150) M purchased goods for Rs. 15,00,000 and sold 4/5th of the goods for Rs. 18,000,000 and expenses Rs.2,50,000 in the year 2009. He counted net profit as Rs.3,50,000. Which of the accounting concept was following by him ?
158) Mr. A purchased machinery Rs. 1,00,000 on 1.10.2008.Installation charges Rs. 14,000 Dismantling charges of old machine in place of which new machine was purchase Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31.03.09. A value the machinery at Rs. 1,20,000 in his books.
Which of the following concept was violated by A?
159) If machinery a purchase for Rs.1,00,000 the asset would be recorded in book at Rs. 1,00,000 even if its market value at the time happens to be Rs.1,40,000 In case a year after, the market value of the asset comes down to Rs.90,000 it will ordinarily continue to be shown at Rs. 1,00,000 and not Rs.90,000 due to -
163) A machine was purchase for Rs. 1,00,000 on 01.01.10 and on 31.12.10, its net realization value was Rs. 1,50,000. Do you prefer to count this profit? If you count, which of the concept will be violated -
180) A businessman purchased goods Rs.25,00,000 and sold 70% of such goods during the accounting year ended 31st march, 2011,the market value of the remaining goods was Rs. 5,00,000. He valued the closing stock at Rs.5,00,000 and not Rs.7,50,000 due to -
251) ABC Ltd. Purchased a building by paying Rs. 50,00,000 as on 1st April, 2000. On 1st April, 2008 it found that it would cost Rs. 1,50,00,000 to purchase that similar building. This value of Rs. 1,50,00,000 is known as -
255) Calculate the closing capital from following details -
(a) Suresh commenced business with cash Rs.36,000
(b) Paid rent in advance Rs. 300
(c) Purchased for cash Rs. 18,000 and credit Rs.12,000
(d) Sold goods for cash Rs. 18,000 costing Rs.12,000
(e) paid salary Rs. 300 and salary outstanding Rs. 60
(f) Bought motorcycle foe personal use Rs. 3,000
256) Calculate the total assets from the following details -
(a) X invested Rs. 9,000 in cash
(b) Purchased securities for Rs. 4,500 in cash
(c) Purchased a home for staff Members Rs.9,000 giving Rs. 3,000 in cash and balance through a loan
(d) Sold securities costing Rs. 600 for 900
(e) Purchased an old car for Rs.1,600 in cash
(f) Received cash as salary Rs. 2,160
(g) Paid Rs. 300 for loan and Rs. 180 for interest
(h) Paid cash for household expenses Rs. 180
(i) Received cash for dividend on securities Rs.120
257) Calculate closing capital from the following details -
(a) Shri Ram commenced business with Rs. 30,000
(b) Paid rent in advance Rs. 1,200
(c) Purchase a typewriter for Rs. 4,200
(d) Bought furniture from M/s Mohan Furnitures on credit for Rs. 1,800
(e) Purchased goods from Sohan for Cash Rs.21,000
(f) Sold to Shyam for cash Rs. 24,000 ( costing Rs. 18,000)
(g) Bought goods from Ramesh for Rs. 18,000
(h) Sold to Shyam costing Rs. 18,000 for Rs. 30,000
(i) Purchased household goods for Rs. 9,000 giving Rs. 3,000 in cash and the balance through a loan
(j) Goods lost by fire (cost Rs. 300, Sale Price Rs 360)
(k) paid half the amount owed to Mohan Furniture
(l) Paid cash Rs. 300 for loan and Rs. 180 for interest
(m) withdrew goods for self use (Sale Rs. 366, Rs. 360)
(n) received Rs. 29,700 from Shyam in full settlement
(o) Paid Rs. 17,820 to Ramesh in full settlement
(p) Paid salary Rs. 300 and Salary outstanding Rs. 60
(q) Charged depreciation of Rs.180 on furniture and Rs. 60 on typewriter
274) T. Harikrishna stared a business on 1.1.2009 with a capital of Rs. 10,00,000 and a loan of Rs. 5,00,000 borrowed from Balakrishna. On 31st Dec. his assets were Rs.30,00,000. Apart from loan, Harikrishna owner Rs. 2,50,000 to Kalkrishna (supplier of goods). Find out his capital on 31.12.2009 and profit -
281) On 1-1-09, Manoj stared a business with Rs. 10,000 and a loan of Rs.5,000 borrowed from Kannoj.During the year, he earned a profit of Rs.5,000; introduced further capital of Rs. 6,000 and withdrawn Rs. 3,000 for personal use. On 31-12-09 the total assets were Rs.50,000.Find out liabilities on 31-12-2009 -
341) Fixed assets-Rs.5,50,000,current assets - Rs.2,25,000, current liabilities - Rs.1,50,000, bank loan - Rs.1,75,000. Capital = ?