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Introduction to accounting Test - 10

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Introduction to accounting Test - 10
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  • Question 1
    1 / -0

    Ram started a business for buying and selling of stationery with Rs. 5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2, 00,000 for buying stationery item What are the fixed assets he bought?

    Solution

    furniture is fixed asset so amount of fixed asset is 1,00,000

  • Question 2
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2, 00,000 for buying stationery item What is the value of the goods purchased?

    Solution

    since it is stationery business stationery purchased for selling ae goods so amount is 2,00,000

  • Question 3
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. He bought stationery items of Rs.1,50,000 from Mr. Vishal (a creditor of the business) state the amount payable to him?

    Solution

    since goods are purchased from mr vishal he becomes the creditor amount payable to him is 1,50,000

  • Question 4
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment He employed a sales person and clerk. At the end of the month he paid Rs.5, 000 as their salaries, what are the expenses?

    Solution

    expenses are the salary paid to clerk so it is 5000

  • Question 5
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2, 00,000 for buying stationery item A part of the machinery, which cost Rs.40,000, was sold for Rs.45,000.What is the gain he earned?

    Solution

    gain is the difference between purchase and sale of machinery i e 45000-40000 = 5000

  • Question 6
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs. 1, 00,000 for furniture and Rs.2,00,000 for buying stationery item. In the first week of next month there was a fire accident and he lost Rs.30,000 worth of stationery. What is the loss he incurred

    Solution

    loss incurred is the amount of goods loss by fire accident ie 30,000

  • Question 7
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2, 00,000 for buying stationery item. He withdrew Rs.2000 for his personal use. What is the amount of drawings

    Solution

    drawing is the amount withdrawn for personal use i e 2000

  • Question 8
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2,00,000 for buying stationery item Out of the stationery bought he sold some stationery for Rs.1,50,000 for cash and some other stationery for Rs.1,00,000 on credit basis to Mr. Ravi. Who is the debtor? What is the amount receivable from him?

    Solution

    the person to whom goods are sold on credit is the debtor so ravi is the debtor and amount is 1,00,000

  • Question 9
    1 / -0

    Ram started a business for buying and selling of stationery with Rs.5, 00,000 as an initial investment. Of which he paid Rs.1, 00,000 for furniture, Rs.2, 00,000 for buying stationery item He employed a sales person and clerk. At the end of the month he paid Rs.5,000 as their salaries. Out of the stationery bought he sold some stationery for Rs.1, 50,000 for cash and some other stationery for Rs.1, 00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of Rs.1, 50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost Rs.30,000 worth of stationery. What is the total amount of expenses and losses incurred?

    Solution

    salary to clerk is expense and loss by fire is the loss incurred for the business so total expenses is 5000+30,000=35000

  • Question 10
    1 / -0

    Neeraj sold goods costing Rs.500000 for Rs.700000 in cash and goods costing Rs.250000 for Rs.310000 on credit. Goods sold on credit for Rs.31,000 were received back being defective .What is the amount of sales return

    Solution

    goods costing 250000 were sold for 310000 so goods valued 31000 were retured but its actual value is 25000 so sales return will be 25000

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