Practice Accounts Questions and Answers

Opening inventory Rs. 1,700/-, Purchases Rs. 27,000/-, Closing inventory Rs. 1,500. Cost of goods sold will be ...
On Jan 1, 2017 the position of V. Mathur was as follows: Inventory in hand Rs. 2400; Bills payable Rs. 400; Cash at Bank Rs. 1800; Plant and machinery...
The purpose of preparing final accounts is to ascertain .
Sales = Rs. 50,000/-, G.P. on sales is 10%, Purchases 40,000/-, Opening Stock = 70,000/-, Find the closing stock.
A’s acceptance to B for Rs. 5,000 is discharged by a cash payment of Rs.3000 and a new bill is drawn for the balance plus Rs.100 for interest. The amount...
Ramesh draws a bill on Suresh. Ramesh endorsed the bill to Mukesh. The payee of the bill will be:
Sunita accepted a 90 days bill of Rs. 20,000/- drawn by Vinita on 05.02.2017. On 13.03.2017 Sunita wished to retire the bill. Vinita offered rebate @ 10% p...
Liability for the drawer for the bill discounted is a:
The following information is available about CrismsonCoporation. Study it carefully to calculate the basic EPS for the year ended Marc,31, 2015. Net income...
Satyam Ltd. has a WACC of 5%. The sustainable growth rate of the company is 3%. The stock is trading at the price of Rs. 40 in the market. Assuming the mar...
Aqua Ltd. just declared the earnings of Rs. 23 per share. The company is involved in the manufacture of cars. The average PE of electronics industry is 1.2...
ABC Ltd purchased raw materials worth Rs.1 lakh during FY19. It had opening stock of raw materials of Rs.12,000 at the beginning of the year and closed the...
As per the CAPM model, to calculate cost of equity capital, which of the following information is not required? ...
Every supplier shall be liable to be registered under Central Goods & Services Act, 2017 in the State or Union Territory, other than special category State...
Goods costing ₹ 60,000 sold to Manish at a profit of 25% on sales less Trade Discount @ 5%. Calculate the amount to be shown in Sales Account:
Which of the following pair is wrongly matched?
Which of the following is considered as nominal account?
The portion of the uncalled capital, which can be called only at the time of winding up of the company, is known as:
Anil and Baldev are partners sharing profit and losses in the ratio of 3: 2. Anil's capital is ₹ 60,000 and Baldev's capital is ₹ 30,000 before adjustm...
Which of the following is not an accounting equation?
Journal entry is not made for which of the following?
In the absence of Partnership Deed, partners are entitled to:
Who generates contract on GeM?
Advance amount received from customers is not considered as sale. It is based on which concept?
The written down value of Machinery is ₹ 12,00,000. The original cost of the Machinery is ₹ 20,00,000. It is sold for ₹ 24,00,000 during the year 202...
Which of the following formulae is correct for calculation of Cost of Goods Sold?
Section 28 to 44 D of the Income Tax Act, 1961 is related with:
The depreciation of assets is computed on their:
How many parties are involved in a Bill of Exchange?
Which of the following is a direct tax?
Amount paid for stationery during 2022-23 ₹ 80,000 Creditors for Stationery on March, 31, 2023 ₹ 7,200 Statio...
Opening Stock ₹ 2,00,000 Closing Stock ₹ 2,20,000 Purchases ...
Which of the following account has a Credit Balance?
The 'Goods and Service Tax Act came into force on :
Goods can be purchased through GeM without inviting quotations on the basis of a certificate to be recorded by the competent authority up to the value of �...
The liability of a sole proprietor is:
The form of Annual Financial Statement and Demand for Grants shall be laid down to Parliament by whom?
"Anticipate no profit and provide for all possible losses". It is based on the convention of:
Opening Stock ₹ 17,000 Purchases ₹ 61,400 Direct Expenses ...
If the amount of any known liability cannot be determined accurately, then:

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