1. Accounting: An Introduction, 2. Accounting Process, 3. Bank Reconciliation Statement, 4. Inventories, 5. Depreciation, Accounting, 6. Preparation of Final Accounts of Sole Proprietors, 7. Accounting for Special Transactions, 8. Partnership Accounts, 9. Company Accounts
Important Question : Magic Tours has Rs. 3,500 account receivable from Rohan. On January 20, the later makes a partial payment of Rs. 2,100 to Magic Tours. The journal entry made on January 20 by Magic Tours to record this transaction includes: (a) A credit to the cash received account of Rs.2,100, (b) A credit to the Accounts receivable account of Rs.2,100, (c) A debit to the cash account of Rs.1,400, (d) A debit to the Accounts receivable account of Rs.1,400
Important Question: X and Y entered into a Joint Venture. X purchased goods costing Rs. 2,00,000, B sold 4/5th of the same for Rs. 2,50,000. Balance goods were taken over by Y at cost less 20%. If same set of books is maintained, find out profit on venture (a) Rs. 82,000 (b) Rs. 90,000 (c) Rs. 50,000 (d) Nil.
Important Question : Rakesh purchased a machine on 01.01.2010 for Rs 1,20,000. Installation expenses were Rs. 10,000. Residual value after 5 years Rs. 5,000. On 01.07.2010, expenses for repairs were incurred to the extent of Rs 2,000. Depreciation is provided under straight line method. Annual Depreciation is. (a) Rs. 13,000 (b) Rs. 17,000 (c) Rs. 21,000 (d) Rs. 25,000
Important Question: When adjusted purchase is shown on the debit column of the trial balance then? (a) Both opening stock and closing inventory do not appear in the trial balance (b) Closing inventory is shown in the trial balance and not the opening inventory (c) Opening inventory is shown in the trial balance and not the closing inventory (d) Both opening and closing inventory appear in the trial balance
Important Question : A partnership firm maintains its accounts on calendar year basis. B, one of its partner died on 31st March 2010. The profit for the year 2009 was Rs. 75,000, which was distributed among all the three partners equally. The share of profit of B for the year 2010 on the basis of the year 2009 will be ? (a) Rs.18,750 (b) Rs.25,000 (c) Nil (d) Rs.6,250
Important Question: All the following statements are objectives of accounting except? (a) Providing information about the assets, liabilities and capital of business entity. (b) Maintaining records of business. (c) Providing information about the performance of business entity. (d) Providing details about the personal assets and liabilities of the owner
Important Question : A enters into a joint venture with B. The goods were purchased by A and B amounting Rs.20,000 and Rs.40,000 respectively. C incurred the expenses of Rs.5,000. Goods were sold by A and B amounting Rs.22,000 and Rs.39,000. Goods unsold were taken over by B for Rs.2,000. The profit or loss on joint venture is? (a) Profit of Rs. 2,000 (b) Loss of Rs. 2,000 (c) Profit of Rs. 1,000 (d) Loss of Rs.1,000