Final Accounts-Test 4

Consider the following trial balance

Purchases Rs.30000, Purchase returns Rs.5,000.Sales Rs.40,000, Sales returns Rs.5,000.The amount of profit will be ———–

How will discount allowed be treated , if appears in the trial balance and provision for discount on debtors account appears————-

Unrealised Profit will be debited to ————-

`What do you mean by adjusted purchases?

How do we find ‘Cost of goods sold’?

How is abnormal loss treated in the Trading Account ?

How is abnormal loss treated in the balance sheet?

If sales are Rs.2,000 and the rate of GP on cost of goods sold is 25%, then the cost of goods sold will be —————

If sales revenues are Rs.4,00,000; Cost of goods sold is Rs.3,10,000 and operating expenses are Rs.60,000 the gross profit is ———————

A new firm commenced business on 1.1.2007 and purchased goods costing Rs.90,000 during the year. A sum of Rs.6,000 was spent on freight inwards.At the end of the year the cost of goods still unsold was Rs.12,000. Sales during the year  Rs.1,20,000. What is the gross profit earned by the firm?

Opening 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 ———–

Balance sheet is also known as ——————

Trading and Profit and Loss account is a ————–

Balance in sales tax A/C is —————–

Establishment Expenses A/C is also known as —————-

Trading and Profit and Loss A/C is also known as —————

Gross profit is the difference between —————

Sales return appearing in the trial balance are deducted from ————-

The Trial balance of M/S Anurudin ltd shows closing stock of Rs.5,00,000. It will be recorded in —————-

Outstanding wages in Trial balance is recorded in ——————–

Loss leads to reduction in —————–

————— Reserve is not shown in Balance Sheet.

Closing stock will not be shown in the Trading Account if ——————

Which of the following is non-current liability —————-

—————– Indicates the amount which the proprietor has invested in the firm.

Net assets refer to the difference between total assets and ——————-

When proprietor of the business invests additional capital ————

Capital expenditures are recorded in the ——————

Live stock is shown under —————-

Solvency and Liquidity position of any concern is known with the help of ——————