Financial Statements Test - 6

On which side of the Balance sheet the prepaid expenses shows

Insurance paid Rs. 4000(including premium of Rs. 3000 per annum) paid up to 30th June what will be the adjusting closing entry on 31st March

Insurance paid Rs. 4000(including premium of Rs.3000 per annum) paid up to 30th June by what amount insurance prepaid amount should be debited

Calculate gross profit if rate of gross profit is 20% on sale and cost of goods sold is Rs.120000

Training fee received appearing in the Trail balance is shown

Calculate interest on loan of Rs. 2000 taken on 1st May 2010 at 18 % If account are closed on 31st December

The manager is entitled to commission of 2% on profits before charging such commission. The profit is Rs. 6000 therefore the commission would be

Net profit before the following adjustments is Rs.180000, outstanding salary-Rs.13000, prepaid insurance-Rs.10000

Stock as on 01.04.2010 Rs.10,000; Sales Rs.2, 00,000; Purchases Rs.1, 45,000; carriage inwards Rs.4,000; clearing charges Rs.5,000; sales returns Rs.1,500; purchases return Rs.2, 000; carriage outward Rs. 2,500; stock as on 31.03.2011 Rs. 15,000. Calculate cost of goods sold

Stock as on 01.04.2010 Rs. 10,000; Sales Rs. 2,00,000; Purchases Rs. 1,45,000; carriage inwards Rs. 4,000; clearing charges Rs. 5,000; sales returns Rs. 1,500; purchases return Rs.2,000; carriage outward Rs. 2,500; stock as on 31.03.2011 Rs. 15,000. Calculate gross profit

Closing stock is not shown in

If the rate of gross profit is 25% on cost by goods sold and the sales are Rs.200000, the amount of profit will be _______.

Opening stock Rs.2,00,000; purchases Rs. 3,50,000; closing stock Rs.1,20,000; Wages Rs.2,500; freight Rs.4,500; carriage outward Rs. 5,500; trade expenses Rs. 2,500. The percentage of gross profit on sales is 20%. Calculate gross profit

A new firm commenced business on 1st January 2011 and purchased goods costing Rs.90000 during the year. A sum of Rs.6000 was spent on freight inward. At the end of the year the cost of goods still unsold was Rs.15000 (market value Rs.10000). Sales during the year were Rs.120000. What is the gross profit earned by the firm

The manager is entitled to commission of 5% on profit before deducting the commission. The profit is Rs. 4100.The commission will be

If the rent received in advance Rs.1000 the adjusting entry will be

Calculate cost of goods sold : Opening stock Rs.2,00,000; purchases Rs. 3,50,000; closing stock Rs.1,20,000; Wages Rs.2,500; freight Rs.4,500; carriage outward Rs.5,500; trade expenses Rs. 2,500

Calculate the amount of purchase from the following information. Purchase: Rs.280000, Return outward: Rs.5000, goods distributed as free sample: Rs.2000, goods costing Rs.1500 taken over by owner

Purchases Rs.1, 00,000; opening stock Rs.12,000, closing stock, Rs. 8,000. Calculate adjusted purchases

Calculate amount of rates , taxes and insurance to be shown on debit side of profit and loss account from the following information. Rent, taxes and insurance – Rs.2891, prepaid insurance- Rs.150, outstanding rates-Rs.35