Inter PN-6 Financial Accounting Quiz 3

1. Find out Gross profit / Loss :- Purchase₹30,000, Sales₹15,000, Carriage Inward₹2,400, Opening stock₹10,000, Purchase Returns₹1,000,Closing stock₹36,000

2. Opening Inventory ₹9,600, Purchases less Return ₹11,850,Salaries ₹3,200,Wages Rs.750, Commission on Purchases ₹200,Carriage Outward ₹300,Sales ₹24,900,Closing Inventory ₹3,500,Carriage on purchases ₹1,000. Compute Gross Profit.

3. In case of a Club, the excess of expenditure over income is called as             .

4. Opening Debtors, Collection from Debtors and Discount Allowed were ₹3,15,000; ₹18,30,000 and ₹35,000 respectively. If the closing debtors were 20% of credit sales of the period then closing debtors and credit sales would be                 .

5. A Charitable Institution has 250 members with a annual subscription of ₹5,000 each. The subscription received during 2021-22 were ₹11,25,000, which include Rs. 65,000 and ₹25,000 for the years of 2020-21 and 2022-23 respectively. Amount of outstanding subscription for the 2021-22 will be

6. Income & Expenditure A/c shows subscriptions ₹10,000; Subscriptions accrued in the beginning of the year and at the end of the year were ₹1,000 and ₹1,500 respectively. The figure of subscription received appear in receipts and payments account will be:

7. Which of the following item does not match with receipts and payments account?

8. From the following details estimate the capital as on 31.03.2023. Capital as on 01.04.2022 - ₹4,10,000. Drawings ₹40,000, Profit during the year ₹50,000

9.                 is similar to the Profit and loss A/c

10. Income statement of a Charitable Institution is known as

11. Receipts and Payments account is a

12. Income and Expenditure Account is a     .

13. As on 31st March, 2023 debtors and additional bad debts are ₹8,00,000 and ₹10,000 respectively. If the provision for bad debts is made at 5% on debtors then amount of such provision will be

14. If average inventory is ₹1,25,000 and closing inventory is ₹10,000 less than opening inventory then the value of closing inventory will be

15. At the end of the accounting year the capital expenditures are shown in the             .

16. On 1st April, Mr. A sold goods of ₹10,000 to B and drew a bill for 3 months. Mr. A discounted the bill with bank at 15%. Amount of discount will be?

17. X sold goods to Y for ₹3,00,000. ½ of the amount will be received in cash and the balance through a B/R. For what amount X should draw a bill on Y.

18. X draws a bill on Y for ₹3000. X endorsed to Z. Y will pay the amount of the bill to:

19. Retirement of a Bill means      

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

21. A purchased 1000 kg of rice costing ₹200 each. Carriage ₹2,000 insurance ₹3,000. 4/5th of the boxes were sold by B at ₹250 per boxes. Remaining stock were taken over by B at cost. The amount of stock taken over will be –

22. A purchased goods costing ₹42,500. B sold goods costing ₹40,000 at ₹50,000. Balance goods were taken over by A at ₹4,000. The profit on joint venture is –

23. A and B entered into a joint venture agreement to share the profits and losses in the ratio of 2:1. A supplied 100 ratio sets worth

₹1,00,000 to B incurring expenses of ₹5,000 for freight and issuance. B sold the 95 ratio sets for ₹1,20,000. 5 radio sets were taken over by B. The profit a/loss on venture will be           

24. A purchased goods costing ₹1,00,000. B sold the goods for ₹1,50,000. Profit sharing ratio between A and B equal. If same sets of books is maintained, what will be the final remittance?

25. Which of these accounts is not a part of double entry system?