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Sunday, October 18, 2009
Posted In
Acc
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Sr. No Transactions Account to be Debited Account to be Credited Increase or decrease (affect on accounts due to transactions)
1 Mr. A invested in business Rs.50,000 Cash Mr. A’s Capital Increase in asset Increase in Owner’s Equity
2 Purchased furniture for cash Rs.15,000 for office use Furniture Cash Increase in Asset Decrease in Asset
3 Paid salaries of Rs.4,000 to office staff Salaries Cash
Increase in Expense
Decrease In Asset
4 Received commission on sale of goods worth Rs.1,000 Cash Commission
Increase in Asset
Increase in Revenue
5 Received cash of Rs.1,000 from Mr.Bilal who owed him Rs. 2,000 for last 30 days on account of goods sold.
Cash
Mr. Bilal
Increase in Asset
Decrease in Asset
Saturday, October 17, 2009
Posted In
Mth
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Question 1:
If ba = 2a + b , then find 23 + 32 +1
Answer:-
If b^a = 2a + b,then for
2^3
a=3,b=2
Put the values of a and b
= 2a + b
=2(3) + 2
= 6 + 2
= 8
3^2
a=2,b=3
Put the values of a and b
= 2a+b
= 2(2) + 3
= 4+3
= 7
so
= 2^3 + 3^2 +1
= 8 + 7 + 1
=16
Question 2:
What is the main difference between Gross salary and Net salary?
Answer:-
Gross Salary is your total Salary before deductions and taxes have been subtracted.
Net Salary is your take-home salary after deductions.
Question 3:
The salary of an employee is as follows:
Basic salary = 45,000 Rs.
Allowances = 25,000 Rs.
What is the taxable income of employee?
Answer:-
% Allowances = (25000/45000) x 100 =55.55%
Allowed non-taxable allowances = 50% = 0.5 x 45000 = 22500 Rs.
Taxable allowances = 55.55% – 50% = 25000 - 22500 = 2500 Rs.
Hence 2500 Rs. of allowances are taxable.
Total taxable income = 45000 + 2500 = 47500 Rs.
Add back to the income of the company = 5.55% allowances = 2,500
Question 4:
A wooden door has a list price of Rs. 8500. A trade discount series of 10, 5, and 3
is offered. Find the amount of the discount and the net price.
Answer:-
Discount
List Price = 8500
Discount Rate = 10%
Discount = List price * Discount Rate
= 8500 * 10/100
= 850
Net price = list price – Discount
= 8500 – 850
= 7650
Discount
List Price = 8500
Discount Rate = 5%
Discount = List price * Discount Rate
= 8500 * 5/100
= 425
Net price = list price – Discount
= 8500 – 425
= 8075
Discount
List Price = 8500
Discount Rate = 3%
Discount = List price * Discount Rate
= 8500 * 3/100
= 255
Net price = list price – Discount
= 8500 – 255
= 8245
Question 5:
A person invests an amount of 7500 in a Bank at the rate of 9% per annum; find the compound interest by the
investor after 10 years.
Answer:-
S = Money accrued after n years
P = Principal = 7500
r = Rate = 9% per annum
n = Number of years = 10 years
S = P(1 + r/100)^ n
Put the values in formula
S = 7500(1+9/100)^10
S = 7500(1+0.9)^10
S = 7500(1.09)^10
S = 7500(2.367363675)
S = 17755.22756
Question 6:
For a simple annuity of Rs.2000/year for 5 years if money is worth:
then find this accumulated value.
Answer:-
FV = Future Value = ?
PMT = Periodic Payment Amount = 2000
N = Number of compounding periods = 5 years
I = Interest Rate = 9% = 0.09
FV = PMT [(1+i)^n – 1)/i]
FV = 2000 [(1+0.09)^5 – 1 /0.09]
FV = 2000 [(1.09)^5 – 1 /0.09]
FV = 2000 [(1.5386 – 1) /0.09]
FV = 2000 [(0.5386) /0.09]
FV = 2000 [5.9847]
FV = 11969.4
Question 7:
Suppose you make a saving of Rs. 50,000 at the end of each month, assume an interest of 7% compounded monthly, how much will you have accumulated at the end of 4 years?
Answer:-
FV = PMT [(1+i)^n – 1)/i]
FV = 50000 [(1+0.07/12)^48 – 1 /0.07/12]
FV = 50000 [(1.00583)^48 – 1 / 0.00583]
FV = 50000 [(1.32184– 1) / 0.00583]
FV = 50000 [(0.32184 /0.00583]
FV = 50000 [55.20]
FV = 2760000
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