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Test: Final Accounts Of Manufacturing Entities - 3 - CA Foundation MCQ


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30 Questions MCQ Test Principles and Practice of Accounting - Test: Final Accounts Of Manufacturing Entities - 3

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Test: Final Accounts Of Manufacturing Entities - 3 - Question 1

Units produced 5,000 @ 20/- Direct Expenses – Rs. 5,000 4/5th of the units were sold @ 25%/- per unit. What will be the profit?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 2

Profit or loss on sale of fixed assets is transferred to:

Test: Final Accounts Of Manufacturing Entities - 3 - Question 3

From the following information, calculate the cost of raw material consumed: 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 4

If Depreciation is Excess charged by Rs. 500 and closing stock is under valued by Rs. 500 the net profit will be _______ due to these errors. 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 5

On 31st March, 2011, the books of Ajit showed a net profit of Rs. 84,000. Later it was discovered that the closing stock was overvalued, by Rs. 4,000 and the discount received or Rs. 1,500 was treated as an expense. What was the correct net profit of Ajit?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 6

Goods worth Rs. 5,000 were supplied to Mr. X at an invoice price of 20% above Cost and allowed trade discount at 10% on invoice price. At what price were the goods sold to X?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 7

The opening stock is understated by Rs. 20,000 and closing stock is overstated by Rs. 25,000. The net profit the current year is _________ by ________.

Test: Final Accounts Of Manufacturing Entities - 3 - Question 8

 An item of furniture was destroyed by fire whose cost was Rs. 18,000 against which a claim of Rs. 12,000 was accepted by the insurance company. The depreciation provision up to date of fire was Rs. 2,700. What amount to be recorded in account as loss by fire?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 9

Sundry Debtors on 31st March, 2006 are Rs.55,200. Further Bad debts are Rs.200:Provision for doubtful debts are to be made on debtors @ 5% and also provision of discount is to be made on debtors @ 2%. The amount of provision of discount in debtors will be:

Test: Final Accounts Of Manufacturing Entities - 3 - Question 10

An increase in the provision for doubtful debts would result in ________ in working capital and _______ in net profit:

Test: Final Accounts Of Manufacturing Entities - 3 - Question 11

Which one is correct?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 12

Which of the following statement is not correct?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 13

Bills payable is shown on the liability side of the Balance Sheet under the head:

Test: Final Accounts Of Manufacturing Entities - 3 - Question 14

If opening stock is Rs. 69,500, closing stock is Rs. 83,500, sales less return is Rs. 1, 60,000 and purchases is Rs. 1,10,00. The Gross Profit margin on Sales would be?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 15

 X sold goods to Y at a profit of 10% on cost, and Y sold the goods to Z at a profit of 20% on sale value. If the cost of goods to X is Rs. 50,000, then at what value Y has sold the goods to Z?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 16

Mr. A invest Rs. 10,00,000 to start a cloth business on 1st 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 finds that he has goods worth Rs. 45,000 in hand. What would be the gross profit for the year ended 31st March, 2012?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 17

On March 31. 2013, Prepaid Expenses A/c (2012 – 13) Shows a closing balance of Rs. 5,000. It means 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 18

Sale of the Scrap of raw materials appearing in the trial balance are shown on the credit side of : 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 19

Prepaid Rent is shown as : 

Detailed Solution for Test: Final Accounts Of Manufacturing Entities - 3 - Question 19

Correct Answer :- a

Explanation : When the rent is paid in advance, it is booked under a prepaid account since the amount is paid towards utilization of premises for a future period.

The amount is shown in the balance sheet under the current asset.

Test: Final Accounts Of Manufacturing Entities - 3 - Question 20

Prepaid Rent is shown as : 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 21

Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013 Salary outstanding as on 31.03.2012 Rs. 25,000 Salary outstanding as on 31.03.2013 Rs. 10,000 Prepaid Salary on 31.03.2012 Rs. 10,000 Salary paid in cash during the year Rs. 3,00,000

Test: Final Accounts Of Manufacturing Entities - 3 - Question 22

On March 31. 2013, Prepaid Expenses A/c (2012 – 13) Shows a closing balance of Rs. 5,000. It means 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 23

 Which of the following is not a “Miscellaneous Expenditure” a shown in assets die or Balance Sheet?

Test: Final Accounts Of Manufacturing Entities - 3 - Question 24

 Which of the following are current assets? 

1. Accounts receivable 
2. Salary paid in advance
3. Bank loan for three years 
4. Preliminary expenses 

Test: Final Accounts Of Manufacturing Entities - 3 - Question 25

Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013 Salary outstanding as on 31.03.2012 Rs. 25,000 Salary outstanding as on 31.03.2013 Rs. 10,000 Prepaid Salary on 31.03.2012 Rs. 10,000 Salary paid in cash during the year Rs. 3,00,000

Test: Final Accounts Of Manufacturing Entities - 3 - Question 26

In Journal, the entries which pertain to outstanding expenses, prepaid expenses or depreciation are called

Test: Final Accounts Of Manufacturing Entities - 3 - Question 27

In Journal, the entries which pertain to outstanding expenses, prepaid expenses or depreciation are called

Test: Final Accounts Of Manufacturing Entities - 3 - Question 28

At the end of the financial year 2011-12 the gross profit of Ram’s business is Rs. 1,75,000. During the year carriage inward Rs. 15,000, Ram’s personal expenses Rs. 75,000 and carriage outward Rs. 17,500 were paid by Ram. Bad debts for the year were Rs. 12,000. The net profit earned by Ram for the year 2011-12 would be:

Detailed Solution for Test: Final Accounts Of Manufacturing Entities - 3 - Question 28

we wll write gross profit b/d on credit side and carriage outward and bad debts on debit side bcz they are loss and expense ... and we wll subract the debit amount from credit amount..

drawing will go in balance sheet

prepaid expense in banlance sheet

carriage inward in trading a/c

Test: Final Accounts Of Manufacturing Entities - 3 - Question 29

At the end of the financial year 2011-12 the gross profit of Ram’s business is Rs. 1,75,000. During the year carriage inward Rs. 15,000, Ram’s personal expenses Rs. 75,000 and carriage outward Rs. 17,500 were paid by Ram. Bad debts for the year were Rs. 12,000. The net profit earned by Ram for the year 2011-12 would be:

Test: Final Accounts Of Manufacturing Entities - 3 - Question 30

A company wishes to earn a 20% profit margin on selling price _______ is the profit marks up on cost, which will achieve the required profit margin ?

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