Fundamental of Accounting 2
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Question 1 of 20
Cost of machine is Rs.1,00,000 Scrap value Rs. 10,000 and life is 4 years. What will be the amount of depreciation in 3rd year according to sum of years digits method.
Question 2 of 20
A Trader followed WDV method of depreciation, the book value of Asset after 4 years is 24% of original cost. Find rate of depreciation.
Question 3 of 20
Loss on sale of machinery is credited to __account.
Question 4 of 20
A machine purchased for Rs. 2,50,000 on 1.1.2010. It can produce 30,000 units during its useful life, its estimated scrap value is Rs.10,000. The pattern of production over the next 4 years is as follows 2010 – 6250 units, 2011-2275 units, 2012-12,000 units, 2013-3452 units, the WDV of the machine after 3rd year will be
Question 5 of 20
After rectification of the following errors, effect on Net profit will be i) A cheque dishonoured Rs.3,100 debited to discount A/c . ii) Sales book (undercast) short by Rs.23,000 iii) A customer returned goods of value of Rs.1,200, included in stock but not recorded
Question 6 of 20
The following are the errors committed while the entries are posted in ledger.1) Errors of Principle 2) Errors of commission. 3) Errors of Partial omission 4) Errors of complete omission.
Question 7 of 20
InCase of insufficient profits i.e., profits less than interest on capital then the profits are distributed in :
Question 8 of 20
The assets which were earlier revalued upward and now revalued downward, to the extent of earlier upward revaluation amount should be.
Question 9 of 20
A, B are partners sharing profit & losses in the ratio of 5 : 3. ‘C’ admitted as a new partner for 1/5th share and his capital is Rs. 1,
Question 10 of 20
At the time of admission the unrecorded investments Rs. 30,000 should be treated, the adjustment entry will be
Question 11 of 20
Kapur and sharma are partners in partnership firm. Calculate the interest on drawings of kapur and sharma @ 10% p.a. for the year ending on 31st December 2013. Kapur withdrew Rs. 2,000/- per month in the beginning where as sharma withdrew same amount at the end of every month
Question 12 of 20
Neeraj & Gopi are partners with Rs.5,00,000 capital each. They admitted champak for 1/4th share with Rs.8,00,000 capital. The P & L A/c credit balanc
Question 13 of 20
Angola & Bangola sharing profits 2 : 3, Mangola joined the firm. Angola gave 1/3rd of his share, Bangola gave 1/4th of his share. What is new profit sharing ratio?
Question 14 of 20
When goodwill is withdrawn by the partners ___ account is credited.
Question 15 of 20
A & B are in partnership sharing profits & losses in the proportion of 3:1 respectively. On 1-4-2013, they admitted ‘c’ into partnership on the following terms. i) ‘C’ is to purchase 1/3rd of the goodwill for Rs.2000/- by paying cash future profits & losses are to be shared by A, B & C equally Set out the entry to the above arrangement in the firm journal
Question 16 of 20
The maximum number of partners is mentioned in
Question 17 of 20
As per companies Act 1956 application money more than___ % of nominal value of the share and as per SEBI guidelines application money atleast __ % of issue price
Question 18 of 20
MAR Ltd forfeited 300 shares of Rs. 10/- each fully called up for non payment of final call money of Rs.4/- per share. These shares are subsequently reissued for Rs.12 per share as fully paid up. What amount should be transferred to capital reserve account.
Question 19 of 20
A company has a subscribed capital of Rs.80,00,000 in shares of Rs. 100 each. There are no calls in arrears till the final call. The payment on final call was received for 77,500 shares. The amount of calls in arrears Rs. 67,500. Then the amount of final call is
Question 20 of 20
Zebra Ltd invites applications for 50,000 shares for which 2/- per share is payable on application. Applications received for 80,000 shares and 70,000 shares are allotted on pro-rata basis. How much application money will be adjusted to allotment, when Mr.Lion who has allotted 200 shares.