Account MCQ Notes PDF

CS Foundation Accounting Process – Basics Journal & Ledger
Accounting Process-Basics and Journal And Ledger MCQ
1. What is the order in which the accounting transaction and events are recorded in the books?
(a) Journal, Subsidiary books, Ledger, Balance Sheet, Profit and loss Account (P&L Account)
(b) Ledger, Journal, Ledger, Balance Sheet, P&L A/c
(c) Journal, Ledger, Profit & Loss A/c, Balance Sheet
(d) Profit & Loss A/c, Ledger, Balance sheet, Journal
2. What is the principal of Nominal A/c?

(a) Debit what comes in, credit what goes out
(b) Debit all expenses & loses and credit all income & gains
(c) Debit the receiver, credit the giver
(d) debit all assets, Credit all liabilities
3. In Journal Entries which pertain to outstanding entries, prepaid entries, depreciation entries are called
(a) Adjustment Entries
(b) Rectification Entries
(c) Transfer Entries
(d) Closing Entries
4. Which of the following is wrong?

(a) All real and personal accounts are transferred to balance sheet
(b) Nominal account are transferred to P&L account
(c) Each account is opened separately in ledger
(d) Rent is a personal account, outstanding rent is nominal account
5. Omega Stationers used Stationery for business purpose Rs 300. Amount will be credited to:
(a) Sale A/c
(b) Purchase A/c
(c) Cash A/c
(d) None of the three
6. Interest Receivable from karan, borrower A/c in:

(a) Artificial Personal
(b) Nature Personal
(c) Representative Personal
(d) None of the above
7. Income tax paid by the sole-proprietor from business bank account is debited to:
(a) Income tax account
(b) Bank account
(c) Capital account
(d) Not to be shown in the business books
8. Salary payable to an employee Rs 50,000. Which account is to be credited?

(a) Cash A/c
(b) Salaries A/c
(c) Outstanding Salaries A/c
(d) None
9. Received a first and final dividend of 60 paise in a rupee from the Official Receiver of Mr. Ram who owed Rs
2,000-
(a) Discount allowed A/c be debited with Rs 800
(b) Bad debts recovered A/c be debited with Rs 1200
(c) Bad debts A/c be credited with Rs 800
Unique Academy 1 Prof. Ashish Parikh 8007978700

(d) Bad debts A/c be debited with Rs 800
10. Sunset Tours has a Rs 3,500 receivable from Mohan. On January 20, Mohan makes a partial payment of Rs
2100 to Sunset Tours. Journal entry made on January 20 by Sunset Tours include-
(a) A credit to the Cash Account of Rs 2,100
(b) A credit to the Receivable A/c of Rs 2,100
(c) A debit to the Cash Account of Rs 1,400
(d) A debit to the Receivable A/c of Rs 1,400
11. Kiran used the amount in business by selling his old personal car to Surya. The entry of this transaction in
Journal will be-
(a) Cash A/c Dr. (c) Car A/c Dr.
To Car A/c To Sonu A/c
(b) Car A/c Dr. (d) Cash A/c Dr.

To Capital A/c To Capital A/c
12. Stock worth Rs 10,000 (cost price 7,500) taken by Mohan - Office Clerk. Amount to be deducted from his salary
in the subsequent month. Journal entry will be-
(a) Dr salary and Cr Purchases A/c Rs 10,000
(b) Dr Mohan and Cr Sales Rs 10,000
(c) Dr Salary and Cr Purchases RS 7,500
(d) Dr Salary and Cr Sales Rs 10,000
13. Ganesh's salary is Rs 10,000 per month. During a month, he withdrew goods worth Rs 2,500 for personal use
and also got salary Rs 9,500 in cash. The excess payment of Rs 2,000 will be debited to-
(a) Sales account
(b) Goods account
(c) Salary account
(d) Salary in advance account
14. Income tax liability of the proprietor Rs 1200 was paid out of petty cash. Journal entry will be-
(a) Dr. drawings and Cr. Cash A/c Rs 1200
(b) Dr. drawings and Cr. Petty Cash Rs 1200
(c) Dr Income tax and Cr Cash A/c Rs 1200
15. Goods costing Rs 5,000 will be distributed as wages for Rs 5,000. Market Price is Rs 6,000. Journal entry is -
(a) Wages A/c Dr. 6,000 (c) Wages A/c Dr. 5,000
To Salary A/c 6,000 To Purchases A/c 5,000
(b) Wages A/c Dr. 6,000 (d) Wages A/c Dr. 6,000
To Salaries A/c 6,000 To Purchases A/c 6,000
16. The process of transferring debit and credit items from a journal to their respective accounts in ledger is
________
(a) Posting
(b) Purchase
(c) Balance of an account
(d) Arithmetical accuracy test.
17. In case of credit balance, the word ________ are written on the credit side.
(a) To balance b/d
(b) To balance c/d
(c) By balance b/d
(d) By balance c/d

18. The technique of finding the net balance of an account after considering the totals of both debits and credits
appearing in the account is known as
(a) Posting
(b) Purchase
(c) Balancing of an account
(d) Balancing of an account
Answer
1.c 2.b 3.a 4.d 5.b 6.c 7.c 8.c 9.d 10.b 11.d 12.c 13.d 14.b 15.c

CS Foundation Trial Balance & Subsidiary Books
Trial Balance & Subsidiary Books

1. Trail Balance is a -
(a) Statement
(b) Subsidiary Book
(c) List
(d) Final Account
2. A Trail Balance contains the balance of

(a) Only personal and real accounts
(b) Only real and nominal accounts
(c) Only nominal and personal accounts
(d) All accounts
3. Agreement of Trial balance is not a ___________ proof of accuracy.

(a) Submissive
(b) Inclusive
(c) Exhaustive
(d) Conclusive
4. Trial balance is a statement which shows _____________of all accounts.

