The long term assets that have no physical existence but are rights that have value is known as
If goods are sold but not delivered to the customer, they will be included in _______
Johnny purchased goods of Rs.5,000 for cash at 20% trade discount and 5% cash discount. Purchases A/c is to be debited by Rs. Csr,
In the ledger an account shows credit balance at the end of the year. This balance is shown as .
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
Debit balance as per Cash Book of Axe Ltd. as on 31.3.2016 is Rs. 2,000. Cheques deposited but not cleared amounts to Rs. 100 and Cheques issued but not presented of Rs. 150. The bank allowed interest amounting Rs. 100 and collected dividend Rs. 50 on behalf of Axe Ltd. Balance as per Pass Book should be
Average inventory = Rs.30,000. Closing Inventory is Rs. 5,000 more than opening inventory. Then the value of closing inventory will be
At the time of finalization of Financial Statements, Bad debts written off are to be transferred to
From the following find out the correct equation
A = Opening inventory;
B = Purchases;
C = Closing Inventory
D = Cost of Goods sold
General Manager gets 6% commission on net profit after charging such commission. Gross profit Rs.60,000 and other indirect expenses other than manager's commission are Rs.7,000. Commission amount will be
A decrease in the provision for doubtful debts would result in:
Capital at the end of the year Rs.5,00,000 Drawings during the year Rs.50,000 Profit for the year Rs.1,00,000 Interest on opening capital @ 10% per annum will be
An amount of Rs.68,000 was paid on 3/3/17 19. for advertisement in a newspaper. This was published in the newspaper on 3/4/17. This expenditure will be shown as____
Opening capital = Rs.5,00,000
Drawings = Rs.1,20,000
Assets = Rs.8,50,000
Liabilities = Rs.75,000
Closing Capital & Profit will be Rs.___
Goods of the sale price of Rs.8000 were sent to a customer on sale or return basis. Till the end of the year the goods were neither returned nor approved. The profit is 25% on cost. The inventory with customer to be included to the closing inventory of the trader will be
A bill of Rs.40,000 was discounted by P with his bank for Rs.39,000. At maturity, the bill returned dishonoured, noting charges amounted to Rs.500. How much amount will the bank deduct from P's bank balance at the time of such dishonour?
X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/04/16. The bill was discounted on 2/05/16 @ 12% p.a. The amount of discount will be Rs.________
A draws a bill on B for Rs.1,00,000 for 3 months. The bill was discounted with bank at 15% p.a. Half of the proceeds are remitted to B. The amount received by B will be Rs._____
While preparing BRS, Mr. X found that a bill of exchange for Rs.5,000 which was discounted with bank was dishonoured and the bank paid noting charges of Rs.100. The entry required in the books of X will be_________
If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in:
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
Mr. X consigned 5,000 boxes of goods to Mr. Y @ Rs.250 each. He paid Freight Rs.3,500 & insurance Rs.1,500. Y paid expenses of Rs.5,000. He sold 3/5 of the boxes @ Rs.300 each. The remaining boxes were taken by Y at cost price.The value of inventory taken by Y will be Rs.___
State which of the following statements is true?
Which of the following statements is not true?
X and Y entered into a joint venture to underwrite the shares of K Ltd at a commission of 5%. K Ltd made an issue of 1,00,000 equity shares of Rs.10 each. 90% of the issue is subscribed by the public. The profit sharing between X and Y is 2 : 3. The balance unsubscribed shares are purchased by X and Y in profit sharing ratio. How many shares are purchased by Y?
Cost of an asset = Rs.2,00,000 Rate of depreciation = 10% under WDV method Value of the asset at the end of 2nd year will be Rs._______
Depletion method of charging depreciation is adopted for which of the following assets?
A purchase return of Rs.2,000 has been wrongly debited to Sales Returns A/c. Due to this error, in the trial balance________.
Stamp duty for the purchase of a property is debited to Legal Expenses A/c. This is an error of_______.
In the course of locating the reason for the difference in the trial balance, it has been found that an amount received from a customer has been debited to his account and a purchase from a supplier has been wrongly entered in the ledger as Rs.17,720 instead of Rs.17,270. These errors may be classified as_
Goods of Rs.800 (sales price) sent on sale on approval basis were included in the sales book. The profit included in the sales was 25% on cost. Inventory with the party will increase our closing inventory by_____
While finalizing the current year's profit, the company realized that there was an error in the valuation of closing Inventory of the previous year. In the previous year, closing Inventory was valued more by Rs.45,000. As a result
A machinery was purchased for Rs.1,00,000, Expenses incurred were - Brokerage 2%; Repairs Rs.1,500; Transport Rs.3000; trial run Rs.7,000; installation Rs.4,500
After operating the machine for 11 months an amount of Rs.8,000 was spent on repairs .Cost of machinery to be debited to Machinery A/c will be Rs._______
A company has filed a legal suit against competitive company claiming Rs.5,00,000 for infringement of patent rights. The outcome of the legal suit is uncertain. The claim may be treated as_______
When outflow of economic resources to settle an obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability, it is called__________
Fluctuating Capital A/c is credited by _
Interest on capital will be paid to the partners if provided for in the agreement but only from
P & Q are the partners in a firm sharing profits and losses in the ratio 3:2 with capitals of Rs.1,50,000 and Rs.1,00,000 respectively. They admitted R as a partner with Rs.90,000 as capital for l/4th share in the profits of the firm. They adjust the capitals of other partners according to R's capital and his share in the business. How much cash will be brought in by P?
