Fundamentals of Accounting 5
Quiz-summary
0 of 60 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
Information
Click on Start quiz button
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 60 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Average score |
|
Your score |
|
Categories
- FUNDAMENTAL OF ACCOUNTING 0%
-
Thanks for participating in online mock test
Regards
Mock test Team
http://mock-test.caknowledgecl
ub.com/ http://www.caknowledgeclub.
com/index Give feedback for more requirement for Mock test
At
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- Answered
- Review
-
Question 1 of 60
1. Question
1 pointsA sent some goods costing Rs. 3,500 at a profit of 25% on sale to B on sale or return
basis. B returned goods costing to A Rs. 800. At the end of the accounting period i.e. on
31st December, 2016, the remaining goods were neither returned nor were approved by
him. The stock on approval will be shown in the balance sheet atCorrect
Incorrect
-
Question 2 of 60
2. Question
1 pointsB Ltd. issued shares of Rs. 10 each. Mr. C purchased 30 shares and paid Rs. 2 on
application but did not pay the allotment money of Rs. 3 and further call money. If the
company forfeits his entire shares, the forfeiture account will be credited byCorrect
Incorrect
-
Question 3 of 60
3. Question
1 pointsA draws a bill on B for Rs. 30,000. A wants to endorse it to C in settlement of Rs. 35,000 at
2% discount with the help of B’s acceptance and balance in cash. How much cash A will
pay to C?Correct
Incorrect
-
Question 4 of 60
4. Question
1 pointsP of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 331/3%. 1/10th of
goods were lost in transit. 2/3rd of the goods received are sold at 20% above invoice
price. The amount of sale value will be:Correct
Incorrect
-
Question 5 of 60
5. Question
1 pointsRent paid on 1st October, 2015 for the year to 30th September, 2016 was
Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was
Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st
December 2016, would be:Correct
Incorrect
-
Question 6 of 60
6. Question
1 pointsIf repair cost is Rs. 25,000, whitewash expenses are Rs. 5,000, cost of extension of
building is Rs. 2,50,000 and cost of improvement in electrical wiring system is
Rs. 19,000; the amount to be expensed in the books will beCorrect
Incorrect
-
Question 7 of 60
7. Question
1 pointsA company forfeited 1,000 shares of Rs. 20 each (which were issued at par) held by
Mr. Mohan for non-payment of allotment money of Rs. 8 per share and further call
money. The called-up value per share was Rs. 18. On forfeiture, the amount debited to
share capital will beCorrect
Incorrect
-
Question 8 of 60
8. Question
1 pointsIt is essential to standardize the accounting principles and policies in order to ensure
Correct
Incorrect
-
Question 9 of 60
9. Question
1 pointsG Ltd. acquired assets worth Rs. 7,50,000 from H Ltd. by issue of shares of Rs. 100 each
at a premium of 25%. The number of shares to be issued by G Ltd. to settle the
purchase consideration of assets will be_________Correct
Incorrect
-
Question 10 of 60
10. Question
1 pointsThe following information pertains to X Ltd.:
Equity share capital called up – Rs. 5,00,000; Calls in arrear – Rs. 40,000; Calls in advance – Rs. 25,000; and Rate of dividend – 15%
The amount of dividend payable will beCorrect
Incorrect
-
Question 11 of 60
11. Question
1 pointsThe subscribed share capital of S Ltd. is Rs. 80,00,000 of Rs. 100 each. There were no
calls in arrear till the final call was made. The final call made was paid on 77,500 shares.
