Total sales is Rs. 7,60,000, cash sales Rs. 30,000 collection period is 25 days, debtors at Balance Sheet date will be– (A) Rs. 80,000 (B) Rs. 70,000 (C) Rs. 60,000 (D) Rs. 50,000

Total sales is Rs. 7,60,000, cash sales Rs. 30,000 collection period is 25 days, debtors at Balance Sheet date will be– (A) Rs. 80,000 (B) Rs. 70,000 (C) Rs. 60,000 (D) Rs. 50,000  
by

1 Answer

Answer :

Answer: Rs. 50,000
by
selected by

Related questions

Sundry Debtors – Rs.15,000 Bills Receivable (B/R) – Rs.12,500 Cash at Bank – Rs.17,500 Stock – Rs.15,000 Profit – Rs.20,000 Creditors – Rs.25,000 Bills Payable (B/P) – Rs.15,000 Sales – Rs.1,00,000 What is the Acid Test Ratio ? (A) 1•5 : 1 (B) 1•125 : 1 (C) 16 2/3% (D) 50%

Description : Sundry Debtors – Rs.15,000 Bills Receivable (B/R) – Rs.12,500 Cash at Bank – Rs.17,500 Stock – Rs.15,000 Profit – Rs.20,000 Creditors – Rs.25,000 Bills Payable (B/P) – Rs.15,000 Sales – Rs.1,00,000 What is the Acid Test Ratio ? (A) 1•5 : 1 (B) 1•125 : 1 (C) 16 2/3% (D) 50%

Last Answer : Answer: 1•125 : 1

. If credit sales for the year is Rs. 5,40,000 and Debtors at the end of year is Rs. 90,000 the Average Collection Period will be (a) 30 days (b) 61 days (c) 90 days (d) 120 days

Description : . If credit sales for the year is Rs. 5,40,000 and Debtors at the end of year is Rs. 90,000 the Average Collection Period will be (a) 30 days (b) 61 days (c) 90 days (d) 120 days

Last Answer : (b) 61 days

When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be– (A) Rs. 70,000 (B) Rs. 94,000 (C) Rs. 1,34,000 (D) Rs. 3,50,000

Description : When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be– (A) Rs. 70,000 (B) Rs. 94,000 (C) Rs. 1,34,000 (D) Rs. 3,50,000

Last Answer : Answer: Rs. 3,50,000

X Ltd. purchased a car from Maruti Udyog Ltd. for Rs. 5,00,000. As per agreement Rs. 80,000 was to be paid in cash and the balance by issue of shares of Rs. 10 each at a premium of Rs. 5 per share. How many shares should X Ltd. issue to Maruti Udyog Ltd. for the car ? (A) 30,000 shares (B) 29,000 shares (C) 28,500 shares (D) 28,000 shares

Description : X Ltd. purchased a car from Maruti Udyog Ltd. for Rs. 5,00,000. As per agreement Rs. 80,000 was to be paid in cash and the balance by issue of shares of Rs. 10 each at a premium of Rs. 5 per share. How many ... . for the car ? (A) 30,000 shares (B) 29,000 shares (C) 28,500 shares (D) 28,000 shares

Last Answer : Answer: 28,000 shares

The current ratio is 3 : 2 and the amount of current liabilities is Rs. 40,000. What is the amount of current assets ? (A) Rs. 60,000 (B) Rs. 70,000 (C) Rs. 80,000 (D) Rs. 1,00,000

Description : The current ratio is 3 : 2 and the amount of current liabilities is Rs. 40,000. What is the amount of current assets ? (A) Rs. 60,000 (B) Rs. 70,000 (C) Rs. 80,000 (D) Rs. 1,00,000

Last Answer : Answer: Rs. 60,000

If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which one of the following represents the figure of gross profit for the year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Description : If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which ... year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Last Answer : Answer: Rs. 12,500

