Financial Statements 1 Test 21

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Financial Statements 1 Test 21

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Weekly Quiz Competition

Question 1
1 / -0

From the following figures ascertain the gross profit:
Rs.
Opening stock (1.1.2006) 35,000
Good purchased during 2006 1,20,000
Freight and packing on above 15,000
Closing stock (31.12.2006) 25,000
Sales 1,90,000
Office expenses 4,000
Selling expenses on sales 5,000

A
Rs. 36,000

B
Rs. 45,000

C
Rs. 50,000

D
Rs. 59,000
Question 2
1 / -0

F's trial balance contains the following information:
Discount received Rs.1,200
Provision for discount on creditors Rs.1,800
It is desired to maintain a provision for discount on creditors at Rs. 1,600
The amount to be credited to profit and loss a/c is________.

A
Rs.1,000

B
Rs.1,400

C
Rs.200

D
Rs.2,200

Solution

P & L A/c to be credited = New provision + Discount received - old provision
= Rs-1,600 + Rs-1,200 - Rs-1,800
= Rs-1,000 to be credited.
Question 3
1 / -0

Which of the following is not a fixed asset?

A
Building

B
Bank balance

C
Plant

D
Patents

E
Goodwill
Question 4
1 / -0

All those to whom business owes money are _______________.

A
Debtors

B
Investors

C
Creditors

D
Shareholders

E
None of these
Question 5
1 / -0

Consider the following data pertaining to H Ltd. For the month of March

2005:
Particulars Stock
As on march 1, 2005 1,80,000
As on march 31, 2005 90,000
The company made purchases amounting to 3,30,000 on credit. During the

month of march 2005, the company paid a sum of 3,50,000 to the suppliers. The goods are sold at 25% above the cost. The sale for the month of march 2005 were:

A
4,12,500

B
5,25,000

C
90,000

D
3,15,000
Question 6
1 / -0

Which of the following are/is a current asset?

A
Sundry debtors

B
Stock

C
Prepaid insurance

D
Both (a) and (b)

E
All of (a), (b) and (c)

Solution

A current asset is an asset that a company holds and can be easily sold or consumed and further lead to the conversion of liquid cash. For a company, a current asset is an important factor as it gives them a space to use the money on a day-to-day basis and clear the current business expenses. In other words, the meaning of current assets can be explained as an asset that is expected to last only for a year or less is considered as current assets.
Examples of current assets are:
1. Cash and equivalents
2. Short-term investments (marketable securities)
3. Accounts receivable
4. Inventory
5. Prepaid expenses
6. Any other liquid assets
Therefore, E is the correct option.
Question 7
1 / -0

Cost of goods sold Rs. 1,20,000, Gross Loss 1/4 of sales. What will be the amount of sales?

A
$$90,000$$

B
$$96,000$$

C
$$1,44,000$$

D
$$1,50,000$$

Solution

This can be resolved as below:
Let us assume Cost of Goods Sold is 100
Gross Loss is 1/4 of the sales i.e. 25
Therefore
Sales=Cost of goods sold+Gross Loss
= 100+25
Sales becomes
Cost of goods Sold/125*100

Sales = Rs.96000/-
Question 8
1 / -0

Cost of goods sold is calculated by which of the following:

A
$$Opening\ stock + Purchases + Direct\ expenses - Closing\ stock$$

B
$$Opening\ stock + Purchases + Direct\ expenses + Closing\ stock$$

C
$$Purchases + Direct\ expenses$$

D
$$Sales - Net\ profit$$
Question 9
1 / -0

Sales - Purchase - Operating expenses is equal to __________.

A
net profit

B
gross profit

C
operating profit

D
none of these
Question 10
1 / -0

In case the opening stock was Rs 5,000, purchases Rs 15,000, direct expenses Rs 2,000 and closing stock Rs 2,500, the cost of goods sold had been _____________.

A
Rs 20,000

B
Rs 19,500

C
Rs 21,500

D
Rs 22,000

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Re-Attempt Weekly Quiz Competition

	Rs.
Opening stock (1.1.2006)	35,000
Good purchased during 2006	1,20,000
Freight and packing on above	15,000
Closing stock (31.12.2006)	25,000
Sales	1,90,000
Office expenses	4,000
Selling expenses on sales	5,000

Particulars	Stock
As on march 1, 2005	1,80,000
As on march 31, 2005	90,000

Financial Statements 1 Test 21

Result

Financial Statements 1 Test 21

Score

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Rank

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SHARING IS CARING

Question 1

Rs. 36,000

Rs. 45,000

Rs. 50,000

Rs. 59,000

Question 2

Rs.1,000

Rs.1,400

Rs.200

Rs.2,200

Solution

Question 3

Building

Bank balance

Plant

Patents

Goodwill

Question 4

Debtors

Investors

Creditors

Shareholders

None of these

Question 5

4,12,500

5,25,000

90,000

3,15,000

Question 6

Sundry debtors

Stock

Prepaid insurance

Both (a) and (b)

All of (a), (b) and (c)

Solution

Question 7

$$90,000$$

$$96,000$$

$$1,44,000$$

$$1,50,000$$

Solution

Question 8

$$Opening\ stock + Purchases + Direct\ expenses - Closing\ stock$$

$$Opening\ stock + Purchases + Direct\ expenses + Closing\ stock$$

$$Purchases + Direct\ expenses$$

$$Sales - Net\ profit$$

Question 9

net profit

gross profit

operating profit

none of these

Question 10

Rs 20,000

Rs 19,500

Rs 21,500

Rs 22,000

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