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Q. In a joint venture X and Y sharing p rofit and loss equally, X purchased goods costing of 40,000 and Y sold the goods for 50,000. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales, the profit will be

Q. Which of the following term is applicable about consignment?

Q. At the en d of the accounting year bills receivable discounted were 32,000 would be shown

Q. Whenever errors are noticed in the accounting records, they should be rectified.

Q. A debit note issued to a creditor for goods returned is to be recorded in the

Q. X of Delhi send out certain goods at cost + 25% of cost. Invoice value of goods is 1,20,000. 4/5th of the goods were sold by consignee at 1,00,000. Commission @ 2% up to invoice value and 10% of any surplus above invoice. The amount of commission will be

Q. Decrease in the amount of creditors results in

Q. The original cost of the machine is 19,00,000; machine installation charges are 1,00,000; working life of the machine is 5 years and residual value is 40,000. If the depreciation is charged on Straight Line basis then 4th year’s depreciation will be:

Q. Goods bought for 25,000 passed through sales day book will result in

Q. In case of depreciable assets are revalued, the provision for depreciation is based on