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Categories >> Accounting >> Accounting AllOther


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 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4372)
Pass Journal Entry for the following
Mr.A is running Furniture Business. He bought 10 chairs at 
Rs.1000 each. He used one chair for his personal use.
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
# 1
Mr Manoranjan you are wrong because A is runnin furniture
business Hence the purchase of chairs is a salable good
The entry will be
Purchase a/c dr 9000
Mr A drawing a/c dr 1000
To Cash a/c 10000
(Being purchase of goods )
sujatha madam you are also wrong You should not pass
furniture entry why because he is doing business with
As requested by so many I composed 6 sets of question
papers with answer books suitable for accounts and finance
interviews. If needed pl send you e-mail
Is This Answer Correct ?    39 Yes 9 No
# 2
purchase a/c dr 10000
cash a/c cr 10000

drawing a/c dr 1000
purdchase cr 1000
Is This Answer Correct ?    37 Yes 9 No
# 3
furniture a/c dr. 10000
to cash a/c 10000

drawings a/s dr. 1000
to furniture a/c 1000
Is This Answer Correct ?    38 Yes 16 No
# 4
Purchases A/c Dr......... 9000
A's Drawing A/c Dr....... 1000
To Cash A/c 10,000

(Being Furniture Purchased for Cash)
Is This Answer Correct ?    16 Yes 5 No
Shalini Parisha
# 5
Drawing A/c Dr 1000
Purchase A/c Cr 1000
Is This Answer Correct ?    30 Yes 20 No
Ahasan Ali
# 6
firniture ac dr 9000
drawings ac dr 1000
to cash ac 10000
Is This Answer Correct ?    14 Yes 6 No
# 7
Purcahse aAc Dr.............1000
To Cash A/c 1000
(Being chair purchased for cash)

Dwaring A/c Dr..............100
To Furniture a/c 100
(being the furniture withdrew for personnal use)

Note:(for 2nd entry) dwaring was made in the fornm of chair
and not in cash, so Mr. Raju sorry to say but ur wrong, it
cant be "To cash A/c" in place of "To furniture A/c"
Is This Answer Correct ?    12 Yes 9 No
# 8
he is using one chair but he purchased 10 chairs


furniture a/c Dr(for10 chairs)
Cash A/c
Is This Answer Correct ?    30 Yes 28 No
R Sujatha
# 9
furniture a/c dr 9000
to cash a/c 9000

drawing a/c dr 1000
to cash a/c 1000
Is This Answer Correct ?    10 Yes 8 No
# 10
purchase a/c dr......10000
to capital a/c 9000
to drawings a/c 1000
(being: mr. a started furniture business with chairs & one
chair used for personal use).
Is This Answer Correct ?    2 Yes 1 No

Other Accounting AllOther Interview Questions
  Question Asked @ Answers
what is different between expenses (direct) and direct expenses?   10
expand N H A I   2
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account. Ignou 1
What is operating cycle? Capital-IQ 7
Expand ________BBC   2
Choose the right answer Maximum allowable interest on housing loan on self occupied property is 1.30000/- 2.100000/- 3.150000/-   5
A trader quotes an article as sales price above 30% of its cost price.While selling he allows a discount of 15%.Then what will be the profit percentage on cost price   1
calculate the closing stock: if opening stock- rs.2327620 , purchase -23519280, direct expenses-1335225, sale:- 24884412, direct income :-286371   6
What is insurance? GMC 1
expand S L M   2
What is the difference between an Imprest and Non-imprest petty cash account?   2
salary is which type of account??   20
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