CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Accouting From Incomplete Records Quiz 1 - MCQExams.com

In order to find out the correct profit, drawings are ___________ to the closing capital.
  • Deducted
  • Added
  • Divided
  • Multiplied
Profit under single entry system of Book Keeping means ______________.
  • The difference between opening and closing cash balances and reduced by fresh capital introduced.
  • The difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced.
  • Profit shown by Trading and Profit and Loss Account and Balance sheet.
  • The amount of closing cash balance as reduced by expenses.
Rs. 19,500 debited to building repairs on 31 st Dec. 1993 inclined Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till  Dec. 1993. The amount to be debited to profit and loss account would be _____________.
  • Rs. 20,300
  • Rs. 19,500
  • Rs. 10,800
  • Rs. 9,500
Excess of closing capital over opening capital of proprietor under single entry system. 
  • Profit
  • Loss
  • No Profit No Loss
  • Capital
If closing capital is Rs.30000 and profit is Rs.5000; opening capital was Rs. ____________.
  • 35000
  • 30000
  • 25000
  • 15000
Statement of affairs is just like ______________.
  • Balance sheet
  • Profit and loss account
  • Real account
  • Trading account
A statement of affairs is a summarised statement of an estimated _____________.
  • Financial position
  • Profit
  • Income
  • Loss
Excess of opening capital over closing capital of proprietor under single entry system is called __________.
  • Profit
  • Loss
  • No profit No loss
  • Revenue
Profit as per accounts from incomplete records may be constructed as equivalent of _____________. 
  • Excess of assets over liabilities at the close of the period
  • Excess of capital at the end over the capital at the beginning
  • Excess of assets over liabilities at the commencement of the period
  • Excess of capital at the beginning over the capital at the end
In statement of profit and loss interest on capital is shown as _________.
  • Addition
  • Subtraction
  • Ignored
  • Multiplied
The difference between assets and liabilities is called as ___________.
  • Capital
  • Drawings
  • Incomes
  • Expenses
The difference between capital at the end of year and capital at the beginning of year is called ____________.
  • Profit
  • Income
  • Drawings
  • Expenses
The capital at the end of the accounting year is ascertained by preparing _______.
  • Cash Account
  • Closing statement of affairs
  • Total debtors account
  • Opening statement of affairs
Profit can be ascertained from the incomplete records under single entry by using  ________.
  • Statement of affairs
  • Conversion method
  • Either A or B
  • None of the above
A and B enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs. 10,He pays expenses amounting to Rs. 1,B incurs further expenses on carriage Rs. 1,He receives cash for sales Rs. 15,He also takes over goods to the value of Rs. 2,What will be the amount to be remitted by B to A?
  • Rs. 13,500
  • Rs. 15,000
  • Rs. 11,000
  • Rs. 10,000
From the following details estimate the capital as on 31.12.07, Capital as on 01.01.07 Rs. 205,000, Drawing Rs. 20,000, Profit during the year Rs. 25,000.
  • Rs. 205000
  • Rs. 225000
  • Rs. 210000
  • Rs. 200000
Kumar and Shanu-entered into a joint venture to purchase and sell new year gifts. They agreed to share the profit and losses equally. Kumar purchased goods worth Rs. 1,00,000 and spent' Rs. 10,000 in sending the goods to Shanu. He also paid Rs. 5,000 for insurance. Shanu spent Rs. 10,000 as selling expenses and sold goods for 2,00,Remaining goods Were taken over by him at Rs. 5,What will be the amount to be remitted by Shanu to Kumar as final settlement?
  • Rs. 1,55,000
  • Rs. 1,50,000
  • Rs. 1,15,000
  • Rs. 80,000
Find the total at assets at the end of the year if the net profit, drawing during the year and assets at the beginning of the year were 12,000, 7,000 and 15,000 respectively.
  • 20,000
  • 10,000
  • 9,000
  • 8,000
X had started business with $$Rs. 2,00,000$$ in the beginning of the year. During the year, he borrowed $$Rs. 1,00,000$$ from Y. He further introduced $$Rs. 2,00,000$$ in the business. He also gave $$Rs. 50,000$$ as loan to his son. Goods given away as charity by him were $$Rs. 20,000$$. Profits earned by him were $$Rs. 2,50,000$$. He also withdraw $$Rs. 30,000$$ from the business. His capital at the end of the year would be__________. 
  • $$Rs. 5,00,000$$
  • $$Rs. 4,00,000$$
  • $$Rs. 6,20,000$$
  • $$Rs. 4,80,000$$
The closing balance of owner's equity is $$Rs. 2,10,000$$. During the year, the owner contributed $$Rs. 60,000$$ and withdrew $$Rs. 40,000$$. If the firm had $$Rs. 80,000$$ net income for the year, what was the owner's equity at the beginning?
  • $$RS. 2,30,000$$
  • $$Rs. 2,10,000$$
  • $$Rs. 1,90,000$$
  • $$Rs. 1,10,000$$
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers