Final Accounts-Test 3

The loss on the sale of old machinery is debited to ————-

Closing stock appearing in the trial balance is shown in ————

Only personal and Real accounts are shown in ————

If net loss is Rs.5,000 general expenses are Rs.14500, sales amount to Rs.25000, the Gross profit will be ———

Which of the following is not a fixed asset?

The basic concepts related to balance sheet are ———–

The basic concepts related to P& L A/C are ———–

P&L A/C is prepared for a period of one year by following ————-

A firm had a capital balance of Rs.1,00,000 at the beginning of a year. At the end of the year, The  firm has total assets of Rs.1,50,000

and total liabilities of Rs.70,000. If the total withdrawals during the period were Rs.30,000.What was the amount of the net profit/loss for the year ?

If sales are Rs.14,900 gross profit Rs.3,300. Net loss Rs.500, the operating expenses will be Rs.——–

Which of the following sets of expenses are the direct expenses of the business?

In case of the opening stock was Rs.5,000, purchases Rs.15,000,Direct expenses Rs.2,000 and closing stock Rs.2,500,

The cost of goods sold had been————

The general manager is entitle to a commission of 10% on net profit after charging the commission of works manager.The works

manager is entitled to a commission of 5% on the net profits after charging the commission of general manager.The profit before

charging any commission is Rs.7,500.The commission of the work manager to the nearest rupee will be ———-

If the profit is 1/4 th of the sales then it is ——

Sales are equal to ———–

The provision for discount on debtors is calculated on amount of the debtors ————-

On earned income account is ———–

Discounts allowed appearing in the Trial balance are shown ————

Sales of scrap of raw materials appearing in Trial balance are shown———-

X, the works manager gets 5% commission of net profits after charging his commission and Y’s commission. Y, The general manager

gets 10% commission on net profit after charging his commission and X’s commission.If the profit before charging commission of X and Y is Rs.1000, the commission of X will be ————

The provision for bad debts is made by crediting ————

In the profit is 25% of the cost price then it is ————

If the closing stock at the end of the year is overstated by Rs.7,500, the error cause an ———–

Apprenticeship premium received appearing in the trial balance are shown ———-

Closing stock appearing in the trial balance is shown ———–

A trial balance contains the following information.

Discount received Rs.2000, Provision for discount on creditors Rs.1600.It is desired to maintain a provision for discount on

creditors at Rs.1100.The amount to be credited to the P&L A/C is ————

C’s Trial balance contains the following information.

Bad debts Rs.8,000, Provision for doubtful debts Rs.6,000, Sundry debtors Rs.25,000. It is desired to create a provision for bad debts at 10% on sundry debtors at the end of the year.Sundry debtors will appear in the balance sheet at a figure of Rs.———

A trial balance as at 31 December contains the following information.

20 % Bank loan Rs.50,000, Interest paid Rs.3,800. Interest debited to the profit and loss account is ———–

Wages and salaries appearing in Trial balance are shown ————-

Carriage outwards appearing in the Trial balance are shown———–