Fundamentals of Accounting 1
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Question 1 of 20
1. Question
1 pointsThe purpose of Accommodation bill
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Question 2 of 20
2. Question
1 pointsA draws a bill for Rs. 20,000 on ‘B’. ‘B’ Accepts for 2 months. After 1 month ‘B’ paid the bill amount @9%. Journal entry in the Books of ‘B’ will be
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Question 3 of 20
3. Question
1 pointsPromissory note features. 1) Must be stamped 2) Payee must sign 3) Conditional undertaking 4) Certain amount 5) Not transferable to bearer
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Question 4 of 20
4. Question
1 pointsIn the absence of agreement, the loss of goods in consignee godown is borne by
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Question 5 of 20
5. Question
1 pointsGoods sent on consignment for Rs.50,000.During transit 1/10th of goods were destroyed by fire. Again 1/9th of goods received by consignee were destroyed by fire in godown.Half of the remaining goods were sold for Rs.30,000. Freight & insurance paid by consignor Rs.2,500 and Rs.1500 respectively. Calculate closing Stock.
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Question 6 of 20
6. Question
1 pointsIn case of Joint Venture business, method of Accounting to be followed and decided by
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Question 7 of 20
7. Question
1 pointsIn case of purchase of machinery in joint venture through joint bank A/c, while separate set of books is maintained. Which of the following is the correct entry
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Question 8 of 20
8. Question
1 points‘A’ and ‘B’ enter into a joint venture business ‘A’ purchased goods worth Rs. 30,000 and ‘B’ sold for Rs. 40,000. ‘A’ is entitled to 1% commission on purchases and ‘B’ is entitled to 5% commission on sales. The profit on venture to be shared by A & B is (The profit sharing ratio is 2:1)
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Question 9 of 20
9. Question
1 pointsRohan Ltd is in the business of extracting coal from mines. It should charge depreciation as per _____ method.
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Question 10 of 20
10. Question
1 pointsCost 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
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Question 11 of 20
11. Question
1 pointsA Trader followed WDV method of depreciation, the book value of Asset after 4 years is 24% of original cost. Find rate of depreciation.
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Question 12 of 20
12. Question
1 pointsLoss on sale of machinery is credited to __account.
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Question 13 of 20
13. Question
1 pointsA 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
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Question 14 of 20
14. Question
1 pointsAfter 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
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Question 15 of 20
15. Question
1 pointsThe 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.
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Question 16 of 20
16. Question
1 pointsInCase of insufficient profits i.e., profits less than interest on capital then the profits are distributed in :
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Question 17 of 20
17. Question
1 pointsThe assets which were earlier revalued upward and now revalued downward, to the extent of earlier upward revaluation amount should be.
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Question 18 of 20
18. Question
1 pointsA, 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. 1,20,000 & goodwill Rs. 60,000 Capitals of A, B & C were RS.
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Question 19 of 20
19. Question
1 pointsAt the time of admission the unrecorded investments Rs. 30,000 should be treated, the adjustment entry will be
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Question 20 of 20
20. Question
1 pointsKapur 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
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