Important Questions KMBN103
Important Questions KMBN103
2 marks questions:
Q. To make accounts comparable we need one convention to be followed name the convention and also
explain the same.
Q. “Closing stock is always valued at Cost price or Market price whichever is less” as per which
convention, explain the same.
Q. Define accounting.
Q. List any four tools available for the analysis of financial statement.
Q. What do you mean by Double Entry System? Explain the merits and demerits also.
Q. Prepare the format of Common size Balance Sheet with imaginary figures.
Q. From the following transactions prepare Journal Entries, Ledger & Trial Balance:
Q. On 1st January, 2018, machinery was purchased by X for Rs.80,000. On 1st July, 2019, additions were
made to the extent of Rs.20,000. On 30th June, 2021 machinery purchased on 1st January, 2018, was
sold for Rs.26,000. Depreciation is charged at 10% per annum on original cost. Show the Machinery
Account for the years from 2018 to 2021 in the books of X. X closes the books on 31st December.
10%.
iii.Salaries for the month of December, 2004 amount Rs.2,000 were unpaid.
employees.
vi.A provision for Bad and Doubtful Debts is to be created to the extent of 5%
on Sundry Debtors.
Q. Suppose you are an investor and you want to invest the money into a company;
iii) Debt-Equity Ratio iv) Proprietary Ratio & v) Gross Profit Ratio
Q. From the following information for the year ended 31st Dec 2018:
Total Sales- Rs. 5,00,000/- Sales Return- Rs. 50,000/- Gross Profit – 40%
Q. On July 01, 2010, Ashok Ltd. purchased a machine for ₹ 1,08,000 and
that the effective commercial life of the machine will be 12 years and after
and depreciation Account in the books of Ashok Ltd. For first three years,
You are required to prepare trading and profit and loss account for the year
ended 31st December, 2016 and a balance sheet as on that date. Also
Illustrate.
Illustrate.
Flow Statement.
figure.
limitations.
(D Depreciation on Machine.
Expenditure".
Prepare the Trading and Profit and Loss Account for the year
(b) Write offa further Rs. 180 as Bad Debts and maintain the
(i) StockTurnoverRatio
(iii) LiquidRatio
context.