Financial Statements 1 Test 25

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Financial Statements 1 Test 25

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Question 1
1 / -0

Which of the following equation is incorrect?

A
Cost of goods Sold $$+$$ Gross Profit $$=$$ Sales

B
Gross Loss $$=$$ Cost of the Goods Sold $$-$$ Sales

C
Cost of goods sold $$=$$ Opening stock $$+$$ Purchases $$-$$ Closing stock

D
None of the above

Solution

1. Cost of goods Sold + Gross Profit = Sales
The sales revenue of a business is equal to the cost of goods sold and the profit earned by it during the accounting period.
2. Gross Loss = Cost of the Goods Sold − Sales
When the cost of goods sold by a business exceeds the sales proceeds in any accounting period, it results in gross loss for the firm. Such loss is also known as loss from operations.
3. Cost of goods sold = Opening stock + Purchases − Closing stock
The cost of goods sold by a trading firm can be calculated by adding current purchases to the opening stock and deducting the value of closing stock from it. This calculation is based on the accrual concept of accounting.
Hence, none of the given equations are incorrect.
Question 2
1 / -0

If sales is Rs. $$2,00,000$$ and the rate of gross profit on cost of goods sold is $$25\%$$, then the cost of goods sold will be:

A
Rs. $$2,00,000$$

B
Rs. $$1,50,000$$

C
Rs. $$1,60,000$$

D
Rs. $$1,40,000$$

Solution

Let the cost of goods sold be '100', then Sales = cost of goods sold + gross profit
= 100 + 25% of 100 = 125
Then, the cost of goods sold = Sales / 125 x 100
= Rs. 2,00,000 /125 x 100
= Rs. 1,60,000
Question 3
1 / -0

Particulars June $$2015$$ July $$2015$$ August $$2015$$
Opening stock $$4,08,000$$ $$4,34,400$$ $$4,60,800$$
Credit Sales $$15,00,000$$ $$16,00,000$$ $$17,00,000$$
Cash Sales $$2,00,000$$ $$2,10,000$$ $$2,20,000$$
Selling price is $$125\%$$ of the purchase price.
The cost of goods sold for the month of June, $$2015$$ is?

A
Rs. $$15,20,000$$

B
Rs. $$14,02,500$$

C
Rs. $$12,75,000$$

D
Rs. $$13,60,000$$
Question 4
1 / -0

The cost of goods sold for the month of July, $$2015$$ is?

A
Rs. $$15,20,000$$

B
Rs. $$14,02,500$$

C
Rs. $$12,75,000$$

D
Rs. $$14,48,000$$
Question 5
1 / -0

Find the purchases for the month of july, 2015 from the following information given below :-
Sales - Rs. 18,10000
Gross Profit - Rs. 20 %
Opening stock - Rs. 4,34,400
Closing stock - Rs. 4,60,800

A
Rs. $$16,05,000$$

B
Rs. $$14,74,400$$

C
Rs. $$14,40,000$$

D
Rs. $$13,82,500$$

Solution

Gross Margin is 20% on sales
Cost of Goods Sold = Sales - Gross Margin
= Rs.1810000-20% of Rs.1810000
= Rs.1810000- Rs.362000
= Rs.1448000
Another way of representing the cost of goods sold is,

COGS= Op Stock+Purchases-Closing Stock
Rs.1448000= Rs.434400 + Purchases - Rs.460800 (Op stock in Aug 2015)
Rs.1448000=Rs.434400-Rs.460800+Purchases
Rs.1448000= -Rs.26400+Purchases
Purchases=Rs.1448000+Rs.26400
Purchases = Rs.1474400.
Question 6
1 / -0

Property, Planted Equipment are conventionally presented in the Balance Sheet at.

A
Replacement cost $$(-)$$ Accumulated Depreciated

B
Historical cost $$(-)$$ Salvage Value

C
Historical cost $$(-)$$ Depreciation portion thereof

D
Original cost adjusted for general price-level changes
Question 7
1 / -0

Opening stock - Rs. $$40,000$$, Purchases - Rs. $$2,60,000$$, Closing stock - Rs. $$20,000$$, Cost of goods sold $$=$$?