(a) Debit or Credit balance
(b) Balance and Totals
(c) Positive and Negative balance
(d) Opening and Closing balance
5. Trial balance is prepared to locate ____________

(a) Clerical errors
(b) Omission errors
(c) Principle errors
(d) All of the above
6.As per trial balance on 31.03.2014

Provision for bad debts Rs 1,000
Bad debts Rs 2,000
Sundry debtors Rs 30,600
Additional information
Further bad debts Rs 600
Make provision for doubtful debts-5% provision 2% for discount on sundry debtors will be_____________
(a) 612
(b) 600
(c) 570
(d) 560
7. All the following statements are correct except

(a) Trial balance is a statement and not an account
(b) Trial balance is prepared at the end of the year
(c) Trial balance is not a concluding proof of arithmetical accuracy
(d) Trial balance is tallied if a transaction is posted twice in the ledger
8.The balance of M/s Nagarjuna Traders are as follows:

Capital Rs 9,00,000; Computers Rs 1,30,000;
Machinery Rs 4,50,000; Furniture Rs 1,50,000;
Investments Rs 3,00,000; Salaries Rs 2,10,000;
Sales Rs 16,00,000; Patents Rs 1,20,000;

Freight Rs 1,21,000; Purchases Rs 9,15,000;
Rent Rs 28,000; Cash in hand Rs 48,000;
Bank Overdraft Rs 20,000; Creditors Rs 1,00,000;
Debtors Rs 1,48,000; the total of trial balance is ____________
(a) Rs 26,40,000
(b) Rs 24,99,000
(c) Rs 26,20,000
(d) Rs 25,12,000
9.
Capital Rs 2,00,000 Interest paid Rs 2310
Debtors Rs 15,200 Discount allowed Rs 820
Creditors Rs 12,960 Discount received Rs 1030
Purchases Rs 92,670 Rent Rs 14,670
Sales Rs 1,16,850 Loan RS 12,060
Opening stock Rs 56,000
Sales return Rs 27,430
Debit Total of Trial Balance will be
(a) Rs 2,09,000
(b) Rs 2,09,100
(c) Rs 2,10,000
(d) None
10. An inexperienced accountant prepared the following trail balance

Particular Debit Credit
Provision for bad 450 -
debts
Bank overdraft 1,600 -
Capital - 5,200
Drawing 200 -
Discount allowed - 800
Opening stock 2,950 -
Find out the balance of Suspense A/c
(a) 3,300 Dr.
(b) 3,300 Cr.
(c) 3,500 Dr.
(d) 3,500 Cr.
11.A started business with cash 10,000 and furniture's 2,000. Total sales were 50,000 including 5,000cash sales.
10,000 were outstanding at the end of the year. Total purchases 30,000 including 10,000 cash purchases 15,000
were paid to the suppliers. Expenses paid amounted to 19,000 Total of trial balance is :
(a) 67,000
(b) 80,000
(c) 57,000
(d) 75,000
12. The trial balance of a trader contains the following items trade receivable Rs 3,20,000 provision for bad &
doubtful debts Rs 17,000 bad debts Rs 20,000 further information :- provide 5% for bad & debts find out the
amount to be transferred to profit and loss A/c?
(a) Rs 18,000
(b) Rs 19,000
(c) Rs 17,000
(d) Rs 20,000
13. Trade discount availed on purchase of goods:

(a) Recorded in Cash Book
(b) No where
(c) Recorded in Sales Book
(d) Purchase Book
14. Purchase book records:

(a) All credit purchase
(b) All cash purchase
(c) Credit purchase of goods
(d) Credit purchase of fixed assets
15. Rectification of errors are first entered in -

(a) Journal proper
(b) Subsidiary Books
(c) Trial Balance
(d) Ledger
16. M/s Ghulati & Sons made the following sales Sold to M/s Guptha & Co. on credit
30 Shirts @ Rs 180 per shirt
20 trousers @ Rs 100 per trouser
Sold furniture to M/s Shewag & Co. on credit Rs 8,000
Sold to M/s Jain & Co.
50 Shirts @ Rs 190 per shirt for cash
Sold to M/s Cheap stores
13 overcoats @ Rs 490 per overcoat
Trade discount 10% , Cash discount 2%, Sales tax 10%.
The total of sales book is ____________
(a) Rs 13,632.30
(b) Rs 22,849
(c) Rs 23,828
(d) Rs 14,632
Answer:
1.a 2.d 3.d 4.a 5.a 6.c 7.c 8.c 9.b 10.a 11.a 12.b 13.b 14.c
15.a 16.a

CS Foundation Cash Book & Capital Vs Revenue Distinction
Cash Book & Capital Vs Revenue Distinction

1. Cash book is form of -
(a) Trial Balance
(b) Journal
(c) Ledger
2. When a firm maintain a simple Cash Book, it need not maintain

(a) Sales journal
(b) Purchases journal
(c) General Journal
(d) Cash account in the ledger
3. In the three column cash book the discount columns are

(a) Totaled but not adjusted
(b) Totaled and adjusted
(c) Totaled but not balanced
4. Which of the following is recorded as Contra Entry-

(a) Withdrew from bank for personal use
(b) Cheque recd. from X lodged into bank on same day
(c) Cheque recd. from Y before, now lodged into bank
(d) A customer directly deposited in our bank account
5. The total of discount column on the debit side of the cash book is posted to the
(a) Credit of the discount allowed account
(b) Debit of the discount received account
(c) Credit of the discount received account
(d) Debit of the discount allowed account
6. The debit balance in the bank columns of cash book indicates __________
(a) Total amount withdrawn from bank
(b) Total amount deposited in bank
(c) Cash at bank
(d) Bank overdraft
7. When a cheque received on a particular date is not deposited the same day into bank, entered in -
(a) Cash column on the debit side
(b) Bank Column on the debit side
(c) Cash column on the credit side
(d) Cash column on the debit side and credit side
8. If a cheque is returned dishonored, it is recorded in -

(a) Cash column on the credit side
(b) Cash column on the debit side
(c) bank column of credit side
(d) Bank Column on the debit side
9. When a cheque received is endorsed, entered on-

(a) Credit side of the cash book only
(b) Debit side of cash book only
(c) Both side of cash book
(d) All receipt and payments of cash

10. Mr. Daru and Paru have following transaction between them:
(i) On April, 1 , 2014 Mr. Daru owes Paru RS 15,000.
(ii) On 15 April Mr. Daru purchased goods of Rs 75,000 from him
(iii) During April Mr. Paru get a cash memo to him for Rs 10,000 in urgent need of money
(iv) 1/2% cash discount taken by Daru after clearing half of his dues to Paru
Calculate discount received by Daru during April 2014.
(a) Rs 225
(b) Rs 250
(c) Rs 162.50
(d) Rs 187.50
11. Cheque which can be en-cashed by anyone who presents it to bank.