The calls in arrear amounted to Rs. 62,500. The final call on each share will
be_________Correct
Incorrect
-
Question 12 of 60
12. Question
1 pointsRam’s acceptance to Dinesh for Rs 8,000 renewed for 3 months on the condition that
Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @
12% p.a. The amount of interest will be _________Correct
Incorrect
-
Question 13 of 60
13. Question
1 pointsA and B entered into a Joint Venture. A purchased goods costing
Rs. 2,00,000, B sold 4/5th of the same for Rs. 2,50,000. Balance goods were taken over
by B at cost less 20%. If same set of books is maintained, find out profit on venture.Correct
Incorrect
-
Question 14 of 60
14. Question
1 pointsAmit Ltd. purchased a machine on 1.1.2016 for Rs 1,20,000. Installation expenses were
Rs. 10,000. Residual value after 10 years Rs. 5,000. On 01.07.2016, expenses for
repairs were incurred to the extent of Rs. 2,000. Depreciation is provided under straight
line method. Annual Depreciation will be ________Correct
Incorrect
-
Question 15 of 60
15. Question
1 pointsRs. 2,500 spent on the overhaul of a machine purchased second-hand is _________
Correct
Incorrect
-
Question 16 of 60
16. Question
1 pointsManufacturing account is prepared to—
Correct
Incorrect
-
Question 17 of 60
17. Question
1 pointsFinancial statements only consider
Correct
Incorrect
-
Question 18 of 60
18. Question
1 pointsIf sales revenue is Rs. 4,00,000; cost of goods sold is Rs. 3,10,000 and expenses are Rs. 60,000, the gross profit is
Correct
Incorrect
-
Question 19 of 60
19. Question
1 pointsA & B are partners sharing profits and losses in the ratio of 5:3. After admission of C,
new profit sharing ratio between A, B and C is 7:5:4. The sacrificing ratio among A : B will beCorrect
Incorrect
-
Question 20 of 60
20. Question
1 pointsOpening Stock – Rs. 20,000, Carriage on sales – Rs. 3,000,Closing Stock – Rs. 18,000, Rent of Office – Rs. 5,000
Purchases – Rs. 85,800, Sales – Rs. 1,40,700,Carriage on purchases – Rs. 2,300
Gross profit will beCorrect
Incorrect
-
Question 21 of 60
21. Question
1 pointsWhen the shares are issued at premium and the premium has already received by the
company later on, if such shares are forfeitedCorrect
Incorrect
-
Question 22 of 60
22. Question
1 pointsX and Y share profits and losses in the ratio of 2 : 1. They take Z as a partner and the
new profit sharing ratio becomes 3 : 2 : 1. Z brings Rs. 4,500 as premium for goodwill.
The full value of goodwill will beCorrect
Incorrect
-
Question 23 of 60
23. Question
1 pointsAnnual insurance premium paid on January 1, 2015 was Rs. 2,400. What will be the
opening entry on April 01, 2015, if financial year ends on March, 31 every year.Correct
Incorrect
-
Question 24 of 60
24. Question
1 pointsWhenever errors are noticed in the accounting records, they should be rectified
Correct
Incorrect
-
Question 25 of 60
25. Question
1 pointsIn _______ method, depreciation is charged by allocating depreciable cost in proposition
of the annual output to the probable life-time output.Correct
Incorrect
-
Question 26 of 60
26. Question
1 pointsSundry debtors on 31st March 2016 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 doubtful debts will beCorrect
Incorrect
-
Question 27 of 60
27. Question
1 pointsThe balance of machine on 31st March 2016 is Rs. 72,900 (after charging depreciation of the year). The machine was purchased on 1st April 2013 charging depreciation @ 10%p.a. by diminishing balance method. The cost price of the machine as on 1st April 2013 would be
Correct
Incorrect
-
Question 28 of 60
28. Question
1 pointsEstimated life of an asset is 10 years and estimated scrap value is Rs. 3,200.
