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Quiz

FINANCIAL STATEMENTS WITH ADJUSTMENTS

mamta narula 10 questions

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Questions in this quiz (10)

  1. 1If closing stock is given in Trial Balance, so it will be recorded ________________.
    1. AOnly in Trading Account
    2. BOnly in the Balance sheet
    3. CTrading Account and Balance sheet Both
    4. DOnly in P & L Account
  2. 2General Manager is to get a commission of @10% on Net Profit after charging such commission. If profit before Commission is Rs 33000, Amount of commission will be:
    1. A3000
    2. B3300
    3. C300
    4. D30000
  3. 3General Manager is to get commission @20% on Net Profit before charging such commission. If profit before Commission is Rs 44000, the Amount of commission will be.
    1. A7300
    2. B700
    3. C8800
    4. D8300
  4. 4Give the Treatment of Outstanding rent shown in the trial balance.
    1. AIt will be shown in Trading Account
    2. BIt will be shown in P& L Account
    3. CIt will be shown in the Balance sheet on Assets Side
    4. DIt will be shown in the Balance sheet on Liabilities Side
  5. 5Give the Treatment of Outstanding Salaries given in Adjustments.

    1. AShould be Subtracted from Salaries on Cr. Side of
      P&L account and Shown in Assets
    2. BShould be Added in Salaries on Dr. Side of P&L account
      and Shown in Liabilities
    3. CShould be Added in Salaries on Cr. Side of the P&L account and Shown in Liabilities
    4. DShould be Subtracted from Salaries on Dr. Side of
      Trading account and Shown in Assets side
  6. 6A trader’s Financial Year is from 1st April 2019 to 31st March 2020. He paid Rs 6000 for the annual insurance Policy expiring on 30th July 2020. Calculate the net amount that should be debited in P& L Account.
    1. A6000
    2. B4000
    3. C6500
    4. D600
  7. 7Machinery Purchased on 1st July 2019 for Rs 400000. Depreciation is provided at 10 %. Calculate the amount of depreciation if accounts are closed on 31st March 2020.
    1. A40000
    2. B20000
    3. C30000
    4. D10000
  8. 8Calculate the amount of Debtors to be shown on the Assets side in the Balance sheet

    Image for question 8
    1. A53000
    2. B54000
    3. C55000
    4. D45000
  9. 9The cost price of closing stock is Rs 10000 and Market Price is Rs 9500. At what price closing stock will be recorded in the books of Accounts?
    1. A500
    2. B9500
    3. C10,000
    4. D950
  10. 10Calculate the amount of Debtors to be shown on the Assets side in the Balance sheetImage for question 10
    1. A147500
    2. B147250
    3. C150000
    4. D152000

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Description
Quiz on FINANCIAL STATEMENTS WITH ADJUSTMENTS, created by mamta narula on 29/11/2021.
Language
English
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