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FS of Sole Proprietorship Test - 9

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FS of Sole Proprietorship Test - 9
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  • Question 1
    1 / -0

    Manish has paid salaries of Rs.150000 for the year ended 31st March, 2012. The salaries include a sum of Rs.20000 paid in advance for the year ended 31st March 2013. Show how it would appear in the profit and loss account

    Solution

    salaries- prepaid salaries

    =150000-20000

    =130000

  • Question 2
    1 / -0

    Manish has paid salaries of Rs.150000 for the year ended 31st March,2012. The salaries include a sum of Rs.20000 paid in advance for the year ended 31st March 2013. Show how it would appear in the balance sheet

    Solution

    prepaid salaries are current asset so asset side of balance sheet.

  • Question 3
    1 / -0

    Calculate gross profit – Net sales Rs. 500000 and gross profit is 25% on cost

    Solution

    gross profit will be one fifth of sales = 1,00,000

  • Question 4
    1 / -0

    Calculate operating profit from the information given here. Net profit: Rs.100000, Gain on sale of machine: Rs.15000, Donation: Rs.2000, Rent received: Rs.10000, Interest on loan: Rs.20000

    Solution

    net profit+donation+interest on loan-gain on sale of machine-rent received

    100000+2000+20000-15000-10000

    122000-25000

    =97000

  • Question 5
    1 / -0

    Calculate closing stock from the information given below Opening stock: Rs.36000, Net purchases: Rs.45000, Wages: Rs.7000, Sale: Rs.60000, Gross Loss: Rs.5000, Freight inward: Rs.6000

    Solution

    cost of goods of sold=36000+45000+7000+6000-x

    =94000-x

    gross loss = cost -sales

    5000=94000-x-60000

    5000= 34000 -x

    x  = 29000

  • Question 6
    1 / -0

    Trading Account is prepared to find out :

    Solution

    it helps in calculating profit from sale and purchase goods known as gross profit or gross loss

  • Question 7
    1 / -0

    Closing Stock given in the Trial Balance is shown in :

    Solution

    since it is in trial balance it is already adjusted in purchases so it shown only in balance sheet and not in trading account

  • Question 8
    1 / -0

    Income Tax, if given in the Trial Balance is recorded in :

    Solution

    in balance sheet subtracted from capital as it is drawings.

  • Question 9
    1 / -0

    Prepaid insurance given in the trial balance will be shown in:

    Solution

    it is treated as current asset

  • Question 10
    1 / -0

    Life Insurance Premium is :

    Solution

    it is treated as personal expense of the owner.

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