Description : West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.
Last Answer : . $47,000.
Description : 1 Purchased goods from M/s. Jalna Traders, Delhi for ₹ 10,000 at 10% T.D.
Last Answer : Prepare Purchase Book and Sales Book, M/s. S.K. Traders dealer in ready-made garments, Mumbai. 2019 April ... CGST @ 9%, SGST @ 9% and IGST @ 18%.
Description : 1 Started business with cash ₹ 30,000. 2 Opened a current account with the bank and deposited ₹ 9,000.
Last Answer : Enter the following transaction in a cash book with cash and bank columns for the month of April 2019 : ... from the bank for office use ₹ 1,000.
Description : At the beginning of September, 2008, RFI Company reported Merchandise Inventory of $4,000. During the month, the company made purchases of $7,800. At September 31, 2008, a physical count of inventory reported $3,200 on hand. ... sold for the month is a. $600. b. $7,800. c. $8,600. d. $11,800.
Last Answer : b. $7,800.
Description : The Freight-in account a. increases the cost of merchandise purchased. b. is contra to the Purchases account. c. is a permanent account. d. has a normal credit balance
Last Answer : a. increases the cost of merchandise purchased.
Description : Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the ... will be debited to A] Drawing account B] Capital Account C] Fixedassets D] Purchases account
Last Answer : C] Fixedassets
Description : At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000 ... a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.
Last Answer : b. $1,400,000 and 30%.
Description : Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company pays within the discount period? a. $5,000 b. $4,900 c. $4,500 d. $4,600
Last Answer : b. $4,900
Description : If closing capital is ₹ 30,000 and profit is ₹ 5,000 opening capital was __________
Last Answer : If closing capital is ₹ 30,000 and profit is ₹ 5,000 opening capital was __________ (a) ₹ 35,000 (b) ₹ 30,000 (c) ₹ 25,000 (d) ₹ 15,000
Description : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)
Last Answer : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders. a) Started ... 000 . c) Cash sales ₹ 60,000 .
Description : 1 Pass opening entries: Debtors ₹ 20,000; Creditors ₹ 30,000; Computer ₹ 50,000 and Capital ₹ 40,000.
Last Answer : Journalise the following transactions in the Journal Proper of Mr. Mahadev. 1 Pass opening entries: ... Allowed cash discount of ₹ 1,000 to Ajay.
Description : 1 Cash Balance ₹ 56,000 Bank Overdraft ₹ 11,000
Last Answer : Enter the following transaction of Mr. Chavan in a cash book with cash and bank column for the month ... cash and electricity bill ₹ 7,400 by cheque.
Description : Mr.Ashvin started the business with cash of ₹ 95,000.
Last Answer : Prepare a simple cash book from the following information: 2019 January 1 Mr. Ashvin started the business ... 4,980. 31 Deposited into bank ₹ 7,000.
Description : 1 Cash Balance ₹ 33,000 Bank Balance ₹ 8,000 3 Received from Prerna cash ₹ 2,750 and a bearer cheque for ₹ 645.
Last Answer : Enter the following transaction of Hariram Bros, in a cash book with cash and bank column for the month of ... the bank all cash in excess of ₹ 5,000.
Description : 1 Balance of cash ₹ 65,500. 2 Brought additional capital ₹ 12,000.
Last Answer : Prepare a simple cash book of Mr. Shriram from the following details: 2019 Feb. 1 Balance of cash ₹ ... the bank all cash in excess of ₹ 11,000.
Description : If `NDP_(FC)` is ₹ 1, 000 crores and NFIA is `(-)` ₹ 5 crores , how much will be the national income ?
Last Answer : If `NDP_(FC)` is ₹ 1, 000 crores and NFIA is `(-)` ₹ 5 crores , how much will be the national income ?
Description : From the following information , compute `GNP_(MP) . GDP_(FC)` = ₹ 3, 000 . Net factor income to abroad = ₹ 200 . Indirect Taxes = ₹ 420 , Subsidies =
Last Answer : From the following information , compute `GNP_(MP) . GDP_(FC)` = ₹ 3, 000 . Net factor income to abroad = ₹ ... A. 3380 B. 2, 980 C. 3020 D. 2, 620
Description : Gross National Product at market prices of an economy is ₹ 65 , 000 crores . The capital stock of the economy is valued at ₹ 1, 20 , 000 crores , whic
Last Answer : Gross National Product at market prices of an economy is ₹ 65 , 000 crores . The capital ... 000 crores . Estimate National Income of the economy.
Description : Cost of goods available for sale is computed by adding a. freight-in to net purchases. b. beginning inventory to net purchases. c. beginning inventory to purchases and freight-in. d. beginning inventory to cost of goods purchased.
Last Answer : d. beginning inventory to cost of goods purchased.
Description : When a periodic inventory system is used, cost of goods sold is calculated as follows: a. Ending inventory plus purchases less beginning inventory. b. Beginning inventory plus purchases less ... of merchandise purchased less ending inventory. d. Cost of merchandise sold plus beginning inventory.
Last Answer : b. Beginning inventory plus purchases less ending inventory
Description : Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.
Last Answer : c. cost of goods purchased.
