Financial Statements 1 Test 11

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Financial Statements 1 Test 11

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Weekly Quiz Competition

Question 1
1 / -0

From the following details calculate the value of closing stock at cost using adjusted selling price method

A
Gross purchases (excluding discount and sales tax) Rs 300000

B
Trade discount @8%

C
Sales tax 4%

D
Freight and insurance Rs 10000
Question 2
1 / -0

Which of these items will appear in a manufacturing A/c

A
Power and steam A/c

B
Salary and wages A/c

C
Carriage outward

D
Goodwill written off
Question 3
1 / -0

Which of these is an appropriation of profit...............

A
Provision for payment of bonus

B
Provision for taxation

C
Provision for dividend

D
Provision for doubtful debts
Question 4
1 / -0

A trade purchase of Rs.5500 from Y was passed through Sales Day book as Rs.550, What rectification entry would be passed if the mistake is detected before preparation of trading and profit and loss A/c

A
Sales A/c Dr. Rs.550, Purchase A/c Dr. Rs.5500, Y's A/c Cr. Rs.6050

B
Profit and loss adjustment a/c Dr. Rs.6050, Y's A/c Cr. Rs.6050

C
Sales A/c Dr. Rs.550, Purchase A/c Dr. Rs.5500, Suspense A/c Cr. Rs.6050

D
None
Question 5
1 / -0

All revenue receipts and expenditure are shown in..................

A
Balance sheet

B
Trading and profit and loss A/c

C
Cash flow statement

D
Statement of affairs
Question 6
1 / -0

Closing stock lying unsold with the consignee is valued at..............

A
Cost price

B
Market price

C
Realizable price

D
Least of cost or net realizable value

Solution

If all the goods are not sold by the Consignee within the accounting period, then the unsold stock is brought into account by the Consignor. As usual, the unsold stock in the hands of the consignee should be valued on cost price or market price whichever is less.
Therefore, D is the correct option.
Question 7
1 / -0

Carriage inward is shown in __________.

A
Trading A/c

B
Profit and loss A/c

C
Profit and loss appropriation A/c

D
Profit and loss adjustment A/c
Question 8
1 / -0

Goods outward book is maintained to record

A
Returns of trading goods sold on credit basis

B
Returns of all goods purchased

C
Returns of trading goods purchased on credit

D
Returns of capital goods
Question 9
1 / -0

A firm has goods worth Rs. $$120,000$$ available for sale. If the firm intends to earn a profit of $$20\%$$ of total sales. What should be the total selling price of the goods available for sale.
What is $$\%$$ mark up on the cost.

A
$$20\%$$

B
$$30\%$$

C
$$25\%$$

D
$$15\%$$
Question 10
1 / -0

Computation of Net worth excludes __

A
Long term debts

B
Equity share capital

C
Preference share capital

D
Reserves and surplus

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Financial Statements 1 Test 11

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Financial Statements 1 Test 11

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Question 1

Gross purchases (excluding discount and sales tax) Rs 300000

Trade discount @8%

Sales tax 4%

Freight and insurance Rs 10000

Question 2

Power and steam A/c

Salary and wages A/c

Carriage outward

Goodwill written off

Question 3

Provision for payment of bonus

Provision for taxation

Provision for dividend

Provision for doubtful debts

Question 4

Sales A/c Dr. Rs.550, Purchase A/c Dr. Rs.5500, Y's A/c Cr. Rs.6050

Profit and loss adjustment a/c Dr. Rs.6050, Y's A/c Cr. Rs.6050

Sales A/c Dr. Rs.550, Purchase A/c Dr. Rs.5500, Suspense A/c Cr. Rs.6050

None

Question 5

Balance sheet

Trading and profit and loss A/c

Cash flow statement

Statement of affairs

Question 6

Cost price

Market price

Realizable price

Least of cost or net realizable value

Solution

Question 7

Trading A/c

Profit and loss A/c

Profit and loss appropriation A/c

Profit and loss adjustment A/c

Question 8

Returns of trading goods sold on credit basis

Returns of all goods purchased

Returns of trading goods purchased on credit

Returns of capital goods

Question 9

$$20\%$$

$$30\%$$

$$25\%$$

$$15\%$$

Question 10

Long term debts

Equity share capital

Preference share capital

Reserves and surplus

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