Accounting - Study Mode

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[#2376] Assessment year starts from:

(A) 1 st December

(B) 1 st April

(C) 1 st June

(D) 1 st March

Correct Answer

(B) 1 st April

[#2377] A company incorporated on 1 st April 2001 took over a running business from 1 st January, 2001 and prpared its final accounts on 31 st December, 2001. Its grows profit was Rs. 24,000 and sales were as under: January - Twice the average sale February - Equal to average sale May to August - $${frac{1}{4}^{{ ext{th}}}}$$ of average sale, each month October and November - 3 times the average sale each month What is the Gross Profit prior to incorporation:

(A) Rs. 7,000

(B) Rs. 8,000

(C) Rs. 7,500

(D) Rs. 8,500

Correct Answer

(A) Rs. 7,000

[#2378] Match the following: List-I List-II a. A new partner can be admitted with the consent of . . . . . . . . existing partners. 1. current b. Increase in liability at the time of retirement is debited to . . . . . . . . account. 2. all c. Buying and selling is . . . . . . . . power of partners. 3. revaluation d. The . . . . . . . . account of partner may have a debit or credit balance. 4. implied

(A) a-4, b-1, c-2, d-3

(B) a-1, b-3, c-4, d-2

(C) a-2, b-4, c-1, d-3

(D) a-2, b-3, c-4, d-1

Correct Answer

(D) a-2, b-3, c-4, d-1

[#2379] Which of the following is the base for preparing trial balance?

(A) Journal

(B) Ledger

(C) Cash Book

(D) Balance Sheet

Correct Answer

(B) Ledger

[#2380] If a person starts business with Rs. 50,000 cash, goods worth Rs. 50,000 and fixed assets worth Rs. 1,00,000 then his capital would be:

(A) Rs. 2,00,000

(B) Rs. 1,50,000

(C) Rs. 1,00,000

(D) Rs. 50,000

Correct Answer

(A) Rs. 2,00,000