(a) Self
(b) Bearer
(c) Order
(d) Crossed
12. An allowance of Rs 50 was offered for an early payment of cash of Rs 1,050.

(a) Journal Proper
(b) Ledger
(c) Expense Register
(d) Double Column Cash Book
13. Soham received a cheque of Rs 6,000 from Rupesh and endorses it to Reshma in payment of a loan. Reshma
deposits this cheque in bank. The cheque was dishonored and returned after a week. Which account will Reshma
credit-
(a) Soham's A/c
(b) Rupesh's A/c
(c) Bank A/c
(d) Bank debtors A/c
14. Mohan has current account and fixed deposits account in SBI. He sold goods worth Rs 3,850 to Vivek by Cash
and deposited the sale proceeds into bank on the same day. Its entry will be made to the debit of-
(a) Cash A/c
(b) Bank A/c
(c) Fixed deposit A/c
(d) Vivek's A/c
15.An expenditure is called capital expenditure when-

(a) The amount is paid in Lump Sum
(b) The amount is large
(c) It is intended to benefit in the current period
(d) It is intended to benefit in the future period
16.Amount spent to increase the earning capacity is a _____________ expenditure

(a) Capital
(b) Revenue
(c) Deferred Revenue
(d) Capital Loss
17. Money spent Rs 20,000 as travelling expenses of directors on trips abroad for purchase of Capital Assets is -
(a) Capital expenditure
(b) Revenue expenditure
(c) Deferred revenue expenditures
18. Money spent to reduce working expenses:


19. Amount spent, for construction of temporary huts, necessary for construction of the cinema house and
demolished when the cinema house was ready is a -
(a) Revenue expenditure
(b) Capital expenditure
20. Expenditure spent for increasing the cinema hall seats is called ____________
21. Rs 25,000 spent on structural alterations to existing asset whereby revenue earning capacity is increased is
(b) Deferred revenue expenditures
(c) Revenue expenditure
22. The Piston & Rings are arranged for increasing fuel efficiency. That is a ___________
(b)Deferred revenue expenditures
(c) Capital expenditure
23. Spent Rs 57,600 on the construction of a platform for the installation of machinery imported from abroad-
24. The expenditure of Rs 2,000 incurred on a trial run of newly purchased machine is _____________
(a) Preliminary expenses
(d) Deferred revenue expenditures
25. Rs 15,000 customs duty was paid on import of a machinery for modernization of factory in the current year &
Rs 5,000 paid as import duty on raw materials -
(a) Revenue expenditure, Revenue expenditure
(b) Capital expenditure, Revenue expenditure
(c) Capital expenditure, Capital expenditure
(d) Revenue expenditure, Capital expenditure
26. Interest has accrued in the year on term loan obtained and utilized for construction of factory building and
purchase of machineries. However, production has not commenced till the last day of the accounting year-
27. A petrol engine of a passenger bus was replaced by a diesel engine-


28. Inauguration expenses of Rs 25 lakhs for opening of new manufacturing unit in existing business-
29. A building worth Rs 35 lakhs was purchased and it was dismantled with Rs 1 lakh and it was decided to build as
shopping mall. The cost of construction of building was Rs 50,00,000 and other expenses of Rs 50,000. The amount
of capital expenditure is
(a) Rs 86,00,000
(b) Rs 86,50,000
(c) Rs 85,50,000
(d) Rs 85,00,000
30. Deewali advance given to an employee is __________

31. Rohit carrying on real estate business sold a piece of land for Rs 4,00,00,000 (cost Rs 3,50,00,000) then the type
of receipt is ___________ nature and profit on sale is ____________
(a) Capital & transferred to capital reserve
(b) Revenue & transferred to P&L A/c
(c) Capital & transferred to P&L A/c
(d) Revenue & transferred to general reserve
32. M/S Daga & Co. installed a machinery on 1.01.2017 at a cost of Rs 5,00,000. Useful life of the machine is
estimated at 10 years. Depreciation is charged under straight line method. In December, 2013, they found that the
machine become obsolete and could not be used. It was sold for Rs 50,000. There will be ____________
(a) Capital loss of Rs 1,50,000
(b) Revenue loss of RS 1,00,000
(c) Capital loss of Rs 1,00,000
(d) Revenue loss of Rs 1,50,000
33. A machine with a written down value of Rs 10,000 has been sold for Rs 13,000. The amount realized is a -
(a) Capital receipt and profit involved should be transferred to capital reserve
(b) Revenue receipt
(c) Capital receipt and profit involved should be transferred to General reserve
(d) Capital receipt and profit involved should be transferred to profit and loss A/c
34. Rs 20,000 received from the issue of further shares-

(c) Deferred Revenue expenditure
(d) Capital Receipt
35. The unexpired portion of capital expenditure is shown as:

(a) Asset
(b) Liability
(c) Expense
(d) Income

36. Replacement of a vital part, costing Rs 9,000 for the one damaged in transit of newly purchased Machine-
(d) Capital Receipt
37. Renewal Fee of patents is a _______ expenditure.

(a) Capital
(b) Revenue
(c) Deferred Revenue
(d) Development
38. Amount of Rs 10,000 spent as lawyer's fee to defend a suit claiming the firm's factory site is
39. Subsidy of Rs 50,000 received from the government by a manufacturing firm in respect of price reduction in the
product is a -
(a) Capital receipt
(b) Revenue receipt
(c) Capital expenditure
(d) Revenue expenditure
40. Which of the following is revenue expenditure?

(a) Demolition & dismantling expenses
(b) Carriage on machinery purchased
(c) Packing charges of goods sold
(d) Oil painting expenses
41. White washing of the factory of building

(d) Capital Receipt
42. If repair cost is Rs 25,000, whitewash expenses are Rs 5,000, cost of extension of building is Rs 2,50,000 and
cost of improvement in electrical wiring system is Rs 19,000; the amount to be expensed is -
(a) Rs 2,99,000
(b) Rs 44,000
(c) Rs 30,000
(d) Rs 49,000
43. Stock of Rs 25,000 was destroyed by fire of which Rs 15,000 was received from Insurance Company-
44. Legal expenses incurred to defend a suit for breach of a contract to supply goods -
45. Legal expenses incurred on a suit for breach of contract to supply goods is a :


