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Financial Statements of a Company Test 15

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Financial Statements of a Company Test 15
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  • Question 1
    1 / -0
    Telephone bills of the proprietor paid by the business results in ___________.
    Solution
    Telephone bills of the proprietor are personal expenses. Any personal expense of the owner paid by the business is recorded as his drawings. Hence, the telephone bill of the proprietor that is paid by the business amounts to his drawings. In the Balance Sheet, drawings is deducted from the capital. Thus, it results in a decrease or reduction in owner's capital.
    Thus, the correct answer is D.
  • Question 2
    1 / -0
    A company cannot appoint an auditor for more than ______ years.
    Solution

    According to section 138, a company cannot appoint an individual as an auditor for more than one term of five consecutive years or an audit firm as an auditor for more than two terms of five consecutive years. Hence a company cannot appoint an auditor for more than 10 years.

  • Question 3
    1 / -0
    _______ is the major head under equity and liabilities part of company balance sheet.
    Solution

    Shareholders’ fund is an account on a company’s balance sheet that consists of share capital plus retained earnings. It also represents the residual value of assets minus liabilities. Shareholders fund basically accumulated funds of shareholders that’s why it is the major head under equity and liabilities part of company balance sheet.

    Accounting equation: Shareholders’ fund = Assets-Liabilities.

  • Question 4
    1 / -0
    As per Companies Act, $$2013$$ companies Books must give a ________.
    Solution
    As per section 129(1) of companies act, 2013 the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified and shall be in the form or forms as may be provided for different class or classes of companies in schedule III.
  • Question 5
    1 / -0
    As per Companies Act, $$2013$$ Accounting Year of a company should be __________________.
    Solution
    As per section 2(41) of companies act, 2013 "Financial year", in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.
  • Question 6
    1 / -0
    Find the gross profit from the following details. Opening stock Rs.80,000, Purchased Rs.1,40,000 , wages Rs.60,000, Sales Rs.3,20,000,closing stock Rs.40,000
  • Question 7
    1 / -0
    Which of these is not a feature of a Balance sheet

  • Question 8
    1 / -0
    Opening stock Rs. 15000, Closing stock Rs. 6000, total purchases during the year Rs. 30000. Given that opening stock inadvertently includes postage stamps of Rs. 1500. Find the cost of goods sold
  • Question 9
    1 / -0
    As per revised Schedule VI to Companies Act, Financial statements are required to be presented in ______ format
  • Question 10
    1 / -0
    ABC Ltd. had a net working capital of Rs.500000 on 31.12.14, if an outstanding payment from a sundry debtors is realized in cash, the working capital of ABC Ltd will be .......
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