Financial Statements of a Company Test 16

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Financial Statements of a Company Test 16

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Question 1
1 / -0

From the following details the net profit for the year ending 31.03.09
Opening stock Rs. 1,50,000
Purchases Rs.250,000
Manufacturing Expenses Rs. 80,000
Selling expenses Rs.20,000
Administrative expenses Rs.10,000
Financial charges Rs.5000
Sales Rs.5,55,000 which includes damaged goods sold for Rs. 5000 against the cost price of Rs.12,000. Gross profit margin on normal sales is 20% on the sales.

A
Rs.65,000

B
Rs.68,000

C
Rs.70,000

D
Rs.77,000
Question 2
1 / -0

Research and Development Cost A/c Appearing in Balance sheet is a ........

A
Real A/c

B
Intangible Assets A/c

C
Tangible Assets A/c

D
Personal A/c

Solution

intangible assets are those assets that can not be seen and touched by anyone.
Research and Development Cost Appearing in the Balance sheet is an intangible asset.
Research and development costs are costs incurred in a systematic search of new knowledge and in translating such knowledge into new products or processes.
Question 3
1 / -0

From the following details estimate the capital as on 1.1.13, Capital as on 31.12.14 Rs.240,000, drawing Rs.20,000, Profit during the year Rs.25,000

A
Rs.235000

B
Rs.225000

C
Rs.220000

D
Rs.200000
Question 4
1 / -0

Companies (Ind AS) Rules,2015 came into operation w.e.f ____________.

A
1st January,2016.

B
1st April,2016.

C
1st April,2015.

D
1st January,2015.
Question 5
1 / -0

Stock in transit is a part of ________.

A
Sales.

B
Closing stock.

C
Creditors

D
Work in progress
Question 6
1 / -0

Which of the following is a fictitious Assets

A
Goodwill A/c

B
Copyright A/c

C
Deferred Revenue Expenditure A/c

D
Claims Receivable A/c

Solution

Deferred revenue expenditure is the revenue expenses which is incurred in 1 accounting year but benefit from it will be received for future 3-5 years.
Fictitious Assets are fake or not real, these are not assets at all but they show in financial statements.
For example, expenses incurred for advertisement is deferred revenue expenditure because it will keep showing its benefits over the period of two to three years.
Question 7
1 / -0

Which of these legal formalities are not binding upon a private limited company

A
To hold AGM

B
To hold statutory meeting

C
To get accounted audited by a Chartered Accountant

D
To add words "private limited" to its name
Question 8
1 / -0

As per Schedule III of the Companies Act,Schedule to Balance sheet and Income statement are now know as __________.

A
Annexure

B
Notes to Accounts

C
Appendix

D
None
Question 9
1 / -0

............is depenture carry on all the assets of the company.

A
Floating

B
Mortgaged

C
Secured

D
fixed
Question 10
1 / -0

At the time of retirement of a partner the existing partners decided to value of Stock from Rs.10,000 to Rs.12,500, Building from Rs.50,000 to Rs.52,500, Sundry creditors from Rs.12,000 to Rs.13,000 and also agreed to take on record unrecorded liability of Rs.2000. What is the profit or loss on revaluation of Assets and liabilities ?

A
Rs.2000 Profit

B
Rs.3000 Profit

C
Rs.3500 loss

D
Rs.2000 loss

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Financial Statements of a Company Test 16

Result

Financial Statements of a Company Test 16

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Question 1

Rs.65,000

Rs.68,000

Rs.70,000

Rs.77,000

Question 2

Real A/c

Intangible Assets A/c

Tangible Assets A/c

Personal A/c

Solution

Question 3

Rs.235000

Rs.225000

Rs.220000

Rs.200000

Question 4

1st January,2016.

1st April,2016.

1st April,2015.

1st January,2015.

Question 5

Sales.

Closing stock.

Creditors

Work in progress

Question 6

Goodwill A/c

Copyright A/c

Deferred Revenue Expenditure A/c

Claims Receivable A/c

Solution

Question 7

To hold AGM

To hold statutory meeting

To get accounted audited by a Chartered Accountant

To add words "private limited" to its name

Question 8

Annexure

Notes to Accounts

Appendix

None

Question 9

Floating

Mortgaged

Secured

fixed

Question 10

Rs.2000 Profit

Rs.3000 Profit

Rs.3500 loss

Rs.2000 loss

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