Test: Final Accounts Of Manufacturing Entities - 2


30 Questions MCQ Test Principles and Practice of Accounting | Test: Final Accounts Of Manufacturing Entities - 2


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QUESTION: 1

 If closing Stock appears in the Trial Balance then it appears in : 

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QUESTION: 2

 Trading Account is a : 

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QUESTION: 3

 A firm purchased goods of Rs. 90,000 and spent Rs. 6,000 on freight towards it. At the end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs. 1,20,000. What is the gross profit earned by the firm?

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QUESTION: 4

A person started a business with capital of Rs. 50,000 and he takes loan from his relative Rs. 5,000. Profit for the year is Rs. 10,000 and drawings Rs. 9,000. What will be the amount of closing capital ?

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QUESTION: 5

Capital introduced in beginning by Ram Rs. 40,000. Further capital introduced during the year Rs. 1000. Drawings Rs. 200 per month and closing capital is Rs. 53,600. The amount of profit or loss for the year is : 

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QUESTION: 6

Bad debts Rs. 3,000Provision for bad debts Rs. 3,500It is desired to make a provision of Rs. 4,000 at the end of the year. The amount debited to P & L A/c is :

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QUESTION: 7

Opening balance of debtors is Rs. 35,000 Cash Received from Debtors is Rs. 30,000 Cash sales is Rs. 20,000 which is 20% of total sales. B/R Received for Rs. 40,000 and discount allowed is 1% of cash collection.Find the closing debtors.

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QUESTION: 8

Calculate gross profit if rate of gross profit is 20% on sales and cost of goods is Rs. 1,20,000: 

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QUESTION: 9

A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :

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QUESTION: 10

Opening Stock        Rs. 8,500

Purchases  Rs. 30,700

Direct expenses      Rs. 4,800

Indirect expenses    Rs. 5,200

Closing Stock          Rs. 9,000

Cost of goods sold will be:

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QUESTION: 11

________. is a summary of all assets and liabilities on a particular date. 

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QUESTION: 12

Bonus given to employees is recorded in: 

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QUESTION: 13

The balance in books of X, a sole proprietor were:Opening Stock Rs. 17,000, Purchase Rs. 52,000, Wages Rs.46,500 Fuel Rs. 15,000. Sales Rs. 1,45,000 and Closing Stock Rs. 25,000 whose Net Realizable value was Rs. 28,000 Find the Gross Profit : 

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QUESTION: 14

Sundry debtors of M/S Santosh amounts to Rs. 25,000 and Bad debts Rs. 3,000 they provide for doubtful debts @ 2% and for discount @ 1%. The amount of net debtors to be shown in the balance sheet will be: 

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QUESTION: 15

 Full claim accepted by Insurance Company on the loss of goods by fire is credited to ________ A/c.

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QUESTION: 16

 Calculate the value of closing stock from the following :

Opening stock   Rs. 60,000
Purchases        Rs. 90,000
Sales               Rs. 1,20,000
Gross profit on cost 33 1/3%. Due to fire, stock costing Rs. 15,000 destroyed and insurance claim was accepted for Rs. 5000

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QUESTION: 17

Which of the following statement is not true-

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QUESTION: 18

Opening Capital = Rs. 5,00,000
Profits during the year = Rs. 1,00,000

Calculate the Average Capital of the year. 

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QUESTION: 19

Bad debt recovered of Rs. 2000 which were previously written off as bad debt will be credited to ________A/c 

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QUESTION: 20

If Purchases Account is not credited in case of goods lost in transit then which account can be credited?

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QUESTION: 21

What will be the treatment of “accrued income” if appearing in the Trial Balance:

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QUESTION: 22

There was a stock of Rs. 5,500 out of which stock of Rs. 500 was burnt due to fire and was disposed of for Rs. 200. Remaining goods were sold at 25% above cost price. Find net profit. 

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QUESTION: 23

The fixed asset of a company is double of the current assets and half of capital. If the current assets are Rs. 3,00,000 and investment Rs. 4,00,000, calculate the current liabilities assuming that there are no other items in the balance sheet. 

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QUESTION: 24

Find out the corrected net profit :
Profit before taking into account following adjustments was Rs. 7,00,000
(i) Rs. 1,00,000 spent on purchase of motor car for business purpose, treated as expense in Profit & Loss A/c.
(ii) Rs. 15,000 p.m. rent outstanding for the month of February and March not taken into account.

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QUESTION: 25

 At the end of the financial year accounts receivable has a balance of Rs. 1,00,000 and Provision for the bad & doubtful debts provided amounting to Rs. 7,000. Net realizable value of the accounts receivable is :

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QUESTION: 26

A surplus of revenue over its cost is known as ______ of business. 

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QUESTION: 27

The manager of a firm is entitled to a commission of 10% on net profit after his commission. If the net profit of the firm before charging commission is Rs. 4,40.000, the amount of manager’s commission will be :

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QUESTION: 28

 Sales = Rs. 3,00,000; G.P. on sales is 20% Purchases = Rs. 2,40,000; Opening stock = Rs. 20,000 Find closing stock. 

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QUESTION: 29

On 31st March, 2009 Ram has loan of Rs. 50,000 and trade creditors of Rs. 80,000, Fixed assets of Rs. 72,000, Stock Rs. 90,000 and cash in hand Rs. 60,000. If he had started business on April 1, 2008 with capital of Rs. 50,000 compute profit earned by Ram for year 2008-09:

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QUESTION: 30

Postal Expenses Account is shown in : 

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