The profit of a company (whose capital is divided into 25‚000 shares of Rs. 10 each) for the last three years are : Rs. 50‚000; Rs. 60‚000 and Rs. 40‚000. The fair return on investment is taken at 10% p.a. The value of company’s share will be– (A) Rs. 10 (B) Rs. 20 (C) Rs. 30 (D) Rs. 40

Description : The profit of a company (whose capital is divided into 25‚000 shares of Rs. 10 each) for the last three years are : Rs. 50‚000; Rs. 60‚000 and Rs. 40‚000. The fair return on investment is taken at 10% p.a. The value of company’s share will be– (A) Rs. 10 (B) Rs. 20 (C) Rs. 30 (D) Rs. 40

Last Answer : Answer: Rs. 20

Rate of Gross Profit on cost is 25%. Total sales is Rs. 1,00,000 and Average Stock is Rs. 1,60,000. Stock Turnover Ratio will be– (A) 0•5 times (B) 0•8 times (C) 0•10 times (D) 0•4 times

Description : Rate of Gross Profit on cost is 25%. Total sales is Rs. 1,00,000 and Average Stock is Rs. 1,60,000. Stock Turnover Ratio will be– (A) 0•5 times (B) 0•8 times (C) 0•10 times (D) 0•4 times

Last Answer : Answer: 0•5 times

Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, 10% debentures of Rs. 100 each at par and 15,000 equity shares of Rs. 10 each. How much was the flow of funds in the above transaction ? (A) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Description : Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, ... ) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Last Answer : Answer: Rs. 30,000

The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be– (A) Rs. 30‚000 (B) Rs. 25‚000 (C) Rs. 20‚000 (D) Rs. 16‚667

Description : The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be– (A) Rs. 30‚000 (B) Rs. 25‚000 (C) Rs. 20‚000 (D) Rs. 16‚667

Last Answer : Answer: Rs. 25‚000

If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Last Answer : Answer: Rs. 10,500

Few items of P/L A/c of a company are– Sales – Rs.1,60,000 Closing stock – Rs.38,000 Non-operating Expenses – Rs.800 Non-operating Income – Rs.4,800 Net Profit – Rs.28,000 What is the Operating Profit Ratio ? (A) 18% (B) 20% (C) 15% (D) 57%

Description : Few items of P/L A/c of a company are– Sales – Rs.1,60,000 Closing stock – Rs.38,000 Non-operating Expenses – Rs.800 Non-operating Income – Rs.4,800 Net Profit – Rs.28,000 What is the Operating Profit Ratio ? (A) 18% (B) 20% (C) 15% (D) 57%

Last Answer : Answer: 15%

Determine Contribution if Sales is Rs 1,50,000 and P/V ratio is 40%. A. Rs 60,000 B. Rs 70,000 C. Rs 30,000 D. None of the above

Description : Determine Contribution if Sales is Rs 1,50,000 and P/V ratio is 40%. A. Rs 60,000 B. Rs 70,000 C. Rs 30,000 D. None of the above

Last Answer : A. Rs 60,000

The incomes of A and B are in the ratio 1 : 2 and their expenditures are in the ratio 2 : 5. If A saves Rs 20,000 and B saves Rs 35,000, what is the total income of A and B? A) Rs 30,000 B) Rs 70,000 C) Rs 90,000 D) Rs 60,000 E) Rs 80,000

Description : The incomes of A and B are in the ratio 1 : 2 and their expenditures are in the ratio 2 : 5. If A saves Rs 20,000 and B saves Rs 35,000, what is the total income of A and B? A) Rs 30,000 B) Rs 70,000 C) Rs 90,000 D) Rs 60,000 E) Rs 80,000

Last Answer : Answer: C Income of A = x, of B = 2x Expenditure of A = 2y, of B = 5y Savings is (income – expenditure). So x – 2y = 20,000 2x – 5y = 35,000 Solve the equations, x = 30,000 So total = x+2x = 3x = 3*30,000 = 90,000

The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of Bonus Share will be– (A) Rs. 50,000 (B) Rs. 55,000 (C) Rs. 45,000 (D) Rs. 57,000