(b) Deferred expenditure
(d) Both (a) & (c)
46. If repair cost is Rs 25,000, whitewash expenses are Rs 5,000, cost of extension of building is Rs 2,,50,000 and
cost of improvement in electrical wiring system is Rs 19,000; the amount to be expensed is:
(a) Rs 2,99,000
(b) Rs 44,000
(c) Rs 30,000
(d) Rs 49,000
47. Claim amount received from Insurance company for loss of profit under Loss of Profit Policy when business
was suspended due to fire in the premises-
(d) Revenue receipt
48. A Motor Truck costing Rs 15,000 and standing in the books at Rs 7,250 was sold for Rs 12,000
(a) Capital Receipt Rs 12,000 & Revenue Profit Rs 4,750
(b) Capital Loss Rs 4,750 & Capital Expenditure Rs 12,000
49. The cash price of a machine is Rs 1,20,000 and its hire purchased price is Rs 1,50,000 to be paid in five equal
yearly installments. If a company purchases the machine on hire purchase basis, the amount of capital expenditure
will be -
(a) Rs 1,20,000
(b) Rs 1,35,000
(c) Rs 1,50,000
(d) Rs 1,60,000
50. Rs 99,500 was spent for dismantling, removing and reinstalling Plant, Machinery and Fixtures-
(d) Revenue receipt
Answer:
1.c 2.d 3.c 4.c 5.d 6.c 7.a 8.c 9.c 10.b 11.b 12.d 13.c
14.b 15.d 16.a 17.a 18.a 19.b 20.a 21.a 22.c 23.b 24.b 25.b 26.b
27.b 28.b 29.a 30.d 31.b 32.b 33.d 34.d 35.a 36.a 37.b 38.b 39.b
40.c 41.a 42.c 43.a 44.a 45.c 46.c 47.d 48.a 49.a 50.c

CS Foundation Provision, Contingent Liabilities and Contingent Assets & Rectification Of Errors
Provision, Contingent Liabilities and Contingent

Assets AND Rectification Of Errors
1. Which of the following is not a contingent liability?
(a) Claim against enterprises not acknowledge as debt
(b) Guarantee given in respect of third parties
(c) Liability in respect of bills discounted
(d) Penalty imposed by excise officer for violation of provisions of Central Excise Act.
2. If an inflow of economic benefits is probable then a contingent asset is disclosed-

(a) In the financial statement
(b) In the report of approving authority ( Board of Directors in the case of a company, and the corresponding
approving authority in the case of any other enterprise ).
(c) In the cash flow statement
3. Which of the following is not a difference between provision & contingent liability
(a) A provision meets the recognition criteria where as contingent liability fails to meet the same
(b) Provision is a present liability of uncertain amount where as contingent liability is possible obligation which
arises from past events
(c) Provision can't be measured where as contingent liability is absolutely measured
4. Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation,
is termed as __________
(a) Provision
(b) Liability
(c) Contingent liability
5. A contingent asset is ________

(a) Usually disclosed in the financial statements
(b) Usually disclosed in the notes to account
(c) Usually disclosed in the reports of approving authority
(d) Not disclosed anywhere
6. Which of the following statements is false

(a) Reserve is an appropriate of profits
(b) Provision for tax still not paid is a reserve
(c) Capital reserve is created out of capital profits
7. ABC Ltd has issued a cheque for Rs 3,50,000. The accountant by error has recorded the payment at Rs 35,000.
This error can be identified on preparing _________.
(a) P&L A/c
(b) Bank Book
(c) BRS
(d) Trial Balance
8. After rectification of the following errors, effect on Net profit will be

i) A cheque dishonored Rs 3,100 debited to discount A/c
ii) Sales book ( undercast ) short by Rs 23,000.
iii) A customers returned goods of value of Rs 1,200, included in stock but not recorded
(a) Increased by Rs 24,900

(b) Decreased by Rs 24,900

(c) Increased by Rs 23,700
(d) No change
9. Cash received from Ramesh Rs 1,500 is recorded correctly in cash book, but debited to his account because of
this error ____________
(a) Trail balance shows Rs 3,000 more on the debit side
(b) Trail balance shows Rs 3,000 more on the credit side
(c) Trail balance shows Rs 1,500 more on the debit side
(d) Trial balance shows Rs 1,500 more on the credit side
10. The suspense A/c facilities the preparation of ___________ even if the _____________ has not been balanced.
(a) Trail Balance and Financial Statements
(b) Ledger and Trial Balance
(c) Trial Balance and Ledger
(d) Financial Statements and Trial Balance
11. Wages paid Rs 2,500 for installation of new machinery wrongly debited to wages A/c instead of machinery A/c.
It is an error of __________
(a) Omission
(b) Commission
(c) Principle
(d) Clerical Errors
12. Which of the following will not affect Trial Balance?

(a) Purchase Book was under casted by Rs 5,000.
(b) Whitewash Charges Rs 10,000 were debited to Building A/c
(c) Cash paid to Briz Binan Rs 500 was debited to Briz Binan A/c as Rs 5,000.
(d) Credit Sales of Rs 2,000 to P correctly recorded in sales book but not posted to P's Account
13. If a purchase return of Rs 3,500 has been wrongly posted to the debit of the sales return account, but had been
correctly entered in the suppliers account, the total of the trial balance would show:
(a) The credit side to be Rs 84 more than debit side
(b) The debit side to be Rs 84 more than credit side
(c) The credit side to be Rs 168 more than debit side.
(d) The debit side to be Rs 7000 more than credit side.
14. Which of the errors committed while the entries are posted in ledger.
(i) Errors of principle
(ii) Errors of commission
(iii) Errors of Partial omission
(iv) Errors of complete omission
(a) 1,2,3,4
(b) 2,3,4
(c) 1,2,4
(d) 1,3,4
15. What will be the effect on Capital A/c after rectifying the following errors:
i) Purchase of a cycle for Rs 3,000 was debited to conveyance A/c (fixed assets are depreciated at 10%)
ii) Credit purchase of goods from X for Rs 2,500 was wrongly entered in the sales book
iii) Cash received from Mr. A Rs 1,500 was posted to the A/c of Mr. B
(a) Debited with Rs 2,300
(b) Credited with Rs 2,300
(c) Debited with Rs 2,700
(d) Credited with Rs 3,800

