Accounting Interview Questions

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  •  

    Purchase of Vehicle on EMI

    Suppose I purchased a bike, I paid down payment of Rs 25000/- and the balance in EMI of Rs 2200/- per month. Pass the necessary Journal entry.

    DEEPAK

    • Jan 25th, 2020

    1) Down payment entry Vendor A/ Dr 25,000 To Bank A/c 25,000 2)Due entry(Invoice Posting) Bike A/c Dr 50,000 To Vendor A/c 50,000 3)Vendor Payment Vendor A/c Dr 25,000 To ...

    Sumit M. Panchal

    • Nov 20th, 2018

    Purchase Ac DR
    To Down Payment CR
    To Emi CR

  •  

    Provision Entry Account Investment

    A provision entry is recorded to account investment details. Is this true or false

    DEVARAPALLI sivaji

    • Dec 10th, 2019

    Bad debt a/c
    To provision for bad debts a/c

    Vinod kumar Reddy

    • Nov 21st, 2018

    False
    provision entry will not show investment details but it will show the amount taken from net profit and keep as a provision for particular expense
    example: provision for bad debts

  •  

    What Account is Salary outstanding

    What Account is Salary outstanding? Is it real, personnel or nominal account?

    Khushi

    • Dec 11th, 2018

    How to calculate outstanding salary when it is for only 1 month

    naman bagga

    • Dec 7th, 2017

    O/s expense is an expense which is still to be paid like unpaid rent, unpaid salary and many more. It is a type of liability actually. It is a expense in which we have used the service or taken the service but the amount is not paid or given.

  •  

    Profit and Loss

    A farmer bought two cows for Rs. 15000 each. He sold one at a gain of 6% and on the other he incurred a loss of 5%. Find the overall gain or loss %.

    krishna Reddy A

    • Nov 25th, 2018

    15000*6%=900
    15000*5%=750
    900-750.-=150 is profit
    150/30000=0.5% is profit

    Himanshu sharma

    • Jun 29th, 2018

    (15000*106)?100 = 15900. A
    (15000*9 5)?100= 14250. B
    A-B = 1650 which is 11% profit

  •  

    Provision Entry for Expense

    In case of a provision entry for expense, debit the expense ledger and credit the provision for expens ledger is this true or false

    vinod kumar reddy

    • Nov 15th, 2018

    True
    entry for provision for expense is like provision for bad debts as per nominal account all expenses and losses are debit
    expense or losses a/c DR
    to provision a/c CR

    Dalip Singh

    • Nov 2nd, 2018

    No

  •  

    What is the Provision? What is the Entry for Provision?

    SALIMALI

    • Apr 12th, 2018

    When Create Provision

    Expenses A/C Dr
    To Provision for Expenses Cr

    When We book the Invoice for the Expenses
    Provision for Expenses A/c Dr
    To Accounts Payable A/C Cr
    When we make the payment
    Accounts Payable A/c Dr
    To Cash/Bank/PDC Payables

    Ceaser

    • Feb 25th, 2018

    Provision is a liability account and not an expense account

  •  

    Accrue Income

    What is Accrue Income? Answer briefly

    Bhaskar reddy KSR

    • Dec 22nd, 2017

    It is an income earned, but not yet received. (out standing income). say XYZ company earned interest on bank deposits Rs.1000 (October to Dec 2017 ) and Xyz company financial starts from Jan to Dec)...

    Bhawna Sharma

    • Mar 1st, 2017

    Accrue income is a amount which is earned but not received.

  •  

    What is the Fictitious assets?

    Kashmira

    • Nov 6th, 2017

    Why are Fictitious assets written on liabilities side?

    Tilak Sapkota

    • Mar 2nd, 2016

    It is an imaginary assets i.e.,it can neither be seen nor we can touch. Lets take an example-a company after its incorporation may make an huge expenditure for an advertisement. If the company debited...

  •  

    How to make a VAT entry in books including setoff?

    Star Read Best Answer

    Editorial / Best Answer

    mcgozon  

    • Member Since Mar-2009 | Mar 26th, 2009


    1.  Purchases
            Accounts Payable                  xxx
            VAT Input                              xxx
                Cash in Bank                               xxx
                    Purchases recorded for the month.

    2.  Sales
             Accounts Receivable              xxx
                 Sales                                             xxx
                 VAT Output                                    xxx
                     Sales recorded for the month.

    3.  Set Off
             VAT Output                            xxx
                 VAT Input                                        xxx
                 VAT Debit & Credit Account             xxx
                    Transfer of Surplus to VAT Debit & Credit Account.

    4.  Payment
              VAT Debit & Credit Account     xxx
                 Cash in Bank                                  xxx
                      Payment of VAT reported for the month of ______.
                 

    Jaleel

    • Oct 25th, 2017

    When set off
    Vat output a/c Dr
    Input vat a/c Cr
    Vat payable. Cr
    When payment made
    Vat payable a/c Dr
    Bank/Cash. Cr

    durgesh

    • Aug 22nd, 2016

    I need more help about VAT adjustment and entry whole year, How to adjust carry forward entry and and what should I do when there is a mis-match?

  •  

    What is Departmental Accounting? Give an example

    Neha

    • Oct 1st, 2017

    Departmental accounts is maintain by different department of an organization. For known about there profitability, growth, degree of risk, etc.

    A business is generally split up into a number of departments when it sells different types of goods and services under a same roof.

    Aaron peter chilot

    • Jun 13th, 2017

    Department account: It is an organisation that may be operative into separate department. Therefore the trading result of each department must be ascertained.

  •  

    Difference between Accounts and Finance

    Awesh Darekhan

    • Sep 13th, 2017

    Accounts is the process of recording business transaction (journal,ledger,trail balance,trading a/c,P/L A/C)

    Finance is an art and science of managing money

    Akshay Raut

    • Dec 18th, 2016

    Accounting: Is the art of writing the day to?day transaction in books of accounts.

    Finance: How to raise money & funds for company

  •  

    Travelling and Conveyance diffrence

    What is the diffrence between Travelling and Conveyance

    Chinchu

    • Sep 1st, 2017

    Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

    Conveyance means expenses related to travel from place of living to Office or workplace and return to place of living.

    Chinchu

    • Sep 1st, 2017

    Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

    Conveyance Means the expenses related to travel from the place of living to office or workplace and return to place of living.

  •  

    Depriciation

    Ramesh bought the machinery for 100000 and annual depreciation is 10% on diminishing value method,11 month he sold the machine for 20K. Pass the appropriate journal entries..

    Jasir

    • Jul 26th, 2017

    Depreciation a/c dr 9,167.00
    Cash a/c dr 20,000.00
    P/L a/c dr 70,833.00
    To Machinery a/c 100,000.00

    UMA

    • Jun 24th, 2016

    Cash A/C 20,000
    P/L A/C 15337
    machinery A/C 35,337

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