ____
Fixed deposit is a ____ A/c according to traditional approach and ____ A/c according to accounting equation approach.
_____ A/c shows a debit balance.
At the end of the accounting year, the details of three materials X, Y & Z are as follows:
Find out the value of closing inventory
The Portion of acquisition cost of an asset yet to be allocated is _____
When shares are issued at a price which is more than the par value, the excess price will be credited to ______
Decrease in the provision for doubtful debts amounts to ____
Receipts of Promissory Notes and Hundies will be recorded in ____ for our convenience
Decrease in Bank overdraft balance results in _
On 1-3-15 Rohan sent goods costing Rs.60,000 at a profit of 25% on sales to Mohan on Sale or return basis. On 31-3-15 Mohan returned goods costing Rs.18,000. At the end of Financial Year the remaining goods were neither returned nor approved by Mohan. Rohan records the goods sent on approval as normal sale. In the balance sheet, for the goods sent but not yet approved __________.
Trade discount is recorded in _____
In case of death of a partner, his share in the profits of the firm till the date of his death will be debited to ______ A/c.
Lion and Tiger having capitals of Rs.2,00,000 each are sharing profits and losses equally. Leopard joins as an equal partner with a capital of Rs.2,50,000. Goodwill of the firm is valued at Rs.2,10,000. The revaluation profit is Rs.36,000. Find the closing capitals of Lion, Tiger and Leopard
The difference between Passbook and Cashbook occurs due to ________
The following are the valuation principles except ______
From the following particulars calculate the amount of proposed dividend
• Called up share Capital Rs.25,00,000
• Calls in arrears Rs.1,90,000
• Calls in advance Rs.70,000
• Proposed Dividend 20%
Ram is a partner. He made drawings as follows:
If the rate of interest on drawings is 6% and accounts are closed on March 31 the interest on drawings is:
A company issued shares of Rs.50 each at a premium of 10%. The minimum application money as per the Companies Act, 2013 will be
From the following particulars calculate the value of closing inventory under adjusted selling price method.
• Sales Rs.3,00,000
• Purchases Rs.2,00,000
• Selling price of closing inventory Rs.1,00,000
A bill is drawn for Rs.20,000 for 3 months. It is paid 1 month before the due date at 6% discount. The amount of discount is ______
On 1-7-2012 a second hand machinery was purchased for Rs.15,00,000 and an amount of Rs.1,00,000 was spent for its repairs. Depreciation is charged at 15% per annum under WDV method. The machinery was sold on 31-03-2015 for Rs.10,40,000. Calculate the profit or loss on the sale of machinery.
The overdraft balance as per the cashbook Mitra is Rs.13,200. A amount of Rs.5,200 was deposited by a customer direct into the account of Mitra. And a cheque of Rs.2,000 deposited by Mitra was bounced. Mitra is unaware of these two transactions. The balance as per passbook will be________
A company wants to redeem 1,00,000, 10% preference shares at a premium of 10% by the issue of 10,000 equity shares of Rs.100 each at a premium of 10%. The amount to be transferred to capital redemption reserve will be ______
64,000, 12% preference shares of Rs.10 each are to be redeemed at a premium of 5%. Divisible profits available Rs.2,00,000. Face value of fresh equity share to be issued is Rs.80. Calculate the number of fresh equity shares to be issued.
The following is a statement showing the financial status of the company at any given time
Summarizing means ____
Calculate the closing inventory under LIFO method.
Which is not the procedural aspect of accounting?
The book value of machinery on 01-04-2014 is Rs.1,62,000. Depreciation was charged at 10% per annum under WDV method. On 31-03- 2015 the method of depreciation is changed to straight line method with retrospective effect from 01-04-2012 and the rate being the same.
The Profits and Losses for the last three years were 2012 – Rs.2,08,000 (Profit); 2013 – Rs.94,000 (Loss); 2014 – Rs.2,64,000 (Profit) including a profit of Rs.30,000 earned exceptionally from a contract which will not be renewed further. The average capital employed is Rs.4,20,000. Rate of interest on investment is 10%. The remuneration of all the partners is estimated at Rs.5,000 per month. The value of goodwill on the basis of two years purchase of super profits based on average of three years profits will be
On 1-03-2015 Kola sold goods to Tola for Rs.1,60,000. Tola accepted a bill for 3 months for this amount. On the due date Tola could pay Rs.40,000 in cash and agreed to pay the balance amount after one month at an interest of 10% per annum. Noting charges incurred Rs.600. How much interest will be charged?
Manufacturing overheads – Rs.3,24,000
Manufacturing wages – Rs.76,000
Purchase of Raw material – Rs.4,47,000
Cost of Manufacturing of finished goods sold is_____
__ is not an objective of accounting standards.
Calculate the profit for the year ended 31-03- 2015.
A, B and C are the partners sharing profits and losses in the ratio of 2: 2:1. They changed the ratio to 3: 4: 5. They had workmen’s compensation fund. How it will be distributed on the change of ratio?
