Commerce Accountancy · Economics
Journal entries and depreciation are core accountancy topics involving the systematic recording of financial transactions and the calculation of asset value reduction over time. Students must solve problems related to bad debts, provision calculations, and error rectification. These questions are essential for candidates appearing in commerce and accounting competitive exams.
Debtors as appearing in Trial Balance are f $25,000$. Provision for doubtful debts is to be provided @ $5\%$ and $2\%$ of amount is to be provided for discount. What is the amount of debtors to be shown in balance sheet?
T Ltd. has issued 14% debentures of Rs.20,00,000 at a discount of 10% in April, 2013 and the company pays interest half yearly on June 30, and December 31, every year. On March 31, 2014 the amount shown as interest accrued but not due in the balance sheet will be________.
X limited is in the business of trading. It is to received Rs.$7,000$ from Vinod and to pay Rs.$8,000$ to Vinod. Similarly, it is to pay Rs.$8,000$ to Sudhir and to receive Rs.$9,000$ from Sudhir. Except above but after all the adjustment, the books of X Limited show the debtors balance at Rs.$72,000$ (Dr.) and creditors balance at Rs.$39,000(Cr.)$. The correct value of debtors and creditors to be shown in balance sheet would be___________.
Sundry Debtors on $31^{st}$ March $2006$ are Rs. $55,200$ Further Bad debts are Rs. $200$:
Provision for doubtful debts are to be made on debtors $@ 5\%$ and also provision of discount on debtors $@ 2\%$ the amount of provision of discount on debtors will be __________.
From the following details,_______will be charged to profit and loss A/c as bad debts during the current year.
Provisions for bad debts A/c at the beginning of the year Rs.24,000
Actual bad debts during the year Rs.20,000
Closing balance of Debtors. Rs.80,000
Provision for bad debts to be made @5% of total debtors.
A change from $Rs.140 = 2$ pounds to $Rs. 60 = 1$ pounds indicates that Rs. is:
Appreciation of Indian rupees will occur when $Rs. 45$ have to be paid to exchange one $US $ $ instead of present rate of $Rs. 40/$ $.
Select the correct one/ones in case of a volatility in the exchange rate of the rupee-using the code given below:
1. With depreciation in it, India's export earning increase.
2. Oil marketing companies of India benefit out of appreciation in it.
If own debenture of Rs. 1, 000 is purchased for Rs. 975 from the market by the company, the difference of Rs. 25 will be assumed?
The following entry appears in the bools of Vikas Ltd
| BankA/c | 1,90,000 |
|---|---|
| Loss on issue of Debenture A/c | 26,000 |
| To 9% Debentures A/c | 2,00,000 |
| To Premium on Redemption of Debentures A/c | 16,000 |
| Debentures have been issued at a discount of |
On 1st April, 2013, Y Ltd. Issued 1000, 12% debentures of Rs. 100 each at a discount of 6%. These debentures are redeemable in five equal annual instalments at the end of each year. What is the amount of discount to be written off in the first year i.e.
In case of an issue of a debenture of Rs$100$ at Rs$100$ but redeemable at Rs$106$, Rs$6$ is to be:
V Kare Ltd. issued R. 1,00,000, $7%$ debentures at $5\%$ discount redeemable after 10 years at premium of $5\%$.T he journal entry is:
Bikano Industries Ltd. purchased a plant for Rs. 100,000 payable Rs. 37,000 in cash and balance by issue of 11% debentures of Rs. 100 each at a discount of 10%. The vendor will be issued ______.
W Ltd. issued $40,000$, $8\%$ debentures of Rs. $10$ each at par, which are redeemable after $5$ years at a premium of $20\%$. The amount of loss on redemption of debentures to be written off every year will be.