1) A purchased a car for Rs.5,00,000, making a down payment of Rs.1,00,000 and signing a Rs.4,00,000 bill payment due in 60 days. As a results of this transaction
5) Mohan purchased goods for Rs.15,00,000 and sold 4/5th of the goods amounting Rs.18,00,000 and met expenses amounting Rs.2,50,000 during the year , 2005. He counted net profit as Rs.3,50,000. Which of the amounting concept was followed by him ?
6) A businessman purchased goods for Rs.25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2005. The market value of remaining goods was Rs.4,00,000, He valued the closing stock at cost . He violated the concept of
40) X ltd . Purchased a machine for Rs.1,00,000 on 1st Jan .The market price of there machine was Rs.1,20,000 on 31st dec. The accountant of X ltd .values machine for Rs.1,20,000 while finalizing the accounts .He has violated the
41) X purchased merchandise worth Rs.1,00,000 & sold 60% for Rs.90,000 & 40% of the remaining sold for Rs.60,000. The market value of the remaining merchandise was Rs.20,000 .He valued the closing stock at Rs.24,000.He has violated the
42) X purchased merchandise worth Rs.1,00,000 & sold 60% for Rs.90,000 & 40% of the remaining sold for Rs.60,000. and met operating expenses Rs.10,000 .He counted operating profit as Rs.40,000.He has violated the
58) X purchased a building for Rs.1,00,000 but at the end of the accounting period ,the market value of building is Rs.1,50,000.& he disclosed the building at Rs.1,50,000 in the financial statement.He has violated the
59) X purchased goods for Rs.40,000 of which 25% for cash ,incurred expenses Rs.10,000 of which Rs.2,000 still outstanding & sold all goods for Rs.80,000 of which 75% on credit. he calculated his profit at Rs.2,000.He has violated
60) X purchased goods for Rs.40,000 of which 25% for cash ,incurred expenses Rs.10,000 of which Rs.2,000 still outstanding & sold 80% of the goods for Rs.80,000 of which 75% on credit. he calculated his profit at Rs.30,000.He has violated
66) during the year ,2006 X purchased goods for Rs.5,00,000 & sold 3/5th of the goods for Rs.5,00,000 & met expenses amounting Rs.1,50,000 . He counted net profit as Rs.50,000 .which of the accounting concept was followed by him ?
67) a businessman purchased goods for Rs.15,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2007. The market value of remaining goods was Rs.2,50,000, He valued the closing stock at Rs.3,00,000 . He violated the concept of
68) consider the following data pertaining to X ltd . Particulars :- cost of machinery purchased on 1st April 2006 Rs.1,00,000 ; Installation charges Rs.10,000 ; market value as on 31st March 2006 1,20,000. while finalizing the final accounts, if the company values the machinery at Rs.1,20,000 Which of the following concept is violated by the X ltd
69) A proprietor X has a reported a profit of Rs.1,00,000 at the end of the financial year after taking into consideration the following amount (I) the cost of an asset of Rs.10,000 has been taken as an expenses (ii) X is anticipating a profit of Rs.5,000 on the future sale of a car shown as an asset in his books (iii) salary of Rs.200 payable in the financial year has not been taken into account (iv) X purchased an asset for Rs.50,000 but its fair value on the date of purchase was Rs.60,000.X recorded the value of asset in his book at Rs.60,000.On the basis of the above facts answers the following question from the given choice ? 1. what is the correct amount of profit to be reported in the books
70) A proprietor X has a reported a profit of Rs.1,00,000 at the end of the financial year after taking into consideration the following amount (I) the cost of an asset of Rs.10,000 has been taken as an expenses (ii) X is anticipating a profit of Rs.5,000 on the future sale of a car shown as an asset in his books (iii) salary of Rs.200 payable in the financial year has not been taken into account (iv) X purchased an asset for Rs.50,000 but its fair value on the date of purchase was Rs.60,000.X recorded the value of asset in his book at Rs.60,000.On the basis of the above facts answers the following question from the given choice ? 1. which measurement base should be followed in the statement
71) A proprietor X has a reported a profit of Rs.1,00,000 at the end of the financial year after taking into consideration the following amount (I) the cost of an asset of Rs.10,000 has been taken as an expenses (ii) X is anticipating a profit of Rs.5,000 on the future sale of a car shown as an asset in his books (iii) salary of Rs.200 payable in the financial year has not been taken into account (iv) X purchased an asset for Rs.50,000 but its fair value on the date of purchase was Rs.60,000.X recorded the value of asset in his book at Rs.60,000.On the basis of the above facts answers the following question from the given choice ? 1. which concept should be followed in the statement
72) A proprietor X has a reported a profit of Rs.1,00,000 at the end of the financial year after taking into consideration the following amount (I) the cost of an asset of Rs.10,000 has been taken as an expenses (ii) X is anticipating a profit of Rs.5,000 on the future sale of a car shown as an asset in his books (iii) salary of Rs.200 payable in the financial year has not been taken into account (iv) X purchased an asset for Rs.50,000 but its fair value on the date of purchase was Rs.60,000.X recorded the value of asset in his book at Rs.60,000.On the basis of the above facts answers the following question from the given choice ? 1. which concept should be followed in the statement
108) Mr.N purchased a furniture costing Rs.13,000 on 1st Oct,2011.Transportation and installation charges were incurred amounting Rs.1,300 and Rs.520 respectively.Dismantling charges of the old furniture in place of which new furniture was purchased amounted Rs. 1,300.Market value of the furniture was estimated at Rs.15,600 on 31st March,2012.While finalizing the annual accounts,Mr.N values the furniture at Rs.15,600 in his books.Which of the following concepts was violated by Mr.N ?
110) R Ltd. Purchased Equipment from P Ltd. For Rs. 50,000 on 1st April 2009. The freight and cartage of Rs. 2,000 is spent to bring the Asset to the factory and Rs. 3,000 is incurred on installing the equipment to make it possible for the intended use. The market price of machinery on 31st April 2010 is Rs. 60,000 and the accountant of the company want to disclose the machinery at Rs. 60,000 in financial statements.However,the auditor emphasizes that the machinery should be valued at Rs.55,000 (50,000+2,000+3,000) according to________
114) If a machinery is Purchased for Rs. 1,00,000 the asset would be recorded in the books at Rs. 1,00,000 even if its market value at that time happens to be Rs. 1,40,000. in case a year after, the market value of this asset comes down to Rs.90,000,it will ordinarily continue to be shown at Rs.1,00,000 and not at Rs.90,000 due to_______