FS of Sole Proprietorship Test

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Quiz

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a. Office and admn. Expenses	i. Interest on loan
b. selling and distribution Expenses	ii. Printing & stationery
c. Financial Expenses	iii. Discount allowed

a. Revenue	i. Expenses incurred on purchase of fixed asset
b. Capital receipt	ii. Renewal expenses/fee of patent
c. Revenue Expenditure	iii. Fresh capital introduced or additional capital introduced
d. Capital expenditure	iv. Commission and other fees received for non-operating business ser - vice rendered.

Outstanding Manager's Commission A/c	Dr.
To Manager's Commission A/c

Manager's Commission A/c	Dr.
To Outstanding Manager's Commission A\c

Manager's Commission A/c	Dr.
To Outstanding Manager's Commission A/c

Bad Debts	Dr.
To Sundry Debtors A/c

Profit and Loss A/c	Dr.
To Sundry Debtors A/c

Bad Debts	Dr.
To Profit And Loss A/c

Bad Debts recovered	Dr.
To Sundry Debtors A/c

FS of Sole Prop...

Question 1

a - (iii), b - (ii), c - (i)

a - (ii), b - (iii), c - (i)

a - (ii), b - (i), c - (iii)

a - (i), b - (iii), c - (ii)

Question 2

Going concern concept

Cost concept

Matching Principle

Money Measurement

Question 3

Bad Debts Dr. To Sundry Debtors A/c

Profit and Loss A/c Dr. To Sundry Debtors A/c

Bad Debts Dr. To Profit And Loss A/c

Bad Debts recovered Dr. To Sundry Debtors A/c

Question 4

Credited to Profit and loss A/c

Debited to Profit and loss A/c

Credited to trading A/c

Debited to trading A/c

Question 5

Outstanding Manager's Commission A/c Dr. To Manager's Commission A/c

Manager's Commission A/c Dr. To Outstanding Manager's Commission A\c

Manager's Commission A/c Dr. To Outstanding Manager's A/c

Manager's Commission A/c Dr. To Outstanding Manager's Commission A/c

Question 6

Loan raised.

Income from non-operating business activities

Fresh capital introduced or additional capital introduced

Amount received which is not is the normal and ordinary course of business like sale of fixed assets.

Question 7

a - (iv), b - (ii), c - (iii), d - (i)

a - (iii), b - (iv), c - (ii), d - (i)

a - (iv), b - (iii), c - (ii), d - (i)

a - (iv), b - (iii), c - (i), d - (ii)

Question 8

Capital receipts

Capital expenditure.

Deferred reserve expenditure

Reserve expenditure.

Question 9

Damage paid on account of breach of a contract to supply certain goods.

Rs. 1000 paid for the execution of a new plant.

Loss of Rs. 10000 incurred in increasing the sitting accommodation of hotel.

Repairs to machinery purchased

Question 10

Cost of advertisement for current year

Purchase of machine oil

Purchase of Land and Building

Purchase of raw material

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Question Analysis

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Bad Debts Dr.

To Sundry Debtors A/c

Profit and Loss A/c Dr.

To Sundry Debtors A/c

Bad Debts Dr.

To Profit And Loss A/c

Bad Debts recovered Dr.

To Sundry Debtors A/c

Outstanding Manager's Commission A/c Dr.

To Manager's Commission A/c

Manager's Commission A/c Dr.

To Outstanding Manager's Commission A\c

Manager's Commission A/c Dr.

To Outstanding Manager's A/c

Manager's Commission A/c Dr.

To Outstanding Manager's Commission A/c