The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is
Rs.60,000
Rs.54,000
Rs.48,600
Rs.43,740
Correct Answer :
C. Rs.48,600
Related Questions
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.
True
False
The balance in the Cash Book represents net income.
True
False
All indirect expenses are charged against
Trading Account
Profit and Loss Account
Manufacturing Account
None of the above
Net Realisable Value of an asset means
The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above
Which of the following events is not a transaction?
Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
Rahul sold his bicycle to Rohan for Rs.600.
Abhijeet gifted a book, priced at Rs.800, to Amit.
None of the above.
Capital of the business is an example of external liability.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is
Rs.60,000
Rs.54,000
Rs.48,600
Rs.43,740
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
The short description of a transaction written at the end of a journal entry is known as _______________.
Summary
Narration
Memo
Info
WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
Any type of error affects the agreement of Trial Balance.
True
False
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost