Anu purchased a running business having Land INR 1000000, Cash INR 50000, Furniture INR 30000, Stock INR 5000, Creditors INR 10000 and Bank Overdraft INR 12000.
The journal entry for this transaction is:
Land A/c Dr. 1000000
Cash A/c Dr. 50000
Furniture A/c Dr. 30000
Stock A/c Dr. 5000
To Creditors A/c 10000
To Bank Overdraft A/c 12000
Land A/c Dr. 1000000
Cash A/c Dr. 50000
Furniture A/c Dr. 30000
To Stock A/c 5000
To Creditors A/c 10000
To Bank Overdraft A/c 12000
To Capital A/c 1063000
Land A/c Dr. 1000000
Cash A/c Dr. 50000
Furniture A/c Dr. 30000
Stock A/c Dr. 5000
Bank Overdraft A/c Dr. 12000
To Creditors A/c 10000
To Capital A/c 1087000
Land A/c Dr. 1000000
Cash A/c Dr. 50000
Furniture A/c Dr. 30000
Stock A/c Dr. 5000
To Creditors A/c 10000
To Bank Overdraft A/c 12000
To Capital A/c 1063000
P and Q are partners in the ratio 1:2. They admit R for ¼ share who contributes INR 50000 for his share of Goodwill. The total value of the firm’s goodwill in INR is:
150000
200000
75000
25000
Fill in the blanks for the given Accounting Equation:
/
(1) 0, (2) 0, (3) 3000, (4) 3000
(1) 10000, (2) 0, (3) 8000, (4) 5000
(1) 0, (2) 10000, (3) 5000, (4) 8000
(1) 10000, (2) 10000, (3) 8000, (4) 3000
Complete the table showing the Accounting Equation:
/
(1) 500000, (2)500000, (3)30000, (4)30000
(1)0, (2)500000, (3)30000, (4)0
(1)500000, (2)0, (3)0, (4) 30000
(1)0, (2)0, (3)500000, (4) 30000
Partners P and Q share profit and losses in the ratio 3:4. R is admitted to the partnership and it is decided to distribute the Goodwill he brings between P and Q. The share of R in future Profit or Loss is to be ¼. The new profit sharing ratio of P, Q and R is:
3:4:1
9:12:7
3:3:4
12:16:1
If the Net Profit is INR 50000 after writing off Preliminary Expenses of INR 2000, Goodwill INR 4000 and Loss on Sale of Plant INR 3000, Funds from Operation in INR will be:
59000
50000
41000
53000
Calculate Sales figure if the following figures have been given:
Purchases = INR 150000
Opening Stock = INR 35000
Closing Stock = INR 45000
Administration & Selling Expenses = INR 60000
The operating Ratio is 50%
120000
240000
280000
300000
The ABC firm’s figures are:
Purchases = INR 80000
Opening Stock = INR 15000
Closing Stock = INR 5000
Sales = INR 200000
Administration & Selling Expenses = INR 30000
The operating Ratio is:
50%
55%
35%
60%
The Ratios for a firm for a year are:
Current Ratio = 1.5
Acid Test Ratio = 1.0
Net Working Capital = INR 50000
The value of Current Liabilities in INR is:
50000
10000
100000
500000
Following are the figures of a company P Ltd. for a specific year:
Net Profit for the year = INR 125000
Equity Share Capital = INR 2000000
Reserves and Surplus= INR 500000
The Rate of return on owner’s fund is:
5%
20%
62.5%
16%
The Accounting figures of a firm are:
Sales INR 600000, Purchases INR 400000, Closing Stock INR 80000 and the Gross Loss is 25% on cost. The Opening stock in INR is:
430000
400000
480000
500000
Gross Sales = INR 1000000
Sales Tax = 10% on Gross Sales
Income Tax = 50%
Profit before Tax = INR 90000
The Net Profit before tax ratio is:
10%
5%
15%
20%
Complete the following table for journalizing the following entries:
/
(1) Anand, (2) Discount
(1) Cash (2) Discount
(1) Anand (2) Profit
(1) Cash (2) Profit
A firm’s ratios and other figures are:
Fixed Assets = 55000
Current Ratio = 1.5:1
Proprietary Ratio = 0.80
Proprietary Fund = INR 80000
The Working Capital is:
31250
15000
20833
30000
A company’s accounting data for the year is:
Credit Sales = INR 150000
Debtors = INR 30000
Bills Receivable =INR 15000
The Average Collection Period is:
1.8 months
2.4 months
1 month
3.6 months
Complete the following table for journalizing the following entry:
/
37500, 1875
50000, 14375
50000, 1875
37500, 14375
Complete the following table for journalizing the following entry:
/
Goods A/c, Loss in transit, Claim
Sham, Loss in transit, Loss in transit
Cash A/c, Sham, Loss in transit
Cash A/c, Loss in transit, Loss in transit
The journal entry for the given transaction is:
Bought 1000 shares in Maya Ltd. at INR 15 per share, brokerage paid INR 50.
Shares A/c Dr. 15000
Brokerage A/c Dr. 50
To Maya Ltd. 15050
Shares A/c Dr. 15000
Brokerage A/c Dr. 50
To Cash A/c 15050
Shares A/c Dr. 15000
Brokerage A/c Dr. 50
To Investment A/c 15050
Investment in Shares A/c Dr. 15050
To Cash A/c 15050
P owes to Q INR 10000. he accepts a three month’s bill for INR 9750 in full settlement. On the due date, the bill gets dishonoured. What Journal entries would be made in the books of P?
Q Dr. 9750
To Bills Payable A/c 9750
(Being acceptance of Bills Payable)
Bills Payable A/c 9750
To Q 9750
(Being Dishonor of Bills Payable)
Q Dr. 10000
To Bills Receivable A/c 9750
To Discount A/c 250
(Being acceptance of Bills Payable)
Bills Receivable A/c 9750
Discount A/c 250
To Q 10000
(Being Dishonor of Bills Payable)
Q Dr. 10000
To Bills Payable A/c 9750
To Discount A/c 250
(Being acceptance of Bills Payable)
Bills Payable A/c 9750
Discount A/c 250
To Q 10000
(Being Dishonor of Bills Payable)
Q Dr. 9750
To Bills Receivable A/c 9750
(Being acceptance of Bills Payable)
Bills Receivable A/c 9750
To Q 9750
(Being Dishonor of Bills Payable)
The Trial shows Sundry Debtors at INR 50000 and Bad Debts at 10000.
After preparing the Trial Balance, it was found that a Debtor S has become insolvent and the full amount of INR 2500 became irrecoverable. It is also decided to create a 10% Provision for Bad and Doubtful debts.
The adjustment entries are:
Bad Debts A/c Dr. 2500
To S 2500
(Being Bad Debts of the amount due from S)
Profit and Loss A/c Dr. 1000
To Provision for Bad Debts 1000
(Being Bad Debts Provision created)
Bad Debts A/c Dr. 2500
To S 2500
(Being Bad Debts of the amount due from S)
Profit and Loss A/c Dr. 5000
To Provision for Bad Debts 5000
(Being Bad Debts Provision created)
Bad Debts A/c Dr. 2500
To S 2500
(Being Bad Debts of the amount due from S)
Profit and Loss A/c Dr. 250
To Provision for Bad Debts 250
(Being Bad Debts Provision created)
Bad Debts A/c Dr. 2500
To S 2500
(Being Bad Debts of the amount due from S)
Profit and Loss A/c Dr. 4750
To Provision for Bad Debts 4750
(Being Bad Debts Provision created)