16. Sales return of worth Rs 637 has been wrongly credited to purchase return account, but had been correctly
posted to debtors account. Total of trial balance would show:
(a) Debit side will be higher then Credit side by Rs 637
(b) Credit side will be higher then Debit side by Rs 637
(c) Credit side will be higher then Debit side by Rs 1274
(d) Debit side will be higher then Credit side by Rs 1274
17. Salaries paid Rs 4,500 is shown on credit side of trial balance. The debit side of trail balance will be
___________.
(a) Short by Rs 4,500
(b) Excess by Rs 4,500
(c) Short by RS 9,000
(d) Excess by RS 9,000
18. Sold old furniture valued Rs 2,000 to Sona was recorded as sales, the Book Value of furniture was Rs 2,500.
What will be the rectifying entry?
(a) Sales A/c Dr. 2,000
Suspense A/c Dr. 5,000
To Furniture A/c 2,500
(b) Sales A/c Dr. 2,000

P&L A/c Dr. 500
To Furniture A/c 2,500
(c) Sales A/c Dr. 2,500

Suspense A/c Dr. 500
To Sona A/c 2,500
(d) Furniture A/c Dr. 2,000

To Sona A/c 2,000
19. On Scrutiny, an accountant found that

(i) Bad Debts recovery of Rs 500 was credited to Debtors A/c wrongly.
(ii) Bank Charges of Rs 50 was wrongly entered twice in Cash Book.
(iii) Purchase Returns of Rs 200 was omitted to be entered in the Books A/c
What is the impact on profit after rectification?
(a) Increased Rs 650
(b) Increased Rs 350
(c) Decrease Rs 650
(d) Decrease Rs 350
Answer:
1.d 2.b 3.c 4.a 5.c 6.b 7.c 8.a 9.a 10.d 11.c 12.b 13.d 14.b
15.a 16.c 17.c 18.b 19.a

CS Foundation Bank Reconciliation Statement
Bank Reconciliation Statement

1. Which Account are used to prepare Bank Reconciliation Statement?
(a) Cash Column & Bank Statement
(b) Bank Column & Bank Statement
(c) Cash Column & Bank Balance
2. BRS is part of :
(a) Bank Account
(b) Cash Book
(c) Financial Statement
(d) None of these
3. When overdraft as per Cash Book is given wrong debit in Pass Book will:
(a) Added in BRS
(b) ND effect in BRS
(c) Subtracted in BRS
(d) None of these
4. On 31.04.14 balance of Cash Book is Rs 7,074 (Credit), balance as per Bank Statements is Rs 3,159 (Debit). On
scrutiny it was found that it was due to cheques issued but not yet presented. Bank Balance on 31.03.14 to be shown
in Balance Sheet is ___________.
(a) Bank O.D Rs 3,159
(b) Cash at Bank Rs 7,074
(c) Bank O.D Rs 7,074
(d) Cash at Bank Rs 3,159
5. Bank overdraft as per Cash Book Rs 13,500 Cheque deposited but not credited Rs 3000 Cheque issued but not
presented Rs 6000 Overdraft as per bank statement will be
(a) Rs 10,500
(b) Rs 10,000
(c) Rs 11,000
6. The cash book showed a credit balance of Rs 9,000 but the pass book made up the same date revealed that a
cheque of Rs 2,000 had not been presented for payment and a cheque of Rs 3,000 paid into account had not been
cleared.
The balance as per pass book will be :
(a) Rs 8,000
(b) Rs 10,000
(c) Rs 14,000
(d) None
7. The Cash Book showed an overdraft of Rs 1,500, but the Pass Book made up to the same date showed that
cheques of Rs 100, Rs 50 and Rs 125 respectively had not been presented for payments; and the cheque of Rs 400
paid into account had not been cleared. The balance as per the Pass Book will be-
(a) Rs 1,100
(b) Rs 2,175
(c) Rs 1,625
(d) Rs 1,375
8. The bank balance as per Cash book on 31st December is Rs 8,560 from the following particulars find out the bank
balance as per pass book
(i) On 18th December, the debit balance of Rs 1,700 was recorded ad credit balance in cash book
(ii) A Cheque of Rs 500 issued, was recorded twice in the cash book

(iii) A Cheque of Rs 250 issued, was not recorded in cash book

(iv) Dividend collected Rs 250 and subscription paid Rs100 by bank were not recorded in cash book
(a) Rs 12,360
(b) Rs 7,560
(c) Rs 10,660
(d) Rs 12,660
9. The credit balance as per cash book is Rs 15,000. Cheques amounting to Rs 2,750 were deposited in bank but not
yet collected. Cheques of Rs 4,000 were issued, but not yet presented for payments. A dividend of Rs 250 was
collected and a premium of Rs 1,500 was paid by bank under standing instructions. The balance as per Pass Book
will be ___________
(a) Rs 15,000 Dr.
(b) Rs 17,750 Cr.
(c) Rs 16,000 Dr.
(d) Rs 14,250 Cr.
10. On 27.03.14 four cheques of Rs 16,000, Rs 14,000, Rs 32,000, and Rs 23,000 were deposited in bank, out of
which cheques of Rs 16,000 only was collected upto 31st March. Two cheques of Rs 23,000 and Rs 32,000 were
collected on 4th April. Another cheques was not signed properly and was returned. What are the items to be taken in
the BRS?
(a) Rs 14,000, Rs 32,000, Rs 23,000
(b) Rs 14,000, Rs 32,000, Rs 23,000, Rs 16,000
(c) Rs 32,000, Rs 23,000
(d) Rs 14,000
11. While preparing BRS with balance as per cash book which of the following will not be added.
(a) Cheques deposited but not be cleared
(b) Cheques issued but not presented
(c) Cheques directly deposited in bank by a customer
12. The credit balance as per pass of 'x' was Rs 65,000. Cheques issued but not paid Rs 75,800. Cheques deposited
by one of the customers of bank but wrongly credited in 'X' A/c Rs 20,600.
The Balance as per Cash Book is _____________.
(a) Rs 31,400 Debit
(b) Rs 31,400 Overdraft
(c) Rs 1,20,000 Debit
(d) Rs 10,400 Overdraft
13. Over Draft balance as per Cash Book of 'X' Rs 20,500. Direct remittance of his customers is Rs 50,000 and 'X'
was not aware that Rs 25,000 cheque was deposited, returned unpaid and he was yet to be informed. Balance as per
Pass Book is _________
(a) 4,500 Cr.
(b) 4,500 Dr.
(c) 45,500 Cr.
(d) None
14. Bank Balance O.D as per pass book Rs 26,500. Calculate balance as per cash book is
1. Cheques deposited for Rs 4700 but not collected
2. Cheques issued for Rs 11,000 but not presented
3. Bill discounted and dishonored Rs 4,000, and Bank paid noting charges Rs 200
(a) Rs 28,600 O.D
(b) Rs 16,000 O.D
(c) Rs 24,000 O.D
(d) Rs 28,500 O.D

