This can be utilised whenever the clear profit is less than the reasonable return. The procedure for computing the capital base is given below: Para XVII of the Sixth Schedule of the Act provides guidelines for the computation of clear profits which means the difference between the amount of income and the sum of expenditure plus specific appropriation. (2) Mucor has biflagellate zoospores. Assuming the bank rate is 10%, show how you deal with profits of the company. Every electricity company is required to maintain a contingencies reserve. 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. 7. (A) only agents of a company-(B) only fiduciaries of a company-(C) only servants of a company under a contract of employment with the company-(D) All of the above-Answer: (D) 75- Role of doctrine of ultra vires is (A) to fight virus of ultras-(B) to protect indoor managers-(C) to confine corporate action within fixed limits- 36 OF 2003] [26 May, 2003] An Act to consolidate the laws relating to generation, transmission, distribution, trading and use of electricity and generally for taking measures conducive to development of electricity industry, promoting competition therein, protecting interest of consumers and supply of electricity to all areas, rationalisation of electricity tariff, ensuring transparent policies regarding subsidies, promotion of efficient and environmentally benign policies constitution of Central Electricity … Do check out the sample questions 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. 7. 4. 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. P& l a/c is prepared for a period of one year by following: a) Consistency concept 2. The remuneration given to Managing Agents is, in the first place, a percentage of net profits. 45. This contains 30 Multiple Choice Questions for CA Foundation Test: Capital And Revenue Expenditures And Receipts - 1 (mcq) to study with solutions a complete question bank. (b) Stores Ledger Control Account (c) Work-in-progress Ledger (d) Finished Goods Control Account. B Com Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev Summary and Exercise are very important for When an asset has been written down to 10% (or less) of its original cost, no further depreciation is allowed in respect of that asset. (a) The operating expenditure during the year of account and. MULTIPLE CHOICE QUESTIONS CHAPTERS 16 – 20 CHAPTER 16 1. The question patterns chosen in these quizzes are based on past exam papers. 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. 2. 28, 00,000 after tax. Product cost Gram Co. develops computer programs to meet customers special requirements. Under the Straight Line Method of depreciation, an allowance is made each year which is equivalent to 90% of the cost of the asset divided by the prescribed period of the life of the asset. 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. 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. PakMcqs is the Pakistan's largest Mcqs website, where you can find Mcqs of all subjects. Also, revise chapter definitions such as semiconductors, ohm, electromotive force etc. After reading this you need not refer anything (including related institute material). More than 1000 MCQ’s of CMA Intermediate Group 2, Paper 12 – Company Accounts and Audit subject. To Buy Complete Classes Visit - https://www.StudyAtHome.org or Call: 8737012345. Moreover, even the surplus within 20 per cent of the reasonable return has to be disposed of as follows: (i) 1/3 of the surplus not exceeding 5 per cent of the reasonable return will be at the disposal of the undertaking. (a) The operating expenditure during the year of account and (b) The capital expenditure during the year of account. a) Capital Account. 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. . This Reserve can be created until the total of such Reserve exceeds 8 per cent of the original cost of the assets. Punjab, KPK, Sindh, Federal, Blochistan, Cambridge o-level a-level, Current Affairs, General Knowledge, MCAT, ECAT, GAT, GRE, and CSS MCQs 21. Study from Frank Solutions for ICSE Class 10 Physics Chapter 4 Current Electricity Exercises and MCQ to enhance your Physics capabilities. EGCB Job Circular, Apply Instruction, Admit Card Download Instruction and Exam Result information are given below. EduRev is like a wikipedia 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. The Double Account System is a method of presenting the annual final accounts/annual financial statements of public utility undertakings, like Railways, Electricity, Gas, Water Supply, Tramways etc. B . For Example. Moreover, even the surplus within 20 per cent of the reasonable return has to be disposed of as follows: (i) 1/3 of the surplus not exceeding 5 per cent of the reasonable return will be at the disposal of the undertaking. When a fixed asset becomes obsolete or inadequate or superfluous or is discarded for any other reason, it cannot be depreciated any further. Under the Compound Interest Method a certain sum is set aside every year and accumulated at compound interest of 4% p.a. 38. This percentage cannot exceed 10% of the first Rs 5 lacs of such net profits and 7% of all net profits in excess of Rs 5 lacs. The Course comprises of resources in the form of quizzes. Any other amount as may be allowed by the Central Government, having regard to the prevailing tax structure in the country. It has gotten 3274 views and also has 4.9 rating. An amount equal to ½% on the accumulations in the Development Reserve. Content Guidelines 2. Complete 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. Reserve is created by transferring from the Revenue Account every year an amount equivalent to not less than 1/4 per cent and not more than 1/2 per cent of the original cost of the fixed assets until it equals 5 per cent of the original cost of the fixed assets. perfect preparation. 