Description : The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of ... will be- (A) Rs. 50,000 (B) Rs. 55,000 (C) Rs. 45,000 (D) Rs. 57,000

Last Answer : Answer: Rs. 55,000

Income and expenses for the year 2012 are– Fee Received in Cash – Rs.24,000 Accrued Fee – Rs.6,000 Rent for Chamber Paid – Rs.6,000 Outstanding Rent – Rs.2,000 Salary Paid to Staff – Rs.6,000 Miscellaneous Expenses Paid – Rs.200 Salary paid in advance to staff included in the above : Rs. 1,000. What is the income under accrual basis ? (A) Rs. 11,800 (B) Rs. 13,200 (C) Rs. 16,800 (D) Rs. 30,000

Description : Income and expenses for the year 2012 are- Fee Received in Cash - Rs.24,000 Accrued Fee - Rs.6,000 Rent for Chamber Paid - Rs.6,000 Outstanding Rent - Rs.2,000 Salary Paid to Staff - Rs.6,000 Miscellaneous Expenses Paid - Rs. ... basis ? (A) Rs. 11,800 (B) Rs. 13,200 (C) Rs. 16,800 (D) Rs. 30,000

Last Answer : Answer: Rs. 13,200

The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs. 50,000 and Rs. 65,000. If taxed paid during the current year amounted to Rs. 70,000 then amount charge from Profit and Loss Account will be: (a) Rs. 55,000 (b) Rs. 85,000 (c) Rs. 45,000 (d) Rs. 1,85,000

Description : The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs. 50,000 and Rs. 65,000. If taxed paid during the current year amounted to Rs. 70,000 then amount charge ... a) Rs. 55,000 (b) Rs. 85,000 (c) Rs. 45,000 (d) Rs. 1,85,000

Last Answer : (b) Rs. 85,000

A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of machinery. What are the funds from operation ? (A) Rs. 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

Description : A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of ... 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

Last Answer : Answer: Rs. 2,50,000

XYZ Ltd. issued 10,000 shares of Rs. 100 each at Rs. 120 per share with Rs. 25 on application, Rs. 45 on allotment including premium, Rs. 20 on first call and Rs. 30 on final call. Govind who held 200 shares did not pay any call money and his shares were forfeited. What is the amount to be credited to Share Forfeiture Account on forfeiture ? (A) Rs. 14,000 (B) Rs. 10,000 (C) Rs. 9,000 (D) Rs. 4,000

Description : XYZ Ltd. issued 10,000 shares of Rs. 100 each at Rs. 120 per share with Rs. 25 on application, Rs. 45 on allotment including premium, Rs. 20 on first call and Rs. 30 on final call. Govind who held 200 shares did not pay ... forfeiture ? (A) Rs. 14,000 (B) Rs. 10,000 (C) Rs. 9,000 (D) Rs. 4,000

Last Answer : Answer: Rs. 10,000

Calculate cost of sales from the following: Net Works cost: Rs. 2,00,000 Office & Administration Overheads: Rs. 1,00,000 Opening stock of WIP: Rs. 10,000 Closing Stock of WIP: Rs. 20,000 Closing stock of finished goods: Rs. 30,000 There was no opening stock of finished goods. Selling overheads: Rs. 10,000 (a) Rs. 2,70,000 (b) Rs. 2,80,000 (c) Rs. 3,00,000 (d) Rs. 3,20,000

Description : Calculate cost of sales from the following: Net Works cost: Rs. 2,00,000 Office & Administration Overheads: Rs. 1,00,000 Opening stock of WIP: Rs. 10,000 Closing Stock of WIP: Rs. 20,000 Closing stock of finished goods: Rs. ... Rs. 2,70,000 (b) Rs. 2,80,000 (c) Rs. 3,00,000 (d) Rs. 3,20,000

