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CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Accouting From Incomplete Records Quiz 3 - MCQExams.com

Further capital introduced during the year is ____________ from closing capital in order to find out the correct profit.
  • Added
  • Deducted
  • Divided
  • Ignored
If opening capital is Rs. 40000, closing capital is Rs. 90000, withdrawal is Rs. 5000 and additional capital brought in is Rs. 10000, profit is Rs. ____________.
  • 45000
  • 55000
  • 35000
  • 50000
Under the net worth method, the basis for ascertaining profit or loss is the difference between _______________.
  • Gross assets on two dates
  • Net assets on two dates
  • Capital on two dates
  • Liabilities on two dates
If the opening capital is Rs.80000, closing capital is Rs.180000, withdrawals are Rs.10000 and additional capital brought in is Rs.20000 the profit will be Rs.________________.
  • 90000
  • 110000
  • 70000
  • 150000
From the following find out the total drawing during the year.
Total assets at the beginning of the year Rs.20,000, total assets at the end of the year 15,000, net profit during the year Rs.7000. 
  • Rs. 7000
  • Rs.12,000
  • Rs. 8000
  • Rs.80000
Yes Associates is not maintaining full-fledged accounts on Double entry system basis. From the following details estimate the drawing of the firm during 2013−14
Capital as on 1−4−2013 Rs. 1,00,000
Capital added during the year Rs. 20,000
Profit credited to capital A/c during the year Rs. 35,000
Capital as on 31−3−2014 Rs. 1,25,000.
  • Rs. 50,000
  • Rs. 30,000
  • Rs. 35,000
  • Rs. 45,000
If any unrecorded liability is paid on dissolution of the firm __________ is debited.
  • Cash / Bank Account
  • Realization Account
  • Partners Capital Account
  • Partners Loan Account
From the following details find out the total sales.
ParticularsRs.
Opening Debtors10,200
Cash received from debtors30,400
Returns Inwards2,700
Bad debts1,200
Debtors at end13,800
Cash Sales28,400
  • Rs. 66,300
  • Rs. 66,000
  • Rs. 65,000
  • Rs. 66,500
Find the total assets at the end of the year if net profit, drawing during the year and assets at the of beginning of the year were 12,000, 7000 and 20,000 respectively. 
  • 25,000
  • 15,000
  • 9,000
  • 8,000
ParticularsRs.
Opening capital16,000
Investment by proprietorNil
Drawings3,000
Capital at the end13,500
Net Profit/(Loss)?
The net profit will be.
  • Rs. 600
  • Rs. 500
  • Rs. 550
  • Rs. 700
The ending balance of the accounts receivable account was Rs.1,20,000. Services billed to customers for the period were Rs.2,15,000 and collection on account from customers was Rs.2,36,000. Thee beginning balance of account receivable was__________. 
  • Rs.3,35,000
  • Rs.1,41,000
  • Rs.98,000
  • Rs.3,33,000
From the following calculate credit purchases during the year.
Creditors as on 1−4−2013 Rs. 36,500
Payment made to creditors Rs. 60,000
Discount given by creditors for early payment Rs. 5,500
Creditors as on 31−3−2014 Rs. 21,000.
  • Rs. 50,000
  • Rs. 54,000
  • Rs. 61,250
  • Rs. 52,800
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers