At the end of the year 2017-18, Prepaid Insurance Premium `7,500 appeared in the Trial Balance, it will be shown

Related MCQs

• Which of the following statements is/are true? (i) An error in casting the subsidiary books is an error of commission (ii) An error in wrong casting of the sales day book will not affect the personal accounts of debtors (iii) Mistake in transferring the balance of an account to the Trial Balance will not affect the agreement of the Trial Balance (iv) The mistake of treating a liability as an income or vice versa will not affect the agreement of a Trial Balance
• While checking the accounts of ABC the following discrepancies were noticed, even though the Trial Balance was made to balance by putting the difference to Suspense A/c. (i) Sales day book for the month of June‘12 was found overcast by ` 7,000. (ii) A credit purchase of ` 3,000 was omitted to be recorded in the days book. (iii) ` 4,300. Received from A credited to A A/c ` 3,400. (iv) Purchase of Office Equipment worth ` 5,000 included in trading purchases. From the above details what would have been the difference in Trial Balance which was made to balance by opening Suspense A/c.
• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• Which of the following accounts appear(s) in the Balance Sheet of a business? i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned
• The account to which the difference in the trial balance is temporarily placed , so that the trial balance is made totally, such an account is called
• Prepaid expenses appearing in trial balance will appear in _____
• (i) Salaries as per Income and Expenditure Account Rs.1,500 (ii) Salaries paid in advance in previous year Rs.700 (iii) Salary outstanding at the end of current year Rs.300 (iv) Salary outstanding at the end of previous year Rs.800 From the above information given, the amount of salaries to be shown in Receipts and Payment Account can be valued at
• If 500 shares of 10 issued at a premium of 1 on which 9 (including premium) have been called and 7 including premium have been paid are forfeited, the forfeiture account should be credited by :
• Insurance prepaid is shown as
• Consider the following data pertaining to a firm: Credit balance as per bank column of cash book `13,000; Bank interest on overdraft appeared only in the pass book `2,600; Cheques deposited but not collected by the bank ` 5,000. The balance as per pass book is