CA (Chartered Accountant) Foundation Principles of Accounting: Questions 26 - 28 of 408

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Question 26

Question MCQ▾

Explain the Imprest system of petty cash?

Choices

Choice (4)Response

a.

Under this system the “Imprest” amount also known as “float” amount

b.

The amount which the petty cashier gets as reimbursement from the head cashier at regular intervals of time

c.

A system of maintaining petty cash

d.

All a., b. and c. are correct

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Question 27

Question MCQ▾

For the mutual accommodation of Vishal and Preethi on 1.4. 2016, Vishal drew a 4 months bill on Preethi for ₹ 20000. Preethi returned the bill after acceptance on the same date. Vishal discounts the bill from his bankers at 6% p. a and remits 50% of the proceeds to Preethi. On the due date Vishal is unable to send the amount due to Preethi and therefore Preethi draws a bill for ₹ 35000 which is duly accepted by Vishal. Preethi discounts the bill for ₹ 33000 and sends ₹ 6500 to Vishal. Before the bill is due for payment, Vishal becomes insolvent. Later 0.25 paisa in a rupee is received from his estate. Record the journal entries in the books of Vishal

Final amount to deficiency account will be

Choices

Choice (4)Response

a.

13125

b.

18120

c.

15124

d.

9546

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Question 28

Question MCQ▾

Ashok and Anand were partners in a firm sharing profits in the ratio of 4: 1. They admitted Guru as a new partner on 1st March, 2017 for th share. It was decided that Ashok, Anand and Guru will share future profits equally. Guru brought ₹ 100000 in cash and Equipment worth ₹ 140000 for his share of profit as premium of goodwill.

Pass necessary Journal entries in the books of the firm

What is Anand՚s Share of gain in goodwill?

Choices

Choice (4)Response

a.

54000

b.

84000

c.

96000

d.

91000

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