Online Quiz 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 8
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Final Accounts -Test 8
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Goods costing Rs.4,000 having normal sales value of Rs.6,000 were destroyed by the fire. The scrap worth Rs.400 was taken over by insurance company. Insurance company accepted a final claim of Rs.2,700. What amount of loss by fire will be transferred to profit & Loss A/C?
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Question 2 of 30
2. Question
1 points
Mr. A invest Rs.10,00,000 to start a cloth business on 1 St April ,2011. During the year he purchases goods of Rs.7,10,000 and his sales for the year was Rs.8,42,000. He pays shop rent for the financial year 2011-12 Rs.20,000 and other expenses Rs.75,000 and fins that he has goods worth Rs.45,000 in hand. What would be the gross profit for the year ended 31 st March 2012?
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Question 3 of 30
3. Question
1 points
State which of the following statement is false:
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Question 4 of 30
4. Question
1 points
Which of the following are current Assets?
1.Accounts receivable
2. Salary paid in advance
3.Bank Loan for three years
4.Preliminary expenses
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Question 5 of 30
5. Question
1 points
The manager earns a commission of Rs.25,000 which is based on 10% of the net profit . If the sales is Rs.3,50,000 higher than purchases. Find out the direct+Indirect expenses incurred during the year. There is no opening or closing stock.
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Question 6 of 30
6. Question
1 points
On March 31,2013, Prepaid expenses A/C(2012-13) shows a closing balance of Rs.5,000. It means ———–
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Question 7 of 30
7. Question
1 points
Bill discounted Rs.10,000 above item will appear in ———–
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Question 8 of 30
8. Question
1 points
Which of the following is not a “Miscellaneous expenditure” shown in assets side of balance sheet ?
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Question 9 of 30
9. Question
1 points
In Profit and Loss Account , the selling and distribution expenses will not include:
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Question 10 of 30
10. Question
1 points
A provision for depreciation is created by debiting ————–
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Question 11 of 30
11. Question
1 points
From the following information, you are required to to calculate the amount which will be debited to the profit and loss Account for the period ending on 31.03.2014.
Provision for doubtful debts as on 01.04.2013 = Rs.800, Debtors as on 31.03.2014=Rs.40,000, Bad debts =Rs.2,000.Bad debts are to be written off and provision for doubtful debts
is to be created @5% of the debtors.
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Question 12 of 30
12. Question
1 points
By products are generally valued at ————- if their costs cannot be separately identifiable.
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Question 13 of 30
13. Question
1 points
Loss on sale of Machinery is credited to ————Account.
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Question 14 of 30
14. Question
1 points
In journal,the entries which pertain to outstanding expenses ,Prepaid expenses or depreciation are called:
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Question 15 of 30
15. Question
1 points
Which of the following can’t be described as provision?
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Question 16 of 30
16. Question
1 points
Cost of physical stock on 15.04.2014 was Rs.3,00,000. Sales amounting Rs.1,00,000 and purchases worth Rs.50,000 were held between 31.03.2014 and 15.04.2014. Goods are
sold at a profit of 20% on sales.Value of inventory as on 31.03.2014:
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Question 17 of 30
17. Question
1 points
On 1st April,2013 Rakesh started cloth business with Rs.1,20,000 and took loan of Rs.50,000 from Ramesh for new business.During the year ,he earned a profit of Rs.20,000, introduced further capital of Rs.30,000 and withdrew Rs.10,000 for personal use. He repaid Rs.10,000 to Ramesh on 31 st October 2013. On 31 st March 2014, the total assets were Rs.2,30,000 and total outside liabilities were RS.———–
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Question 18 of 30
18. Question
1 points
Which of the following statement is incorrect?
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Question 19 of 30
19. Question
1 points
Compute Gross profit from the following particulars:
Commission on purchases = Rs.25,000, Sales = Rs.9,54,000 and closing stock = Rs.1,78,000.
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Question 20 of 30
20. Question
1 points
In the books of Mohanlal & sons, On 1st April 2013 provision for doubtful debts existed at Rs.15,000. On 31 st March,2014 debtors were Rs.6,00,000 and bad debts Rs.20,000.
Provision for doubtful debts is to be created @ 8% on debtors. Compute the amount to be debited in profit and loss account.
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Question 21 of 30
21. Question
1 points
From the following details calculate net sales to be shown n trading and profit and loss A/C. Total sales Rs.2,10,000 include the following
(I) Credit sales of Rs.65,000, (i) Goods sent to consignee Rs.25,000, (iii) Sale of old office equipment Rs.5,000, (iv) Goods sent on sale or return basis Rs.10,000.
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Question 22 of 30
22. Question
1 points
A decrease in provision for doubtful debts would result in:
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Question 23 of 30
23. Question
1 points
Mr. Y gives the following information for the year ended 31.03.2015.
Inventory as on 01.04.2014= Rs.1,60,500, Purchases= Rs.4,80,000, Manufacturing expenses= Rs.75,000, Selling expenses= Rs.33,000, Administration expenses= Rs.18,000,
Financial chargers= Rs.6,000, Sales= Rs.7,00,000. Gross profit is 20% on sales. Compute the net profit of Mr. Y for the year.
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Question 24 of 30
24. Question
1 points
On 1st Jan,2014, provision for doubtful debts existed at Rs.17,500. Trade receivable on 31.12.2014 were Rs.3,50,000, Bad debts totalled Rs.20,000. It is required to write off bad debts
and create a provision equal to 5% of the trade receivables balance. compute the amount to be debited to the profit and loss account.
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Question 25 of 30
25. Question
1 points
The capital of a sole trader would change as a result of :
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Question 26 of 30
26. Question
1 points
Sales for the year ended 31 st March 2015 amounted to Rs.12,00,000. Sales included goods sold to X for Rs.1,00,000 at a profit of 20% on cost. Such goods are lying in the godown at the buyer’s risk. Therefor , such goods should be treated as part of :
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Question 27 of 30
27. Question
1 points
As per Trial Balance:
01.03.2013 Provision for doubtful debts: Rs.1,000, 01.03.2014 Bad debts :Rs.2,000, 01.03.2014 Sundry debtors : Rs.30,600.
Additional information: (i) Further bad debts :Rs.600. (ii) Make a provision for doubtful debts @ 5% on sundry debtors .(iii) Make a provision for discount on sundry debtors @ 2%.
Provision for discount on sundry debtors will be ————
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Question 28 of 30
28. Question
1 points
Income Tax paid by the sole proprietor from business.Bank account is debited to ———–