Accountancy 2 MCQs and Notes

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📊 Accountancy 2
Q. Paid Rs. 7000 at the time of contract. Four annula instalments were paid respectively Rs. 7800 , Rs. 6200, Rs. 4700, Rs. 3300. Rate of intrest is 10% Find cash price.
  • (A) Rs. 21000
  • (B) Rs. 22000
  • (C) Rs. 14800
  • (D) Rs. 25000
💬 Discuss
✅ Correct Answer: (D) Rs. 25000
📊 Accountancy 2
Q. At the end of the year, the interest paid and depreciation charged are transferred to the account
  • (A) Asset
  • (B) Profit and Loss
  • (C) Purchaser
  • (D) Seller
💬 Discuss
✅ Correct Answer: (B) Profit and Loss
📊 Accountancy 2
Q. Dipti has purchased one Machine on hire purchase agreement. The cash price of machine is Rs. 90000. The amount is to be paid on agreement Rs. 30000 and balance amount is paid by three equal annula instalments of Rs. 30000 each. Find out the intrest of third year.
  • (A) Rs. 3000
  • (B) Rs. 4000
  • (C) Rs. 4500
  • (D) Rs. 5000
💬 Discuss
✅ Correct Answer: (D) Rs. 5000
📊 Accountancy 2
Q. Total amount payable less its cash price is equal to -
  • (A) Depreciation
  • (B) Intrest
  • (C) Market Price
  • (D) Purchase Price
💬 Discuss
✅ Correct Answer: (B) Intrest
📊 Accountancy 2
Q. Why opening statement of affairs is prepared?
  • (A) To find out Profit/Loss
  • (B) To find out Cash
  • (C) To find out assets
  • (D) To find out opening balance of capital
💬 Discuss
✅ Correct Answer: (D) To find out opening balance of capital
📊 Accountancy 2
Q. Generally, depreciation on fixed assets is calculated on which balance?
  • (A) Opening
  • (B) Closing
  • (C) Only on additional
  • (D) Amount realised on asset sold
💬 Discuss
✅ Correct Answer: (A) Opening
📊 Accountancy 2
Q. Bad Debt Return is to be credited to which account?
  • (A) Debtors Account
  • (B) Creditors Account
  • (C) Cash Account
  • (D) None
💬 Discuss
✅ Correct Answer: (D) None
📊 Accountancy 2
Q. Which account is to be prepared to find out sales on credit?
  • (A) Profit and Loss Account
  • (B) Income Expenditure Account
  • (C) Debtors Account
  • (D) Creditors Account
💬 Discuss
✅ Correct Answer: (C) Debtors Account
📊 Accountancy 2
Q. Creditors account is prepared to find out the -
  • (A) Amount of Bills Payable
  • (B) Amount of Bills Receivale
  • (C) Amount of B/R dishonoured
  • (D) Amount received against B/R
💬 Discuss
✅ Correct Answer: (A) Amount of Bills Payable
📊 Accountancy 2
Q. Effect of dishonour of B/R is given
  • (A) Only in the B/R account
  • (B) In debtors A/c and B/R account
  • (C) Only in the Debtors account
  • (D) Only in the B/P account
💬 Discuss
✅ Correct Answer: (B) In debtors A/c and B/R account

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