Financial Statements 1 Test 29

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Financial Statements 1 Test 29

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Question 1
1 / -0

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.

A
$$Rs. 5,54,000$$

B
$$Rs. 4,54,000$$

C
$$Rs. 4,00,000$$

D
None
Question 2
1 / -0

Directions For Questions

From the following information answer next $$3$$ questions.
Particulars Rs.
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

A
$$Rs. 9,000$$

B
$$Rs. 4,000$$

C
$$Rs. 8,000$$

D
$$Rs. 7,000$$
Question 3
1 / -0

Directions For Questions

From the following information answer next $$2$$ questions.
Particulars June $$2015$$ 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

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

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

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

D
$$Rs. 13,60,000$$

Solution

Selling price is $$125$$% of the purchase price. This means if a sale is $$125$$ then cost is $$100$$.
Total sales for the June $$2015 = 15,00,000 + 2,00,000 = 17,00,000$$
Cost of goods sold $$= 17,00,000 \times 100/125 = 13,60,000$$.
Opening stock $$+ Purchases - Closing\ stock =$$ Cost of goods sold
$$4,08,000 + x - 4,34,400 = 13,60,000$$
$$x = Purchases = 13,86,400$$.
Question 4
1 / -0

The debit side of manufacturing Account __________________.

A
is always equal to its credit side

B
is always more than its credit side

C
is always less than its credit side

D
None of these

Question 5

1 / -0

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

$$Rs. 1,96,000$$

$$Rs. 1,37,500$$

$$Rs. 1,32,000$$

$$Rs. 1,38,000$$

Question 6
1 / -0

Which of the following is correct?

A
A transaction which increases the capital is called income.

B
A transaction which decreases the capital is called loss.

C
A transaction which increases the capital is called additional capital.

D
A transaction which decreases the capital is called drawing.

E
All of above.
Question 7
1 / -0

Financial statements only consider _________________.

A
Assets expressed in monetary terms

B
Liabilities expressed in monetary terms.

C
Assets expressed in non-monetary terms.

D
Assets and liabilities expressed in monetary terms

Solution

'Financial Statements' comprises of Statement of Profit/Loss, Balance Sheet (including Notes to Accounts), Cash flow statement and statement of changes in Equity.
Financial statements is a record of all the monetary items which includes assets and liabilities. In addition to the assets and liabilities, capital, profits and losses of the entity will also form a part of the financial statements.
Question 8
1 / -0

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

A
$$Rs. 20,26,333$$

B
$$Rs. 20,15,857$$

C
$$Rs. 20,14,305$$

D
$$Rs. 20,24,755$$
Question 9
1 / -0

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 $$31-12-2015$$?

A
$$32,600$$

B
$$12,200$$

C
$$16,800$$

D
$$44,800$$
Question 10
1 / -0

Directions For Questions

From the following information answer next $$2$$ questions.
Particulars June $$2015$$ 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

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

B
$$Rs. 13,86,400$$

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

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

Solution

Selling price is $$125$$% of the purchase price. This means if a sale is $$125$$ then cost is $$100$$.
Total sales for the June $$2015 = 15,00,000 + 2,00,000 = 17,00,000$$
Cost of goods sold $$= 17,00,000 \times 100/125 = 13,60,000$$.
Opening stock $$+ Purchases - Closing\ stock =$$ Cost of goods sold
$$4,08,000 + x - 4,34,400 = 13,60,000$$
$$x = Purchases = 13,86,400$$

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Particulars	Rs.
Sales Opening Stock Purchases Closing Stock Cost of goods sold Gross Profit Selling Expenses Net Profit	$$15,000$$ $$6,000$$ $$10,000$$ ? $$9,000$$ ? $$4,000$$ ?

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

Particulars	Rs.
Capital on $$1-1-2015$$ Drawings Repair Net profit before manager commission Debtors	$$14,00,000$$ $$5,000$$ $$2,000$$ $$6,62,900$$ $$1,50,000$$

Financial Statements 1 Test 29

Result

Financial Statements 1 Test 29

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Question 1

$$Rs. 5,54,000$$

$$Rs. 4,54,000$$

$$Rs. 4,00,000$$

None

Question 2

$$Rs. 9,000$$

$$Rs. 4,000$$

$$Rs. 8,000$$

$$Rs. 7,000$$

Question 3

$$Rs. 15,20,000$$

$$Rs. 14,02,500$$

$$Rs. 12,75,000$$

$$Rs. 13,60,000$$

Solution

Question 4

is always equal to its credit side

is always more than its credit side

is always less than its credit side

None of these

Question 5

$$Rs. 1,96,000$$

$$Rs. 1,37,500$$

$$Rs. 1,32,000$$

$$Rs. 1,38,000$$

Question 6

A transaction which increases the capital is called income.

A transaction which decreases the capital is called loss.

A transaction which increases the capital is called additional capital.

A transaction which decreases the capital is called drawing.

All of above.

Question 7

Assets expressed in monetary terms

Liabilities expressed in monetary terms.

Assets expressed in non-monetary terms.

Assets and liabilities expressed in monetary terms

Solution

Question 8

$$Rs. 20,26,333$$

$$Rs. 20,15,857$$

$$Rs. 20,14,305$$

$$Rs. 20,24,755$$

Question 9

$$32,600$$

$$12,200$$

$$16,800$$

$$44,800$$

Question 10

$$Rs. 16,05,000$$

$$Rs. 13,86,400$$

$$Rs. 14,40,000$$

$$Rs. 13,82,500$$

Solution

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