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Financial Statements of a Company Test 17

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Financial Statements of a Company Test 17
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  • Question 1
    1 / -0
    In financial records transactions are recorded in............
  • Question 2
    1 / -0
    The capital of ABC associates was Rs.55,000 as on 1.1.13 which fell to Rs. 25,000 by the end of 31.12.2014. The decrease in capital of ABC associates may be due to ........
  • Question 3
    1 / -0
    Profit prior to incorporation is treated as  a __________.
    Solution
    Any profit/loss made before the incorporation is known as “Profit (Loss) Prior to Incorporation” 
    It is not treated as business profit.
    Profit Prior to incorporation is a capital profit therefore, it treated as a Capital Reserve.
  • Question 4
    1 / -0
    ABC Ltd. is not maintaining full fledges accounts on double entry system basis. From the following details estimate the profit made by the firm during 2009-10. 
    Capital as on 1.04.09 Rs.85,000
    Capital added during the year Rs.25,000
    Drawing during the year Rs.35,000
    Capital As on 31.03.2010 Rs.125,000
  • Question 5
    1 / -0
    Retained earnings is classified as a part of..........
    Solution
    Retained earning is the that part of net incomes of business which is not distributed to the shareholders.
    As retained earnings is part of Profits of the organization therefore, it is part of Owner Fund. 
    It is shown under Shareholder's fund in the Capital side of Balance Sheet.
  • Question 6
    1 / -0

    The following figure have been extracted from the financial records of a company. You are advised to calculate the net profit of the business 

    Opening stock = 1,80,000

    Manufacturing expenses = Rs. 30,000

    Selling and distribution expenses = Rs. 20,000

    Administrative expenses = Rs. 10,000

    Financial expenses = Rs. 5,000

    Sales Rs. 3,20,000

    G/P Ratio = 25% on sales
  • Question 7
    1 / -0
    A Public Limited Co. must be registered with a minimum capital of rupees
  • Question 8
    1 / -0
    Tick the false statements
  • Question 9
    1 / -0
    In case a public limited Co. is required to refund the application money due to non-subscription to the minimum limit, the application money is to be refunded within .. days of closure of issue
  • Question 10
    1 / -0
    In question No. $$54$$ the issue was over subscribed by.
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