Loss on sale of machinery is credited to ___account.

Machinery A/c

Profit & loss A/c

A, B are partners sharing profit & loses in the ratio of 5:3. ‘C’ admitted as a new partner for 1/5th share and his capital is Rs. 120000 & goodwill Rs. 60000 Capitals of A, B & C were Rs./-

300000 : 120000 : 180000

300000 : 180000 : 180000

The purpose of Accommodation bill

To facilitate trade transmission

When both parties are in need of funds

At the time of admission the unrecorded investments Rs. 30000 should be treated, the adjustment entry will be :

Unrecorded Investment A/c Dr. 30000

To Revaluation A/c 30000

Partners Capital A/c Dr. 30000

To Unrecorded Investment A/c 30000

Rohan Ltd is in the business of extracting coal from mines. It should charge depreciation as per ___method.

Sinking fund

Production units

Bank Balance O.D. as per pass book Rs. 26500. Calculate balance as per cash book is:1) Cheques deposited for Rs. 4700 but not collected2) Cheques issued for Rs. 11000 but not presented3) Bill discounted and dishonoured Rs. 4000,And Bank paid noting charges Rs. 200

Rs. 28600 O.D.

Rs. 24000 O.D.

Cost of physical inventory on 15-04-2014 was Rs. 300000. Sales amounting to Rs. 100000 and purchases worth Rs. 50000 wre made between 31-03-2014 to 15.04.2014. Goods are sold at 20% profit on sales. Value of Inventory as on 31.03.2014 is

Rs. 350000

Rs. 300000

A draws a bill for Rs. 20000 on ‘B’. ‘B’ Accepts for 2 months. After 1 month ‘B’ paid the bill amount @9% P.A. rebate. Journal entry in the Books of ‘B’ will be

Bank A/c Dr. 20000

To Bill payable A/c 20000

Bills payable A/c Dr. 20000

To Bank A/c 20000

By products are generally valued at __when the cost of by product is not directly traceable.

Cost of main products

Cost of main product or N.R.V whichever is lower

Which method is exception to non-historical cost methods

Adjusted selling price

Standard Cost

A machine purchased for Rs. 250000 on 1.1.2010. It can produce 30000 units during its useful life, its estimated scrap value is Rs. 10000. The pattern of production over the next 4 years is as follows 2010 – 6250 units, 2011-2275 units, 2010-12000 units, 2013-3452 units, the WDV of the machine after 3rd year will be

Rs. 85800

Rs. 58158

Neeraj & Gopi are partners with Rs. 500000 capital each. They admitted champak for 1/4th share with Rs. 800000 capital. The P & L credit balance is Rs. 400000. Find the amount of hidden goodwill

Rs. 1000000

Rs. 800000

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. 2000/- per month in the beginning where as Sharma withdrew same amount at the end of every month

Kapur Rs. 2400, Sharma Rs. 2400

Kapur Rs. 1200, Sharma Rs. 1200

Opening Stock Rs. 30000,Cost of goods available for sale Rs. 160000Sales were Rs. 160000Gross profit on sales is 30%Calculate closing stock.

Nil

Rs. 98000

A Trader followed WDV method of depreciation the book value of Asset after 4 years is 24% of original cost. Find rate of depreciation.

24%

32%

From the following information find the amount to be debited to P&L A/c for the period ending 31.03.2014.Provision for doubtful debts – Rs. 800 (on 01.04.2013)Debtors on 31.03.2014 – Rs. 40000Bad debts – Rs. 2000Bad debts to be written off and provision forDoubtful debts is to be created @ 5% ondebtors

Rs. 3100

Rs. 3200

Cash Book O.D. Balance Rs. 2000. It was found that cheques of Rs. 100, Rs. 150, Rs. 175 which are issued but not presented till the date and the cheque of Rs. 600 deposited but have not been cleared, then O.D. Balance as per pass book is:

Rs. 2150

Rs. 1475

Cost of machine is Rs. 100000 Scrap value Rs. 10000 and life is 4 years. What will be the amount of depreciation in 3rd year according to sum of years digits method:

Rs. 40000

Rs. 9000

The assets which were earlier revalued upward and now revalued downward, to the extent of earlier upward revaluation amount should be

Credited to Revaluation Reserve A/c

Credited to P&L A/c

Average stock Rs. 14000, closing stock is Rs. 3000 more than the opening stock, then closing tock is __

Rs. 15500

Rs. 12200