Final Accounts Test 21

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Final Accounts Test 21

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Weekly Quiz Competition

Question 1
1 / -0

Debtors as appearing in Trial Balance are f $$25,000$$. Provision for doubtful debts is to be provided @ $$5\%$$ and $$2\%$$ of amount is to be provided for discount. What is the amount of debtors to be shown in balance sheet?

A
f$$23,750$$

B
f$$23,250$$

C
f$$23,275$$

D
f$$1,750$$

Question 2

1 / -0

Trial balance of a trader shows the following balances:
Opening Stock Rs.$$9,600$$, Purchases Rs.$$11,850$$, Wages and Salaries Rs.$$3,200$$. Carriage on Purchases Rs.$$200$$, Carriage Outwards Rs.$$300$$, Sales A/cs Rs.$$24,900$$, Closing Stock is Rs.$$3,500$$ Gross Profit will be _____________.

Rs.$$3,550$$

Rs.$$6,750$$

Rs.$$6,500$$

Rs.$$6,550$$

Solution

Trading Account

Particulars	Amount	Particulars	Amount
To Opening Stock	9600	By Sales	24900
To Purchases	11850	By Closing Stock	3500
To Carriage	200
To wages and salaries	3200
To Gross Profit	3550
Total	28400	Total	28400

Question 3
1 / -0

It is not uncommon to find these in memorandum revaluation account __________________.

A
Effect of revaluation of assets & liabilities are recorded old figures in new balance sheet

B
Effect of revaluation of assets & liabilities are recorded at new prices in the new balance sheet

C
Profit or loss of the second part of revaluation account goes to new partner.

D
Both a & c
Question 4
1 / -0

Which of the following item appears in trading account of a business?

A
Wages and Salaries

B
Depreciation on buildings

C
Freight outward

D
Salaries.
Question 5
1 / -0

If Capital = $$70,000$$; Liability = $$40,000$$.
Find Assets.

A
$$30,000$$

B
$$1,10,000$$

C
$$40,000$$

D
$$70,000$$

Solution

Capital Employed is the total amount of investment made for running the business.
Capital Employed = Assets - Current Liabilities
OR
Assets = Capital Employed+Current Liabilities
Hence
1,10,000 = 70,000 + 40,000.
Question 6
1 / -0

P/L A/c balance (before commission) is Rs.$$1,320$$; manager's commission is $$10\%$$. Find the amount of manager's commission.

A
$$120$$

B
$$0$$

C
$$132$$

D
$$110$$

Solution

On Profits before charging such commission:
Manager's commission = Net Profits X (Percentage of commission/ $$100$$)
Amount of manager's commission = $$\frac{1,320\times10}{100} = 132$$
Question 7
1 / -0

T Ltd. has issued 14% debentures of Rs.20,00,000 at a discount of 10% in April, 2013 and the company pays interest half yearly on June 30, and December 31, every year. On March 31, 2014 the amount shown as interest accrued but not due in the balance sheet will be________.

A
Rs. 1,40,000

B
Rs. 2,10,000

C
Rs. 2,80,000

D
Rs. 70,000
Question 8
1 / -0

Financial data of an entity is given below:
Gross Profit Rs.$$6,700$$, Carriage outwards Rs.$$250$$, Rent received Rs.$$575$$ and Other expenses Rs.$$3,600$$. The net profit would be.

A
Rs.$$3,025$$

B
Rs.$$2,850$$

C
Rs.$$3,425$$

D
Rs.$$3,275$$

Solution

Net profit = Gross Profit - carriage outwards - Other expenses+ rent received
= 6700- 250-3600+575
= 3425 Rs
Question 9
1 / -0

Prakash sells goods at $$20\%$$ on sales. His sales were Rs.$$10,00,00$$. The amount of gross profit is _________.

A
Rs.$$1,70,000$$

B
Rs.$$2,50,000$$

C
Rs.$$2,40,000$$

D
Rs.$$2,00,000$$

Solution

Sales = Rs.$$10,00,000$$
Gross Profit = $$20\%$$ of sales
Thus, Gross Profit = $$10,00,000 \times 20$$
= Rs.$$2,00,000$$
Question 10
1 / -0

The provision for discount on debtors is often provided in keeping with the concept of _______________.

A
Conservatism

B
Going Concern

C
Materiality

D
Consistency

Solution

Conservatism:
This convention ensures that uncertainties and risks inherent in business transactions should be given a proper consideration. As per this convention the accountants follow the rule 'anticipate no profit but provide for all possible losses'. Examples Making provisions for Bad Debts, Making General Reserve, Valuing the stock at lower of cost or market value etc.

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Final Accounts Test 21

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Final Accounts Test 21

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Question 1

f$$23,750$$

f$$23,250$$

f$$23,275$$

f$$1,750$$

Question 2

Rs.$$3,550$$

Rs.$$6,750$$

Rs.$$6,500$$

Rs.$$6,550$$

Solution

Question 3

Effect of revaluation of assets & liabilities are recorded old figures in new balance sheet

Effect of revaluation of assets & liabilities are recorded at new prices in the new balance sheet

Profit or loss of the second part of revaluation account goes to new partner.

Both a & c

Question 4

Wages and Salaries

Depreciation on buildings

Freight outward

Salaries.

Question 5

$$30,000$$

$$1,10,000$$

$$40,000$$

$$70,000$$

Solution

Question 6

$$120$$

$$0$$

$$132$$

$$110$$

Solution

Question 7

Rs. 1,40,000

Rs. 2,10,000

Rs. 2,80,000

Rs. 70,000

Question 8

Rs.$$3,025$$

Rs.$$2,850$$

Rs.$$3,425$$

Rs.$$3,275$$

Solution

Question 9

Rs.$$1,70,000$$

Rs.$$2,50,000$$

Rs.$$2,40,000$$

Rs.$$2,00,000$$

Solution

Question 10

Conservatism

Going Concern

Materiality

Consistency

Solution

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