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Final Accounts Test 19

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Final Accounts Test 19
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  • Question 1
    1 / -0
    Net profit before charging commission to manager - Rs. $$2,20,000$$. The manager is entitled to a commission of $$10\%$$ on net profit after charging such commission. The commission payable to manager will be:
    Solution

  • Question 2
    1 / -0
    On the basis of following information calculate the amount will appear the item 'stationary used' in profit and loss account for the year ending $$31$$st March, $$2015$$.
    ParticularsRs.
    Stock of stationary on $$1-4-2014$$$$12,000$$
    Creditors for stationary on $$1-4-2014$$$$25,600$$
    Amount paid for stationary$$1,40,000$$
    Stock of stationary on $$31-3-2015$$$$23,200$$
    Creditors for stationary on $$31-3-2015$$$$24,000$$
  • Question 3
    1 / -0
    On the basis of following information calculate the amount that will appear the item 'stationary used' in profit and loss account for the year ending $$31$$st March, $$2015$$:
    Rs.
    Stock of stationary on $$1-4-2014$$$$12,000$$
    Stationary purchased during the year$$1,40,000$$
    Stock of stationary on $$31-3-2015$$$$23,200$$

  • Question 4
    1 / -0
    From the following details find out the closing capital that will be appear in balance sheet on $$31-12-2015$$.
    ParticularsRs.
    Capital on $$1-1-2015$$$$14,00,000$$
    Drawings$$5,000$$
    Repair$$2,000$$
    Net profit before manager commission$$6,62,900$$
    Debtors$$1,50,000$$
    Provision for bad debts @ $$6\%$$.
    The manager is entitled commission of $$5\%$$ of net profit after charging his commission.
  • Question 5
    1 / -0
    A new firm commenced business on $$1-1-2015$$ and purchased goods costing Rs. $$90,000$$ during the year. A sum of Rs. $$6,000$$ was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs. $$12,000$$. Sales during the year Rs. $$1,20,000$$. What is the gross profit earned by the firm?
  • Question 6
    1 / -0
    Net profit before charging commission to General & Sales manager - Rs. $$1,65,920$$
    The General Manager is entitled to commission of $$10\%$$ on net profit after charging such commission and commission of Sales Manager.
    The Sales Manager is entitled to commission of $$5\%$$ on net profit after charging such commission and commission of General Manager.
    Commission payable to General Manager- Rs. ___________ & Sales Manager - Rs. __________.
  • Question 7
    1 / -0
    ParticularsRs.
    Sales$$15,000$$
    Opening Stock$$6,000$$
    Purchases$$10,000$$
    Closing Stock?
    Cost of goods sold$$9,000$$
    Gross Profit?
    Selling Expenses$$4,000$$
    Net Profit?
    Gross profit will be.
    Solution
    COGS= Opening stock + Purchase + Direct Expenses - Closing stock 
           9000  = 6000 + 10000 - Closing stock
                         = 7000
    gross profit = (Sales + Closing stock) - (Opening stock + Purchase)
                        = 22000 - 16000 = 6000
    Net profit = Gross Profit - selling expenses
                      = 6,000 - 4000
                       = 2,000
  • Question 8
    1 / -0
    Rent paid on $$1/10/2014$$ for the year to $$30/9/2015$$ was Rs. $$1,200$$ and rent paid on $$1/10/2015$$ for the year to $$30/9/2016$$ was Rs. $$2,400$$. Rent payable, as shown in the Profit & Loss A/c for the year ended $$31/12/2015$$, would be ______________.
  • Question 9
    1 / -0
    Debtors appeared in balance sheet at Rs. $$18,525$$ after making following adjustment.
    Bad debt written off Rs. $$400$$.
    Provision for discount on debtors @ $$2.5\%$$.
    Provision for bad debt @ $$5\%$$.
    Debtors as per trial balance $$=$$?
  • Question 10
    1 / -0
    Net profit before charging commission to manager - Rs. $$2,20,000$$. The manager is entitled to commission of $$10\%$$ on net profit before charging such commission. The commission payable to manager will be.
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