Test 13-04-14 [Part-2]

According to Going Concern Concept, a business is viewed as having


According to which of the following accounting concepts, even the proprietor of a business is treated as creditor to the extent of his capital


According to which of the following accounting concepts, in determining the net income from business. all costs which are applicable to the revenue of the period should be charged against that revenue


Lower of Cost or Market Price is an example of


During the life time of an entity, accounting produces Financial statements in accordance with which basic accounting concept


X Ltd. follows the written down value of method of depreciating machinery year after tear due to


The Convention of Conservatism takes into account


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Cash at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Furniture at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Stock at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Debtor at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Creditor at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Commission received in advance at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Capital at end ?


Mr.X started business as on 1st April 2009 with a capital of Rs.150000

Transactions as follows

Furniture Purchased for Cash Rs.20000

Purchased Goods from Mahesh on Credit Rs.25000

Sold Goods [Costing Rs.10000] to Mohan for Cash Rs.14000

Additional Capital Introduced Rs.20000

Commission received in advance Rs.2000

Paid to creditor [Mahesh] Rs.22500 in full settlement

Sold Goods [Costing Rs.15000] for Rs.18000 out of which Rs,5000 Received in Cash

Depreciation on Furniture provided @ 10%

Find Total Assets at end ?









































































































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Accountancy

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Accountancy

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