Self Studies
Self Studies
Self Studies
Self Studies
Selfstudy
Selfstudy

Financial Statements 1 Test 33

Result Self Studies

Financial Statements 1 Test 33
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    Opening Inventory Rs.1,00,000, Purchase Rs.4,00,000 , Sales Rs.3,00,000, Selling Price -1/3rd on cost. Goods costing Rs.25,000 destroyed by fire. The estimated cost of closing inventory is ______________.
  • Question 2
    1 / -0
    The total cost of goods available for sale with a company during the current year is Rs.12,00,000 and the total sales during the period are Rs.13,00,000. If the gross profit margin of the company is 1/3rd on cost , the closing inventory during the current year is ____________.
  • Question 3
    1 / -0
    Opening stock Rs.1,00,000 ; Closing stock Rs.2,75,000, Purchases Rs.4,00,000,Selling price -25% on sales. The sales are ____________.
  • Question 4
    1 / -0
    Opening inventory Rs 12,00,000 ,Purchases Rs 68,00,000 ,Sales Rs 96,00,000. The value of closing inventory as per physical stock was Rs 6,50,000. The company's gross profit on sales has remained constant at 25%. The management of the company suspects that some inventories might have been pilfered by a new employee . What is the estimated cost of missing inventory ?
    Solution
     Particular AmtParticular  Amt
    To Opening Inventory A/c 1200000 By Sales A/c 9600000
     To Purchase A/c 6800000 By Missing Inventories A/c
    (balancing figures)    		 150000
     To Gross Profit A/c
    9600000*25%    		 2400000 By Closing A/c 650000
        
    The missing inventory value can be found out by deducting Dr. Column with Cr. Column.The balancing figure in the above table shows the value of missing inventory i.e. Rs.150000
  • Question 5
    1 / -0
    Opening Stock Rs.44,000;Closing stock Rs.50,000; Purchases less returns Rs.2,20,000;Gross profit margin (on sales ) 20%. The sales of the company are ______________.
  • Question 6
    1 / -0
    The cost of inventory as per physical verification as on 24th March was Rs.4,00,000. Goods are sold at a profit of 25% on cost .
    On, 27th January goods of the sale value of Rs.1,00,000 were sent on sale or return basis to customer, the period of approval being two weeks.He returned 20% of the goods on 31st March.
    The cost of inventory as per book will be ?
    Solution
    Cost of inventory as on 24th march in the books of accounts will be 4,00,000 because the transactions have taken place on 27th January , which will have no affect on the stock  on 24th March.
  • Question 7
    1 / -0
    Opening stock Rs.60,000; Closing stock Rs.80,000; Purchase Rs.11,20,000; Return outward Rs.30,000; Return inward Rs.40,000 Carriage inward Rs.10,000; If the gross profit is 20% of net sales the gross sales are _____________.
  • Question 8
    1 / -0
    Cost of goods available for sale Rs.2,00,000 Total sales Rs.1,60,000; Opening Stock of goods Rs.40,000; Gross profit margin 25%. Closing stock of goods is _______________.
  • Question 9
    1 / -0
    Sales Rs. 30,000, Selling price =1/3rd on cost, Cost of Goods available for sales Rs.5,00,000,closing inventory is ______________.
  • Question 10
    1 / -0
    Opening Stock Rs.3,60,000; Closing Stock Rs.1,80,000. The company made purchases amounting Rs.6,60,000 on credit. The company paid a sum of Rs.7,00,000 to the suppliers. The goods are sold at 25% above the cost. The sales were ______________.
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now