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Test: Accounts from Incomplete Records- Case Based Type Questions - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: Accounts from Incomplete Records- Case Based Type Questions

Test: Accounts from Incomplete Records- Case Based Type Questions for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: Accounts from Incomplete Records- Case Based Type Questions questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: Accounts from Incomplete Records- Case Based Type Questions MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounts from Incomplete Records- Case Based Type Questions below.
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Test: Accounts from Incomplete Records- Case Based Type Questions - Question 1

Read the following hypothetical Case Study and answer the given questions:

The accountant of M/s Rakhi Enterprises wrote the following balance on 31st March 2019. She wants to prepare the final accounts, but she has certain doubts in her mind.

Q. The Gross Profit earned by the firm is _________.

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 1
The Gross Profit earned by the firm is ₹61,800.

The gross profit formula is: Gross Profit = Revenue – Cost of Goods Sold.

Test: Accounts from Incomplete Records- Case Based Type Questions - Question 2

Read the following hypothetical Case Study and answer the given questions:

The accountant of M/s Rakhi Enterprises wrote the following balance on 31st March 2019. She wants to prepare the final accounts, but she has certain doubts in her mind.

Q. The Returns Inwards will be recorded in ______________.

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 2
Returns Inwards are items returned TO the company, leading to a reduction (Cr) in Receivable or Cash and an Increase (Dr) in a Returns Inwards Account( which is not an income account – on the Statement of profit or loss it is subtracted from sales (sales is a credit balance).
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Test: Accounts from Incomplete Records- Case Based Type Questions - Question 3

Read the following hypothetical Trial Balance extracted from the books of Sh. Agneshwar Som and answer the given questions:

In the Books of Sh. Agneshwar Som

Trial Balance as on 31/12/2019

Q. What is the amount of gross profit earned by the firm?

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 3
The amount of gross profit earned by the firm is ₹38,500.

The gross profit formula is: Gross Profit = Revenue – Cost of Goods Sold.

Test: Accounts from Incomplete Records- Case Based Type Questions - Question 4

Read the following hypothetical Trial Balance extracted from the books of Sh. Agneshwar Som and answer the given questions:

In the Books of Sh. Agneshwar Som

Trial Balance as on 31/12/2019

Q. Where will the postage be recorded in the Final Accounts?

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 4
Postage expenses are indirect expenses. Therefore, these expenses are shown in expenditure side of profit and loss account.
Test: Accounts from Incomplete Records- Case Based Type Questions - Question 5

If the capital at the end of the year is Rs. 40,000, the capital introduced during the year is Rs. 30,000, the year’s drawings are Rs. 20,000, and the year’s loss is Rs. 60,000, so the capital at the start of the year was:

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 5
Statement of Profit or Loss for the year ended

Particulars - Amount (Rs)

Capital at the end of the year - 40,000

Add: Drawings made during the year - 20,000

Less: Additional capital introduced during the year - 30,000

Adjusted capital at the end of the year - 30,000

Less: Capital in the beginning of the year (Balancing Figure) - (90,000)

Net Loss - (60,000)

Test: Accounts from Incomplete Records- Case Based Type Questions - Question 6

Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 6

Test: Accounts from Incomplete Records- Case Based Type Questions - Question 7

If Closing Capital Rs. 40,000, with Additional Capital during the year of Rs. 30,000, Drawings of Rs. 20,000, and a loss of Rs. 60,000, so Opening Capital was:

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 7
Opening Capital = closing capital + drawings - additional capital - profit + loss.
Test: Accounts from Incomplete Records- Case Based Type Questions - Question 8

If Capital at the end of the year is Rs.40,000; Capital introduced during the year Rs.30,000; drawings for the year Rs.20,000 and loss for the year is Rs.60,000, then Capital at the beginning of the year was :

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 8
=> Capital at the Beginning = + 30,000 - 60,000 - 20,000 = 40,000

=> Capital at the Beginning = - 30,000 - 20,000 = 40,000

=> Capital at the Beginning = - 50,000 = 40,000

=> Capital at the Beginning = 40,000 + 50,000

Capital at the Beginning = 90,000

Therefore,Capital at the Beginning of the year was Rs.90,000

Test: Accounts from Incomplete Records- Case Based Type Questions - Question 9

If Closing Capital is Rs. 50,000, Additional Capital introduced during the year Rs. 30,000; Drawings Rs. 20,000 and Profit is Rs. 30,000; then Opening Capital is _.

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 9
Opening Capital = closing capital + drawings - additional capital - profit + loss.
Test: Accounts from Incomplete Records- Case Based Type Questions - Question 10

If Capital at the beginning is Rs. 24,000, Closing capital is Rs. 40,000, drawing is Rs. 7,000, and additional capital is Rs. 8,000. Make a benefit or loss calculation.

Detailed Solution for Test: Accounts from Incomplete Records- Case Based Type Questions - Question 10
Opening Capital = closing capital + drawings - additional capital - profit + loss.
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