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. An annual contribution at a rate not exceeding ½% of the original cost of the fixed asset can be made after providing for interest and depreciation. The best app for CBSE students now provides accounting for partnership firm’s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school-based annual examinations. Practice on these quizzes will reinforce your fundamentals on the topic – Current of Electricity. An amount equal to ½% on the amounts realised by the issue of debentures. 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. Power to Board to enter upon and shut down generating stations in certain circumstances 46. In Tinsukia Electricity Company v. State of Assam, the Supreme Court pointed out that the term ‘Socialist’ used in the Preamble to the Constitution of India, means State whose basic policy is to: A. prohibit concentration of wealth and distribute equitability the natural resources . If you want Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev Physics MCQs – Current of Electricity. The document Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev is a part of the. (A) Maintenance cost (B) Electricity (C) Health and Accident Insurance (D) All of the above 6- _____ indicates the financial status of the business at given period. Before uploading and sharing your knowledge on this site, please read the following pages: 1. It shall also be in the form set out in part 1 of Schedule VI, or in such other form as may be approved by the Central Government [211 (1)]. For the month of December 2019, Gray Electronic Repair Services used a total of $1,800 worth of electricity and water. 5. this is your one stop solution. Telecommunication Account and Defence Account respectively, in the books of the Reserve Bank. In case it exceeds, it should be credited to Customers Rebate (or Benefit) Reserve. (A) 10% (B) 15% (C) 20% (D) 25% 39. 28, 00,000 after tax. Question 1. 12.4 MULTIPLE CHOICE QUESTIONS (MCQ’s): 1. Every electricity company is required to maintain a contingencies reserve. B Com. out B Com lecture & lessons summary in the same course for B Com Syllabus. These MCQ's are extremely critical for all ICSE students to score better marks. E. b) Current Account. (b) The capital expenditure during the year of account. [No. Tests & Videos, you can search for the same too. 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. with our Frank textbook solutions. for each Rs 1,000 of paid up share and debenture capital. This percentage cannot exceed 10% of the first Rs 5 lacs of such net profits and 7% of all net profits in excess of Rs 5 lacs. ... Electricity to the bulb in a torch is provided by the _____ . (a) General Ledger Adjustment Account (b) Stores Ledger Control Account (c) Work-in-progress Ledger (d) Finished Goods Control Account. Image Guidelines 4. Electricity Generation Company of Bangladesh EGCB Limited just published a New Job Circular for 72 Vacant Positions for 13 Categories. Terms, conditions and tariff for sale of electricity by Generating Company 44. 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 (ii) Of the balance, 1/2 will be transferred to the Tariffs and Dividend Control Reserve. Under the Straight Line Method of depreciation, an allowance is made each year which is equivalent to 90% of the cost of the asset divided by the prescribed period of the life of the asset. 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. Tariff system takes into account various factors to calculate the total cost of the electricity. 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. using search above. In case of an electricity company, depreciation on assets is calculated based on the rates notified by (A) Companies Act 2013 (B) State Electricity Commission Learn to understand and work with circuit diagrams with our step-by-step explanations. Terms of Service 7. (iii) The balance left will be distributed among consumers by way of reduction of rates or by way of special rebate. In the second place, the amount paid to Managing Agents is subject to a minimum payment which should not exceed Rs 2 p.a. This Reserve can be created until the total of such Reserve exceeds 8 per cent of the original cost of the assets. 3. 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. Disclaimer 8. Section 67 of the Act provides for the creation of a General Reserve. Multiple choice questions on current and electricity quiz answers PDF covers MCQ questions on current and electricity, current source, electric current, carbon resistances color code, EMF and potential difference, Kirchhoff’s law, ohms law, power dissipation, resistance and … on the opening balance of the Depreciation Reserve must be transferred from the Revenue Account to the Depreciation Reserve Account. (ii) Meeting expenses of replacement or removal of plant or works other than the expenses necessary for normal maintenance or renewal. Copyright 9. . Report a Violation 10. 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. Every electricity company is required to maintain a contingencies reserve. Restriction on establishment of new generating stations or major additions or replacement of plant in generating stations 45. Tariff refers to the amount of money the consumer has to pay for making the power available to them at their homes. 