Final Accounts Test 13

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Final Accounts Test 13

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Weekly Quiz Competition

Question 1
1 / -0

Under sales on return or approval basis, when transactions are few and the seller at the end of the accounting year reverses the sale entry, then the accounting treatment for the goods returned by the customers on a subsequent date will be ______________.

A
No entry for return of goods

B
Entry for return of goods is passed

C
Only the stock account will be adjusted

D
None of these
Question 2
1 / -0

Ram sends goods on approval basis as follows :
Date
January Customer's name Sale price of Goods sent Goods accepted Goods returned
Rs Rs Rs
10 A 3,600 3,000 600
12 B 2,000 2,000 -
15 C 2,680 - 2,680
25 D 2,260 2,000 260
The stock of goods sent on approval on 31st January will be:

A
Rs 500

B
Nil

C
Rs 260

D
None of these
Question 3
1 / -0

In a joint venture, A contributes Rs. 8,000 and B contributes Rs. 10,000. Goods are purchased for Rs. 11,000. Expenses amount to Rs. 1,000. Sales amount to Rs. 14,000, the remaining goods were taken by B at an agreed price of Rs. 400. A and B share profits and losses in the ratio of 1:2 respectively. As a final settlement, how much A will receive ?

A
Rs. 8,800

B
Rs. 9,000

C
Rs. 8,000

D
Rs. 13,800
Question 4
1 / -0

A and B entered into a joint Venture to purchase and sell a new item. They agreed to share the profits and losses equally, A purchased goods worth Rs. 90,000 and spent Rs. 25,000 in sending the goods, B spent Rs. 5,000 as selling expenses and sold goods for Rs. 20,0000. What will be the amount remitted by B to A as final settlement ?

A
Rs. 1,55,000

B
Rs. 1,50,000

C
Rs. 1,15,000

D
Rs. 80,000
Question 5
1 / -0

Goods sold by other co-venturer is debited to which account ________________.

A
Joint venture A/c

B
Other co-venturer's personal A/c

C
Joint bank A/c

D
None of these
Question 6
1 / -0

X a co-venturer returns goods to other co- venturer Y. In whose books the transaction would be recorded under memorandum joint venture method?

A
Y

B
X

C
X and Y

D
None of these
Question 7
1 / -0

Profit and loss account is prepared for a period of one year as per ____________.

A
Consistency concept

B
Conservation concept

C
Accounting period concept

D
Cost concept

Solution

Accounting period concept is based on the theory that all accounting transactions of a business should be divided into equal time periods, which are referred to as accounting periods. The purpose of such a time period is that financial statements can be prepared and presented to the investors and also help in comparing performance of the business with each time period.
By preparing Profit and Loss A/c for a particular time period, a company is able to determine the profit and loss that occurred during the period for the business.
Therefore, C is the correct option.
Question 8
1 / -0

If the manager is entitled to a commission of 5% on profits before deducting this commission, he will get a commission of Rs. ________on a profit of Rs. 8,400.

A
400

B
442.11

C
420

D
None of these

Solution

Calculation of Manager's Commission
Amount of Manager's Commission= Net profit x Rate of commission/ 100
= Rs. 8400 x 5/100
= Rs. 420
Therefore, C is the correct option.
Question 9
1 / -0

A, for joint venture with B, purchased goods costing 2,00,000, B sold 80% of' the goods for Rs. 2,50,000. Balance of goods were taken over by B at cost less 25%. Find out profit on venture ?

A
Rs. 80,000

B
Rs. 90,000

C
Rs. 50,000

D
None of these
Question 10
1 / -0

Under sales on return or approval basis, the ownership of goods is passed only ___________________.

A
When the purchaser gives his approval

B
If the goods are not returned within specified period

C
Both (a) and (b)

D
None of the above

Solution

In the case of goods sold on ‘sale or return basis’, the Sale will be recognized only when:

1.       buyer approves the goods

2.       buyer indicates in some way that he has accepted the sale

3.       buyer does not return the goods within specified period

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Re-Attempt Weekly Quiz Competition

Date January	Customer's name	Sale price of Goods sent	Goods accepted	Goods returned
		Rs	Rs	Rs
10	A	3,600	3,000	600
12	B	2,000	2,000	-
15	C	2,680	-	2,680
25	D	2,260	2,000	260

Final Accounts Test 13

Result

Final Accounts Test 13

Score

-

Rank

-

SHARING IS CARING

Question 1

No entry for return of goods

Entry for return of goods is passed

Only the stock account will be adjusted

None of these

Question 2

Rs 500

Nil

Rs 260

None of these

Question 3

Rs. 8,800

Rs. 9,000

Rs. 8,000

Rs. 13,800

Question 4

Rs. 1,55,000

Rs. 1,50,000

Rs. 1,15,000

Rs. 80,000

Question 5

Joint venture A/c

Other co-venturer's personal A/c

Joint bank A/c

None of these

Question 6

Y

X

X and Y

None of these

Question 7

Consistency concept

Conservation concept

Accounting period concept

Cost concept

Solution

Question 8

400

442.11

420

None of these

Solution

Question 9

Rs. 80,000

Rs. 90,000

Rs. 50,000

None of these

Question 10

When the purchaser gives his approval

If the goods are not returned within specified period

Both (a) and (b)

None of the above

Solution

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