Final Accounts Test 18

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Final Accounts Test 18

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Weekly Quiz Competition

Question 1

1 / -0

From the following information calculate net profit:

	Rs.
Opening stock	$$15,00,000$$
Direct expenses	$$3,00,000$$
Selling & distribution expenses	$$2,00,000$$
Administrative expenses	$$1,00,000$$
Financial expenses	$$50,000$$
Sales	$$24,00,000$$
Gross profit ratio on sales	$$25\%$$

$$2,50,000$$

$$3,50,000$$

$$2,00,000$$

$$1,50,000$$

Solution

Trading & Profit & loss for the year ended..

Particular	Amt	Particular	Amt
To Opening stock A/c	1500000	By Sales A/c	2400000
To Direct expenses A/c	300000
To Gross profit transferred A/c (25% of sales)	600000
	2400000		2400000
		By gross profit transferred A/c	600000
To Selling & Distribution expenses A/c	200000
To advertisement A/c	100000
To Financial expenses A/c	50000
To Net Profit transferred A/c	250000
	600000		600000

Question 2
1 / -0

From the following information calculate Gross profit, Sales & Purchases.
Particulars Rs.
Opening stock $$75,000$$
Closing stock $$87,500$$
Cost of goods sold $$1,50,000$$
Gross profit ratio on sales $$25\%$$

A
Gross profit $$= 37,500$$, Sales $$=1,87,500$$, Purchases$$=1,12,500$$

B
Gross profit $$= 37,500$$, Sales $$=2,00,000$$, Purchases $$=1,62,500$$

C
Gross profit $$=50,000$$, Sales $$=2,00,000$$, Purchases $$=1,62,500$$

D
Gross profit $$=50,000$$, Sales $$=2,00,000$$, Purchases $$=$$ Rs. $$1,12,500$$
Question 3
1 / -0

Cost of goods sold Rs. $$2,00,000$$
Gross profit on cost $$25\%$$
Salary Rs. $$15,000$$
Rent Rs. $$7,000$$
Bad debts Rs. $$1,500$$
Drawings Rs. $$2,000$$
Creditors Rs. $$2,500$$
Net profit ?

A
Rs. $$22,000$$

B
Rs. $$24,500$$

C
Rs. $$26,500$$

D
Rs. $$16,500$$
Question 4
1 / -0

If sales are Rs. $$40,000$$; Cost of goods sold is Rs. $$31,000$$ and operating expenses are Rs. $$6,000$$, the gross profit is?

A
Rs. $$3,000$$

B
Rs. $$9,000$$

C
Rs. $$3,400$$

D
Rs. $$6,000$$
Question 5
1 / -0

From the following details ascertain net profit for the period ending on $$31-3-2015$$ under accrual system of Trader.
Net profit before following is Rs. $$10,750$$.
Abstract of trail balance:
Items Dr. Cr.
Interest - $$2,000$$
Rent on let out property - $$4,500$$
Salary $$3,750$$ -
Insurance $$1,800$$ -
Additional information:
Items $$31-3-2014$$ $$31-3-2015$$
Accrual interest $$550$$ $$450$$
Rent received in advance $$250$$ $$100$$
Salary outstanding $$300$$ $$50$$
Prepaid insurance $$600$$ $$150$$

A
Rs. $$11,250$$

B
Rs. $$11,550$$

C
Rs. $$11,050$$

D
Rs. $$12,450$$
Question 6
1 / -0

Extract of trial balance of Mr.Z is as follows.
Particulars Dr. Rs. Cr. Rs.
Debtors $$24,000$$ -
Provisions for bad debts - $$400$$
Included amongst the debtors is Rs. $$3,000$$ due to Ram and included among the creditors Rs. $$1,000$$ due to him.
Provision for bad debts to created at @ $$5\%$$ and for discount @ $$2\%$$. Debtors will be shown at balance at.

A
Rs. $$21,413$$

B
Rs. $$21,885$$

C
Rs. $$22,344$$

D
Rs. $$22,148$$
Question 7
1 / -0

During the year $$2014-2015$$, the profit of a business before charging Sales Manager's commission was Rs. $$1,89,000$$. If the Sales Manager's commission is $$5\%$$ on profit after charging his commission, then the total amount of commission payable to manager is?

