IP&TAFS AAO LDCE (Postal & Telecom Accounts) Practice Quiz

Question 1

A business buys office furniture for ₹25,000 and pays immediately by bank. Before the transaction, total assets were ₹1,50,000, liabilities ₹40,000, and capital ₹1,10,000. What are total assets immediately afterward?

Accepted Answer

₹1,50,000

Question 2

Goods costing ₹36,000 are purchased on credit for resale. Immediately before purchase, assets are ₹2,00,000 and liabilities are ₹70,000. What are assets and liabilities immediately after the purchase?

Accepted Answer

Assets ₹2,36,000; liabilities ₹1,06,000

Question 3

A consultancy earns and immediately receives ₹18,000 in cash for services. Just before receipt, assets were ₹90,000 and liabilities ₹25,000. What are assets and capital immediately afterward?

Accepted Answer

Assets ₹1,08,000; capital ₹83,000

Question 4

A creditor of ₹10,000 accepts ₹9,800 by bank in full settlement. Treat the ₹200 difference as discount received. What is the combined effect on assets, liabilities, and capital?

Accepted Answer

Assets decrease ₹9,800; liabilities decrease ₹10,000; capital increases ₹200

IP&TAFS AAO LDCE (Postal & Telecom Accounts) — Syllabus & notes

Exam overview