Last Answer : (b) Rs. 2,80,000

From the information given below, calculate Debt service coverage Ratio– Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6,000, Debenture Redemption Fund Appropriation of Outstanding Debentures 10%. (A) 4•06 times (B) 5•06 times (C) 6•06 times (D) 7•06 times

Description : From the information given below, calculate Debt service coverage Ratio- Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6 ... . (A) 4 06 times (B) 5 06 times (C) 6 06 times (D) 7 06 times

Last Answer : Answer: 4•06 times

Calculate the prime cost from the following information: Direct material purchased: Rs. 1,00,000 Direct material consumed: Rs. 90,000 Direct labour: Rs. 60,000 Direct expenses: Rs. 20,000 Manufacturing overheads: Rs. 30,000 (a) Rs. 1,80,000 (b) Rs. 2,00,000 (c) Rs. 1,70,000 (d) Rs. 2,10,000

Description : Calculate the prime cost from the following information: Direct material purchased: Rs. 1,00,000 Direct material consumed: Rs. 90,000 Direct labour: Rs. 60,000 Direct expenses: Rs. 20,000 Manufacturing overheads: Rs. 30,000 (a) Rs. 1,80,000 (b) Rs. 2,00,000 (c) Rs. 1,70,000 (d) Rs. 2,10,000

Last Answer : (c) Rs. 1,70,000

The following data, relates to manufacturing company for the year 2006-07– Net Profit as per P & L A/c–Rs. 2,40,000; Depreciation–Rs. 80,000; Goodwill written-off– Rs. 40,000, Profit on Sale of Fixed Assets–Rs. 16,000, Proposed Dividend–Rs. 96,000. The fund from operation would be– (A) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Description : The following data, relates to manufacturing company for the year 2006-07- Net Profit as per P & L A/c-Rs. 2,40,000; Depreciation-Rs. 80,000; Goodwill written-off- Rs. 40,000, Profit on Sale of Fixed Assets-Rs. 16,000, ... ) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Last Answer : Answer: None of the above

Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock. (A) Rs. 95,000 (B) Rs. 85,000 (C) Rs. 90,000 (D) Rs. 75,000

Description : Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock. (A) Rs. 95,000 (B) Rs. 85,000 (C) Rs. 90,000 (D) Rs. 75,000

Last Answer : Answer: Rs. 75,000

R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000

Description : R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000

Last Answer : Answer: Rs. 4,00,000

Saina spent Rs. 44,668/- on her air tickets, Rs.56,732 on buying gifts to the family members and the remaining 22% of the total amount she had as cash with her. What was the total amount ? a) Rs. 1,25,800/- b) Rs. 1,30,000/- c) Rs. 1,10,500/- d) Rs. 1,68,300/- e) Rs. 1,50,000/-

Description : Saina spent Rs. 44,668/- on her air tickets, Rs.56,732 on buying gifts to the family members and the remaining 22% of the total amount she had as cash with her. What was the total amount ? a) Rs. 1,25,800/- b) Rs. 1,30,000/- c) Rs. 1,10,500/- d) Rs. 1,68,300/- e) Rs. 1,50,000/- 

Last Answer : Saving = 22% Spent = a00 - 22) = 78% Spending money = 44668 + 56732 = 101400 78%- 101400 100% = 101400 100/78 = 130000 Answer: b)

Any person aggrieved by any decision or order of the National Company Law Appellate Tribunal can appeal to which one of the following and within how much period ? (A) High Court, within 30 days (B) Supreme Court within 60 days (C) SEBI within 90 days (D) Department of Companies Affairs within 60 days

Description : Any person aggrieved by any decision or order of the National Company Law Appellate Tribunal can appeal to which one of the following and within how much period ? (A) High Court, within 30 days (B) ... Court within 60 days (C) SEBI within 90 days (D) Department of Companies Affairs within 60 days

Last Answer : Answer: Supreme Court within 60 days

In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total

Description : In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total

Last Answer : Answer: All assets and liabilities are expressed in terms of percentage of total

For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of Sales. Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Last Answer : (a) 8 times