Answer:
1.b 2.d 3.a 4.c 5.a 6.b 7.c 8.a 9.a 10.a 11.a 12.b 13.a 14.a

CS Foundation Meaning & Scope of Accounting
Meaning and Scope of Accounting MCQ

1. ____________ is root cause for financial accounting?
(a) Stewardship accounting.
(b) Social accounting.
(c) Management accounting.
(d) Human resource accounting.
2. Purchases during the year were 2,00,000. Expenses amounted to 20,000. Sales were 2,50,000. the calculated
profits for year Rs. 30,000. The followed the concept of:
(a) Matching
(b) Periodicity
(C) Going concern
(d) Realisation
3. Which of the following is correct?

(a) Liabilities = Capital + Assets
(b) Capital = Assets - Liabilities
(c) Capital = Assets + Liabilities
(d) Assets = Liabilities - Capital
4. The process of recording financial data upto trail balance is ___________.

(a) Book keeping
(b) Classifying
(c) Summarizing
(d)Analising
5. Government raised funds through taxes and spent them for the public expenditure. The deficit or surplus at the
end of the year is
(a) Transaction
(b) An event
(c) Transaction as well as event.
(d) Neither a transaction nor an event.
6. On January 1, Sohan paid rent of Rs 5,000. This can be classified us-

(a) An event
(b) A transaction
(c) A transaction as well as an event.
7. On 31.03.2014, a trader, after sale of goods , is left with closing stock of Rs 10,000. This closing stock is -
(a) An event
(b) A transaction
(c) A transaction as well as an event.
8. A trader has made a sale of Rs 75,500 out of which cash sales amounted to Rs 25,500. He showed trade
receivables on 31.03.2014 at Rs 25,500. Which concept is followed by him?
(a) going concern
(b) Cost
(c) Accrual
(d) Money measurement
9. Which of the following is an event?

(a) Purchase of goods worth Rs 4,000.
(b) Sale of goods worth Rs 2,000.

(c) Closing Stock worth Rs 2,000.
(d) Rent paid Rs 2,000.
10. Interest on drawing is charged from owner as per:

(a) Money measurement concept
(b) Accrual concept
(c) Conservatism concept
(d) Business entity concept
11. Accounting is basically concerned with

(a) Forecasting
(b) Measurement
(c) Management
12. In which of the following cases, accounting estimates are needed?

(a) Employs benefit schemes
(b) Impairment of losses
(c) Inventory obsolescence
13. The purposes of an accounting system include all of the following except-
(a) Interpret & Record effects of business transactions
(b) Classify the effects of transactions to facilitate the preparation of report
(c) Summarize and communicate information to decision making
(d) Dictate the specific types of business enterprise transaction that the enterprise may engage in.
14. Interpretation means

(a) Explanation of meaning and significance of the data in Financial Statements.
(b) Concerned with preparation and presentation of classified data
(c) Systematic analysis of recorded data
(d) Methodical classification of data given in Financial Statements.
15. All of the following are functions of Accounting except

(a) Decision making.
(b) Measurement.
(c) Forecasting.
(d) Cost Reduction
16. Which accounting concept satisfy the valuation criteria _________

(a) Going concern, Realisation, Cost
(b) Going concern, Cost, Dual aspect
(c) Cost, Dual aspect, Conservatism
(d) Realisation, Conservatism, Going concern
17. Financial statements are part of

(a) Accounting.
(b) Book keeping
(c) All of the above
18. Objective of Book Keeping is -

(a) Complete recording of transactions
(b) Ascertainment of financial effect on the business
(c) Analysis and interpretation of various facts
(d) a & b
19. Which of the following is not a sub field of accounting?

(a) Management accounting
(b) Cost accounting
(c) Financial accounting
(d) Book keeping
20. All fixed assets are put together and all current assets are put together, under which of the following accounting
stages?
(a) Recording
(b) Communication
(c) Analysis
(d) Interpretation
21. If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it.
(a) Is assumed that it is not followed
(b) Is assumed to be followed
(c) Is assumed to be followed to some extent
22. Economic life of an enterprise is split into the periodic interval as per __________
(a) Money Measurement
(b) Matching
(c) Going Concern
(d) Accrual
23. Mr. Z purchased goods for Rs 20,00,000 and sold 4/5th of goods for Rs 22,00,000, of which he received Rs
20,00,000 in cash. His expenses amounted to Rs 2,50,000 during the year. Mr. Z counted of the net profit as Rs
1,50,000 for that year. Which concept is violated?
(a) Entity
(b) Periodicity
(c) Conservatism
(d) Accrual
24. Purchase of machinery for cash
Particulars Rs
Cost of machinery purchased on 1.4.2014 10,00,000
Installation charges 1,00,000
Market value as on 31.03.2015 12,00,000
While finalizing the annual accounts, if the company values the Machinery at Rs 12,00,000. Which of the following
concepts is violated by the Alpha Ltd ?
(a) Going Concern
(b) Matching
(c) Realization
(d) Periodicity
25. A businessman purchased goods for Rs 25,00,000 and sold 80% of such goods during the accounting year ended
31st March, 2010. The market value of the remaining goods was Rs 4,00,000. He valued the closing stock at cost.
He violated the concept of:
(a) Money measurement
(b) Conservatism
(c) Cost
(d) Periodicity
26. Revenue from sale of produces, is generally, realized in the period in which
(a) Cash is collected

(b) Sale is made
(c) Products are manufactured
27. Which of the following concept shows difference between amount of receipt and right to receive an amount?
(a) Matching Concept
(b) Going Concern Concept
(c) Accrual Concept
(d) Realisation Concept
28. Kanika Enterprises follows the Written Down Value method of depreciating Machinery year after year due to
(a) Comparability
(b) Convenience
(c) Consistency
29. Consistency with reference to application of accounting procedures means

