CA Foundation Accounts - All Chapters CA Foundation - Principles and Practice of Accounting - All Chapters Consolidated Quiz 1 / 10 In Double Entry System of Book-keeping every business transaction affects: Two accounts Two sides of the same account. The same account on two different dates. 2 / 10 X sold goods to Y for Rs. 5,00,000. Y paid cash Rs. 4,30,000. X will grant 2% discount on balance, and Y request X to draw a bill for balance, the amount of bill will be: Rs. 98,000 Rs. 68,000 Rs. 68,600 3 / 10 Amount of Rs. 5,000 spent as lawyers’ fee to defend a suit claiming that the firm’s factory site belonged to the plaintiff’s land is Capital expenditures Revenue expenditures Prepaid revenue expenditures 4 / 10 X draws a bill on Y for Rs. 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016. Maturity date of the bill will be: 8.4.2016 9.4.2016 10.4.2016 5 / 10 If the equipment account has a balance of Rs. 22,50,000 and the accumulated depreciation account has a balance of Rs. 14,00,000, the book value of the equipment is Rs. 36,50,000 Rs. 8,50,000 Rs. 14,00,000 6 / 10 The Sales Book ___________________________ Is a part of journal. Is a part of the ledger. Is a part of the balance sheet. 7 / 10 A bill of Rs. 120,000 was discounted by Saras with the banker for Rs. 1,18,800. At maturity, the bill returned dishonoured, noting charges Rs. 200. How much amount will the bank deduct from Saras’s bank balance at the time of such dishonour? Rs. 1,20,000 Rs. 1,18,800 Rs. 1,20,200 8 / 10 Consider the following data pertaining to Alpha Ltd.:ParticularsRs.Cost of machinery purchased on 1st April, 201610,00,000Installation charges1,00,000Market value as on 31st March, 201712,00,000While finalizing the annual accounts, if the company values the machinery at Rs. 12,00,000. Which of the following concepts is violated by the Alpha Ltd.? Cost. Matching. Accrual. 9 / 10 Under inflationary trend, which of the methods will show highest value of inventory? FIFO Weighted average LIFO 10 / 10 S.No.Account headsDebit (Rs.)Credit (Rs.)1Sales15,0002Purchases10,0003Miscellaneous expenses2,5004Salaries2,500Total12,50017,500The difference in trial balance is due to _____________________________ Wrong placing of sales account Wrong placing of salaries account Wrong placing of miscellaneous expenses account Your score is 0% Restart quiz Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.