A
Rs. $$3,20,000$$

B
Rs. $$2,60,000$$

C
Rs. $$3,00,000$$

D
Rs. $$2,80,000$$
Question 8
1 / -0

From the following information, find out the missing information.
Opening stock - Rs. $$50,000$$, Closing stock - Rs. $$1,50,000$$, Sale - Rs. $$16,00,000$$, Gross profit ratio is $$25\%$$ on sales. Purchases $$=$$?

A
Rs. $$10,00,000$$

B
Rs. $$11,50,000$$

C
Rs. $$9,50,000$$

D
Rs. $$13,00,000$$

Solution

This can be simplified as:

Cost of goods sold = Sales - Gross Profit
= Rs.1600000 - 25% of Rs.1600000
= Rs.1600000 - Rs.400000
= Rs.1200000
Another way to represent cost of goods sold is

Op stock+ Purchases-Closing stock= Cost of goods sold
Rs.50000+Purchases-Rs.150000=Rs.1200000
Rs.50000-Rs.150000+Purchases=Rs.1200000
Rs.-100000+Purchases=Rs.1200000
Purchases=Rs.1300000.
Question 9
1 / -0

First account to be prepared for determining the profit or loss of a proprietor is ________.

A
Profit & loss account

B
Trading account

C
Balance sheet

D
None of the above
Question 10
1 / -0

Opening stock - Rs. $$40,000$$, Purchases - Rs. $$2,60,000$$, Closing stock - Rs. $$20,000$$, Direct expenses - Rs. $$50,000$$, Indirect expenses - Rs. $$35,000$$: Cost of goods sold $$=$$?

A
Rs. $$3,30,000$$

B
Rs. $$2,80,000$$

C
Rs. $$3,85,000$$

D
Rs. $$3,20,000$$

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Particulars	June $$2015$$	July $$2015$$	August $$2015$$
Opening stock	$$4,08,000$$	$$4,34,400$$	$$4,60,800$$
Credit Sales	$$15,00,000$$	$$16,00,000$$	$$17,00,000$$
Cash Sales	$$2,00,000$$	$$2,10,000$$	$$2,20,000$$

Financial Statements 1 Test 25

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Financial Statements 1 Test 25

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SHARING IS CARING

Question 1

Cost of goods Sold $$+$$ Gross Profit $$=$$ Sales

Gross Loss $$=$$ Cost of the Goods Sold $$-$$ Sales

Cost of goods sold $$=$$ Opening stock $$+$$ Purchases $$-$$ Closing stock

None of the above

Solution

Question 2

Rs. $$2,00,000$$

Rs. $$1,50,000$$

Rs. $$1,60,000$$

Rs. $$1,40,000$$

Solution

Question 3

Rs. $$15,20,000$$

Rs. $$14,02,500$$

Rs. $$12,75,000$$

Rs. $$13,60,000$$

Question 4

Rs. $$15,20,000$$

Rs. $$14,02,500$$

Rs. $$12,75,000$$

Rs. $$14,48,000$$

Question 5

Rs. $$16,05,000$$

Rs. $$14,74,400$$

Rs. $$14,40,000$$

Rs. $$13,82,500$$

Solution

Question 6

Replacement cost $$(-)$$ Accumulated Depreciated

Historical cost $$(-)$$ Salvage Value

Historical cost $$(-)$$ Depreciation portion thereof

Original cost adjusted for general price-level changes

Question 7

Rs. $$3,20,000$$

Rs. $$2,60,000$$

Rs. $$3,00,000$$

Rs. $$2,80,000$$

Question 8

Rs. $$10,00,000$$

Rs. $$11,50,000$$

Rs. $$9,50,000$$

Rs. $$13,00,000$$

Solution

Question 9

Profit & loss account

Trading account

Balance sheet

None of the above

Question 10

Rs. $$3,30,000$$

Rs. $$2,80,000$$

Rs. $$3,85,000$$

Rs. $$3,20,000$$

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