Question :
The club sold all its furniture of book value Rs.9,000 for Rs.4,500. It purchased new furniture of Rs.20,000 in the mid year. Depreciation charged @ 10%. This information will be shown as under:
Option 1: Loss on sale of furniture Rs.4,500 and depreciation Rs.2.000 debited to Income and Expenditure A/c
Option 2: Loss on sale of furniture Rs.2,000 and depreciation Rs.4,500 credited to Income and Expenditure A/c
Option 3: Balance Sheet as furniture at Rs.13,500
Option 4: None of these
Correct Answer: Loss on sale of furniture Rs.4,500 and depreciation Rs.2.000 debited to Income and Expenditure A/c
Solution : It is because p.a. word is missing after 10% therefore time period of mid year will be ignored. Depreciation of furniture = Rs.20,000 X 10% = Rs.2,000 is to be debited to Income and Expenditure Account. Loss on sale of furniture = Rs.9,000 - Rs.4,500 = Rs.4,500 is to be debited to Income and Expenditure Account. Hence, the correct option is 1.
A sports club, incurred tournament. Expenses of Rs.2,10,000 whereas it has only Rs.1,80,000 in its Tournament Fund A/c. This information will be reflected as:
Option 1:
Debit Income and Expenditure A/c by Rs.30,000
Option 2:
Credit Income and Expenditure A/c by Rs.30,000
Option 3:
Rs.30,000 Tournament Fund on the asset side of
Balance Sheet
Option 4: Rs.30,000 Tournament Fund on the liabilities side of Balance Sheet
Complete the following sentence:
Most people in India waste time _______ others; they find it hard to face their targets and thus speak ill about them in privacy.
disparage
Option 2: elude
maroon
Option 4:
resplendent
Option 5:
exalt
Correct the following sentence if it is incorrect
The students were utterly disgruntled and the management was equally oblivious about the opprobrium to be generated among students.
Option 1: utterly disgruntled and the management was equally oblivious to the opprobrium to be generated between students
utterly disgruntled and the management was equally oblivious on the opprobrium to be generated among students
utterly disgruntled and the management was equally oblivious of the opprobrium to be generated among students
utterly disgruntled and the management was equally oblivious around the opprobrium to be generated among students
utterly disgruntled and the management was equally oblivious about the opprobrium to be generated among students
Summarize the following paragraph:
It is imperative that all students pay attention to their studies. In addition to this, it is equally significant that students are not limited to the knowledge they acquire from books. They must actively pitch in sports activities of their schools. This may not hold true in cases of all students as some are not good at sports but excellent at acting or singing. It is about students identifying their strengths and opening new windows for themselves.
Option 1: None of these
Students must be able to chose the right field
Students must be developed such that they have multifarious vocation-options
Students must realize their area of expertise
Students must know their strengths
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