AE for Receipt from Debtors & Discount Given

Q.

What is the formula of GDPmp and GDPfc?

Q.

Paid to Radha Rs 9500 in full settlement of Rs 10, 000. Posting shall be made in Radha`s account ___ .

1. Rs 9500 on debit side

2. Rs 10000 on credit side

3. Rs 9500 on credit side

4. Rs 10, 000 on debit side

Q.

When amount is received from customers, what will be the imapct in accounting equation?

1. Assets - Increase
   Liabilities - No effect
   Capital - Decrease

2. Assets - No effect
   Liabilities - Decrease
   Capital - Increase

3. Assets - Decrease
   Liabilities - Increase
   Capital - No effect

4. No impact

Q.

When discount is given to the customers, what will be the impact on capital?

1. Increases

2. Decreases

3. No impact

4. None of these

Q.

Show the accounting equation on the basis of the following transactions and present a balance sheet on the last new equation balances. Varun and Raj entered into a partnership agreement to deal in furniture. They contributed Rs. 2, 10, 000 and Rs. 1, 50, 000 as capital respectively. Other transactions were as under.
$$\begin{array}{cc}\text{(i)Timber purchased by them}& 1,20,000\\ \text{(ii)Wages paid to carpenters}& 28,000\\ \text{(iii) Furniture sold (Costing Rs. 1, 20, 000)}& 1,50,000\\ \text{(iv) Furniture sold on credit(Costing Rs. 27, 000)}& 30,000\\ \text{(v) Amount received from debtors}& 29,700\\ \text{Discount allowed}& 300\\ \text{(vi) Timber purchased on credit}& 18,000\\ \text{(vii) Furniture Purchased}& 15,000\\ \text{(viii)Payment to creditors Rs. 17, 850 in full settlement}& \\ \text{(ix) Amount withdrawn}& \\ \text{Varun}& 6,000\\ \text{Raj}& 3,000\end{array}$$

Q. Dividend received is a/an for the business entity, and the value of liabilities will in the accounting equation.

1. income
2. expense
3. increase
4. decrease
5. not change

Q. When a discount is given to the customers, it is a to the business entity and the value of capital will in the accounting equation.

1. gain
2. loss
3. increase
4. decrease
5. not change

Q. At a Petrol Station regular unleaded gas is being sold for 3.49$agallonandpremiumgasfor$ $3.79$ a gallon. If a car wash is purchased, then a discount of 0.10$pergallonisapplied.Duringonemorning,atotalof$850$gallonsofgaswassold,and$100$gallonsweresoldatthediscountedrate.Thetotalamountcollectedinsaleswas$ $3,016.50$. Find the appropriate mathematical expressions which yield the number of regular unleaded gallons of gas, $u$, and the number of premium gallons of gas, $p$, that were sold during that morning?

1. $u+p=850$
   $3.49u+3.79p=301.65$
2. $u+p=850$
   $3.49u+3.79p=3016.50$
3. $u+p=3016.50$
   $3.49u+3.79p=850$
4. $u+p=850$
   $3.49u+3.79p=3026.50$

Q.

Mohan has a Recurring Deposit Account in a bank for $2$ yr at $6\%$ per annum simple interest. If he gets $₹1200$ as interest at the time of maturity, then find

1. the monthly instalment.
2. the amount of maturity.

Q.

David opened a Recurring Deposit Account in a bank and deposited $₹300$ per month for $2$ yr. If he received $₹7725$ at the time of maturity, then find the rate of interest per annum.

Q.

Shahrukh opened a Recurring Deposit Account in a bank and deposited $₹800$ per month for $1\frac{1}{2}$ yr. If he received $₹15084$ at the time of maturity, then find the rate of interest per annum.

Q. Select the most appropriate alternatives from those given below

External Liabilities plus capital is __________.
a) Net work
b) Assets
c) Net Profit
d) Gross Profit