Financial Statements 2 Test 14

Result

Financial Statements 2 Test 14

Score
-
out of -
Rank
-
out of -

TIME Taken - -

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.

Weekly Quiz Competition

Question 1
1 / -0

In case of winding up of firm if the asset of the firm are not sufficient to pay the partner capital, the deficiency in capital _______________________.

A
will be made good by the Registrar of firms

B
will be borne by the partners in their profit sharing ratio

C
will be borne by the partners in their capital ratio

D
will be borne by the partners in the ratio of their net worth
Solution
Option B is right answer. Winding up a partnership refers to procedures that are taken to distribute or liquidate any remaining partnership property and assets that is remaining after a dissolution of a partnership business. Only partners that are still remaining with the partnership have the right to partnership assets during the winding up process.
The procedure of winding up a partnership involves:
- Collecting remaining business assets
- Settling any remaining debts owed to non-partner creditors
- Distributing the remaining assets to the remaining partners.
Question 2
1 / -0

Non - provision for outstanding bonus amounting to Rs.50,000 of the employees will lead to __________.

A
suppression of profit by Rs.50,000.

B
over statements of profit by Rs.50,000.

C
overvaluation of inventory

D
none
Question 3
1 / -0

Rent prepaid a/c appearing in the trial balance is ___________.

A
shown on the liability side of balance sheet

B
shown on the assets side of the balance sheet

C
shown on debit side of profit and loss A/c

D
credited to profit and loss A/c
Question 4
1 / -0

From the following details calculate the net profit after charging managerial commission if the managerial commission is 11% of net profit before charging such commission.
Net profit before charging managerial commission Rs.65,000

A
Rs.58,558

B
Rs.60,300

C
Rs.57,850

D
Rs.60,360

Solution

Managerial commission = Net profit x Rate of commission
= Rs. 65000 x 11/100
= Rs. 7150
Net profit after managerial commission = Rs. 65000 - 7150
= Rs. 57850
Therefore, C is the correct option.
Question 5
1 / -0

From the following details find out the amount to be debited to profit and loss as fresh provision for doubtful debts during 2013-14.
Debtors RS. $$30,000$$ as on 31.03.14
Bad debts during the year Rs. $$1500$$
Provision for bad debts as on 1.04.13 Rs. $$2000$$
Provision for doubtful debts to be kept at $$5$$% of total debtors

A
Rs. $$1500$$

B
Rs. $$1000$$

C
Rs. $$3000$$

D
Rs. $$2000$$
Question 6
1 / -0

On 1st January 13, $$X$$ paid Rs. $$120,000$$ being rent for the period upto 31.12.13. If the accountants are closed on 31.03.13. Rent charges for the year ending 31.03.13 to be shown as Pre-paid rent will be _______

A
Rs. $$90,000$$

B
Rs. $$30,000$$

C
Rs. $$12,000$$

D
Rs. $$50,000$$
Question 7
1 / -0

Interest on advance money provided by the Partner can be paid from ____________.

A
profits

B
out of capital

C
both (a) and (b)

D
from the money provided by Central Government
Question 8
1 / -0

Salary outstanding A/c Rs 5000 appears in the trial balance along with salary A/c of Rs 15000. How this will be accounted for in the books of accounts

A
Salary outstanding A/c Rs 5000 to be shown in the balance sheet on the liability side

B
Salary A/c to be debited to profit and loss A/c by Rs 20,000

C
Salary A/c to be debited to profit and loss A/c by Rs 5,000

D
Salary outstanding A/c Rs 5000 to be credited to profit and loss A/c

Solution

As Salary outstanding A/c is appearing inside the trial balance along with salary a/c that means SalaryOutstanding have just one treatment.
Salary Outstanding is a Current Liability for the Business therefore it will appear in the Liabilities side of the Balance Sheet.
Therefore, Salary outstanding A/c Rs 5000 will be to be shown in the balance sheet on the liability side.
Question 9
1 / -0

On 1st January 13, $$X$$ paid Rs. $$120,000$$ being rent for the period upto 31.12.13. If the accountants are closed on 31.03.13. The amount of rent to be expensed during 2012-13 will be _____

A
Rs. $$30,000$$

B
Rs. $$90,000$$

C
Rs. $$120,000$$

D
Rs. $$80,000$$
Question 10
1 / -0

From the following details calculate the managerial commission, if the managerial commission is 11% net profit before charging such commission.fore
Net profit before charging managerial commission Rs.65,000

A
Rs. 6,946

B
Rs.7,230

C
Rs.7,150

D
Rs. 6,860

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Financial Statements 2 Test 14

Result

Financial Statements 2 Test 14

Score

-

Rank

-

SHARING IS CARING

Question 1

will be made good by the Registrar of firms

will be borne by the partners in their profit sharing ratio

will be borne by the partners in their capital ratio

will be borne by the partners in the ratio of their net worth

Solution

Question 2

suppression of profit by Rs.50,000.

over statements of profit by Rs.50,000.

overvaluation of inventory

none

Question 3

shown on the liability side of balance sheet

shown on the assets side of the balance sheet

shown on debit side of profit and loss A/c

credited to profit and loss A/c

Question 4

Rs.58,558

Rs.60,300

Rs.57,850

Rs.60,360

Solution

Question 5

Rs. $$1500$$

Rs. $$1000$$

Rs. $$3000$$

Rs. $$2000$$

Question 6

Rs. $$90,000$$

Rs. $$30,000$$

Rs. $$12,000$$

Rs. $$50,000$$

Question 7

profits

out of capital

both (a) and (b)

from the money provided by Central Government

Question 8

Salary outstanding A/c Rs 5000 to be shown in the balance sheet on the liability side

Salary A/c to be debited to profit and loss A/c by Rs 20,000

Salary A/c to be debited to profit and loss A/c by Rs 5,000

Salary outstanding A/c Rs 5000 to be credited to profit and loss A/c

Solution

Question 9

Rs. $$30,000$$

Rs. $$90,000$$

Rs. $$120,000$$

Rs. $$80,000$$

Question 10

Rs. 6,946

Rs.7,230

Rs.7,150

Rs. 6,860

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.