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Financial State...

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  • Question 1
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    Opening stock - $$Rs. 7,00,000, Purchase - Rs. 12,16,000, Wages - RS. 1,50,000$$, Goods distributed as free sample - $$Rs. 12,000, Sales - Rs. 20,00,000$$, Gross profit earned - $$25$$% of cost. Find out value of closing stock.

  • Question 2
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    Directions For Questions

    From the following information answer next $$3$$ questions.
    ParticularsRs.
    Sales
    Opening Stock
    Purchases
    Closing Stock
    Cost of goods sold
    Gross Profit
    Selling Expenses
    Net Profit    		$$15,000$$
    $$6,000$$
    $$10,000$$
    ?
    $$9,000$$
    ?
    $$4,000$$
    ?

    ...view full instructions

    The value of closing stock is

  • Question 3
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    Directions For Questions

    From the following information answer next $$2$$ questions.
    ParticularsJune $$2015$$July $$2015$$August $$2015$$
    Opening stock
    Credit Sales
    Cash Sales    		$$4,08,000$$
    $$15,00,000$$
    $$2,00,000$$    		$$4,34,400$$
    $$16,00,000$$
    $$2,10,000$$    		$$4,60,800$$
    $$17,00,000$$
    $$2,20,000$$
    Selling price is $$125$$% of the purchase price.

    ...view full instructions

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

  • Question 4
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    The debit side of manufacturing Account __________________.

  • Question 5
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    Following information is available from the books of Mr. Z

    Rs.
    Expenses paid during the year
    Expenses outstanding on $$1-4-2013$$
    Expenses prepaid on $$1-4-2013$$
    Expenses outstanding on $$31-3-2014
    Expenses prepaid on $$31-3-2014    		$$1,35,000$$
    $$12,250$$
    $$15,000$$
    $$17,000$$
    $$16,750$$
    Net expenses debited to profit and loss account for the year ended $$31.3.2014$$ should be

  • Question 6
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    Which of the following is correct?

  • Question 7
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    Financial statements only consider _________________.

  • Question 8
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    From the following details find out the closing capital that will be appear in balance sheet on $$31-12-2015$$.

    ParticularsRs.
    Capital on $$1-1-2015$$
    Drawings
    Repair
    Net profit before manager commission
    Debtors    		$$14,00,000$$
    $$5,000$$
    $$2,000$$
    $$6,62,900$$
    $$1,50,000$$
    Provision for bad debts $$@ 6$$%
    The manager is entitled commission of $$5$$% of net profit after charging his commission.

  • Question 9
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    A company had a doubtful debt provision of $$Rs. 14,000$$ at $$31-12-2014$$. Its trade receivables at $$31-12-2015$$ were $$Rs. 1,98,200$$. The company considers that receivable totaling $$Rs. 12,200$$ will not be paid and in addition planned to make a doubtful debts provision for $$10$$% of its net receivables at $$31-12-2015$$. What is the charge for bad and doubtful debts in the income statement for the year ended $$31-12-2015$$?

  • Question 10
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    Directions For Questions

    From the following information answer next $$2$$ questions.
    ParticularsJune $$2015$$July $$2015$$August $$2015$$
    Opening stock
    Credit Sales
    Cash Sales    		$$4,08,000$$
    $$15,00,000$$
    $$2,00,000$$    		$$4,34,400$$
    $$16,00,000$$
    $$2,10,000$$    		$$4,60,800$$
    $$17,00,000$$
    $$2,20,000$$
    Selling price is $$125$$% of the purchase price.

    ...view full instructions

    Stock purchased in June, $$2015$$ is

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