Description : Cost of goods available for sale is computed by adding a. beginning inventory to net purchases. b. beginning inventory to the cost of goods purchased. c. net purchases and freight-in. d. purchases to beginning inventory
Last Answer : b. beginning inventory to the cost of goods purchased.
Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c
Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c
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
Description : Holt Company sells merchandise on account for $2,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $400 of merchandise that was damaged, along with a check to settle the account within the discount ... the amount of the check? a. $1,960 b. $1,968 c. $1,600 d. $1,568
Last Answer : d. $1,568
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
Description : What must the cardholder do to become qualified to make gpc purchases up to $25 000 outside the us?
Last Answer : ?
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
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
Description : Baden Shoe Store has a beginning merchandise inventory of $30,000. During the period, purchases were $140,000; purchase returns, $4,000; and freight-in $10,000. A physical count of inventory at the end of the period revealed ... for sale was a. $164,000. b. $156,000. c. $176,000. d. $184,000.
Last Answer : c. Purchases Returns and Allo
Description : A machine is purchased for Rs. 10,000,00 and has an estimated life of 10 years. The salvage value at the end of 10 years is Rs. 1,50,000. The book value of the machine at the end of 5 years using general straight line method ... Rs. 4,75,000 (B) Rs. 5,75,000 (C) Rs. 6,50,000 (D) Rs. 8,50,000
Last Answer : (B) Rs. 5,75,000
Description : Potential of air pollution increases when the ventilation coefficient is – (1) > 119000 m2/s (2) > 7,600 m2/s (3) < 3.600 m2/s (4) < 6,000 m2/s
Last Answer : (4) < 6,000 m2/s Explanation: The product of the maximum mixing depth and the average wind speed within the mixing depth is sometimes used as an indicator of the atmosphere's dispersive ... than about 6000 m2is are considered indicative of high air pollution potential (Portelli and Lewis, 1987).
Description : The original cost of an equipment is Rs.10,000. Its salvage value at the end of its total useful life of five years is Rs. 1,000. Its book value at the end of two years of its useful life (as per straight line method of evaluation ... be (A) Rs. 8,800 (B) Rs. 7,600 (C) Rs. 6,400 (D) Rs. 5,000
Last Answer : (C) Rs. 6,400
Description : What is the hydrostatic pressure at the bottom of a pool 6 meters deep? w) 60,000 Newtons per meter squared x) 6,000 Newtons per meter squared y) 600 Newtons per meter squared z) 60 Newtons per meter squared
Last Answer : ANSWER: W -- 60,000 NEWTONS PER METER SQUARED
Description : Potential of air pollution increases when the ventilation coefficient is (1) > 11,000 m2/s (2) > 7,600 m2/s (3) < 3,600 m2/s (4) < 6,000 m2/s
Last Answer : < 6,000 m2/s
Description : If I made a deposit this morning and my account says the money is "pending," can I make purchases greater than the amount in my bank account?
Last Answer : can I make purchases greater than the amount in my bank account? one would imagine not…
Description : Is there a way to import all Itunes purchases to a new computer from old ones under the same account?
Last Answer : sigh yes. reauthorize your computer in itunes (Store->Authorize Computer) Sign in. Check for Downloads. the record labels are screwing you. focus your anger.
Description : What is the purchase account may be used as a contracting mechanism for purchases above the micro purchase threshold?
Last Answer : What is the answer ?
Description : Is it Safe to Use a Checking Account for Online and Phone Purchases?
Last Answer : Many consumers are choosing to throw away credit cards to reduce household debt. In place of credit cards, debit cards with credit emblems and checking accounts are commonly used to make internet ... page and the checking account is charged for the purchase. Many online shoppers think a webs
Description : Under a perpetual inventory system, acquisition of merchandise is debited to the a. Merchandise Inventory account. b. Cost of Goods Sold account. c. Purchases account. d. Accounts Payable account.
Last Answer : a. Merchandise Inventory account.
Description : Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.
Last Answer : d. Cost of Goods Sold account.
Description : Which of the following is not a Real Account? a) Cash A/c b) Investments A/c c) Out standing rent A/c d) Purchases A/c
Last Answer : c) Out standing rent A/c
Description : If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account
Last Answer : Answer: A
Description : Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account
Last Answer : Answer: C
Description : Whenever a transaction cannot be posted by the HO in a particular account for any reason a remark------------------ will be made by the HO against the entry in LOT a) Not posted b) Unposted c) Remain to post d) None of these
Last Answer : b) Unposted
Description : Mark the correct option relating to how are the postal income and postal cost of any office calculated in urban area. a) 43/120 of the value of all postage stamps and stationery sold at the ... /42 of the postage due on unpaid and insufficiently paid article posted at office. e) All the above
Last Answer : e) All the above
Description : Mark the correct option relating to how are the postal income and postal cost of any office calculated in rural area. a) 2/5 of the value of all postage stamps and stationery sold at the office ... 1/8 of the postage due on unpaid and insufficiently paid article posted at office. e) All the above
Description : After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to a. the beginning retained earnings reported on the retained earnings statement. b. the amount of ... earnings reported on the balance sheet. c. zero. d. the net income for the period.
Last Answer : . b. the amount of retained earnings reported on the balance sheet.
Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.
Last Answer : a. adjusted trial balance.