Accounting - Study Mode
[#1906] What is the correct sequence of the following actions required for the preparation of final accounts? 1. Preparation of Trial Balance 2. Balance of accounts 3. Preparation of annual financial statements 4. Making adjustment entries Select the correct answer
Correct Answer
(C) 4, 2, 1, 3
[#1907] The value of plant and machinery as on 1 st January, 2005 was Rs. 80,000/- and its value as on 31 th December 2005 was Rs. 1,20,000/-. During the year Rs. 10,000/ was written off as depreciation. This will result in
Correct Answer
(B) Utilization of funds Rs. 50,000/-
[#1908] A company issued 1,00,000 equity shares of the face value of Rs. 100 each at Rs. 100 per share. So far Rs. 75 per share has been called up including Rs. 25 on allotment and Rs. 25 on first call. X to whom 200 shares were issued failed to pay the first call. His shares were forfeited and re-issued to Y at Rs. 70 per share as fully paid-up. The amount to be transferred to Capital Reserve a/c would be:
Correct Answer
(A) Rs. 4,000
[#1909] When subsidiary books are maintained, the entry for special discounts to customers is done in:
Correct Answer
(A) Journal
[#1910] Debtors = Rs. 8,400 Reserve for bad debts = Rs. 400 Cost of sales = Rs. 36,000 Profit = Sales of 40% Debt collection period is:
Correct Answer
(B) 49 days