Foundation PN-2 Accounts and Cost Quiz 4

1. The balance of the petty cash is :

2. If the manager is entitled to a commission of 5% on profits before deduction this commission, he will get a commission of ₹              on a profit of ₹ 8,400

3. The purpose of preparing final accounts is to ascertain :

4. If bill drawn on 3rd July 2023 for 40 days, payment must be made on

5. On 1.8.23, X draws a bill on Y for 30 days after sight The date of acceptance is 8-8-23. The due date of the bill will be

6. If the due date is a public holiday what will be the due date of the bill

7. Kuntal draws a bill on shyam for ₹ 3,000. Kuntal endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be:

8. Date on which the payment of the bill is to be made :

9. At the time of dishonor of an endorsed bill which one or these accounts would be credited by the drawee :

10. A person who endorses a bill is called :

11. X Sold goods to Y for ₹30,00,00. ½ of the amount will be received in cash and the balance through a B/R for what amount X should draw a bill Y .

12. Bills Receivable Book is a part of the :

13. In which of these ways a bill of exchange cannot be disposed of :

14. The party who is ordered to pay the amount is known as :

15. At the time of retirement of a bill, the acceptor debits:

16. Retirement of bill means:

17. Payment of Bills of exchange is received :

18. The person other than the original creditor to whom the amount in the bill is made payable to is known as the  of the bill.

19. For opening Joint Bank Account, in case of separate sets of books :

20. If A coventurer takes away goods under memorandum joint venture method then he will debit these goods in his books to :

21. Which of the following accounts are maintained in the joint venture when separate set of books are maintained :

22. Which of the following statement is true?

23. Goods costing ₹10,000 destroyed by an accident, insurance claim nil :

24. A and B enter in to joint venture sharing profit and loss in the ratio 1: 1 A purchased goods costing ₹20,000. B sold the goods for ₹25,000. A is entitled to get 1% commission on purchase and B is en titled to get 5% commission on sales the profit will be :

25. A and B purchased a piece of land for ₹ 20,000 and sold it for ₹60,000 in 2021. Originally A had contributed₹12,000 and B ₹8,000. The profit on venture will be :