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Accounting MCQs / Q&A

When bill discounted with the bank is dishonored?

Accounting MCQs / Q&A /
When bill discounted with the bank is dishonored?

A. Acceptor‘s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer
When a bill discounted with bank has been dishonoured, the drawer debits the Acceptors Account (restores the acceptor status a debtor for the amount due) and credits the Bank Account or Cash Account (the amount he pays to bank). The acceptor debits the Bills Payable Account, the noting charges and credits the Drawer‘s Account (Restores the status quo of the creditor to whom he is due to pay). Hence option A. is correct. All other options are incorrect.

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Accounting MCQs / Q&A

A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

Accounting MCQs / Q&A /
A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

A. 30th June,2018
B. 1st July,2018
C. 4th July,2018
D. 4th August,2018
Bill drawn on 1st April, 2018 payable after 3 months. The due date is 1st April, 2018 + 3
months + 3 days of grace = 4th July, 2018

A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is? Read More »

Accounting MCQs / Q&A

Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

Accounting MCQs / Q&A /
Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

A. 50,000
B. 55,000
C. 60,000
D. 65,000

Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000. Read More »

Accounting MCQs / Q&A

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission

Accounting MCQs / Q&A /
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission

A. 6441
B. 5431
C. 7150
D. 5876

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission Read More »

Accounting MCQs / Q&A

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.

Accounting MCQs / Q&A /
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.

A. 6441
B. 5431
C. 7654
D. 9876

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission. Read More »

Accounting MCQs / Q&A

Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

Accounting MCQs / Q&A /
Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

A. 2,40,000
B. 2,10,000
C. 2,00,000
D. 1,80,000

Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company. Read More »

Accounting MCQs / Q&A