(a) All companies in the same Industry should use identical accounting procedures
(b) Income & assets have not been overstated
(c) Accounting methods & procedures shall be followed on uniform basis year after year
(d) Any accounting method can be followed as per convenience
30. A purchase goods worth Rs 1,50,000 out of which his sold goods worth Rs 80,000 for Rs 1,00,000. Cost of
remaining stock is Rs 70,000 and the market value of the remaining stock is Rs 85,000. He value the stock at market
price. Which of the following concept has been violated by him.
(a) Conservatism
(b) Accrual
(c) Matching
(d) Periodicity
31. All the enterprises should follow the same method of accounting policies for comparability of accounts due to
_______
(a) Conservatism
(b) Consistency
(c) Matching
(d) Going Concern
32. The Capital contributed by the Proprietor is treated as a liability according to -

(a) Cost concept
(b) Business Entity Concept
(c) Going concern concept
(d) Materiality
33. Proprietor's personal expenditure is not recorded in the books of accounts due to
(a) Materiality
(b) Conservatism
(c) Going Concern
(d) Business Entity Concept
34. In Income measurement & recognisation of assets & liabilities which of the following concepts goes together?
(a) Periodicity, Accrual, matching
(b) Cost, Accrual, matching
(c) Going concern, cost, Realization
(d) Going concern, Periodicity, Relaibility
35. The determination of expenses for an accounting period is based on the concept of:
(a) Objectivity
(b) Materiality
(c) Matching
(d) Periodicity
36. Which accounting concept specifies the practice of crediting closing stock to the trading Account?
(a) Cost
(b) Realisation
(c) Going Concern
(d) Matching
37. M Purchased goods for Rs 15,00,000 and sold 4/5th of the goods for Rs 18,00,000 and expenses Rs 2,50,000 in
the years 2009. He counted net profit as Rs 3,50,000. Which of the accounting concept was followed by him?
(a) Entity
(b) Periodicity
(c) Matching
(d) Conservatism
38. Capital brought in by the proprietor is an example of

(a) Increase in Asset and Increase in Liability
(b) Increase in liability and Decrease in Assets
(c) Increase in asset and Decrease in Liability.
(d) Increase in one asset and Decrease in another asset.
39. Decrease in the amount of creditors results in

(a) Increase in cash
(b) Decrease in cash
(c) Increase in Assets
(d) No change in Assets
40. If an individual asset is increased, there will be a corresponding

(a) Increase of both another Asset and Capital
(b) Decrease of another asset or increase of Liability
(c) Decrease of both specific liability and capital
(d) Increase of drawings and Liability
41. A purchased a Car for Rs 5,00,000, making a down payment of Rs 1,00,000 and signing a Rs 4,00,000 Bill
Payable due in 60 days. As a result of this transaction-
(a) Total assets increased by Rs 5,00,000.
(b) Total liabilities by Rs 4,00,000.
(c) Total assets increased by Rs 4,00,000.
(d) Total assets increased by Rs 4,00,000 with corresponding increase in liabilities by Rs 4,00,000.
42. Ram has stated business with Rs 5,50,000 and has purchased goods worth Rs 1,50,000 on credit. The
Accounting Equation based on Assets = Capital + Liabilities will be-
(a) 7,00,000= 5,50,000 + 1,50,000
(b) 7,00,000= 6,50,000 + 50,000
(c) 5,50,000= 7,00,000 - 1,50,000
(d) 5,50,000= 5,00,000 + 50,000
43. An Asset purchased for Rs 60,000 and paid Rs 10,000 and remaining amount is payable in installments. This
effect leads to ___________
(a) Both Assets & Liabilities increased by Rs 50,000
(b) Both Assets & Liabilities decreased by Rs 50,000
(c) Assets increased by Rs 10,000 & Liabilities decreased by Rs 10,000
(d) Assets increased by Rs 50,000 & Liabilities decreased by Rs 50,000

44. A trader purchased goods for Rs 25,00,000, of these 70% of goods were sold during the years, At the end of 31st
December 2014, the market value of such goods were Rs 5,00,000. But the trader recorded in his books for Rs
7,50,000. Which of the following concept is violated.
(b) Conservatism
(c) Consistency
(d) None
45. A business purchased goods Rs 25,00,000 and sold 70% of such goods during the accounting year ended 31st
march, 2014, the market value of the remaining goods was Rs 5,00,000. He valued the closing stock at Rs 5,00,000
and not Rs 7,50,000 due to-
(b) Cost
(c) Conservatism
(d) Periodicity
46. Gyan received Rs 5,000 in advance but he credited to sale account. Which of the following concept he did not
follow?
(a) Accrual
(b) Conservatism
(c) Consistency
(d) Going concern
47. When applies to the balance sheet, the convention of conservatism result in-
(a) Understatements of assets
(b) Understatement of liabilities and provision
(c) Overstatement of Capital
(d) All of these
48. ' A limited' purchased goods of Rs 10,00,000 and sold 90% of goods and remaining goods market value is Rs
90,000 and Closing Stock is 10%, but he recorded Rs 90,000 and not Rs 1,00,000. Which concept does he follow-
(a) Materiality Concept
(b) Cost Concept
(c) Entity Concept
(d) Conservatism Concept
49. Accounting policy for Inventories of Xeta Enterprises states that inventories are valued at the lower of cost
determined on weighted average basis or Net realizable value. Which accounting principle is followed in adopting
the above policy?
(a) Materiality
(b) Prudence
(c) Substance over form.
50. When recording of a transaction, substance of that transaction should be considered and not its legal form. This
statement is according to _______________
(a) Substance over form
(b) Disclosure of Accounting Policy
(c) Both (a) & (b)
51. All of the following are the advantage of accounting standards, except _________________
(a) Accounting standards cannot override the statute
(b) Accounting standards reduce to a reasonable extent confusing variable of the accounting treatments.
(c) Accounting Standards cal for disclosure beyond that required by law.
(d) Accounting standards facilitate comparison of financial statements of companies

52. Accounting Standards refer to specific Accounting -

(a) Principles
(b) Methods of applying those principles
(c) Both (a) & (b)
53. Accounting Standards -

(a) Harmonise accounting policies.
(b) Eliminate the non-comparability of financial statements.
(c) Improper the reliability of financial statements.
(d) All of the above.
54. Which are limitation of Accounting Standards-

(a) The choice between different alternative accounting
(b) There may be trend towards rigidity.
(c) Accounting Standards cannot override the statute.
55. The number of accounting standards issued by the Institute of Chartered Accountants of India till 31.03.2010
(a) 31
(b) 32
(c) 29
(d) 30
56. Matching the following :

