Accounting - Study Mode
[#2876] A journal entry, in which two or more accounts are debited/credited, is known as
Correct Answer
(D) Compound entry
[#2877] The stock of stationary on 1 st January 2002 is Rs. 300, payment for stationary during the year is 2002 Rs. 1,080 and stock of stationary on 31 st December 2002 is Rs. 50. What will be the amount shown in income and expenditure account for the year ending 31 st December, 2002?
Correct Answer
(D) Rs. 1,380
Explanation
Solution: To find the amount shown in the income and expenditure account for the year ending 31st December 2002, we need to calculate the total expenditure on stationary during the year. This can be done by adding the opening stock to the amount paid for stationary during the year and then subtracting the closing stock. So, the calculation would be: Opening stock + Payment during the year - Closing stock = Rs. 300 + Rs. 1,080 - Rs. 50 = Rs. 1,330 Therefore, the correct amount shown in the income and expenditure account for the year ending 31st December 2002 is Rs. 1,330.
[#2878] If Rs. 3,000 was outstanding at the beginning of the year towards subscription, and Rs. 20,000 is received during the year, with Rs. 5,000 still outstanding at the end of the year, the amount to be taken to Income and Expenditure Account will be:
Correct Answer
(A) Rs. 22,000
[#2879] At the time of sale of a firm, the purchase consideration received in the form of shares and debentures will be distributed among the partners, in the ratio of:
Correct Answer
(A) final amounts due to partners
[#2880] If total sales are Rs. 1,00,000 cash sales included in total sales Rs. 20,000, sales back Rs. 7,000. Total debtors for sale as on 31 st March, 1993 Rs. 9,000, and bills receivable as on 31 st March, 1993 is only Rs. 2,000. The average payout period would be for the year 1992 - 93.
Correct Answer
(D) 55 days