Current assets are Rs.6,00,000 current liabilities are Rs.3,00,000 the debtors realized Rs.40,000, the impact on net working capital would be------------------------- a) No change in working capital b) Decrease of working capital by Rs.80,000 c) Increase of working capital by Rs.40,000 d) None of these

Description : Current assets are Rs.6,00,000 current liabilities are Rs.3,00,000 the debtors realized Rs.40,000, the impact on net working capital would be------------------------- a) No change in working ... Decrease of working capital by Rs.80,000 c) Increase of working capital by Rs.40,000 d) None of these

Last Answer : a) No change in working capital

If super profit is Rs. 4‚000 and normal rate of return is 8 per cent, the amount of goodwill will be– (A) Rs. 40‚000 (B) Rs. 50‚000 (C) Rs. 4‚00‚000 (D) Rs. 5‚000

Description : If super profit is Rs. 4‚000 and normal rate of return is 8 per cent, the amount of goodwill will be– (A) Rs. 40‚000 (B) Rs. 50‚000 (C) Rs. 4‚00‚000 (D) Rs. 5‚000

Last Answer : Answer: Rs. 50‚000

A machinery is purchased for Rs. 3,00,000 and Rs. 50,000 is spent on its installation. Rs. 5,000 is spent on fuel. What will be the amount of capital expenditure ? (A) Rs. 3,00,000 (B) Rs. 3,50,000 (C) Rs. 3,55,000 (D) None of these

Description : A machinery is purchased for Rs. 3,00,000 and Rs. 50,000 is spent on its installation. Rs. 5,000 is spent on fuel. What will be the amount of capital expenditure ? (A) Rs. 3,00,000 (B) Rs. 3,50,000 (C) Rs. 3,55,000 (D) None of these

Last Answer : Answer: Rs. 3,50,000

Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Description : Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Last Answer : (B) Rs. 4,00,000

X, Y, Z started a business by investing Rs.60,000, Rs.70,000 and Rs.80,000 respectively. Find the share of each out of an annual profit of Rs.28350 A) 8000, 9367, 11800 B) 8500, 9400, 11000 C) 8308, 9530, 10346 D) 8100, 9450, 10800

Description : X, Y, Z started a business by investing Rs.60,000, Rs.70,000 and Rs.80,000 respectively. Find the share of each out of an annual profit of Rs.28350 A) 8000, 9367, 11800 B) 8500, 9400, 11000 C) 8308, 9530, 10346 D) 8100, 9450, 10800

Last Answer : Answer: D) Ratio of shares = 60,000 : 70,000 : 80,000 = 6 : 7 : 8 A’s share = Rs(28350 *6/21) = Rs.8100 B’s share = Rs(28350 * 7/21) = Rs.9450 C’s share = Rs (28350* 8/21) = Rs. 10,800

A company forfeited 30 equity shares of Rs. 10 each fully called-up, for non-payment of allotment money of Rs. 3 and call-money of Rs. 4 per share. If these shares are reissued at Rs. 8 per share fully paid, the amount transferable to capital reserve will be– (A) Rs. 300 (B) Rs. 60 (C) Rs. 90 (D) Rs. 30

Description : A company forfeited 30 equity shares of Rs. 10 each fully called-up, for non-payment of allotment money of Rs. 3 and call-money of Rs. 4 per share. If these shares are reissued at Rs. 8 per share fully paid, the amount ... to capital reserve will be- (A) Rs. 300 (B) Rs. 60 (C) Rs. 90 (D) Rs. 30

Last Answer : Answer: Rs. 30

The summarized balance sheet of Autolight Limited shows the balances of previous and current year of retained earnings Rs. 25,000 and Rs. 35,000. If dividend paid during the current year amounted to Rs. 5,000 then profit earned during the year will be: (a) Rs. 5,000 (b) Rs. 55,000 (c) Rs. 15,000 (d) Rs. 65,000

