Financial accounting information helps to understand the following aspects of an

entity
c
The balances in the nominal accounts are transferred to this Account
b
A list of all closing balances of all financial accounts with the debit and cred
it balances written separately is called the
c
Sheik and Co had a current account balance of Rs.3500000 and a demand loan outst
anding of Rs.3000000\- .They issued a cheque from the current account to close t
he demand loan
b
while posting the above entry Jayesh transferred the funds from kamlesh. How wou
ld Jayesh reverse this entry
a
The golden rule we follow while accounting in our journal book for nominal accou
nts is
c
Certain internationally accepted conventions and principles that are strictly fo
llowed while recording a transactions in the books of accounts and in preparing
financial statements are (tick all the ones which you think are accepted convent
ions)
125
The interest payment on savings account will reduce the profit figure
T
The left hand side of the journal book records entries which are in
cr
Branch A has a total deposit figure of Rs.8000000 as on 30.3.2008. The branch ma
nager wants to reach a deposit figure of Rs.1 crore in his balance sheet as on 3
1.3.2008.He can try to get
3
All the entries in the journal book are Not written in a chronological order. Is
this statement correct
f
Identify the items which appear in the journal book
1235
Balances in Real accounts like cash, furniture, land etc will appear
a
If the interest on homeloan increases, it will increase the profit of the bank
t
Exchange on DD is an income for the bank
t
The total of debit and credit balances should tally in a trial balance. Is this
statement correct
t
The Bank branch has total savings deposits of 125000000 as on 30.3.2008. On 31.3
.2008, the deposits into savings account was Rs.2500000 and withdrawals were Rs.
1900000. The savings account figure in the branch balance sheet as on 31.3.2008
would be
a
the abbreviation of `Dr.` while recording in the journal book represents
debit
The total deposits figure of a branch as on 30.3.2008 was Rs.780000000. On 31.3.
2008, one current account customer transferred Rs.100000000 from his current acc
ount to fixed deposit. The total deposit figure of the branch as on 31.3.2008 wo
uld be
a
The bank incurs expenses towards repair of airconditioner. The repair is done by
AC Nath and Co who maintain a current account with the bank. The bill amount is
Rs.4200\- The accounting entry would be
b
Sulaiman has a savings account with a balance of Rs.478657. He deposits cash Rs.
3000 into the account. The balance after the transaction is
c
Sanjay has taken a housing loan from XY Bank and they are disbursing the amount
today of Rs.15 lacs. The bank would pass the following bank entry
b
Balances in Real Accounts represent __________ of the business
a
The closed balances of the nominal accounts will feature in the Balance Sheet`.
Is this statement correct
false
Balances in personal accounts in which amount is owed by the business to its cre
ditors will appear on the
b
Sindubad has a car loan account outstanding of Rs. 450000. He deposits cash Rs.4
0000 into the account, The car loan outstanding after the transaction is
c
Mr. siddanth wants to place a Fixed Deposit in the Bank for Rs.5000\= for one ye
ar in ABC Bank. He has a savings Bank account with ABC from where he wants the a
mount to be transferred. The journal entry that would be passed is
a
LF in a ledger book
a
The golden rule to be followed for funds transfer between two customer accounts
in a bank branch is debit the receiver , credit the giver.This means
13
The Bank has to pay the telephone bill amounting to Rs.5000\- to MTNL.It is requ
ired to pay the bill by issue of payorder favouring MTNL The accounting entry wo
uld be
b
The trading account is constructed to find out the
b
Zuben Musicals have deposited cash for credit of Rs.45000 into their current acc
ount and Rs.4500 for credit to the account of Mr.Zubin. Cash account to be debit
ed with Rs.49500
true
The Bank branch has total fixed deposits of 45,67,00,000 as on 30.3.2008. On 31.
3.2008 the new deposits created were for Rs.12500000 and deposits closed were to
the tune of Rs.7500000.The fixed deposit figure in the branch balance sheet as
on 31.3.2008 wo
461700000
Jayesh as the customer executive was posting a transfer cheque deposited by Lath
a of RS.9000\=. Latha had received this chq from her friend Rajesh. What entries
will you pass
b
CAPITAL` reflects on the which side of the balance sheet
b - liabilities
In the case of organisations,. the balance in the profit and loss account is gen
erally
a
Going by the principle of conservatism, the closing stock is normally valued at
a
Venkat has a fixed deposit of Rs.450000. He withdraws Rs.50000 \- from the Fixed
deposit towards an emergency. The balance in the fixed deposit after the premat
ure withdrawal would be
c
When a debt becomes irrecoverable and has to be written off,
b
Sekhar and Co issue a cheque for Rs.450000\- from their current account number 9
00105000017 with instructions for transferring the funds to their current accoun
t 600105467890 at another branch .The accounting entry would be
a
The home loans figure in the branch balance sheet as on 30.3.2008 was Rs.3400000
00. On 31.3.2008, there was a repayment of Rs.20000000.The homeloans figure in t
he branch balance sheet as on 31.3.2008 would be
320000000
Provison for Bad debt appears on the
asset
Krishna has a savings account 450001000001 and issues a cheque for Rs.250000 fav
ouring Sudhama a\c 450001000100 .The Bank inadvertently credits the account of S
udhima a\c 450001000010 .What is the rectification entry ?
b
Sancheti and Co have a balance of Rs.456790 in their account. They have issued a
cheque for cash withdrawal of Rs. 45000\ - from their account. The balance afte
r the transaction will be
c 411790
Balance with Reserve Bank of India will appear in the
asset
Mr. Singh had deposited Rs.25000\= cash in his Savings account no 001101008567.
the teller by mistake entered the a\c no as 001101008657 erroneously. What ent
ry would you pass to rectify this situation
b
The credit balance in the Balance sheet is written in the
b-liab
When a customer deposits cash, the golden rule for debiting cash is
c
The Bank buys some stationery for office use, the bill amount is Rs.100. The acc
ounting entry would be
b