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Financial Statements 1 Test 34

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Financial Statements 1 Test 34
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  • Question 1
    1 / -0
    Cost of goods available for sales Rs.5,00,000, selling price =25% on sales ,Closing Inventory Rs.2,75,000. The sales are _____________.
  • Question 2
    1 / -0
    CAS Ltd. follows perpetual inventory system. On March 31 of every year, the company undertakes physical stock verification. On March 31, the value of stock as per the records differed from the value as per the physical stock. On scrutiny, the following differences were noticed: Goods purchased for Rs.20,000 were received and included in the physical stock but no entry was made in the books. Goods costing Rs.60,000 were sold and entered in the books but the stock is yet to be delivered. Goods worth Rs.10,000 are returned to the suppliers but is omitted to be recorded. If the inventory is valued in the books at Rs.3,00,000, the value of the physical inventory is ________________.
    Solution
    Value of inventory as per books                                                       =  3,00,000
    Add:- Goods purchased but omitted to be recorded                      =    20,000
              Goods sold not yet delivered                                                  =    60,000
    Less:- Goods returned to supplies not accounted in books           =    (10,000)
                                                                                                                   -----------------
    Value of physical inventory                                                               = 3,70,000 
  • Question 3
    1 / -0
    Trading Account is closed by transferring its balance to the _______________.
    Solution
    Trading account is closed by arriving at a figure called gross profit. Gross profit is calculated deducting cost of goods sold from sales. Gross profit is then transferred to the profit and loss account from which all the non operating expenses are deducted and non operating incomes are added to arrive at net profit. 
  • Question 4
    1 / -0
    Opening Stock Rs. 40,000, Purchases Rs. 3,36,000, Closing Stock Rs. 1,30,000, Sales Rs. 3,80,000, Carriage inward Rs. 6,000, Freight inward Rs. 4,000, Wages and salaries Rs. 50,000, Returns inward Rs. 20,000, Returns outward Rs. 40,000. The market value of closing stock was Rs. 1,20,000.
    The Gross Profit for the year is __________.
  • Question 5
    1 / -0
    Operating Cost is equal to _________________.
    Solution
    Operating cost = sales - operating profit
    Operating cost include all the costs that are related to the business directly. By deducting operating profit from sales we will get the operating cost of the business. 
  • Question 6
    1 / -0
    X who was closing his book 31st march failed to take the actual stock which he did on 9th April, when it was ascertained by him  to be worth Rs.50,000
    It was found that sales are entered in the Sales Day Book on the same day of dispatch and the returns inward in the return book as and when goods are received back . Purchases are entered in the Purchase Day Book once the invoices are received .Observations-
    (i) Sales between 31st March and 9th April as Sales Book are Rs.1,720.Rate of gross profit is 1/3rd on cost.
    (ii) Purchases during the same period as per Purchases Book are Rs.120.
    (iii) Out of above purchases , goods amounting to Rs.50 were not received until after the stock was taken.
    (iv) Goods invoiced during the month of March , but goods received only on 4th April , amounted to Rs.100.
    The Value of physical stock on 31st March is ________________.
    Solution
    Stock as on 9th April                                                                    =  50,000
    Add:-cost of sales during 31st march to 9th April                       =     1,290
        ( 1790 x 100/133.33)         
    Less:- Purchases during the period (120 - 50)                           =         ( 70)
               Goods not received until 31st march                               =        (100)
                                                                                                          ------------------
                                                                                                          =      51,120     
  • Question 7
    1 / -0
    Cost of stock as per books is Rs.2,38,000
    Goods purchases for Rs.10,000 received but omitted to be recorded
    Goods costing Rs.20,000 were sold & delivered but omitted to be recorded
    Goods costing Rs.5,000 were returned by customers but omitted to be recorded.
    Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded.
    The value of physical inventory is ___________.
    Solution
    Cost of stock as per books                                                                      2,38,000
    Add:- purchases recorded but omitted to be recorded                           10,000
    Less;- Goods sold, not recorded                                                               (20,000)
    Add:- Goods returned by customers                                                          5,000
    less:- Goods returned to suppliers                                                            (3,000)
                                                                                                                      ---------------
    Cost of physical inventory                                                                       2,30,000
  • Question 8
    1 / -0
    The debit balance in the Profit & Loss Account is ___________.
    Solution
    The debit balance of a profit and loss account denoted loss. Debit balance of the profit and loss account shows that the expenses were more than the incomes. 
  • Question 9
    1 / -0
    The credit balance in the Profit & Loss Account is ___________.
    Solution
    A profit and loss account records all the incomes and expenses that have taken place in the year. All the expenses are recorded on the debit side whereas all the incomes are recorded on the credit side. When the credit side is more than the debit side it denotes profit. Hence, Credit balance of Profit and loss account is profit.
  • Question 10
    1 / -0
    Physical verification of stock was done on 23rd June the value of stock was Rs.5,00,000 following transactions took place between 23rd June and 30th June-
    (i) Out of goods sent on consignment , goods costing rs.24,000 were unsold.
    (ii) Purchased of Rs.40,000 were made , out of which goods worth Rs.16,000 were delivered on 5th July.
    (iii) Sales were Rs.1,36,000 Which include goods worth Rs.32,000 sent on approval . Half of these goods were returned before 30th June nut no intimation is available regarding the remaining goods. Goods are sold at cost plus 25% . However, goods costing Rs.24,000 had been sold for Rs.12,000.
    The value of stock as per book on 30th June is _______________.
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