Final Accounts-Test 5

Calculate Gross profit if rate of Gross profit is 20% on sales and cost of goods is Rs.1,20,000

Prepaid rent is shown as —————

Opening stock Rs.8,500.Purchases Rs.30,700,Direct Expenses Rs.4,800,Indirect Expenses Rs.5,200,Closing Stock Rs.9,000.

Cost of goods sold will be————–

A company wishes to earn a 20% profit margin on selling price -is the profit marks up on cost, Which will achieve the required profit margin?

If closing stock appears in the Trial balance then its appears in —————-

Sale of the scrap of the raw materials appearing in the trial balance are shown on the credit side of ————-

Bonus given to employees is recorded in ———–

Opening stock Rs.22,000.Closing stock Rs.25,000,Purchase less returns Rs.1,10,000.Gross profit margin 20% the sales of the company will be ————-

Capital introduced in beginning by Ram Rs.40,000.Further capital introduced during the year Rs.1000. Drawings Rs.200 p.a and closing capital is Rs.53,600.

The amount of profit and loss for the year is ————–

Provisions are ———–

Sundry debtors on 31 St March,2006 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 discount on debtors will be —————-

A sells goods at 33 1/3 ,above cost. His sales were Rs.10,20,000 during the year.However he sold damaged goods for Rs.20,000 costing Rs.30,000.This sale is

included in Rs.10,20,000. The amount of gross profit is ————–

Bills receivable discounted but not due till date of final accounts is shown as ——————

Bad debts Rs.3,000,Provision for bad debts Rs.3,500, It is desired to make a provision of Rs.4000 at the end of the year.The amount debited to profit and loss account is —

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

A firm .purchased goods Rs.90,000 and spent Rs.6,000 on freight towards it. 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?

In the books of manufacturing concern, opening stock consists of —————

Sundry debtors of M/S Santosh amounts to Rs.25,000 and bad debts Rs.3,000. They provide for doubtful debts @ 2% and for discount @ 1%. The amount of net debtors to be shown in the balance sheet will be ———–

Opening stock = Rs.5,000, Purchases= Rs.15,000, Direct Expenses= Rs.2,000,Closing Stock = Rs.2,500.Cost of goods sold = ?

The balance in books of X , A sole proprietor were:  Opening stock= Rs.17,000, Purchases = Rs.52,000, Wages = Rs.46,500, Fuel =Rs.15,000, Sales Rs.1,45,000 and

Closing stock is Rs.25,000 whose net realization value was Rs.28,000. Find the gross profit:

Opening debtors = Rs.3000, Credit sales = Rs.80,000, Cash Received from debtors = Rs.60,000. Closing Debtors ?

A person started a business with capital of Rs.50,000 and he takes loan from his relative Rs.5,000. Profit for the year is Rs.10,000 and drawings Rs.9,000. What will be the amount of closing Capital?

Cost of goods sold =Rs.15,00,000, Gross profit = 20% on sales . Calculate the amount of sales.

Full claim accepted by Insurance company on the loss of goods by fire is credited to ———-

Closing stock of previous year is overvalued by Rs.50,000. Due to this ————

Opening balance of debtors is Rs.35,000, Cash received from debtors is Rs.30,000, Cash sales is Rs.20,000. Which is 20% of total sales. Bills receivable received for Rs.40,000 and discount allowed is 1% of Cash collection. Find the closing debtors ?

Opening balance of cash = Rs.4,000. Closing balance = Rs.7,000, Payment to creditors = Rs.80,000, Bills payable matured = Rs.6000, Bills Receivable discounted = Rs.9,000,

Sundry expenses = Rs.3000, Drawings = Rs.12,000. What is the amount received from debtors ?

———— is a summary of all assets and liabilities on a particular date.

If the profit is 25% on sales, then what percentage of profit is on cost ————-

Sales = Rs.3,00,000, G.P on sales is 20% ,Purchases = Rs.4,40,000, Opening stock = Rs.20,000, Find  Closing stock