Final Accounts-Test 9

Trade discount allowed at the time of sale of goods is ———

On 1 St April,2014 provision for doubtful debts existed at Rs.15,000. Trade receivables on 31 st March ,2015 were Rs.5,50,000 bad debts totalled Rs.35,000(not at written off). It is required

to written off the bad debts and create a provision equal to 5% of the trade receivables balance. What additional amount would be debited to the profit and loss Account?

Goods worth Rs.12,000 taken by proprietor for personal use should be credited to ————-

Rohan’s trial balance contains the following information:

Discount received =Rs.1,000, Provision for discount on creditors= Rs.1,600. It is desired to maintain a provision for discount on creditors at Rs.1,100. The amount to be credited to P & L A/C is ————-

Rs.10,000 received from Smith whose account was written off as a bd debt should be credited to ———-

A business entity has assets of Rs.3,06,000. Secured loans of Rs.1,00,000 and unsecured loans of Rs.60,000, Contingent liability of Rs.1,46,000. Owner’s equity in this case will be ———-

Opening stock = Rs.4,08,000, Cash sales =Rs.2,00,000, Total Sales=Rs.17,00,000, Selling price is 125% of the purchase price. the cost of goods sold will be ————

Stock of Rs.50,000 is damaged by fire. It was fully covered by insurance. Accounting entry is ————-

Neeru started her business with capital  of  Rs.45,000 on 1 st January 2016. Interest on capital Rs.2,000 and interest on drawings Rs.5,000 were appearing in the

Profit and loss Account for the year ended 31,December 2015. Neeru withdrew Rs.14,000(net) during the year amounted to Rs.15,000.Her capital on 31, December 2016 is ———

A decrease in provision for doubtful debts would result in ————

Consider the following data pertaining  to Rsj Ltd for the month of March 2016:

Opening inventory= Rs.15,000, Closing inventory =Rs.20,000, Purchases =Rs.2,80,000, Return outwards = Rs.7,500, Return inwards = Rs.10,000, Carriage inwards =Rs.2,500.

If the gross profit is 20% on net sales for the month of March 2016 is :

Calculate the amount of salary debited to P& L A/C for year ending 31.03.16. Salary outstanding as on 31.03.2015 = Rs.25,000,Salary outstanding as on 31.03.2016=Rs.10,000.

Prepaid salary as on 31.03.2015= Rs.10,000, Salary paid in cash during the year=Rs.3,00,000.

X sold goods to Y at cost 10% profit. Y sold goods to Z at 20% profit on sales .If cost of the goods to X is Rs.50,000. What is the cost of the goods to Z?

Accounting treatment for “Accrued incomes”

Fixed assets were twice the current assets and half the capital. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. Then the current liability recorded in balance sheet will be ———–

In journal entries which pertain to outstanding entries, prepaid entries, depreciation,entries, are called ——–

From the following information find the amount to be debited to P&L A/C for the period ending 31.03.16. Provision for doubtful debts Rs.800(as on 01.04.16). Debtor’s on 31.03.16 Rs.40,000. Bad debts Rs.2,000. Bad debts to be written off and provision for doubtful debts is to be created @5% on debtors .

Goods purchased costing Rs.60,000 and cash paid Rs.45,000 after receipt of cash discount of Rs.9,000. What is the percentage of trade discount received————

After rectification of following errors, effect on Net profit will be

1. A cheque dishonoured of Rs.3,100 debited to discount A/C. 2. Sales book undercast by Rs.23,000. 3. A customer returned goods of the value of Rs.1200; included in the stock but not recorded.

At the time of finalisation if financial statements, Dad debts written off to be transferred to ————

A manager get 6% commission on net profit after charging such commission. Gross profit is Rs.60,000 and expenses of indirect nature other than managers commission are Rs.7,000.

Commission amount will be ————

A decrease in the provision for doubtful debts would result in ———-

Johny purchased goods worth Rs.5,000 for cash less 20% trade discount  and 5% cash discount.How much amount is to be debited in purchase A/C in the books of Johny?

Advertisement expenditure of Rs.68,000 was paid on 03.03.2017, The advertisement in respet of which has appeared in the newspaper on 03.04.2017.The expenditure will be ———

Journal entry for goods worth Rs.2,000 distributed by way of free sample in the market will be ———–

Payment of a Liability results in —————-

Purchase of a car at a price of Rs.25,000 terms Rs.3,000 cash and the balance in 12 equal monthly  installments ,results in ————

Borrowing money from Bank ,results in ————-

After adjustments have been made at the end of the year, there is a balance in Wages outstanding account.It should be treated as ———-

“Interest earned but not received ” should be classified as ————–