Final Accounts Test 24

Result

Final Accounts Test 24

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

A withdrawal of goods from business by the proprietor should be credited to _______________.

A
Drawing A/c

B
Capital A/c

C
Purchases A/c

D
Sales A/c

Solution

The withdrawal of goods by the owner for personal use is placed on a temporary drawings account and reduces the owners equity. It is not an expense of the business. Goods are withdrawn from the business and taken by the owner, which reduces the inventory of the business.
Question 2
1 / -0

Goods costing Rs 1000 (Sale Price Rs 1200) distributed as free samples should be credited to ________.

A
Sales Account with Rs 1200

B
Sales Account with Rs 1000

C
Purchases Account with Rs 1000

D
Loss by Theft A/c

Solution

Journal Entry for distributing goods as free samples:
=> Advertisement A/c Dr. XXX (cost price of the goods)
To Purchases A/c XXX (cost price of the goods)
(Being goods distributed as free samples)
Therefore, C is the correct option.
Question 3
1 / -0

Goods costing Rs 1000 (Sale price Rs 1200) used in making personal furniture should be credited to ________________.

A
Sales account with Rs 1200

B
Sales account with Rs 1000

C
Purchases account with Rs 1000

D
Furniture A/c

Solution

Journal entry for using good for making personal furniture:
Drawings A/c Dr. XXX
To Purchases A/c XXX
(Being goods used for making of furniture)
Therefore, C is the correct option.
Question 4
1 / -0

Goods costing Rs 1000 (Sale price Rs 1200) stolen should be credited to __________________.

A
Sales Account with Rs 1200

B
Sales Account with Rs 1000

C
Purchases Account with Rs 1000

D
Loss by Theft A/c

Solution

Journal Entry for the Goods lost by theft:
Goods lost by theft A/c Dr. XXX
To Purchases A/c XXX
(Being Goods lost by theft)
Therefore, C is the correct option.
Question 5
1 / -0

Goods costing Rs 1000 (Sale Price Rs 1200) given as charity should be credited to __________________.

A
Sales Account with Rs 1200

B
Sales Account with Rs 1000

C
Purchases Account with Rs 1000

D
Loss by Theft A/c
Question 6
1 / -0

The cost of inventory as per physical verification as on 24th March was Rs.4,00,000. Goods are sold at a profit of 25%on cost.
On 21st March, goods on the sales value of Rs.1,00,000 were sent on sale on return basis to a customer , the period of approval being two week .He returned 20% of the goods on 31st March.
The cost of inventory as per books on 31st march is ______________.

A
Rs.4,80,000

B
Rs.4,16,000

C
Rs.4,28,000

D
None of these

Solution

In case of sale or return basis the goods that are confirmed as sales and the rest are included in inventory at cost.
Calculation of goods to be included at cost and their value :-

Goods not approved = 1,00,000 x 20%
= 20,000

Calculation of book value of unapproved goods
Lets assume,
Cost = 100, Gross profit = 25% of cost
= 25
Therefore, sales = Cost + gross profit
= 100 + 25
   = 125
Hence, we have sales price cost will be = 20000 x 100/125
   = 16,000

Cost of inventory as on 31st march = 4,00,000 + 16,000
   = 4,16,000
Question 7
1 / -0

The gain from sale of capital assets is added to revenue to ascertain the _________________.

A
Gross Profit of a business

B
Operating Profit of business

C
net profit of a business

D
All of above

Solution

A gain from sale of a capital asset is a non operating income and hence, it will not be taken into account to calculate gross profit and operating profit.
It is a non-operating income and hence, it would be taken into account to calculate net profit.
Net profit accounts for all the expenses and incomes.
Question 8
1 / -0

Goods costing Rs 1000 (Sale Price Rs 1200) destroyed by fire should be credited to _________________.

A
Sales Account with Rs. 1,200

B
Sales Account with Rs. 1,000

C
Purchases Account with Rs. 1,000

D
Loss by Fire Account with Rs. 1,000

Solution

When goods are lost by fire, the Purchase Account in the books is credited to exclude the cost of such goods from the purchases still in possession of the entity. Such loss is an abnormal loss which is debited in Profit & Loss A/c.
Question 9
1 / -0

Cost of Physical Stock Rs.2,30,000
Goods purchases for Rs.10,000 received but omitted to be recorded
Goods costing Rs.20,000 were sold & delivered but omitted to be recorded
Goods costing Rs.5,000 were returned by customers but omitted to be recorded.
Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded.
The cost of stock as per books is ____________.

A
Rs.2,40,000

B
Rs.2,38,000

C
Rs.2,36,000

D
None of these

Solution

Cost of physical stock 2,30,000
Less:- purchases recorded but omitted to be recorded (10,000)
Add;- Goods sold, not recorded 20,000
Less:- Goods returned by customers (5,000)
Add:- Goods returned to suppliers 3,000
---------------
Cost of stock as per books 2,38,000
Question 10
1 / -0

Full claim accepted by insurance Company on the loss of goods by fire is credited to ____________ A/c.

A
Trading A/c

B
P/L A/c

C
Insurance Company

D
None

Solution

Journal Entries to be passed when insurance claim is accepted by insurance company on loss of goods by fire :

Loss by fire A/c. Dr.
To trading A/c
(Being purchase account decreased)

Insurance claim A/c. Dr.
To loss by fire A/c
(Being ins. claim lodged and loss by fire account nulified)

Bank A/c. Dr.
P&L A/c Dr.
To insurance claim A/c
(Being claim settled)

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Final Accounts Test 24

Result

Final Accounts Test 24

Score

-

Rank

-

SHARING IS CARING

Question 1

Drawing A/c

Capital A/c

Purchases A/c

Sales A/c

Solution

Question 2

Sales Account with Rs 1200

Sales Account with Rs 1000

Purchases Account with Rs 1000

Loss by Theft A/c

Solution

Question 3

Sales account with Rs 1200

Sales account with Rs 1000

Purchases account with Rs 1000

Furniture A/c

Solution

Question 4

Sales Account with Rs 1200

Sales Account with Rs 1000

Purchases Account with Rs 1000

Loss by Theft A/c

Solution

Question 5

Sales Account with Rs 1200

Sales Account with Rs 1000

Purchases Account with Rs 1000

Loss by Theft A/c

Question 6

Rs.4,80,000

Rs.4,16,000

Rs.4,28,000

None of these

Solution

Question 7

Gross Profit of a business

Operating Profit of business

net profit of a business

All of above

Solution

Question 8

Sales Account with Rs. 1,200

Sales Account with Rs. 1,000

Purchases Account with Rs. 1,000

Loss by Fire Account with Rs. 1,000

Solution

Question 9

Rs.2,40,000

Rs.2,38,000

Rs.2,36,000

None of these

Solution

Question 10

Trading A/c

P/L A/c

Insurance Company

None

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.