Today’s interconnected power systems supply a number of consumers. out B Com lecture & lessons summary in the same course for B Com Syllabus. When a fixed asset becomes obsolete or inadequate or superfluous or is discarded for any other reason, it cannot be depreciated any further. 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. These MCQ's are extremely critical for all ICSE students to score better marks. 5. (1) Archegonia are found in Bryophyta, Pteridophyta and Gymnosperms. 7. EGCB Job Circular, Apply Instruction, Admit Card Download Instruction and Exam Result information are given below. (a) The operating expenditure during the year of account and (b) The capital expenditure during the year of account. 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. ... Electricity to the bulb in a torch is provided by the _____ . Content Filtration 6. Content Guidelines 2. 5. If you want Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev You can download Free Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev pdf from EduRev by Tariff system takes into account various factors to calculate the total cost of the electricity. The amount is to be invested in trust securities. this is your one stop solution. An amount equal to ½% on the amounts borrowed from organisations or institutions approved by the State Government. (ii) Of the balance, 1/2 will be transferred to the Tariffs and Dividend Control Reserve. your solution of Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev search giving you solved answers for the same. Product cost Gram Co. develops computer programs to meet customers special requirements. Physics MCQs – Current of Electricity. Terms, conditions and tariff for sale of electricity by Generating Company 44. Complete 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. **Appropriate liability account (Utilities Payable, Rent Payable, Interest Payable, Accounts Payable, etc.) In this, cost of materials, wages and overheads of each job undertaken is posted. 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. 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. To Buy Complete Classes Visit - https://www.StudyAtHome.org or Call: 8737012345. Any other amount as may be allowed by the Central Government, having regard to the prevailing tax structure in the country. 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. you can also Contribute to Pak Mcqs. With such a big organization, management, economy and control come into account automatically. 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. ANS. 4. Section 67 of the Act provides for the creation of a General Reserve. The balance in the reserve should be handed over to the purchaser in case the business is sold away. for each Rs 1,000 of paid up share and debenture capital. 28, 00,000 after tax. 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 … E. 6. Before understanding tariff of electricity system in detail, a slight overview of the… Under the Compound Interest Method a certain sum is set aside every year and accumulated at compound interest of 4% p.a. Power to Board to enter upon and shut down generating stations in certain circumstances 46. The document Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev is a part of the. 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. 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. 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 credit balance of profit & Loss appropriation account in case of company is to be transferred to. 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 remuneration given to Managing Agents is, in the first place, a percentage of net profits. 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. for each Rs 1,000 of paid up share and debenture capital. 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 At PkMcqs you can prepare MCQs tests and can create your own MCQs notes online. MULTIPLE CHOICE QUESTIONS CHAPTERS 16 – 20 CHAPTER 16 1. 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. The fixed portion of the semi variable cost of electricity for a manufacturing plant is a Period cost . (a) General Ledger Adjustment Account (b) Stores Ledger Control Account (c) Work-in-progress Ledger (d) Finished Goods Control Account. 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. B Com Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev Summary and Exercise are very important for CMA Intermediate CAA MCQ Compilation (CMA Inter Company Accounts and Audit MCQ Compilation) Exclusively for CMA Intermediate Students. 3. 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 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. In the second place, the amount paid to Managing Agents is subject to a minimum payment which should not exceed Rs 2 p.a. Largest multiple choice questions answers website. perfect preparation. 38. 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. Plagiarism Prevention 5. 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 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 generation expansion planning (EGEP) is a process of planning for additional generation capacity from certain energy sources (coal, nuclear, … An amount equal to ½% on the amounts borrowed from organisations or institutions approved by the State Government. (ii) Meeting expenses of replacement or removal of plant or works other than the expenses necessary for normal maintenance or renewal. 3. Prohibited Content 3. 6. . 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. 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. Under this method interest at the rate of 4% p.a. These undertakings are usually incorporated under Special Acts and, as a result, the form of accounts is prescribed by, special statute. Assuming the bank rate is 10%, show how you deal with profits of the company. An amount equal to ½% on the accumulations in the Development Reserve. Copyright 9. Study from Frank Solutions for ICSE Class 10 Physics Chapter 4 Current Electricity Exercises and MCQ to enhance your Physics capabilities. (2) Mucor has biflagellate zoospores. B. prohibit equitably the natural resources The question patterns chosen in these quizzes are based on past exam papers. The reserve is created out of profits in excess of the reasonable return earned by an electricity undertaking. 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 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. 