Depreciation as per SLM is charged at Rs. 2,500 every year on the asset. Find the cost
of the asset.Correct
Incorrect
-
Question 29 of 60
29. Question
1 pointsR, J and D are partners sharing profits in the ratio 7:5:4. D died on 30th June 2016 and
profits for the accounting year 2015-2016 were Rs. 24,000. How much share in profits
for the period 1st April 2016 to 30th June 2016 will be credited to D’s Account?Correct
Incorrect
-
Question 30 of 60
30. Question
1 pointsMr. A is a partner in a firm along with Mr. B. Both contributed capitals of
Rs. 40,000 and Rs. 50,000 respectively on the 1st of July, 2016. Interest on capital is to
be charged @ 10% p.a. Books of account are to be closed on 31st December, 2016. Interest on capital isCorrect
Incorrect
-
Question 31 of 60
31. Question
1 pointsA purchased a computer costing Rs. 10,000. Repairing expenses Rs. 1,000 and
miscellaneous expenses Rs. 500 were incurred by him. He sold the computer at 20%
margin on selling price. The sales value will beCorrect
Incorrect
-
Question 32 of 60
32. Question
1 pointsFollowing is the example of internal users of financial statements:
Correct
Incorrect
-
Question 33 of 60
33. Question
1 pointsUnintentional omission or commission of amounts and accounts in the process of
recording transactions are known asCorrect
Incorrect
-
Question 34 of 60
34. Question
1 pointsAt the time of admission of a new partner, if the value of goodwill is shown in the books,
it is written back by ________Correct
Incorrect
-
Question 35 of 60
35. Question
1 pointsMohit, the acceptor of the bill has to honour a bill on 31st March 2016. Due to financial
crisis, he is unable to pay the amount of bill of Rs. 20,000. Therefore, he approaches
Rohit on 20th March 2016 for extension of bill for further 3 months. Rohit agrees to extend
the credit period by drawing a new bill for Rs. 20,500 together with interest of Rs. 1,000
in cash. In this case, old bill of Rs. 20,000 will be considered asCorrect
Incorrect
-
Question 36 of 60
36. Question
1 pointsE Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro rata basis.
The amount payable on application is Rs.2. F applied for 420 shares. Calculate the
number of shares allotted and the amount carried forward for adjustment against
allotment money due from F.Correct
Incorrect
-
Question 37 of 60
37. Question
1 pointsThe bill of Rs. 10,000 accepted by Ritesh on 1 July 2016, was discounted by Hitesh on
15 July 2016 for Rs. 9,600. On 4th October 2016, the bill was dishonoured and bank
notified it for Rs. 200. The amount to be received from Ritesh would beCorrect
Incorrect
-
Question 38 of 60
38. Question
1 pointsBrave Ltd. issued 60,000 shares of Rs. 9 each. The application money was Rs. 2,
allotment money was Rs. 4, and first call was of Re.1. The amount of final call will beCorrect
Incorrect
-
Question 39 of 60
39. Question
1 pointsJadu Ltd. reissued 2,000 shares, which were forfeited by crediting Share forfeiture
account by Rs. 3,000. These shares were reissued Rs. 9 per share. The amount to be
transferred to Capital Reserve account will beCorrect
Incorrect
-
Question 40 of 60
40. Question
1 pointsIn the bank reconciliation statement, when balance as per the cash book is taken as the
starting point, then direct deposits from the customer of Rs. 2,500 in the bank will beCorrect
Incorrect
-
Question 41 of 60
41. Question
1 pointsIf a sales return of Rs. 1,500 has been wrongly posted to the credit of the purchase
returns account, but has been correctly entered in the debtors’ account, the total of theCorrect
Incorrect
-
Question 42 of 60
42. Question
1 pointsThe total cost of goods available for sale with a company during the current year is
Rs. 12,00,000 and total sales during the period is Rs. 13,00,000. If the gross profit
margin of the company is 331/3% on cost, the closing inventory during the current year isCorrect
Incorrect
-
Question 43 of 60
43. Question
1 pointsOn 31st March 2016, Suraj has to pay to M/s Chandra and Co. Rs. 7,000 on account of
credit purchase from the later. He paid Rs. 1,800 on 30th June 2016 after availing a cash
discount of 10%. On 30th September 2016, he paid Rs. 2,850 after availing 5% cash
discount. On account of final settlement, the amount to be paid by Suraj without any
discount will beCorrect
Incorrect
-
Question 44 of 60
44. Question
1 pointsWhich of the following is not a transaction?
Correct
Incorrect
-
Question 45 of 60
45. Question
1 pointsFollowing figures have been taken from the trial balance of a trader:
Purchases Rs. 30,000,Purchase Returns Rs. 5,000,Sales Rs. 40,000,Sales Returns Rs. 5,000
The amount of profit will beCorrect
Incorrect
-
Question 46 of 60
46. Question
1 pointsRadha, Seeta and Laxmi were partners sharing profits and losses in the ratio of 2:3:5.
