| Other Accounting AllOther Interview Questions |
| | | Question | Asked @ | Answers | | | | why balance sheet should always tally? | | 6 | | What is journal entry | | 4 | | What is Sec 80DD in Income Tax Act | | 1 | | Expand---------MSRT | | 1 | | Discuss the role of cost accounting in managerial decision
making | | 3 | | Stale Cheque entry in the books & when it reissued again
then Entry in the books.?
| | 1 | | Please tell me the process of Selction of Junior Research
Associate in Capitaliq(Intervie rounds&written test) | Capital-IQ | 1 | | Answered but misspelled pl correct
ONE OF THE MAIN EXTERNAL USERS OF ACCOUNTING INFORMATION
(ANS.SREKANB) | | 1 | | What is the Accounting Treatment for Contingent Liability ? | | 2 | | what do you mean by contra entry? and where it is used? | Accenture | 12 | | Expand------BIFR | | 1 | | what is Contra Entry? | Capital-IQ | 4 | | RULE IN GARNER VS MURRAY | | 10 | | what is the usage of Acounting standard?, what is deferred
tax?, what is operating Expenses and incomes?, what is the
difference between subsidary and holding company? and what
is right share and right issue? | | 1 | | what is the journal entry for tax refund? | HSBC | 12 | | tell about friendship | Genpact | 15 | | your purchases 10 Furniture from Other company, your
starting own furniture business. each furniture value is
Rs.1000/-, your business purpose use 2 furniture. and other
furniture are
sales purpose !
pls tel me Purchases Entry !
| Genpact | 4 | | WHAT IS ASSESMENT YEAR? | | 4 | | 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.
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