Outgoing partner is compensated for parting with firm's future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount?
Tom & Jerry are partners in a firm sharing the profits and losses in the ratio of 3:2. Tom's capital Rs.70,000 & Jerry's capital Rs.50,000. They agreed to take Shiva as a new partner for l/5th share in future profits. Calculate the amount of capital to be brought in by shiva.
X, Y & Z are partners in a firm sharing profits and losses in the ratio of 5 : 4 : 3. Z died on 30/09/16. Profit for the year 2016 - 17 was Rs.40,000. What is the share of Z in the profits of the firm till the date of his death?
X & Y are partners in a firm sharing profits and losses in the ratio of 3: 2. Z was admitted as a new partner for l/5th share of the future profits. Z takes his entire share from X only. The new profit sharing ratio of X, Y & Z will be
In case, of death of a partner, the amount of ' JLP received by the firm will be distributed __
Capital employed = Rs.6,00,000
Average profit = Rs.1,05,000
Normal rate of return = 15%
Value of goodwill under Capitalisation method will be Rs.________
A partnership firm maintains its accounts on calendar year basis. B, one of the three partners died on 31/03/10. The profit of the firm for the year 2009 was Rs.75,000, which was distributed among the partners equally. The share of B in the profits of the firm till the date of his death on the basis of previous year's profits will be Rs.____
When shares are forfeited, the Share Capital A/c is debited with _____ and the Share Forfeiture A/c is credited with____.
When shares are issued to promoters for the services offered by them, the A/c that will be debited with the nominal value of shares is___
M/s Rivera Ltd. forfeited 300 equity shares of Rs.10 each issued at par for non payment of Rs.4 per share by the holder. These shares are reissued at Rs.5 per share as fully paid. What is the amount to be transferred to Capital Reserve A/c?
A company has forfeited 3,000 equity shares of Rs.10 each, for non payment of Rs.3 per share on which Rs.9 called up. On forfeiture, Share capital A/c is debited by Rs._____
If debentures are issued as collateral security the journal entry will be______.
Discount on issue of debentures is a __
Which of the following can be utilized for redemption of preference shares?
A Company issued 6,000, 10% debentures of Rs. 100 each at a discount of 10% repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be Rs.____
M/s X Ltd. took over the assets of Rs.4,60,000 & liabilities of Rs.30,000 of M/s B Ltd for a purchase consideration of Rs.4,40,000. The ^bmpany issued 10% debentures of Rs.100 each at a premium of 10% towards the purchase consideration. No. of debentures issued will be____
Preference shares of Rs.4,00,000 were redeemed at a premium of 2% by the issue of equity shares of Rs.2,00,000 at a premium of 12%. The amount to be transferred to CRR will be Rs.______
Decrease in the balance of trade receivables results in_______
If an individual asset is increased, there will be a corresponding
A change in accounting policy is justified
A businessman purchased goods for Rs.25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2009. The market value of the remaining goods was Rs.4,00,000. He valued the closing Inventory at cost. He violated the concept of
Net profit before charging manager's commission is Rs.49,500 and the manager is to be allowed a commission of 10% on the profit after charging such commission. Commission amount will be___
A voidable contract______
Right in rem means
An offer made without any words spoken or written is ____
The communication of acceptance is complete as against the offeror
Proposal may be:
The term quid pro quo is applied in relation to
If the agreement consists of legal and illegal parts, and legal part is separable from illegal part, then legal part is ____
Which of the following is valid?
A lunatic person means:
THe term consensus-ad-idem means:
‘Ignorance of law is no excuse’ in case of ___
A person who is in a position to dominate will of the other, it i s _____
An agreement to remain unmarried is
Finder of lost goods should____
A promises to pay B a sum of Rs. 10,000/-if it rains and in return B promises to pay Rs. 10,000/- to A if it does not rain. It is a/an____
A sold goods to B at a price of Rs. 12,000/- .Towards payment, B gave a post datedcheque for Rs. 12,000/-. Here
X, Y and Z jointly promised to pay Rs. 75,000/- to D. Z is compelled to pay the whole amount.Then Z __
X owes Rs. 15,000/- to Y and he (X) prays Rs. 12,000/- in full and final settlement of the outstanding due. This is called_____
Contract is discharged by
Rescission of contract means:
Quantum meruit literally means___
Public notice is not necessary in case of _
Which of the following statements about registration of firm is not true?
X, Y and Z are partners. X retired withoutgiving public notice. Later on Y and Z incurred liabilities with DLF Co Ltd. then,___
A Firm is the name of _
A partnership formed for an undertaking/adventure is ____
X and Y entered into partnership agreement where X has to take all profits and Y shall receive wages. Here______
A, B and C are partners. B who took the house on rental basis for the firm failed to pay the rent. The land lord can recover the rent from _
“ Just and equitable "ground for dissolution of firm by court is/are_____
In a partnership firm, X, a partner bought immovable property without the consent of other partners. Then X ______
Which of the following is not a type of document of title to goods?
X purchased 10 dozens of pencil sharpeners and when they are used, they are found to be blunt and not at all useful to sharpen pencils. Here is breach o f ___
A person appointed to bid on behalf of seller is called_______
In case of specific goods in deliverable state, the sale is concluded___
Right of lien is ______
Future goods are _____
In the event of insolvency of buyer before making the payment, but seller does not have right of lien, then the seller______
In relation to sale of goods, the latin term ‘Nemodat quod Non habet’ means____
In case of breach of condition as to quality or fitness
A sent wheat to B and B sent the same to mill. Here it is said that______