Seeta retired on 1st June, 2016 and Goodwill of the firm is to be valued at Rs. 1,20,000
on that date. What will be the treatment for Goodwill ?.Correct
Incorrect
-
Question 47 of 60
47. Question
1 pointsThe date of maturity of bill is 10th October, 2016. The Government of India suddenly
declared 10th October, 2016 as the holiday under the Negotiable Instruments Act, then
the bill will mature on _________Correct
Incorrect
-
Question 48 of 60
48. Question
1 pointsOn 1.1.2016, a machine costing Rs. 10,000 and a piece of furniture costing Rs. 20,000
was purchased. Depreciation is provided @ 5% p.a. on furniture and 10% per annum on
machine. The depreciation for the year ended 31st March, 2016 should be:Correct
Incorrect
-
Question 49 of 60
49. Question
1 pointsMr. A sent 250 units costing Rs. 10,000 each to Mr. B. Mr. B sold 150 units @ Rs. 14,200
per unit on credit and 75 units @ Rs. 14,000 for cash. Mr. B is entitled to a commission
Rs.500 per unit. The amount of commission will be:Correct
Incorrect
-
Question 50 of 60
50. Question
1 pointsGama Ltd. issued 10,000, 10% debentures of Rs. 100 each at a discount of 10%. The
entire amount is payable on application. Application were received for 12,000
debentures. The allotment of debentures was made on 10th October, 2016. The amount
which should be credited to the debentures account on 10th October, 2016 will be:Correct
Incorrect
-
Question 51 of 60
51. Question
1 pointsOn January 1, 2016 Victory Ltd., purchased a second hand machinery for Rs. 50,000 and
spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty,
Rs. 1,000 as carriage inwards, Rs. 500 is repair charges, Rs. 200 as installation charges,
Rs. 400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of
machinery isCorrect
Incorrect
-
Question 52 of 60
52. Question
1 pointsIf bank balance as per cash book differs from that appearing in the current account
statement, then the balance considered for finalizing the accounts is ofCorrect
Incorrect
-
Question 53 of 60
53. Question
1 pointsA company issued 1,00,000 equity shares of Rs.10 each at a premium of Rs. 2 and 5,000
10% Debentures of Rs. 100 each at 10% discount. All the shares and debentures were
subscribed and allotted by crediting 10% Debentures account withCorrect
Incorrect
-
Question 54 of 60
54. Question
1 points3,000 shares of Rs. 10 each of Krishna were forfeited by crediting Rs. 5,000 to share
forfeiture account. Out of these, 1,800 shares were re-issued to Radhe for Rs. 9 per
share. The amount to be transferred to capital reserve account will beCorrect
Incorrect
-
Question 55 of 60
55. Question
1 pointsHe, She and Me are partners in a firm sharing profits and losses in the ratio of 5:3:2.
Firm took Separate Life Policy of Rs. 50,000, Rs.1,00,000 and Rs.1,50,000 for He, She
and Me respectively. The share of Me in the policy will be:Correct
Incorrect
-
Question 56 of 60
56. Question
1 pointsFind the goodwill of the firm using capitalization method from the following information:
Total capital employed in the firm Rs. 80,00,000
Reasonable rate of return 15%,Profits for the year Rs. 12,00,000Correct
Incorrect
-
Question 57 of 60
57. Question
1 pointsOpening stock of the year is Rs. 20,000, Goods purchased during the year is
Rs. 1,00,000, Carriage Rs. 2,000 and Selling expenses Rs. 2,000. Sales during the year
is Rs. 1,50,000 and closing stock is Rs. 25,000. The gross profit will be:Correct
Incorrect
-
Question 58 of 60
58. Question
1 pointsDepreciable amount of the machinery is Rs. 11,00,000. The machine is expected to
produce 30 lakhs units in its 10 year life and expected distribution of production units is
as follows:
1-3 year 5 lacs units each year
4-6 year 3 lacs units each year
7-10 year 1.5 lacs units each year.Annual depreciation for 1-3 year, using production units method will be ______
Correct
Incorrect
-
Question 59 of 60
59. Question
1 points18% investment of Rs. 1,00,000 and interest received on investment Rs. 15,000 have
been given in the trial balance for the period ended on 31.3.2016. The amount of interest
outstanding in the final accounts will be ______Correct
Incorrect
-
Question 60 of 60
60. Question
1 pointsIf the profit is 25% of the cost price then it is
Correct
Incorrect