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 Debtors$$10,200$$
Cash received from debtors$$30,400$$
Returns Inwards$$2,700$$
Bad debts$$1,200$$
Debtors at end$$13,800$$
Cash Sales$$28,400$$
  • 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 capital$$16,000$$
Investment by proprietorNil
Drawings$$3,000$$
Capital at the end$$13,500$$
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