Description : The summarized balance sheet of Autolight Limited shows the balances of previous and current year of retained earnings Rs. 25,000 and Rs. 35,000. If dividend paid during the current year amounted to Rs. 5,000 then profit earned during ... (a) Rs. 5,000 (b) Rs. 55,000 (c) Rs. 15,000 (d) Rs. 65,000

Last Answer : (c) Rs. 15,000

Which option is not mentioned in a firm’s balance sheet? A) Cash held at the bank B) Revenue from sales of the company’s products C) Total issued capital D) Value of stocks of raw materials held

Description : Which option is not mentioned in a firm’s balance sheet? A) Cash held at the bank B) Revenue from sales of the company’s products C) Total issued capital D) Value of stocks of raw materials held

Last Answer : Answer: B

Government grants related to income as per the Accounting Standard (AS)-12 should be– (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset side of the balance sheet (C) Presented as a capital grant on the liability side of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet

Which of the following is affected by treatment of an accrued item in accounting ? (A) Profit and Loss A/c only (B) Profit and Loss Appropriation A/c (C) Balance Sheet only (D) Profit and Loss A/c and Balance Sheet

Description : Which of the following is affected by treatment of an accrued item in accounting ? (A) Profit and Loss A/c only (B) Profit and Loss Appropriation A/c (C) Balance Sheet only (D) Profit and Loss A/c and Balance Sheet

Last Answer : Answer: Profit and Loss A/c and Balance Sheet

Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Description : Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Last Answer : Answer: Liabilities side of the Balance Sheet

Closing stock appearing in the Trial Balance is shown in– (A) Balance Sheet only (B) Trading Account only (C) Trading Account and Balance Sheet both (D) None of the above

Description : Closing stock appearing in the Trial Balance is shown in– (A) Balance Sheet only (B) Trading Account only (C) Trading Account and Balance Sheet both (D) None of the above

Last Answer : Answer: Balance Sheet only

On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Description : On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Last Answer : Answer: Transferred to Revaluation Account

According to Balance Sheet equation concept, the capital will be– (A) Capital = Liabilities – Assets (B) Capital = Fixed Assets – Current Assests (C) Capital = Assets – Liabilities (D) Capital = Assets + Liabilities

Description : According to Balance Sheet equation concept, the capital will be– (A) Capital = Liabilities – Assets (B) Capital = Fixed Assets – Current Assests (C) Capital = Assets – Liabilities (D) Capital = Assets + Liabilities

Last Answer : Answer: Capital = Assets – Liabilities

Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Description : Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Last Answer : Answer: All of the above

Which statement is not true in respect of a Balance Sheet ? (A) It is an account (B) It is prepared every month (C) It is prepared to check the mathematical accuracy (D) All the above

Description : Which statement is not true in respect of a Balance Sheet ? (A) It is an account (B) It is prepared every month (C) It is prepared to check the mathematical accuracy (D) All the above

Last Answer : Answer: All the above

What is a Balance Sheet?

Description : What is a Balance Sheet?

Last Answer : It is the statement of account which is prepared at the end of every financial year. It gives the total picture of business at the point of time.

Sum of Rs.118 was shared among 50 boys and girls,each girl receive Rs.2.60 and boy receive Rs.1.80.Find the number of girls. A) 15 B)25 C)30 D)35

Description : Sum of Rs.118 was shared among 50 boys and girls,each girl receive Rs.2.60 and boy receive Rs.1.80.Find the number of girls. A) 15 B)25 C)30 D)35

Last Answer : D)35

Which one of the following ratios is likely to be affected the most on account of price level changes ? (A) Current Ratio (B) Inventory Turnover Ratio (C) Debtors’ Turnover Ratio (D) Fixed Assets Turnover Ratio

Description : Which one of the following ratios is likely to be affected the most on account of price level changes ? (A) Current Ratio (B) Inventory Turnover Ratio (C) Debtors’ Turnover Ratio (D) Fixed Assets Turnover Ratio

Last Answer : Answer: Debtors’ Turnover Ratio