account of electricity company mcq

Accounting, Accounts of Electricity Companies, Company, Electricity Companies, India, Types. Under the Compound Interest Method a certain sum is set aside every year and accumulated at compound interest of 4% p.a. (ii) Of the balance, 1/2 will be transferred to the Tariffs and Dividend Control Reserve. 43-A. Terms of Service 7. Every fixed asset must be depreciated; and for the purpose of depreciation, the life of each asset is to be taken as stated in the table given in the Seventh Schedule. This can be utilised whenever the clear profit is less than the reasonable return. The remuneration given to Managing Agents is, in the first place, a percentage of net profits. In this article we will discuss about the accounts of electricity companies, explained with the help of a suitable illustration. Assuming the bank rate is 10%, show how you deal with profits of the company. B . 5. CA Mock Test Portal is developed to provide a quality test environment for the students who are studying various CA/CPT courses, we would like to take this opportunity to thank our mentors and all the students, Please make sure to contact us in case if you need any further information. using search above. AND. An amount equal to ½% on any loans advanced by the Board. B Com Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev Summary and Exercise are very important for ANS. Any other amount as may be allowed by the Central Government, having regard to the prevailing tax structure in the country. It can be utilised with the approval of the State Government for the following purposes: (i) Meeting expenses or loss of profits arising out of accidents, strikes or circumstances beyond the control of the management. A yield at the standard rate which is the Bank Rate stipulated by the Reserve Bank of India from time to time, plus 2% on the Capital Base. on the opening balance of the Depreciation Reserve must be transferred from the Revenue Account to the Depreciation Reserve Account. (a) The operating expenditure during the year of account and. Image Guidelines 4. this is your one stop solution. (A) 10% (B) 15% (C) 20% (D) 25% 39. 4. If in any accounting year the clear profit excluding the special appropriations together with the accumulations, if any, in the Tariffs and Development Control Reserve fall short of reasonable return, the appropriations to this reserve can be reduced by the amount of shortfall. Content Guidelines 2. a) electric cell b) switch c) carbon rods d) none of these ... About the parent company: Ankit Enterprises, established in December 2000, started with a small book store. 3. The reserve is created by transfer of an amount equivalent to income-tax and super-tax (calculated at current rates) saved on account of development rebate allowed by the income-tax authorities. B Com. Static Electricity - Current Electricity - Complete and Comprehensive Notes For Exam Preparation - Physics O Level (5054) and IGCSE (0625) and IGCSE (0972) October 11, 2020 Next post The amount is to be invested in trust securities. Marketing. This can be utilised whenever the clear profit is less than the reasonable return. ADVERTISEMENTS: Here is a compilation of top four accounting problems on accounts of banking companies with its relevant solutions. CMA Intermediate CAA MCQ Compilation (CMA Inter Company Accounts and Audit MCQ Compilation) Exclusively for CMA Intermediate Students. An amount equal to ½% on any loans advanced by the Board. Copyright 9. This process of setting aside a certain sum continues throughout the prescribed period of the life of the asset till an amount equal to 90% of the original cost of the asset is reached. The amount of such reserve is to be invested in the same electricity undertaking and is to be handed over to purchaser of the business in case the business is sold away. (b) Stores Ledger Control Account (c) Work-in-progress Ledger (d) Finished Goods Control Account. An electricity company must adjust the rates so that the clear profit in any year does not exceed the reasonable return by more than 20 per cent of the reasonable return. To Buy Complete Classes Visit - https://www.StudyAtHome.org or Call: 8737012345. When a fixed asset becomes obsolete or inadequate or superfluous or is discarded for any other reason, it cannot be depreciated any further. Question 1. Section 67 of the Act provides for the creation of a General Reserve. A Banking Company needs to transfer a minimum of _____ its profit to reserve fund. (iii) The balance left will be distributed among consumers by way of reduction of rates or by way of special rebate. You can see some Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev sample questions with examples at the bottom of this page. Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev notes for B Com is made by best teachers who have written some of the best books of Assuming the bank rate is 10%, show how you deal with profits of the company. As regards the depreciation method that can be applied, the Act makes provision for only two, viz., (a) Compound Interest or Sinking Fund Method, and (b) Straight Line Method. This is 21. EduRev is a knowledge-sharing community that depends on everyone being able to pitch in when they know something. Before understanding tariff of electricity system in detail, a slight overview of the… The remuneration given to Managing Agents is, in the first place, a percentage of net profits. Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev chapter (including extra questions, long questions, short questions, mcq) can be found on EduRev, you can check The following balances have been extracted from the books of an electricity company at the end of the accounting year: In the accounting year, the company earned a profit of Rs. Every electricity company is required to maintain a contingencies reserve. As regards the depreciation method that can be applied, the Act makes provision for only two, viz., (a) Compound Interest or Sinking Fund Method, and (b) Straight Line Method. 28, 00,000 after tax. perfect preparation. Tests & Videos, you can search for the same too. 7. Under this method interest at the rate of 4% p.a. In the UK, electricity industry parts are a ____ and other parts are ___ ?? Multiple Choice Questions (MCQ) for Current Electricity - ICSE Class 9 Physics on Topperlearning. When the transferee company hold shares in the transferor company, the set off entry in the books of the transferor company is made by crediting the transferee company and debiting the Shareholders account. for each Rs 1,000 of paid up share and debenture capital. of Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev for B Com, the answers and examples explain the meaning of chapter in the best manner. The bills on January 10, 2020 organization, management, economy and Control come into account.! 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