accounts from incomplete records Test

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accounts from incomplete records Test - 14

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Question 1
1 / -0

Find the closing stock from the following details.
Opening stock Rs. 80,000, Purchase Rs.1,40,000, wages Rs.60,000, Sales Rs.3,20,000, GP on sales 25%

A
Rs.60,000

B
Rs.40,000

C
Rs.45,000

D
Rs.30,000

Solution

Step-1
Gross Profit on Sales = 25%
Sales = 320000 (given)
GP = 25% x 320000
= 80,000
Step-2

Sales - Gross Profit = Cost
Therefore, Cost = 320000-80,000
Cost of Goods Sold = 240,000.

Step-3
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses - Closing Stock
2,40,000 = 80,000 + 140000 + 60,000 - Closing Stock
Closing Stock = 280000-240000
Closing Stock = 40,000
Question 2
1 / -0

A and B enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs. 10,000. He pays expenses amounting to Rs. 1,000. B incurs further expenses on carriage Rs. 1,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 2,000. What will be the amount to be remitted by B to A?

A
Rs. 13,500

B
Rs. 15,000

C
Rs. 11,000

D
Rs. 10,000
Question 3
1 / -0

Kumar and Shanu-entered into a joint venture to purchase and sell new year gifts. They agreed to share the profit and losses equally. Kumar purchased goods worth Rs. 1,00,000 and spent' Rs. 10,000 in sending the goods to Shanu. He also paid Rs. 5,000 for insurance. Shanu spent Rs. 10,000 as selling expenses and sold goods for 2,00,000. Remaining goods Were taken over by him at Rs. 5,000. What will be the amount to be remitted by Shanu to Kumar as final settlement?

A
Rs. 1,55,000

B
Rs. 1,50,000

C
Rs. 1,15,000

D
Rs. 80,000
Question 4
1 / -0

Income -tax of the sole trader paid is shown ___________.

A
Debited to profit and Loss A/c

B
Debited to Trading A/c

C
Debited to his Capital A/c

D
None of the above

Solution

For a Sole Proprietor, income tax is not an expense incurred to generate revenue hence it is not treated as an expense to be paid out of profits. In this case, income tax is treated as a personal expense resulting in drawings from the business concluding to a reduction of capital.
Question 5
1 / -0

From the following details estimate the capital as on 31.12.07, Capital as on 01.01.07 Rs. 205,000, Drawing Rs. 20,000, Profit during the year Rs. 25,000.

A
Rs. 205000

B
Rs. 225000

C
Rs. 210000

D
Rs. 200000
Question 6
1 / -0

X had started business with $$Rs. 2,00,000$$ in the beginning of the year. During the year, he borrowed $$Rs. 1,00,000$$ from Y. He further introduced $$Rs. 2,00,000$$ in the business. He also gave $$Rs. 50,000$$ as loan to his son. Goods given away as charity by him were $$Rs. 20,000$$. Profits earned by him were $$Rs. 2,50,000$$. He also withdraw $$Rs. 30,000$$ from the business. His capital at the end of the year would be__________.

A
$$Rs. 5,00,000$$

B
$$Rs. 4,00,000$$

C
$$Rs. 6,20,000$$

D
$$Rs. 4,80,000$$

Solution

In case there is no double entry system is followed, profit can be calculated by comparing the opening and closing capital. In the given situation this can be calculated as:

Opening Capital Rs.200000
Add: Capital Introduced Rs.200000
Add: Profit for the year Rs. 250000
Less: Loss for the year Rs.NIL
Less: Drawings Rs. 30000
--------------------
Capital at the end of the year Rs.620000
-------------------
Loan taken is a liability and loan given is asset, that will not affect the capital.
Question 7
1 / -0

The closing balance of owner's equity is $$Rs. 2,10,000$$. During the year, the owner contributed $$Rs. 60,000$$ and withdrew $$Rs. 40,000$$. If the firm had $$Rs. 80,000$$ net income for the year, what was the owner's equity at the beginning?

