34743330
Description
Quiz by mamta narula, updated more than 1 year ago
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Created by mamta narula
over 2 years ago
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Question 1
Question
If closing stock is given in Trial Balance, so it will be recorded ________________.
Answer
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Only in Trading Account
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Only in the Balance sheet
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Trading Account and Balance sheet Both
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Only in P & L Account
Question 2
Question
General 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:
Answer
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3000
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3300
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300
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30000
Question 3
Question
General 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.
Answer
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7300
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700
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8800
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8300
Question 4
Question
Give the Treatment of Outstanding rent shown in the trial balance.
Answer
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It will be shown in Trading Account
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It will be shown in P& L Account
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It will be shown in the Balance sheet on Assets Side
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It will be shown in the Balance sheet on Liabilities Side
Question 5
Question
Give the Treatment of Outstanding Salaries given in Adjustments.
Answer
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Should be Subtracted from Salaries on Cr. Side of P&L account and Shown in Assets
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Should be Added in Salaries on Dr. Side of P&L account and Shown in Liabilities
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Should be Added in Salaries on Cr. Side of the P&L account and Shown in Liabilities
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Should be Subtracted from Salaries on Dr. Side of Trading account and Shown in Assets side
Question 6
Question
A 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.
Answer
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6000
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4000
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6500
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600
Question 7
Question
Machinery 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.
Answer
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40000
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20000
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30000
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10000
Question 8
Question
Calculate the amount of Debtors to be shown on the Assets side in the Balance sheet
Answer
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53000
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54000
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55000
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45000
Question 9
Question
The 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?
Answer
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500
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9500
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10,000
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950
Question 10
Question
Calculate the amount of Debtors to be shown on the Assets side in the Balance sheet
Answer
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147500
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147250
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150000
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152000
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