(a) As 26 (i) Impairment of assets
(b) As 10 (ii) Discontinued operations
(c) As 28 (iii) Intangible assets
(d) As 24 (iv) Accounting for fixed assets
(a) a-iii, b-iv, c-ii, d-i
(b) a-ii, b-iv, c-i, d-iii
(c) a-ii, b-iii, c-i, d-iv
(d) a-iii, b-iv, c-i, d-ii
57. Change in Accounting estimate means :

(a) Certain parameters estimate in earlier and re-estimate in the current period
(b) Certain parameters estimate in earlier and actual result achieved during current year
(c) Certain parameters re-estimated during the current period and actual result achieved during the previous period
(d) Both (a) & (b)
58. A change in an accounting policy should be made if the adoption of a different accounting policy is required-
(a) Due to change in law of land
(b) For compliance with Accounting Standards
(c) To provide more appropriate information users
59. In which of the following areas different accounting policies may be adopted by different enterprises-
(a) Valuation of inventory
(b) Method of depreciation
(c) Treatment of Goodwill
(d) All of the three
60. Which of the following are accounting policies?

(a) Treatment of Goodwill
(b) Valuation of Inventories
(c) Treatment of retirement benefits
61. Selection of inappropriate accounting policy decision may-

(a) Overstate the performance and financial position of a Business Entity.
(b) Understate/ Overstate the performance and financial position a business entity.
(c) Overstate the performance of a Business Entity.
(d) Understate financial position of a Business Entity.
62. Measurement discipline deals with-

(a) Identification of objects and events
(b) Selection of scale
(c) Evaluation of dimension of measurement scale
63. Which of the following is not valuation principles-

(a) Historical Cost
(b) Current Cost
(c) Present Value
(d) Competitive Cost
64.ABC Ltd. Purchased a building by paying Rs 50,00,000 as on 1st April, 2007. On 1st April, 2014 it found that it
would cost Rs 1,50,00,000 to purchase the similar building. This value of Rs 1,50,00,000 is known as -
(a) Historical Cost
(b) Realizable Value
(c) Current Cost
(d) Present Cost
65. The primary qualities that make accounting information useful for decision making are:
(a) Comparability and consistency
(b) Materiality and timeliness
(c) Relevance and Reliability
(d) Reliability and Comparability
Answers
1. a 2. a 3. b 4.a 5.b 6.b 7.a 8. c 9. c 10. d 11. b 12.d

13.d 14.a 15.d 16. a 17. a 18. d 19.d 20.c 21.b 22. c 23. d 24.a
25.b 26.b 27.c 28.c 29.c 30.a 31.b 32.b 33.d 34.a 35.c 36.d
37.c 38.a 39.b 40.c 41.d 42.a 43.a 44.b 45.c 46.b 47.a 48.d
49.b 50.c 51.a 52.c 53.d 54.d 55.b 56.d 57.d 58.d 59.d 60.d
61.b 62.d 63.d 64.c 65.c

Account MCQ Notes PDF

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Account MCQ Notes PDF

Încărcat de

Drepturi de autor:

Formate disponibile

CS Foundation Accounting Process – Basics Journal & Ledger

Accounting Process-Basics and Journal And Ledger MCQ

2. What is the principal of Nominal A/c?

4. Which of the following is wrong?

6. Interest Receivable from karan, borrower A/c in:

8. Salary payable to an employee Rs 50,000. Which account is to be credited?

Unique Academy 1 Prof. Ashish Parikh 8007978700

(d) Bad debts A/c be debited with Rs 800

(b) Car A/c Dr. (d) Cash A/c Dr.

Unique Academy 2 Prof. Ashish Parikh 8007978700

Unique Academy 3 Prof. Ashish Parikh 8007978700

Trial Balance & Subsidiary Books

2. A Trail Balance contains the balance of

3. Agreement of Trial balance is not a ___________ proof of accuracy.

4. Trial balance is a statement which shows _____________of all accounts.

5. Trial balance is prepared to locate ____________

6.As per trial balance on 31.03.2014

7. All the following statements are correct except

8.The balance of M/s Nagarjuna Traders are as follows:

Sales Rs 16,00,000; Patents Rs 1,20,000;

10. An inexperienced accountant prepared the following trail balance

13. Trade discount availed on purchase of goods:

14. Purchase book records:

15. Rectification of errors are first entered in -

Unique Academy 6 Prof. Ashish Parikh 8007978700

Cash Book & Capital Vs Revenue Distinction

2. When a firm maintain a simple Cash Book, it need not maintain

3. In the three column cash book the discount columns are

4. Which of the following is recorded as Contra Entry-

8. If a cheque is returned dishonored, it is recorded in -

9. When a cheque received is endorsed, entered on-

Unique Academy 7 Prof. Ashish Parikh 8007978700

11. Cheque which can be en-cashed by anyone who presents it to bank.

12. An allowance of Rs 50 was offered for an early payment of cash of Rs 1,050.

15.An expenditure is called capital expenditure when-

16.Amount spent to increase the earning capacity is a _____________ expenditure

18. Money spent to reduce working expenses:

Unique Academy 8 Prof. Ashish Parikh 8007978700

(a) Capital expenditure

27. A petrol engine of a passenger bus was replaced by a diesel engine-

Unique Academy 9 Prof. Ashish Parikh 8007978700

(a) Revenue expenditure

30. Deewali advance given to an employee is __________

34. Rs 20,000 received from the issue of further shares-

35. The unexpired portion of capital expenditure is shown as:

Unique Academy 10 Prof. Ashish Parikh 8007978700

37. Renewal Fee of patents is a _______ expenditure.

40. Which of the following is revenue expenditure?

41. White washing of the factory of building

Unique Academy 11 Prof. Ashish Parikh 8007978700

(a) Capital expenditure

Unique Academy 12 Prof. Ashish Parikh 8007978700

Provision, Contingent Liabilities and Contingent

2. If an inflow of economic benefits is probable then a contingent asset is disclosed-

5. A contingent asset is ________

6. Which of the following statements is false

8. After rectification of the following errors, effect on Net profit will be

Unique Academy 13 Prof. Ashish Parikh 8007978700

(b) Decreased by Rs 24,900

12. Which of the following will not affect Trial Balance?

Unique Academy 14 Prof. Ashish Parikh 8007978700

(b) Sales A/c Dr. 2,000

(c) Sales A/c Dr. 2,500