45. you can also Contribute to Pak Mcqs. The reserve is created out of profits in excess of the reasonable return earned by an electricity undertaking. Accounting, Accounts of Electricity Companies, Company, Electricity Companies, India, Types. 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. Central Superior Services (CSS) MCQs, Group A MCQs, Economics MCQs, Micro Economics MCQs, cartel; a sellers’ market , nationalized; privatized , natural monopoly; potentially competitive , monopolistic competition duopoly This course contains the study of Current of Electricity. The office allowance which Managing Agents can draw is to include the salaries and wages of all persons employed in the office but not the salaries of the engineering staff employed for purposes of the undertaking. 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 balance in the reserve should be handed over to the purchaser in case the business is sold away. take online Mcqs Quiz test. 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. 46. The procedure for computing the capital base is given below: Para XVII of the Sixth Schedule of the Act provides guidelines for the computation of clear profits which means the difference between the amount of income and the sum of expenditure plus specific appropriation. 43-A. 3. To Study Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev for B Com (ii) Meeting expenses of replacement or removal of plant or works other than the expenses necessary for normal maintenance or renewal. An amount equal to ½% on the amounts borrowed from organisations or institutions approved by the State Government. Plagiarism Prevention 5. The reserve is created out of profits in excess of the reasonable return earned by an electricity undertaking. Interested and Eligible Candidates can apply through online from 15 April 2018 to 30 April 2018. (1) Archegonia are found in Bryophyta, Pteridophyta and Gymnosperms. 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. Uploader Agreement, Read Accounting Notes, Procedures, Problems and Solutions, Learn Accounting: Notes, Procedures, Problems and Solutions, Legal Provisions on Accounts of Electricity, Double Account System Maintained by Electricity Companies, Final Accounts of the Companies (With Solutions) | Accounting, Accounts of Banking Companies | India | Accounting, Fund Flow Statement and Income Statement| Accounting. AND. 6. With such a big organization, management, economy and control come into account automatically. StudyAtHome.org is an e-Learning Platform, that provides Video Lectures for … Reserve is created by transferring from the Revenue Account every year an amount equivalent to not less than 1/4 per cent and not more than 1/2 per cent of the original cost of the fixed assets until it equals 5 per cent of the original cost of the fixed assets. When an asset has been written down to 10% (or less) of its original cost, no further depreciation is allowed in respect of that asset. Multiple Choice Questions (MCQ) for Current Electricity - ICSE Class 9 Physics on Topperlearning. Reserve is created by transferring from the Revenue Account every year an amount equivalent to not less than 1/4 per cent and not more than 1/2 per cent of the original cost of the fixed assets until it equals 5 per cent of the original cost of the fixed assets. (ii) Of the balance, 1/2 will be transferred to the Tariffs and Dividend Control Reserve. The office allowance which Managing Agents can draw is to include the salaries and wages of all persons employed in the office but not the salaries of the engineering staff employed for purposes of the undertaking. 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 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. Under the Compound Interest Method a certain sum is set aside every year and accumulated at compound interest of 4% p.a. B. prohibit equitably the natural resources C . A Banking Company needs to transfer a minimum of _____ its profit to reserve fund. When a fixed asset becomes obsolete or inadequate or superfluous or is discarded for any other reason, it cannot be depreciated any further. Which one is a wrong statement? The Electricity (Supply) Act, 1948, imposes restrictions on electricity undertakings on earning too high a profit, by means of the concept of reasonable return, which stipulates the following: 1. 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. An amount equal to ½% on any loans advanced by the Board. 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. An amount equal to ½% on any loans advanced by the Board. The company received the bills on January 10, 2020. In case it exceeds, it should be credited to Customers Rebate (or Benefit) Reserve. Illustration 1: From the following information, prepare the Profit and Loss Account of South Indian Bank as on 31st March, 2004: Illustration 2: The following Trial Balance was extracted from the books of the United Bank […] Every electricity company is required to maintain a contingencies reserve. Treatment of Replacement of Assets - Electricity Companies, Advanced Corporate Accounting, Double Accounts System - Electricity Companies, Advanced Corporate Accounting. (3) Haploid endosperm is typical feature of gymnosperm. 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. Income derived from investments excluding investments made against the Contingencies Reserve. (iii) Paying compensation payable under law for which no other provision has been made. ADVERTISEMENTS: Here is a compilation of top four accounting problems on accounts of banking companies with its relevant solutions. 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