Interview Questions Answers in Accounting General, Accounting AllOther, Taxation, General Knowledge

Question { ABC, 49331 }

My company has taken a car loan from HDFC Bank, Assume 7.5
lacs. but it disbursed after deducted adv emi. how to pass
the jv for that . Plz pass the entry

Answer

According to the question put by Qayyum Loan was paid after
deducting one EMI. But dear D.S You passed it as amount
received in full. That is wrong. According to you First EMI
payment was made by us.According to me my answer is

Bank A/c Dr 7,40,000/-
HDFC A/c Dr 10,000/-(Assumed Rs 10000 as EMI)
To HDFC Loan A/c 7,50,000/-
(Being loan recived after first EMI adjustment)

Is This Answer Correct ?

8 Yes

11 No

Question { 42429 }

Hello,

I am trying to record the journal entries for taking a loan
and refinancing it into two new loans. How would I show the
closing loan and the opening of two new loans?

Thank you for your help!

Answer

Mr Iyyanar your entry is wrong. According to you Loan was
given thru your Bank. The right entries are

1. Bank current a/c Dr
To Bank CC a/c
(Being loan taken from Bank)
2. Disbursment or refinancing of loans

Loan A a/c Dr
Loan B a/c Dr
To Bank current a/c
(Being refinacing of loan amount )

Sankeerthanaannavaram@yahoo.in

www.therealaccountants.com

Is This Answer Correct ?

6 Yes

8 No

Question { BPL, 5129 }

wat is extended price??

Answer

An extended price is the unitprice multiplied by the
number of those items that were purchased

Is This Answer Correct ?

8 Yes

3 No

Question { 18186 }

We purchase goods worth rs. 25000 from shyam co. in credit.
We paid him 20000 and rest we refuse to pay. What is the
journal entry for it. This is not discount received.

Answer

Untill and unless you express clearly about the reasons for
refuasal of payment of balance as agreed at the time of
purchase,your account will be remained as a debtor in the
suppliers books of accounts and the supplier can take
action against you for non settlement of bill

sankeerthana
www.therealaccountants.com

Is This Answer Correct ?

4 Yes

1 No

Question { Optimus, 5599 }

Which type of transactions are used in TallyJournal?

Answer

Not only in tally, in Journal we have to pass all the non
cash entries related to adjustment accounts and purchase of
assets on credit. Pl visit for more practical accounting
materials
www.therealaccountants.com

Is This Answer Correct ?

6 Yes

0 No

Question { 4160 }

Why Accountants have to or must prepare INCOME STATMENT in
two stages Gross Profit And Net Profit

Answer

To know axactly the result of the venture we had undertaken
we prepare Trading account to know the gross result. With
that we can know the result and can take adecission whether
to continue the venture or not and also to take such steps
to improve the afforts to reach the targeted result if it
is not showing the expected one.With the profit an loss
account we can know the exact net result after meeting all
the relevant expenditure

sankeerthana
www.therealaccountants.com

Is This Answer Correct ?

5 Yes

0 No

Question { 12397 }

Sir,
Please tell me what diesel is direct/indirect exp.

Answer

my dear guest if it is used to run the generator for the
purpose of factory power it is Direct Expense, if it is
used for office power or to run vehicles of the company it
is Indirect expense

sankeerthana
www.therealaccountants.com

Is This Answer Correct ?

26 Yes

0 No

Question { Karadi Path, 27655 }

What is the entry for bank guarantee,

Answer

No entry needed to pass for Bank Gaurantee

Is This Answer Correct ?

19 Yes

5 No

Question { WNS, 10884 }

what is an assets?

Answer

My dear to answer simply , Assets represent ownership of
value that can be converted into cash To know more about
the subjectand new things pl visit my favorite site

http://www.therealaccountants.com

Is This Answer Correct ?

2 Yes

1 No

Question { Capital IQ, 8274 }

what do you mean by semi-variable cost?

Answer

A variable cost is any expenditure that varies in direct
proportion to a change in the level of productive activity.

For more questions and answers in commerce pl
vist my favourite site once

www.therealaccountants.com

Is This Answer Correct ?

4 Yes

4 No

Question { 5918 }

what is majore differance between TCS & TDS

Answer

My dear friends both TDS and TCS are same It is tax
collected on behalf of the Govt from the assessee.
Tcs.It is the Advance collection of Tax at the time sale of
certain notified products Those are Forest produce
TDS it is the advance tax collection from the assessee at
the time of payment made on some specified payments
Ex.Deduction of advance tax while making payment to contractor

To know more explanations and exclusive topics pl visit my
favourite site http://www.therealaccountants.com

Is This Answer Correct ?

1 Yes

0 No

Question { 2959 }

i am proprioter of firm can i use my tan firm & personal

Answer

My dear Syam Pl understand the meaning of a firm. Firm
indicates the plural name of persons. So proprietor may not
be there for a Firm.Pl visit my favourite sie to know more

http://www.therealaccountants.com

Is This Answer Correct ?

0 Yes

1 No

Question { 2737 }

what is recession?

Answer

To answer simply the meaning of recession is A general
slowdown in economic activity over a period of time

Is This Answer Correct ?

10 Yes

0 No

Question { 6646 }

process for creating a balance sheet

Answer

My dear Hary if you are doing accounts thru any accounting
packaage the main thing is to group the ledgers. If you do
correctly the system will process and give the report.
If you are in the practice of manual system you have to
satisfy yourself with the acceptance of credit and debit
side balances. After that you have to transfer all the
nominal account ledger balances to Trading,Profit and Loss
account and Real and Personal accounts to Balance sheet.

Is This Answer Correct ?

1 Yes

0 No

Question { 4688 }

whatisledger

Answer

A book of final entry summarizing all of a company's
financial transactions, through offsetting debit and credit
accounts.

Sankeerthanaannavaram
http://www.therealaccountants.com

Is This Answer Correct ?

0 Yes

0 No