A
Rs. $$10,000$$

B
Rs. $$9,450$$

C
Rs. $$9,000$$

D
Rs. $$8,500$$

Solution

Manager's commission = Profit* Rate of commission/ 100+ rate of commission
= 189,000* 5 / 105
= 9,000

Question 8

1 / -0

From the following abstract of trial balance, estimate the profit and loss for the year ended $$31-3-2015$$:

Debit balance	Rs.
Assets excluding closing stock	$$7,500$$
Expenses	$$6,500$$
Prepaid Expenses	$$2,000$$
Interest	$$500$$
	$$16,500$$
Credit balance	Rs.
Capital & Reserve	$$9,000$$
Liabilities	$$1,000$$
Revenue	$$6,500$$
	$$16,500$$

Closing stock was Rs. $$600$$.

Rs. $$100$$

Rs. $$550$$

Rs. $$1,500$$

Rs. $$250$$

Question 9
1 / -0

Consider the following data pertaining to a company for the year $$2014-2015$$.
Particulars Rs.
Opening balance of debtors $$40,000$$
Credit sales $$4,30,000$$
Cash sales $$20,000$$
Cash collected from debtors $$4,00,000$$
Closing balance of debtors $$50,000$$
The bad debts of the company during the year are.

A
Rs. $$40,000$$

B
Rs. $$35,000$$

C
Rs. $$30,000$$

D
Rs. $$20,000$$
Question 10
1 / -0

Debtors as per trial balance - Rs. $$40,600$$
Bad debt not yet provided - Rs. $$600$$
Provision for debt to be made at $$5\%$$ on sundry debtors.
Provision for discount on debtors to be created @ $$2\%$$.
Amount of provisions for discount on debtors.

A
Rs. $$760$$

B
Rs. $$600$$

C
Rs. $$2,000$$

D
Rs. $$2,600$$

Solution

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Particulars	Rs.
Opening stock	$$75,000$$
Closing stock	$$87,500$$
Cost of goods sold	$$1,50,000$$
Gross profit ratio on sales	$$25\%$$

Cost of goods sold	Rs. $$2,00,000$$
Gross profit on cost	$$25\%$$
Salary	Rs. $$15,000$$
Rent	Rs. $$7,000$$
Bad debts	Rs. $$1,500$$
Drawings	Rs. $$2,000$$
Creditors	Rs. $$2,500$$
Net profit	?

Items	Dr.	Cr.
Interest	-	$$2,000$$
Rent on let out property	-	$$4,500$$
Salary	$$3,750$$	-
Insurance	$$1,800$$	-

Items	$$31-3-2014$$	$$31-3-2015$$
Accrual interest	$$550$$	$$450$$
Rent received in advance	$$250$$	$$100$$
Salary outstanding	$$300$$	$$50$$
Prepaid insurance	$$600$$	$$150$$

Particulars	Dr. Rs.	Cr. Rs.
Debtors	$$24,000$$	-
Provisions for bad debts	-	$$400$$

Particulars	Rs.
Opening balance of debtors	$$40,000$$
Credit sales	$$4,30,000$$
Cash sales	$$20,000$$
Cash collected from debtors	$$4,00,000$$
Closing balance of debtors	$$50,000$$

Final Accounts Test 18

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Final Accounts Test 18

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Question 1

$$2,50,000$$

$$3,50,000$$

$$2,00,000$$

$$1,50,000$$

Solution

Question 2

Gross profit $$= 37,500$$, Sales $$=1,87,500$$, Purchases$$=1,12,500$$

Gross profit $$= 37,500$$, Sales $$=2,00,000$$, Purchases $$=1,62,500$$

Gross profit $$=50,000$$, Sales $$=2,00,000$$, Purchases $$=1,62,500$$

Gross profit $$=50,000$$, Sales $$=2,00,000$$, Purchases $$=$$ Rs. $$1,12,500$$

Question 3

Rs. $$22,000$$

Rs. $$24,500$$

Rs. $$26,500$$

Rs. $$16,500$$

Question 4

Rs. $$3,000$$

Rs. $$9,000$$

Rs. $$3,400$$

Rs. $$6,000$$

Question 5

Rs. $$11,250$$

Rs. $$11,550$$

Rs. $$11,050$$

Rs. $$12,450$$

Question 6

Rs. $$21,413$$

Rs. $$21,885$$

Rs. $$22,344$$

Rs. $$22,148$$

Question 7

Rs. $$10,000$$

Rs. $$9,450$$

Rs. $$9,000$$

Rs. $$8,500$$

Solution

Question 8

Rs. $$100$$

Rs. $$550$$

Rs. $$1,500$$

Rs. $$250$$

Question 9

Rs. $$40,000$$

Rs. $$35,000$$

Rs. $$30,000$$

Rs. $$20,000$$

Question 10

Rs. $$760$$

Rs. $$600$$

Rs. $$2,000$$

Rs. $$2,600$$

Solution

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