Mr. X sent goods to Mr. Y on Consignment basis at invoice price. Mr. Y sold the goods to the customers. One of the customers returned the goods to Mr. Y because of defective quality. Mr. Y returned those goods to Mr. X paying Rs.5,000 for freight. The returned goods are valued at _______
Which of the following is not disclosed or recognized in the financial statements?
A purchased 1000 kg of rice costing Rs.200 per kg. Paid carriage Rs.2,000 and insurance Rs.3,000. 4/5th of the same were sold by B at Rs. 250 per kg. Remaining Inventories were taken over by B at cost. The value of Inventories taken over by B will be______
Due to change in the accounting policy there is no material effect in the current year, but there is effect in the future years. This effect can be reasonably estimated. Then _______
E’s Trial Balance contains the following information: Discount received Rs.15,000, Provision for discount on Trade Payables Rs.21,000. It is desired to maintain a provision for discount Trade Payables at Rs.19,600. The amount to be credited to the Profit & Loss Account is:
If favourable balance as per cashbook is the starting point, a wrong posting of Rs.5,200 in the deposit column of passbook will be ______ while preparing the B.R.S.
When preference shares are redeemed, otherwise than out of the proceeds of a fresh issue, there shall, out of profits which would otherwise have been available for dividend _____ of preference shares will be transferred to Capital Redemption Reserve A/c.
Nivya, Nitya and Kavya are partners in a firm sharing profits and losses in the ratio of 1:2:1. Nitya retired from the firm. Nivya and Kavya decided to share future profits and losses in the ratio of 3:1. They want to show the assets and liabilities in the new balance sheet at their old values. Then which account is to be prepared?
If the firm pays Income Tax on behalf of partners, such payment of personal income tax
should be treated as
Which of the following account will have credit balance?
Three column cash book records
The book value of the assets as on 1st April, 2011 is Rs. 1,00,000. Depreciation is charged
on the assets @ 10%. On 1st October, 2011, the asset is sold for Rs. 64,000. Profit or
Loss on the sale will be
Standing offer means _____
In case of illegal agreements collateral agreements are _____
Which of the following is true
Which is not opposed to public policy?
In case of promise to pay time barred debt
A agrees to sell his house worth of Rs.10,00,000 to B for Rs.2,00,000 on free will. The contract is _____
In case of necessaries supplied to the minor _______ is liable
When both the parties are mistaken under a contract, the contract is _____
Which of the following is true?
A contract to do or not to do something, if some event collateral to such contract, does or does not happen.
Which of the following persons can perform the contract
A, B, C jointly promised to pay 80,000 to D, C dies. Who should perform the promise.
A, B, C borrowed Rs.90,000 from bank. The bank compelled A to pay the whole amount. Which of the following statement is correct?
When the time is essence of contract, promisor does not perform his obligation. What is the effect of contract ________
Breach by the promisor prior to the date of performance of a contract is _________
Pre-probable estimated losses is called ______
‘A’ agreed to decorate ‘B’’s house at a lumpsum of Rs.5,00,000. At the end, it was found to be defective and he repaired the defective work. ‘B’ spent Rs.1,00,000. How much ‘B’ should give to ‘A’
Payment in proportionate to the work done, it means _____
In the absence of agreement, partners are entitled to ______
When registrar is satisfied with the information provided, he makes an entry in __
When a partner applies for court for the dissolution of the firm?
A person who lends his name to the firm but has no interest in the share of profits is called
P, Q, R are partners. P retires from the firm without giving notice to the public. Now he is liable to the third party according to ____
When a minor attains majority, elects not to become a partner and gives public notice to that effect. Which of the following is correct?
Where no provision is made by contract between partner’s for the determination of duration of their partnership, then it is called _
According to Indian Partnership Act 1932, subject to contract between partners, the mutual rights of partners are ____
Which is beyond the scope of implied authority of a partner?
Which of the following statement is true about registration of partnership?
Continuing guarantee given to a firm or to third party in respect of the transaction of a firm, when it is revoked?
Under the sale of goods Act 1930 if goods sold on brand or patent name there is no _____
The right of lien means _____
In which of the following cases ownership on goods is transferred to buyer
A agrees to buy a car from B with exchange of his old car and remaining in cash. This is a____
When the goods are with railway department as a carrier, the seller tries to exercise his right to stoppage of goods in transit. The buyer was also liable to the railway department in the past. Which of the following is correct?
If the seller makes a delivery of goods more than the contracted goods, what are the rights of the buyer?
When the buyer treats condition as warranty,
When the goods are delivered to buyer on sale or return or other similar terms, the property in the goods is transferred to the buyer ______
Goods that are identified and agreed upon at the time of contract of sale are called ____
When goods are sold by non-owners, buyer can get a good title. Which of the following statements is correct?
When the property in the goods is transferred to the buyer?