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Financial Statements 2 Test 21

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Financial Statements 2 Test 21
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Weekly Quiz Competition
  • Question 1
    1 / -0
    From the following details find out the closing capital that will be appear in balance sheet on $$31-12-2015$$.
    ParticularsRs.
    Capital on $$1-1-2015$$$$14,00,000$$
    Drawings$$5,000$$
    Repair$$2,000$$
    Net profit before manager commission$$6,62,900$$
    Debtors$$1,50,000$$
    Provision for bad debts @ $$6\%$$.
    The manager is entitled commission of $$5\%$$ of net profit after charging his commission.
  • Question 2
    1 / -0
    Following information is available from the books of Mr.Z.
    Rs.
    Expenses paid during the year$$1,35,000$$
    Expenses outstanding on $$1-4-2013$$$$12,250$$
    Expenses prepaid on $$1-4-2013$$$$15,000$$
    Expenses outstanding on $$31-3-2014$$$$17,000$$
    Expenses prepaid on $$31-3-2014$$$$16,750$$
    Net expenses debited to profit & loss account for the year ended $$31.3.2014$$ should be.
  • Question 3
    1 / -0
    Choose the correct statement.
    Solution

    Accrued income is revenue that's been earned, but has yet to be received. Although it is not yet in hand, accrued income is recorded on the books when it is earned, in accordance with the accrual accounting method. Hence, option (b) is correct.

  • Question 4
    1 / -0
    On $$31$$st March, goods sold at a sale price of Rs. $$30,000$$ were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus $$20\%$$. In the balance sheet, the stock with customers account will be shown at.
  • Question 5
    1 / -0
    Sundry debtors on $$31$$st March, $$2015$$ are Rs. $$55,200$$. Further bad debts are Rs. $$200$$. Provision for doubtful debts are to be made on debtors @ $$5\%$$ and also provision of discount is to be made on debtors @ $$2\%$$. The amount of provision of discount on debtors will be.
  • Question 6
    1 / -0
    From the following details find out the amount to be debited to Profit & Loss A/c as fresh provision for doubtful debts during $$2014-2015$$.
    Debtors Rs. $$30,000$$ as on $$31-3-2015$$; Bad debt during the year Rs. $$1,500$$; Provision for bad debts as on $$1-4-2014$$ Rs. $$2,000$$; Provision for doubtful debts to be kept at $$5\%$$ of total debtors.
  • Question 7
    1 / -0
    Which of the following accounting treatments is/are TRUE in respect of accrued commission appearing on the debit side of a trial balance?
  • Question 8
    1 / -0
    Extract of trial balance of Mr.Z is as follows.
    ParticularsDr. Rs.Cr. Rs.
    Bad debts$$5,000$$-
    Debtors$$2,50,000$$-
    Bills receivable$$40,000$$-
    Sales-$$12,50,000$$
    Additional information:
    - Bad debt not yet provided - Rs. $$3,000$$
    - Provision for debt to be made at $$5\%$$
    - Provision for discount on debtors - $$2\%$$
    Debtors will appear in balance sheet at.
  • Question 9
    1 / -0
    Salary paid during the year - Rs. $$35,000$$
    Salary outstanding on $$1-4-2014$$ - Rs. $$2,500$$,
    Salary outstanding on $$31-3-2015$$ - Rs. $$7,500$$
    Net salary debited on Profit & Loss A/c for the year ended $$31-3-2015$$ should be.
  • Question 10
    1 / -0
    During the year $$2014-2015$$, the profit of a business before charging Sales Manager's commission was Rs. $$1,89,000$$. If the Sales Manager's commission is $$5\%$$ on profit after charging his commission, then the total amount of commission payable to manager is?
    Solution
    Manager's commission = Profit* Rate of commission/ 100+ rate of commission
                                           = 189,000* 5 / 105
                                           = 9,000
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