Question 1:

Popeye Company's depreciation policy on machinery is as follows:

A full year's depreciation is taken in the year of an asset's acquisition.

No depreciation is taken in the year of an asset's disposition.

The estimated useful life is five years.

The straight-line method is used.

On June 30, 2020, Poe sold for P2,300,000 a machine acquired in 2017 for P4,200,000.

The estimated residual value was P600,000.

How much gain on the disposal should Poe record in 2020?

(Hint: This is a non-operating or "other" item resulting from the sale of an asset (other than inventory) for more than the amount shown in the company's accounting records.\

The gain is the difference between the proceeds from the sale and the carrying amount shown on the company's books.)

Question 2:

(ii) From the books of Mr. Thomas , it was seen that checks amounting to 240,000 were overseen in the bank, out of which checks worth 20,000 were disturbed and checks worth 40,000 are as of now during the time spent social occasion. The treatment of this while planning Bank Reconciliation Statement is

(a) Deduct ' 60,000 from bank balance as shown by pass book

(b) Add ' 20,000 and deduct ' 40,000 from overdraft offset as shown with cash book

(c) Deduct ' 60,000 from overdraft balance as shown by pass book

(d) Add ' 60,000 from overdraft balance as demonstrated by pass book

Question 3:

The most essential complete past which an association isn't allowed to raise resources, by issue of offer is

(a) Issued Capital

(b) Reserve Capital

(c) Subscribed Capital

(d) Authorised Capital

Question 4:

Accounts controlling trade relating to individuals or an affiliation is called

(a) Personal Account

(b) Nominal Account

(c) Real Account

(d) Representative Personal Account

Question 5:

An record is said to have a charge balance if

(a) The level of the charges beats the level of the credits

(b) There are a more basic number of sections on the charge side than on the credit side

(c) Its standard congeniality is charge paying little mind to the totals or number of locale on the charge side

(d) The last part of the accounting interval of time was posted on the charge side

Question 6:

Residual worth is the

(a) value of the asset when it is purchased

(b) value of the asset close to the fulfillment of its consistent life

(c) cost of the asset

(d) allocation of the cost

Question 7:

Which of these A/c appearance up in Trial Balance isn't moved to Income Statement

(a) Salary A/c

(b) Purchase A/c

(c) Accumulated Depreciation A/c

(d) Bad Debts A/c

Question 8:

A Customer returning the thing purchased utilizing another turn of events, may instigate the merchant by sending

(a) Debit Note

(b) Credit Note

(c) Court Notice

(d) Return Invoice

Question 9:

Credit congruity in which of these A/c show goof in the A/c

(a) Cash in Hand A/c

(b) Sales A/c

(c) Capital A/c

(d) Bank A/c

Question 10:

The report posting the latest changes of the in general giant number of records in the record on a given date is known as

(a) Trial Balance

(b) Positional Statement

(c) Income Statement

(d) Charter of Accounts

Question 11:

The document posting the latest changes of all Real and Personal A/c in the record on a given date is known as

(a) Trial Balance

(b) Positional Statement

(c) Income Statement

(d) Charter of Accounts