Self Studies
Self Studies
Self Studies
Self Studies

Final Accounts Test 23

Result Self Studies

Final Accounts Test 23
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

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.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    Creating Reserve for Discount on Creditors is an example of __________.
  • Question 2
    1 / -0
    Annual Renewal fee of licence for next year is ______________.
    Solution
    Prepaid expenses are future expenses that have been paid in advance. You can think of prepaid expenses as costs that have been paid but have not yet been used up or have not yet expired. The amount of prepaid expenses that have not yet expired are reported on a company's balance sheet as an asset.
  • Question 3
    1 / -0
    On 31st March, goods sold at a sale price of Rs. 30,000 were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus 20%. In the balance sheet, the stock with customers account will be shown at Rs_________.
    Solution
    If the goods are still lying with the buyer or the receiver of goods at the end of the accounting year and the specified time limit is set to expire, they are treated as closing stock. Thus, the entry for sales made earlier is canceled and they are recorded at cost price. However, when the goods are returned by the customer after the specified time limit no entry is passed.

  • Question 4
    1 / -0
    A sale of goods to Ram should be debited to ____________.
    Solution
    Ram is the Receiver of goods, as such, his personal account has been debited According to the rule of personal account, i.e., “Debit the Receiver”. Sales A/c will be credited according to the rule of Nominal account.
  • Question 5
    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 ______________.
    Solution
    Whenever it is given to calculate the commission after charging such commission then the formula becomes: 
    Net profit * Rate of commission/ 100+ Rate of commission
    So, Commission payable to General Manager = 165920*10/100+10+5
    165920*10/115 = 14427.8 or 14428
    Commission payable to Sales Manager = 165920*5/115
    = 7213.9 or 7214.
  • Question 6
    1 / -0
    Following information is available from the books of Mr. Z
    Rs
    Expenses paid during the year1,35,000
    Expenses outstanding on 1.4.201112,250
    Expenses prepaid on 1.4.201115,000
    Expenses outstanding on 31.3.201217,000
    Expenses prepaid on 31.3.201216,750
    Net expenses debited to profit & loss account for the year ended 31.3.2012 should be ____________.
    Solution
     Particular Amount
     Expenses Paid During the Year  135000
     Less-O/s expenses on 01.04.2011 12250
     Add-prepaid Expenses in 01.04.2011 15000 
     Add-O/s Expenses 31.03.12 17000
     Less-Expenses prepaid 31.03.12 16750
     Net Expenses debited to P & L for the year 138000
  • Question 7
    1 / -0
    Good worth $$Rs.500$$ taken by the proprietor for personal use should be debited to ______________.
    Solution
    Journal entry for goods taken by proprietor for personal use:
    Drawings A/c    Dr.     XXX
      To  Purchases A/c             XXX 
    (Being goods taken by proprietor for personal use)
    Therefore, B is the correct option.
  • Question 8
    1 / -0
    Goods costing Rs.10,000 destroyed by fire should be credited to 
    Solution
     Particular L.F. Dr. Cr.
     Lost by fire A/c             Dr.
                To Purchase A/c                
    (Being goods destroyed by fire)
         		 10000

    		 
    10000
    Goods costing Rs.10000 destroyed by fire will be credited to purchase A/c.
  • Question 9
    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.
  • Question 10
    1 / -0
    Goods sod to Ram for cash Rs 1000 ________________.
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now