Accounts Objectives with solutions


Q. 1   Attempt any FOUR sub-questions of the following:                                            (20)
A]      Answer in ‘One’ sentence each:                                                                           (5)
          (1)      What is Partnership Deed?
Ans:    A partnership deed is a written agreement duly stamped, signed and registered document containing the terms and conditions of the partnership.

          (2)      What is CPU?
Ans:   The central processing unit is that hardware part of a computer that controls the entire working of the computer, processes the commands and data, and outputs the result.

          (3)      What do you mean by Scrap Value of an asset?
Ans:   The net amount which is expected to be realised on the final disposal of a fixed asset is called ‘scrap value’.

          (4)      What are Noting Charges?
Ans:   Noting charges are the fees charged by the Notary Public for noting the dishonour on the face of the bill and in his official register.

[5]      What is the relationship between the Co-ventures?
Ans:   The relationship between the co-ventures is similar to that of temporary partners i.e., principal and agent.

B]      Write a word / term / phrase which can substitute each of the following statements:                                                                                                 (5)
          (1)      An intangible asset which has realisable value:- Goodwill.
(2)      An organisation not having object of earning profit:- Not for Profit Concern / Non-trading organisation.
          (3)      Credit balance on Joint Venture Account:- Profit on Joint Venture.
(4)      A system which have no hard and fast rules for accounting:- Single Entry System.
          (5)      A movable mark on the display screen of computer:- Cursor.
C]      Match the following pairs:                                                                          (5)
Group ‘A’
Answers
(1)      Fixed Asset
(2)      Statement of Affairs
(3)      Co-venturers’ Liabilities
(4)      Dishonour of Bill
(5)      Active Partner
Plant & Machinery
-  Single Entry System
-  Unlimited
-  Noting Charges
- Takes Active Part in the Partnership

         
D]      Select the most appropriate alternative from those given below and rewrite the sentences:                                                                                         (5)
(1)      Single entry system is Incomplete.
          (a)  Complete                   (b)  Scientific                   (c)  Incomplete       (d)  Accurate
(2)      Credit balance of Trading account shows Gross Profit.
          (a)  Net Profit         (b)  Net loss           (c)  Gross Profit      (d)  Gross loss
(3)      A person to whom a bill is endorsed is the Endorsee
          (a)  Endorser                   (b)  Endorsee                   (c)  Drawer            (d)  Drawee
(4)      Income and expenditure account is Nominal Account.
          (a)  Real A/c           (b)  Nominal A/c     (c)  Personal A/c      (d)  Capital  A/c
(5)      Amount contributed by co-venturer’s is debited to Joint Bank Account.
          (a)  Joint venture account                            (b)  Joint Bank account                        (c)  Co-venturer’s account                    (d)  Shares’ account
E]      State with reasons whether the following statements are True / False:       (5)
          (1)      Public Library is a “Not for Profit” concern.
Ans:   This statement is TRUE.
Public Library is setup not to earn profit but to serve the society. Hence, it is a not for profit concern.
          (2)      Payment of bill after due date is called “Retirement of Bill”.
Ans:   This statement is FALSE.
Payment of the bill before the due date is called Retirement of Bill.

F]       Preparation a Formate of Bill of Exchange from the following information: (5)
(1)      Drawer:-  Ankur Shah, Anand Park, Borivali (W), Mumbai: 90.
          (2)      Drawee:-  Sharad Shah, Anand Sadan, Bandra (W), Mumbai: 50.
          (3)      Payee:-    Anish Shah, Anand Mahal, Kandiwali (W), Mumbai: 57.
          (4)      Amount:-  Rs.  15,555.
          (5)      Period :     3 months.
          (6)      Date of Bill:-  1st January, 2008.
          (7)      Date of Acceptance:-  3rd January, 2008
          (8)      Accepted for :-   Rs.  12,000.

No comments:

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

Balbharati Solutions for Class 12

Biology 12th Standard HSC Maharashtra State Board

Book - Keeping and Accountancy 12th Stantard HSC Maharashtra State Board

Chemistry 12th Standard HSC Maharashtra State Board

Economics HSC 12th Standard Maharashtra State Board

English Yuvakbharati 12th Standard HSC Maharashtra State Board

Geography 12th Standard HSC Maharashtra State Board

Hindi - Yuvakbharati 12th Standard Maharashtra State Board

History 12th Standard HSC Maharashtra State Board

Marathi - Yuvakbharati 12th Standard Maharashtra State Board

Mathematics and Statistics 1 (Arts and Science) 12th Standard Hsc Maharashtra State Board

Mathematics and Statistics 1 (Commerce) 12th Standard HSC Maharashtra State Board

Mathematics and Statistics 2 (Arts and Science) 12th Standard Hsc Maharashtra State Board

Mathematics and Statistics 2 (Commerce) 12th Standard HSC Maharashtra State Board

Organisation of Commerce and Management (OC) 12th Standard HSC Maharashtra State Board

Physics 12th Standard Maharashtra State Board

Political Science 12th Standard HSC Maharashtra State Board

Secretarial Practice 12th Standard HSC Maharashtra State Board

Sociology - Understanding Indian Society 12th Standard HSC Maharashtra State Board

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020

SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)


BUY FROM PLAY STORE

DOWNLOAD OUR APP


HOW TO PURCHASE OUR NOTES?



S.P. Important Questions For Board Exam 2021


O.C.M. Important Questions for Board Exam. 2021


Economics Important Questions for Board Exam 2021


Chemistry Important Question Bank for board exam 2021


Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination


Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2020 Examination


MUST REMEMBER THINGS on the day of Exam


Are you prepared? for English Grammar in Board Exam.


Paper Presentation In Board Exam


How to Score Good Marks in SSC Board Exams


Tips To Score More Than 90% Marks In 12th Board Exam


How to write English exams?


How to prepare for board exam when less time is left


How to memorise what you learn for board exam


No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates

NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!