A
$$RS. 2,30,000$$

B
$$Rs. 2,10,000$$

C
$$Rs. 1,90,000$$

D
$$Rs. 1,10,000$$

Solution

In case there is no double entry system is followed, profit can be calculated by comparing the opening and closing capital. In the given situation this can be calculated as:

Opening Capital Rs. XXXX
Add: Capital Introduced Rs. 60000
Add: Profit for the year Rs. 80000
Less: Loss for the year Rs. NIL
Less: Drawings Rs. 40000
--------------------
Capital at the end of the year Rs.210000
-------------------
Opening Capital=Closing Capital+Drawings -Profit for the year-Capital introduced

=Rs.210000+Rs.40000-Rs.80000-Rs.60000
Opening Capital = Rs.110000.
Question 8
1 / -0

In cash accounting system _________.

A
revenues of assets are shown only when cash is received irrespective of the period

B
revenues of assets are shown only of the cash received for the transactions of the financial year

C
revenues of assets are shown only of the cash received for the current year.

D
none of the above

Solution

There are two system of accounting i.e. accrual system and cash system.

As per the accrual system of accounting, transactions of incomes and expenses are recorded in the period in which actually occurred, irrespective of their payment status.

Cash system of accounting is just opposite to the accrual system. Here the transactions are recorded when cash is received irrespective of the period.
Question 9
1 / -0

From the following details calculate net profit under accrual basis of accounting.
Goods sold for cash Rs. 500000, Credit sales Rs. 25,000
Cash purchases Rs. 400000, Credit purchases Rs. 50,000
Wages paid Rs. 20,000, Outstanding expenses Rs. 10,000
Rent paid Rs. 5000, Rent outstanding Rs. 2000
Depreciation on building Rs. 10,000
Loss on sale of fixed assets Rs. 1000

A
Rs. 75,000

B
Rs. 27,000

C
Rs. 32,000

D
Rs. 40,000

Solution

Total Sales = Cash sales + Credit Sales
= 500,000 + 25,000
=5,25,000

Total Purchases = Cash Purchases + Credit Purchases
= 4,00,000 + 50,000
= 4,50,000
Total Wages for the year = 20,000 + 10,000
= 30,000

Rent = 5000+2000 = 7000

Gross Profit = Total sales - Total Purchases + Total direct expenses
= 5,25,000 - 4,50,000 - 30,000
= 45,000

Net Profit = Gross Profit - Indirect expenses & losses
= 45,000 - (10,000+1000+7000)
= 27000
Question 10
1 / -0

F's capital on January 1, 20X2 is Rs. 45,000, Interest on drawing is Rs. 5,000, Interest on Capital is Rs. 2,000. Drawings is Rs. 14,000, Profit for the year is Rs. 15,000. His capital as on 31.12.20X2 is _____________________.

A
Rs. 67,000

B
Rs. 43,000

C
Rs. 47,000

D
Rs. 69,000

Solution

Capital in the beginning of the year 45,000
Less:- drawings (14,000)
   Interest on drawings (5,000) (19,000)
----------------
Add:- Interest on capital    2,000
Profit for the year 15,000    17,000
   -----------------
Capital at the end of the year 43,000

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accounts from incomplete records Test - 14

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accounts from incomplete records Test - 14

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SHARING IS CARING

Question 1

Rs.60,000

Rs.40,000

Rs.45,000

Rs.30,000

Solution

Question 2

Rs. 13,500

Rs. 15,000

Rs. 11,000

Rs. 10,000

Question 3

Rs. 1,55,000

Rs. 1,50,000

Rs. 1,15,000

Rs. 80,000

Question 4

Debited to profit and Loss A/c

Debited to Trading A/c

Debited to his Capital A/c

None of the above

Solution

Question 5

Rs. 205000

Rs. 225000

Rs. 210000

Rs. 200000

Question 6

$$Rs. 5,00,000$$

$$Rs. 4,00,000$$

$$Rs. 6,20,000$$

$$Rs. 4,80,000$$

Solution

Question 7

$$RS. 2,30,000$$

$$Rs. 2,10,000$$

$$Rs. 1,90,000$$

$$Rs. 1,10,000$$

Solution

Question 8

revenues of assets are shown only when cash is received irrespective of the period

revenues of assets are shown only of the cash received for the transactions of the financial year

revenues of assets are shown only of the cash received for the current year.

none of the above

Solution

Question 9

Rs. 75,000

Rs. 27,000

Rs. 32,000

Rs. 40,000

Solution

Question 10

Rs. 67,000

Rs. 43,000

Rs. 47,000

Rs. 69,000

Solution

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