Online Mock Tests in Final Accounts in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA
Final Accounts-Test 7
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Final Accounts -Test 7
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Work- in-progress is shown in the balance sheet under which head ?
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Question 3 of 30
3. Question
1 points
units produced 5,000 @ 20. Direct expenses =Rs.5,000.4/5Th of the units were sold @25 per unit. What will be the profit?
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Question 4 of 30
4. Question
1 points
Sales = —————–+ Gross profit.
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Question 5 of 30
5. Question
1 points
Bills payable is shown on the liability side of the balance sheet under the head:
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Question 6 of 30
6. Question
1 points
The provision for discount on debtors is calculated on debtors
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Question 7 of 30
7. Question
1 points
If depreciation is excess charged by Rs.500 and closing stock is under valued by Rs.500.The net profit will be ———- due to these errors.
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Question 8 of 30
8. Question
1 points
Goods purchased Rs.90,000, Sales=Rs.80,000, Margin 20% on sales , Closing stock will be————
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Question 9 of 30
9. Question
1 points
Goods worth Rs.5,000 were supplied to Mr. X at an invoice price of 20% above cost and allowed trade discount at 10% on invoice price. At what price were the goods sold to X?
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Question 10 of 30
10. Question
1 points
Working capital means ———-
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Question 11 of 30
11. Question
1 points
Prepaid expenses Rs.1000, Shown in trial balance, will appear in ———-
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Question 12 of 30
12. Question
1 points
Profit and Loss on sale of fixed assets in transferred to ———-
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Question 13 of 30
13. Question
1 points
If opening stock is Rs.69,000.Closing stock is Rs.83,500, Sales less return is Rs.1,60,000 and Purchases is Rs.1,10,000. The gross profit margin on dales would be?
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Question 14 of 30
14. Question
1 points
A sole trader has computed a net profit of Rs.56,750. After that he found the following mistakes in the books of accounts. Discount received of Rs.580 and Discount allowed of Rs.665 have been recorded on the wrong sides of the discount received and discount allowed accounts. What would be the actual bet profit of trade?
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Question 15 of 30
15. Question
1 points
An item of furniture was destroyed by fire whose cost was Rs.18,000 against which a claim of Rs.12,000 was accepted by the insurance company. The depreciation provision up to datee of fire was 2,750. What amount to be recorded in account as loss by fire?
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Question 16 of 30
16. Question
1 points
Rent paid on 1st October 2010 for the period 01.10.2010 to 30.09.2011 was Rs.12,000 and rent paid on 1 st October 2011 for the period 01.10.2011 to 30.09.2012 was Rs.18,000. Amount of rent in the profit and Loss account for the year ended 310.03.2012 would be —————
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Question 17 of 30
17. Question
1 points
X sold goods to Y at a profit of 10% on cost, and Y sold the goods to Z at a profit of 20% on sale value. If the cost of goods to X is Rs.50,000, then at what value Y has sold the goods to Z?
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Question 18 of 30
18. Question
1 points
A trial balance shows sundry debtors as Rs.80,000. Information outside the trial balance (i) Bad debts Rs.2,000 (ii) Make a provision for doubtful debts on debtor @ 5%.
The amount of provision for doubtful debts will be ———–
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Question 19 of 30
19. Question
1 points
On 31 st March ,2011, the books of Ajit showed a net profit of Rs.84,000. Later it was discovered that the closing stock was over valued, by Rs.4,000 and the discount received of Rs.1,500
was treated as an expense. What was the correct net profit of Ajit?
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Question 20 of 30
20. Question
1 points
Mr. X forgot to record following transactions while preparing his final account for the year ended 31/03.2011.
The total change in his profit for the year after recording the above would be ——–
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Question 21 of 30
21. Question
1 points
From the following information, calculate the cost of raw material consumed :
Purchase of raw material = Rs.80,000,
Opening stock: Raw material= Rs.5,000, Work in progress= Rs.12,000, Finished goods= Rs.8,500
Closing stock: Raw materials= Rs.6,350, Work in progress= Rs.12,400, Finished goods= Rs.4,500
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Question 22 of 30
22. Question
1 points
Return inwards are deducted from ————–
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Question 23 of 30
23. Question
1 points
An increase in the provision for doubtful debts would result in ———— in working capital and ————- in net profit.
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Question 24 of 30
24. Question
1 points
A company has paid salary amounting to Rs.50,000 to Mr. A on March 25,2011. Mr. A deposited in cheque of salary on April 03,2011 in his bank account.What adjustment should be made by company at the time of preparing final account.
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Question 25 of 30
25. Question
1 points
The opening stock is understated by Rs.20,000 and closing stock is overstated by Rs.25,000. The net profit for the current year is ———-
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Question 26 of 30
26. Question
1 points
The following details relate to a trading concern for the year 2010. Opening stock =Rs.4000, Purchases and Sales during the year Rs.36,000 and Rs.35,000 respectively. Profit on
sales is 20% uniformity throughout the year. 50% of the closing stock was found to be obsolete and estimated to fetch only 50% of cost. The value for the closing stock at the end of the year will be :
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Question 27 of 30
27. Question
1 points
Proprietor used the rented building both for business purpose and as well for personal purpose equally. The rent paid during the year for the building was Rs.1,32,000 debited to Rent expenses. One month rent is still outstanding . Liability of the business for outstanding rent is ———–
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Question 28 of 30
28. Question
1 points
From the following information ; Calculate the purchases made during the year 2012-13.
Calculate amount of salary debited to profit and loss A/C for the year ending 31.03.2013
Salary outstanding as on 31.03.2012= Rs.25,000, Salary outstanding as on 31.03.2013 =Rs.10,000, Prepaid salary as on 31.03.2012=10,000, salary paid in cash during the year=Rs.3,00,00.
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Question 30 of 30
30. Question
1 points
At the end of the financial year 2011-12 the gross profit of Ram’s business is Rs.1,75,000. During the year carriage inward Rs.15,000, Ram’s personal expenses Rs.75,000 and
Carriage outward Rs.17,500 were paid by Ram. Bad debts for the year were Rs.12,000. the net profit earned by Ram for the year 2011-12 would be ———-