Uksssc commerce compition exams

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. Question
.....................represents a note sent to the supplier for the value of goods returned by the business.

(a) debit note
(b) credit note
(c) goods returned note
(d) none of these

Chapter.BILL OF EXCHANGE

X draws a bill On 1/04/16 for 60000 for 3 months y accepted it 2/02/16.the bill was discounted on 2/05/06 @ 12% p.a the amount of discounted will be rs
a)1800
b)1200
C)600
d)1300

Chapter Rectification of errors

Errors are rectified by using Suspense A/c

a. Before the preparation of Trial Balance
b. After the preparation of Trial Balance
c. Before and after the preparation of Trial Balance
d. None of these

To insert a voucher, which of the following shortcut key one will use in tally-

1. ALT+L
2. ALT+I
3. ALT+V
4. ALT+

If an accommodation bill of Rs.50,000 is discounted for Rs.49,000 and the proceeds are shared by X & Y in the ratio of 1: 4, the discount to be borneby Y is _____

a. Rs. 800
b. Rs. 600
c. Rs. 1,000
d. Rs. 400

A Bill of Exchange, before its acceptance is called as _____

a. Draft
b. Bills Receivable
c. Bills Payable
d. None of these

Entries for prepaid expenses, outstanding expenses and depreciation are called as _____

a. Adjustment Entries
b. Transfer Entries
c. Closing Entries
d. Rectification Entries

X sold goods to Y at cost+ 10%. Y sold the goods to Z at cost+ 20% profit on sales. Cost of the goods to Xis Rs.50,000. Find out the cost of the goods to z.

a. Rs.66,000
b. Rs.68,750
c. Rs.55,ooo
d. Rs.10,000

The Fixed Assets of a company is double of the current assets and half of capital. If the current assets are Rs.3,00,000 and investments Rs.4,oo,ooo, calculate the current liabilities assuming that there are no other items in the balance sheet.

a. Rs. 2,00,000
b. Rs. 1,00,000
c. Rs. 3,00,000
d. Rs. 4,00,000