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.
A limited company intends to create a depreciation fund to replace at the end of the 25th year assets costing Rs 100000.Calculate the amount (approximately) to be retained out of profits every year if the interest rate is 3%.
A machine costing Rs $2$ lacs has effective life of $7$ years and its scrap value is Rs $30000$. What amount (in Rs) should the company put into a sinking fund earning $5\%$ per annum so that it can replace the machine after its useful life? Assume that a new machine will cost Rs $3$ lacs after $7$ years.
A machine costs Rs. $98,000$ and its effective life is estimated at $12$ years. If the scrap value is Rs. $3, 000$, what should be cut out of the profit at the end of each year to accumulate at compound rate of $5\%$ per annum so that a new machine can be purchased after $12$ years ?
The state level consumer court deals in cases involving claims between ______ to _______ .
The state level consumer court deals in cases involving claims between ___ to ___.
The district level consumer court deals in cases involving claims up to Rs. ________ .
Opening balance of debtors is Rs. 18,000. 5% provision for bad debts is required to be provided on debtors. If the debtors balance is increased during the year by Rs. 5,000 and the provision for bad debt has a debit balance of Rs. 350 after transferring bad debts, the charge against the profit and loss account is ____________.
A second hand machinery was purchased for $Rs. 10,00,000$ five years ago and was overhauled by carrying out some current repairs at a cost of $Rs. 1,00,000$. It has also an accumulated depreciation of $Rs. 5,00,000$. It has been desposed of in the beginning of the sixth year for $Rs. 6,00,000$. Profit/loss on such disposal shall be_________.
During the year goods destroyed by fire was Rs. $10,000$. This insurance company accepted the claim for Rs. $6,000$ and paid the money after the close of financial year. In relation to this which of the following statement is correct?
On $31^{st}$ March, $2009$ Ram has loan of Rs. $50,000$ and creditors of Rs. $80,000$ Fixed assets of Rs. $72,000$, stock Rs. $90,000$ and cash in hand Rs. $60,000$. If he had started business on April $1$ $2008$ with capital of Rs. $50,000$. Compute Profit earned by Ram for year $2008-09$.
Salary paid to Ram will be debited to Ram's Personal account.
From the following find out the missing Figures -
| WPR | PU | LFPR | Unemployed | |
|---|---|---|---|---|
| Us | 392 | 8 | ? | ? |
| CWS | ? | 14 | 384 | ? |
| CDS | 341 | ? | 365 | ? |
A company sends its cars to dealers on sale or return basis. All such transactions are, however, treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had cost Rs 50,000 each have been sent on 'sale or return' and have been debited to customers at Rs 80,000 each. Cost of goods lying with the customers will be _______________.
A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31.12.2006, it was found that 200 articles at a sale price of 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock (at cost) on approval will be ______________.
Rs. 1,000 being the monthly total of discount allowed to customers was credited to discount account in the ledger. If rectification is done before preparation of trial balance then which of the following is correct?