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Cash Book Test - 3

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Cash Book Test - 3
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  • Question 1
    1 / -0

    Riya started business 1st April 2012 with the capital of Rs.25000 and a loan Rs. 12000. On 31st March 2012 his assets were Rs. 50000. Find total profit

    Solution

    On 31st March 2013,

    Closing Assets = Closing  Capital + Closing liabilities

    50000= Closing Capital+12000

    Closing capital= 50000-12000

    Closing Capital = 38000

    Now, 
    Profit = closing capital - opening capital + drawinga -additional capital 

    Since ,there is no additions or drawings so,

    Profit = 38000-25000

    Profit =13000

  • Question 2
    1 / -0

    Calculate total assets if capital Rs. 200000, creditors Rs. 50000, revenue Rs.500000 and expenses Rs.400000

    Solution

    Capital(adjusted) = Capital + Revenue - expense

    Capital (Adjusted) = 200000+500000-400000

    Capital(adjusted) = 300000

    Now, Basic accounting equation is;

    Assets = Capital + Liabilities

    Assets= 300000+50000

    Assets= 350000

  • Question 3
    1 / -0

    A started business and invests Rs. 50000 on 1st April 2010. On31st March 2011, his assets are Rs.65000 and liabilities Rs.6000. Find the amount of capital on 31st March 2011 and profit

    Solution

    At year end, 
    Closing Assets= Closing Capital+ Closing Liabilities

    65000= Closing Capital+6000

    Closing Capital= 65000-6000

    Closing Capital = 59000

    Now, Profit = closing capital+ Drawings -opening capital- addtional capital

    Since there is no additional capital and drawing so,

    Profit= 59000-50000

    Profit = 9000

  • Question 4
    1 / -0

    Kamal started business and invests Rs.50000 on 1st April 2010. On31st March 2011, his assets are Rs.65000 and liabilities Rs.6000.Proprietor had invested Rs.5000 an additional capital and withdraw Rs.2000. What will be the profit

    Solution

    At 31 march, 2011...

    closing Assets=  Closing capital + Closing Liabilities

    65000= Closing Capital+6000

    Closing Capital= 65000-6000

    Closing Capital= 59000

    Now, Profit/Loss = Closing Capital+ Drawings - opening capital - Additional Capital

    Profit/loss= 59000+2000-50000-5000

    Profit= 6000

  • Question 5
    1 / -0

    Kamal started business and invests Rs. 50000 on 1st April 2010. On31st March 2011, his assets are Rs.65000 and liabilities Rs.6000. Kamal withdrew from his business Rs. 3000 for personal use. Find out the profit

    Solution

    At year End, 
    Closing Assets= Closing Capital + closing Liabilities

    65000= closing capital+ 6000

    Closing Capital= 59000

    Now, 
    Profit = closing Capital+ drawings - opening Capital - Additional Capital

    Profit= 59000+3000-50000-0

    Profit =12000

  • Question 6
    1 / -0

    The liabilities of the firm are Rs. 3000; the capital of the proprietor is Rs.7000. The total assets are

    Solution

    The basic accounting equation is:-

    Assets = Capital+ Liabilities

    Assets = 7000+3000

    Assets = 10000

  • Question 7
    1 / -0

    The assets of a business on 31st March 2012 are Rs. 60000 and its capital is Rs. 45000. What are its liabilities

    Solution

    The basic accounting equation is:- 
    Assets = Capital + Liabilities

    60000= 45000+ Liabilities

    Liabilities = 60000-45000

    Liabilities= 15000

  • Question 8
    1 / -0

    From the following information find the capital : Total assets Rs. 600000, creditors Rs.100000, Loan from bank Rs. 150000

    Solution

    Liabilities = Creditors + Loan from bank 

    Liabilities= 100000+150000

    liabilities = 250000

    Now, Basic Accounting equation is;

    Assets = Capital + Liabilities

    600000= Capital +250000

    Capital= 350000

  • Question 9
    1 / -0

    If the capital is Rs.300000, cash is Rs.200000, Machinery is 300000. What is the amount of liabilities

    Solution

    Total assets = Cash + Machinery 

    Total assets=  200000+300000

    Total Assets= 500000

    Now basic accounting equation ;

    Assets = Capital + liabilities

    500000=300000+ Liabilities

    Liabilities= 500000-300000

    Liabilities= 200000

  • Question 10
    1 / -0

    Capital Rs.30,000; Bills Payable Rs.6,000; Bank Loan Rs.10,000. Fin out total assets.

    Solution

    Liabilities = bills payables+ bank loan 

    Liabilities= 6000+10000

    Liabilities= 16000

    Now, Basic Accounting equation ;

    Assets = Liabilities + Capital 

    Total assets= 16000 + 30000

    Total assets = 46000

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