Final Accounts Test 18

Result

Final Accounts Test 18

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

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	?

Rs. $22,000$

Rs. $24,500$

Rs. $26,500$

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	$600$	$150$

Rs. $11,250$

Rs. $11,550$

Rs. $11,050$

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.

Rs. $40,000$

Rs. $35,000$

Rs. $30,000$

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

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

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

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

Final Accounts Test 18

Result

Final Accounts Test 18

Score

-

Rank

-

SHARING IS CARING

Question 1

2,50,0002,50,0002,50,000

3,50,0003,50,0003,50,000

2,00,0002,00,0002,00,000

1,50,0001,50,0001,50,000

Solution

Question 2

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

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

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

Gross profit =50,000=50,000=50,000, Sales =2,00,000=2,00,000=2,00,000, Purchases === Rs. 1,12,5001,12,5001,12,500

Question 3

Rs. 22,00022,00022,000

Rs. 24,50024,50024,500

Rs. 26,50026,50026,500

Rs. 16,50016,50016,500

Question 4

Rs. 3,0003,0003,000

Rs. 9,0009,0009,000

Rs. 3,4003,4003,400

Rs. 6,0006,0006,000

Question 5

Rs. 11,25011,25011,250

Rs. 11,55011,55011,550

Rs. 11,05011,05011,050

Rs. 12,45012,45012,450

Question 6

Rs. 21,41321,41321,413

Rs. 21,88521,88521,885

Rs. 22,34422,34422,344

Rs. 22,14822,14822,148

Question 7

Rs. 10,00010,00010,000

Rs. 9,4509,4509,450

Rs. 9,0009,0009,000

Rs. 8,5008,5008,500

Solution

Question 8

Rs. 100100100

Rs. 550550550

Rs. 1,5001,5001,500

Rs. 250250250

Question 9

Rs. 40,00040,00040,000

Rs. 35,00035,00035,000

Rs. 30,00030,00030,000

Rs. 20,00020,00020,000

Question 10

Rs. 760760760

Rs. 600600600

Rs. 2,0002,0002,000

Rs. 2,6002,6002,600

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.

$2,50,000$

$3,50,000$

$2,00,000$

$1,50,000$

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. $1,12,500$

Rs. $22,000$

Rs. $24,500$

Rs. $26,500$

Rs. $16,500$

Rs. $3,000$

Rs. $9,000$

Rs. $3,400$

Rs. $6,000$

Rs. $11,250$

Rs. $11,550$

Rs. $11,050$

Rs. $12,450$

Rs. $21,413$

Rs. $21,885$

Rs. $22,344$

Rs. $22,148$

Rs. $10,000$

Rs. $9,450$

Rs. $9,000$

Rs. $8,500$

Rs. $100$

Rs. $550$

Rs. $1,500$

Rs. $250$

Rs. $40,000$

Rs. $35,000$

Rs. $30,000$

Rs. $20,000$

Rs. $760$

Rs. $600$

Rs. $2,000$

Rs. $2,600$