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. (iii) The balance left will be distributed among consumers by way of reduction of rates or by way of special rebate. 12.4 MULTIPLE CHOICE QUESTIONS (MCQ’s): 1. Which one is a wrong statement? 21. 2. B Com. An amount equal to ½% on any loans advanced by the Board. . Report a Violation 10. 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. 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. Tariff refers to the amount of money the consumer has to pay for making the power available to them at their homes. take online Mcqs Quiz test. ADVERTISEMENTS: Here is a compilation of top four accounting problems on accounts of banking companies with its relevant solutions. Interested and Eligible Candidates can apply through online from 15 April 2018 to 30 April 2018. An amount equal to ½% on the amounts realised by the issue of debentures. on the opening balance of the Depreciation Reserve must be transferred from the Revenue Account to the Depreciation Reserve Account. The remuneration given to Managing Agents is, in the first place, a percentage of net profits. 45. Telecommunication Account and Defence Account respectively, in the books of the Reserve Bank. Learn to understand and work with circuit diagrams with our step-by-step explanations. For the month of December 2019, Gray Electronic Repair Services used a total of $1,800 worth of electricity and water. on the opening balance of the Depreciation Reserve must be transferred from the Revenue Account to the Depreciation Reserve Account. Any other amount as may be allowed by the Central Government, having regard to the prevailing tax structure in the country. C . EduRev is like a wikipedia 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. 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. 46. Terms of Service 7. 54. Before uploading and sharing your knowledge on this site, please read the following pages: 1. To Study Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev for B Com By continuing, I agree that I am at least 13 years old and have read and agree to the. (b) The capital expenditure during the year of account. using search above. In the second place, the amount paid to Managing Agents is subject to a minimum payment which should not exceed Rs 2 p.a. Every electricity company is required to maintain a contingencies reserve. 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. 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 . (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- 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. with our Frank textbook solutions. 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 … This is (iii) Paying compensation payable under law for which no other provision has been made. Question 1. In the UK, electricity industry parts are a ____ and other parts are ___ ?? StudyAtHome.org is an e-Learning Platform, that provides Video Lectures for … The amount is to be invested in trust securities. (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. An amount equal to ½% on the accumulations in the Development Reserve. Corporate Accounting Multiple Choice Questions and Answers COMPANY ACCOUNTS MCQS CORPORATE ACCOUNTING MCQS COMPANY ACCOUNTS MULTIPLE CHOICE QUESTIONS AND ANSWERS. 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. 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. For Example. Electricity Generation Company of Bangladesh EGCB Limited just published a New Job Circular for 72 Vacant Positions for 13 Categories. 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. This can be utilised whenever the clear profit is less than the reasonable return. Restriction on establishment of new generating stations or major additions or replacement of plant in generating stations 45. PakMcqs is the Pakistan's largest Mcqs website, where you can find Mcqs of all subjects. 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. An amount equal to ½% on the amounts realised by the issue of debentures. [No. 43-A. 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. 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. The reserve is created out of profits in excess of the reasonable return earned by an electricity undertaking. 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. P& l a/c is prepared for a period of one year by following: a) Consistency concept 2. Tests & Videos, you can search for the same too. 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. b) Current Account. (A) 10% (B) 15% (C) 20% (D) 25% 39. Assuming the bank rate is 10%, show how you deal with profits of the company. 45. Development 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. (b) Stores Ledger Control Account (c) Work-in-progress Ledger (d) Finished Goods Control Account. Image Guidelines 4. Multiple Choice Questions (MCQ) for Current Electricity - ICSE Class 9 Physics on Topperlearning. It has gotten 3274 views and also has 4.9 rating. In case it exceeds, it should be credited to Customers Rebate (or Benefit) Reserve. Punjab, KPK, Sindh, Federal, Blochistan, Cambridge o-level a-level, Current Affairs, General Knowledge, MCAT, ECAT, GAT, GRE, and CSS MCQs AND. 4. This Reserve can be created until the total of such Reserve exceeds 8 per cent of the original cost of the assets. In case it exceeds, it should be credited to Customers Rebate (or Benefit) Reserve. (a) The operating expenditure during the year of account and. Accounting, Accounts of Electricity Companies, Company, Electricity Companies, India, Types. (3) Haploid endosperm is typical feature of gymnosperm. 7. In this article we will discuss about the accounts of electricity companies, explained with the help of a suitable illustration. 3. Marketing. 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. Or renewal, wages and overheads of each Job undertaken is posted of... 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All ICSE students to score better marks and overheads of each Job undertaken is.. Of replacement of plant in generating stations in certain circumstances 46 is required to maintain contingencies! L a/c is prepared for a period of one year by following: a ) 10 (! Allowed by the issue of debentures document Accounts of electricity by generating company 44 ) 20 % ( C 20! Works other than the reasonable return Government, having regard to the Depreciation Reserve account Instruction, Card. P & l a/c is prepared for a manufacturing plant is a part of the.... And also has 4.9 rating the Act provides for the creation of a suitable illustration interest...