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Cash Book Test - 2

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Cash Book Test - 2
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  • Question 1
    1 / -0

    A business had net assets at 1 January and 31December 2012 of Rs.75,600 and Rs.73,800 respectively. During the year, the proprietor introduced additional capital of Rs. 17700 and withdrew cash and goods to the value of Rs.16300.What profit or loss was made by the business in 2012

    Solution

    Profit/ Loss= Closing Capital + Drawing - opening Capital - Additional capital

     Profit/Loss =73800+16300- 75600-17700

    Profit/Loss = 90100-93300

    Profit/loss = -3200

    Which means there is a loss of Rs. 3200 .

  • Question 2
    1 / -0

    Capital at the end Rs.45,500 and capital in the beginning Rs.50,000. Difference of opening and closing capital is ___

    Solution

    Profit/loss= Capital at end + drawings -  capital at the beginning- Additional capital

    Since there is no drawing and Additional capital ,so 

    Profit/loss = Capital at end- capital at beginning

    Profit/loss= 45500- 50000

    Profit/loss =-4500 Rs.

    Hence there is Loss of 4500rs.

  • Question 3
    1 / -0

    If assets = Rs. 60000 and liabilities = Rs.25000, What is the capital in the business?

    Solution

    The basic accounting equation says:-

    Assets = Liabilities + capital

    60000 =25000+ Capital

    Capital = 60000-25000

    Capital =Rs. 35000

  • Question 4
    1 / -0

    Rohit is a sole proprietor has the following balances: Premises- Rs.55000, Cash at bank- Rs.6500, Inventory – Rs.12500 and creditors- Rs.14000. Find out the amount of capital.

    Solution

    Assets = Premises+ cash at bank + inventories

    Assets = 55000+6500+12500

    Assets = Rs. 74000

    Creditors are liabilties.

    Assets = Liabilities + Capital

    74000= 14000+ Capital

    Capital = 74000-14000

    Capital = 60000Rs.

  • Question 5
    1 / -0

    Goods costing Rs. 20000 have sold for cash at 25 % profit. By what amount cash will increase

    Solution

    Sale amount = Cost + Profit

    Sale = 200000+ 25℅ of Cost

    sale = 200000+50000

    Sale = 250000

    All sale is in cash. So Cash Balance will increase by Rs. 250000. 

  • Question 6
    1 / -0

    Which of following items will be recorded in the purchase book?

    Solution

    Purchase book records only credit transaction of Purchase. It is one of the subsidiary book . 

  • Question 7
    1 / -0

    By what amount the following transaction should be recorded in the SALES BOOK sold to Babu Furniture House. 200 Tables@Rs.150 each, 100 Chairs@Rs.100 each

    Solution

    Sales book records only credit sale transaction of goods. 
    So Total amount in sale Book will be:-

    Sold to Babu furniture House:-

    200 tables @150= 30000

    100Chairs @100 = 10000

    Total Amount= 40000

    So, Sale book amount will be Rs. 40000

  • Question 8
    1 / -0

    The capital of a business is Rs.300000 and outside liabilities are Rs.250000. Calculate total assets of the business

    Solution

    The basic accounting equation is:-

    Assets = Capital + Liabilities 

    Assets = 300000+250000

    Assets = 550000

  • Question 9
    1 / -0

    If total assets of a business are Rs.150000 and capital is Rs.130000.Calculate outside liabilities

    Solution

    The basic accounting Equation is:- 

    Assets = Capital + Liabilities

    150000= 130000+ Liabilities

    Liabilities= 150000-130000

    Liabilities= 20000

  • Question 10
    1 / -0

    If total assets of a business are Rs. 550000 and outside liabilities are Rs.250000 Calculate owners equity

    Solution

    The basic accounting equation is :-

    Assets = capital+ Liabilities

    550000= Capital+ 250000

    Capital = 550000-250000

    Capital= 300000

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