how esic be calculated? On basic salary or earned salary? If i have gave advance salary to an employee in last month then how should i deduct the salary take an example if salary of an employee is Rs. 4750 and i deduct rs. 83 as esic contribution in current month if i've gave 83 in advance in last month then how much money exactly i give him. means esic cut on 4667 or 4750?

We had billed to a Customer Rs. 50000/- he paid 45000 to us n not paying balance 5000/- how and where to enter Rs. 5000/- Is it bad debt...

Dividends are usually paid as a percentage of ______ (a) Authorized share capital (b) Net profit (c) Paid-up capital (d) Called-up capital

Firm, Wipro,

At the time of death of a partner, firm gets ________ from the insurance company against the Joint Life Policy taken jointly for all the partners. (a) Policy Amount. (b) Surrender Value. (c) Policy Value for the dead partner and Surrender Value for the rest. (d) Surrender Value for all the partners.

Profit or loss on revaluation is shared among the partners in _______ ratio. (a) Old Profit Sharing. (b) New Profit Sharing. (c) Capital. (d) Equal.

Interest on capital will be paid to the partners if provided for in the agreement but only from________ (a) Profits. (b) Reserves. (c) Accumulated Profits. (d) Goodwill.

The owner of the consignment stock is________ (a) Consignor (b) Consignee (c) Debtors (d) None

The parties to joint venture is called_________ (a) Co-venturers (b) Partners (c) Principal & Agent (d) Friends

The purpose of accommodation bill is_______ (a) To finance actual purchase or sale of goods (b) To facilitate trade transmission (c) When both parties are in need of funds (d) None of the above

Infosys,

The number of production or similar units expected to be obtained from the use of an asset by an enterprise is called as _________ (a) Unit life (b) Useful life (c) Production life (d) Expected life

Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.

M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances

If Cost of goods sold is Rs.80,700, Opening stock Rs.5,800 and Closing stock Rs.6,000. Then the amount of purchase will be (a) Rs.80,500 (b) Rs.74,900 (c) Rs.74,700 (d) Rs.80,900.

Infosys,

Original cost = Rs 1,26,000. Salvage value = 6,000. Useful Life = 6 years. Annual depreciation under SLM will be (a) Rs.21,000 (b) Rs.20,000 (c) Rs.15,000 (d) Rs.14,000

A new firm commenced business on 1st January, 2006 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs. 1,20,000. What is the gross profit earned by the firm? (a) Rs. 36,000 (b) Rs. 30,000 (c) Rs. 42,000 (d) Rs. 38,000

IMT, Wipro,