Provisions and Reserves — Important Questions
ICSE · Class 11 · Accountancy
65 important questions from Provisions and Reserves for ICSE Class 11 Accountancy, with answers. Includes multiple choice and multiple correct questions.
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Important Questions from Provisions and Reserves
A company earns huge profits and transfers ₹2,00,000 to a general reserve each year for 3 years. How much will the general reserve amount to after 3 years?
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₹6,00,000
General reserve accumulated over 3 years = ₹2,00,000 × 3 = ₹6,00,000.
A reserve for asset replacement is built by transferring ₹40,000 every year for 5 years. What total amount will be available from transfers alone, ignoring interest?
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₹2,00,000
Total transfer = ₹40,000 × 5 = ₹2,00,000.
An asset replacement reserve needs an additional ₹2,00,000 beyond the depreciation-recovered amount. If the company transfers ₹50,000 per year, how many years are needed to build the additional amount, ignoring interest?
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4 years
Years needed = ₹2,00,000 / ₹50,000 = 4 years.
A repair provision of ₹1,000 is charged every year for 5 years. What amount will be charged in total, and what is the average yearly charge if the total is spread equally?
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₹5,000 total and ₹1,000 per year
Total charge = ₹1,000 × 5 = ₹5,000. Equal yearly charge = ₹5,000 / 5 = ₹1,000 per year.
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