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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
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 Accounting General interview questions  Accounting General Interview Questions (2809)
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Question
what are all the items comes under balancesheet(liability 
side & asset side) step by step.& also trading and p&l 
account. somany companies asking this type of question . 
please tell me...
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
for Companies

Liability Side Asset Side

Share Capital Fixed Assets

Reserves & Surplus Current Assets

Un Secured Loans Stock Finished Goods
Stock in Raw Material
Secured Loans Sundry Debtors
Cash in hand
SundryCreditors Cash At Bank
Preliminary Expenses

Provision
 
Is This Answer Correct ?    76 Yes 18 No
Jayakumar
 
Answer
# 2
UNDER LIABILITY

CAPITAL / SHARE CAPITAL
LOANS LIABILITY (Secured loan & Un Secured Loan)
CURRENT LIABILITIES (S.Creditors, Duties taxes,Out standing
liability, Provisions & Payables)
RESERVES AND SURPLUS / PROFIT

UNDER ASSETS
FIXED ASSETS
CURRENT ASSETS (Closing Stock, loans & Advances,
S.Debtors,Cash and Bank Investments etc)
INTANGIBLE ASSETS
NET LOSS

TRADING ACCOUNT
Debit Side (Left Side)
Opening Stock
Purchase
Direct Expenses
Gross Profit

Credit Side (Right Side)
Sales
Closing Stock
Net Loss (if it is under loss)

PROFIT & LOSS A/c

Debit Side
Expenses
Net Profit

Credit Side
Gross Profit
Indirect Income



Megharaaj, Mysore
 
Is This Answer Correct ?    43 Yes 6 No
Megharaaj
 
 
 
Answer
# 3
Trading account is prepares mainly to know the profitability
of the goods bought and sold by the business man.
The items which are shown under trading account relates to
purchases and production.
Trading account consists of two side debit side and credit side

DEBIT SIDE SHOWN ITEMS ARE:---
1.opening stock
2.purchases
3.direct expense:--
a.buying expense
b.manufacturing expenses
4.gross profit c/d(c/d=carried down)



CREDIT SIDE SHOWN ITEMS ARE:---
1.sales
2.closing stock

the items shown in profit and loss account debit side are:---


1.selling and distribution expenses:---
a.salesman's salary and commission
b.commission to agents
c.freight and carriage on sales
d.sales tax
e.bad debts
f.advertising
g.packing expenses
h.export duty etc...............

2.administrative expenses:----
a.salaries
b.rent
c.rates and taxes
d.audit fess
e.bank charges
f.printing and stationary etc.......


3.financial expenses:---
a.discount allowed
b.interest on capital
c.interest on loan etc........



4.maintenance,depreciation and provisions:----
a.repairs
b.depreciation
c.provision for bad and doubtful debts etc.......




profit and loss account credit side:----


1.gross profit b/d(b/d=brought down)
2.discount received
commission received
3.rent received
4.interest received
5.interest on investments
6.dividend received etc...........


balance sheet :----

balance sheet is divided into two parts liabilities and assets



LIABILITIES:---


1.SHARE CAPITAL:----
a.authorized share capital
b.issued share capital
c.subscribed share capital
2.RESERVES AND SURPLUS:--
a.general reserve
b.profit and loss appropriation surplus
c.specific reserve etc.......


3.SECURED LOANS:---
a.debentures etc.....


4.UNSECURED LOANS:---


5.CURRENT LIABILITIES AND PROVISIONS:---
a.taxation provision
b.out standing expenses
c.tax on dividends etc.........

ASSETS:---


1.FIXED ASSETS:---
a.land and buildings
b.plant and machinery
c.furniture and fittings
d.patents
e.copy rights etc......



2.INVESTMENTS:----
a.investments in shares
b.investments in debentures etc......



3.CURRENT ASSETS LOANS AND ADVANCES:----
a.cash in hand and at bank
b.closing stock
c.sundry debtors
d.prepaid expenses etc.......



4.MISCELLANEOUS EXPENSES:---
a.preliminary expenses etc.....



5.PROFIT AND LOSS ACCOUNT LOSS
 
Is This Answer Correct ?    41 Yes 4 No
Ogati Sucharitha
 
Answer
# 4
balance sheet as on........
liabilities assets

1.share capital 1.fixed assets

equity good will
preferance land and buildings etc

2.reserves and surplus 2.investments
3.secured loans 3.current assets
4.unsecured loans debtors
closing stock
5.current liabilities 4.miscellaneous exp
creditors
bills payable
bank overdraft
 
Is This Answer Correct ?    28 Yes 6 No
Hema.r
 
Answer
# 5
under liability: capital, loans(liability)current liability,
profit and loss

under asset: fixed asset, investment and current asset

under trading: opening balance, purchase, direct expenses
gross profit on right side, and left side sales and closing
balance and gross loss.
 
Is This Answer Correct ?    32 Yes 13 No
Guest
 
Answer
# 6
Balance sheet:-

Under Liabilities:
Current Liabilities-(Bills Payable, Sundry Creditors, Bank Overdraft)
Long Term Liabilities-(Loan from Bank, Loan from Wife)
Fixed Liabilities-(Capital)

Under Assets:
Liquid Assets-(Cash in Hand, Cash at Bank)
Floating Assets-(Sundry Debtors, Investments, Bills Receivable, Stock in Trade, Prepaid Expenses)
Fixed Assets-(Plant & Machinery, Land & Building, Furniture & Fixtures, Motor Car)
Intangible Assets-(Goodwill,Patents, Copyrights, Licenses)
Fictitious Assets-(Advertisements, Misc.Expenses)

NAME:SAI KRISHNA BYRISHETTY
 
Is This Answer Correct ?    20 Yes 7 No
Sai Krishna B
 

 
 
 
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