CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Final Accounts Quiz 7 - MCQExams.com

Consider the following data pertaining to a company for the year 2014−20152014−2015.
ParticularsRs.
Opening balance of debtors40,00040,000
Credit sales4,30,0004,30,000
Cash sales20,00020,000
Cash collected from debtors4,00,0004,00,000
Closing balance of debtors50,00050,000
The bad debts of the company during the year are.
  • Rs. 40,00040,000
  • Rs. 35,00035,000
  • Rs. 30,00030,000
  • Rs. 20,00020,000
During the year 2014−20152014−2015, the profit of a business before charging Sales Manager's commission was Rs. 1,89,0001,89,000. If the Sales Manager's commission is 5%5% on profit after charging his commission, then the total amount of commission payable to manager is?
  • Rs. 10,00010,000
  • Rs. 9,4509,450
  • Rs. 9,0009,000
  • Rs. 8,5008,500
From the following details ascertain net profit for the period ending on 31−3−201531−3−2015 under accrual system of Trader.
Net profit before following is Rs. 10,75010,750.
Abstract of trail balance:
ItemsDr.Cr.
Interest-2,0002,000
Rent on let out property-4,5004,500
Salary3,7503,750-
Insurance1,8001,800-
Additional information:
Items31−3−201431−3−201431−3−201531−3−2015
Accrual interest550550450450
Rent received in advance250250100100
Salary outstanding3003005050
Prepaid insurance600600150150
  • Rs. 11,25011,250
  • Rs. 11,55011,550
  • Rs. 11,05011,050
  • Rs. 12,45012,450
Extract of trial balance of Mr.Z is as follows.
ParticularsDr. Rs.Cr. Rs.
Debtors24,00024,000-
Provisions for bad debts-400400
Included amongst the debtors is Rs. 3,0003,000 due to Ram and included among the creditors Rs. 1,0001,000 due to him.
Provision for bad debts to created at @ 5%5% and for discount @ 2%2%. Debtors will be shown at balance at.
  • Rs. 21,41321,413
  • Rs. 21,88521,885
  • Rs. 22,34422,344
  • Rs. 22,14822,148
Net profit before charging commission to manager - Rs. 2,20,0002,20,000. The manager is entitled to a commission of 10%10% on net profit after charging such commission. The commission payable to manager will be:
  • Rs. 21,80021,800
  • Rs. 24,20024,200
  • Rs. 22,00022,000
  • Rs. 20,00020,000
From the following details find out the closing capital that will be appear in balance sheet on 31−12−201531−12−2015.
ParticularsRs.
Capital on 1−1−20151−1−201514,00,00014,00,000
Drawings5,0005,000
Repair2,0002,000
Net profit before manager commission6,62,9006,62,900
Debtors1,50,0001,50,000
Provision for bad debts @ 6%6%.
The manager is entitled commission of 5%5% of net profit after charging his commission.
  • Rs. 20,26,33320,26,333
  • Rs. 20,15,85720,15,857
  • Rs. 20,14,30520,14,305
  • Rs. 20,24,75520,24,755
On the basis of following information calculate the amount will appear the item 'stationary used' in profit and loss account for the year ending 3131st March, 20152015.
ParticularsRs.
Stock of stationary on 1−4−20141−4−201412,00012,000
Creditors for stationary on 1−4−20141−4−201425,60025,600
Amount paid for stationary1,40,0001,40,000
Stock of stationary on 31−3−201531−3−201523,20023,200
Creditors for stationary on 31−3−201531−3−201524,00024,000
  • Rs. 1,27,2001,27,200
  • Rs. 1,38,4001,38,400
  • Rs. 1,49,6001,49,600
  • Rs. 1,38,6001,38,600
On the basis of following information calculate the amount that will appear the item 'stationary used' in profit and loss account for the year ending 3131st March, 20152015:
Rs.
Stock of stationary on 1−4−20141−4−201412,00012,000
Stationary purchased during the year1,40,0001,40,000
Stock of stationary on 31−3−201531−3−201523,20023,200
  • Rs. 1,51,2001,51,200
  • Rs. 1,28,8001,28,800
  • Rs. 1,04,8001,04,800
  • Rs. 1,75,2001,75,200
Net profit before charging commission to General & Sales manager - Rs. 1,65,9201,65,920
The General Manager is entitled to commission of 10% on net profit after charging such commission and commission of Sales Manager.
The Sales Manager is entitled to commission of 5% on net profit after charging such commission and commission of General Manager.
Commission payable to General Manager- Rs. ___________ & Sales Manager - Rs. __________.
  • 7,214 & 14,428
  • 14,428 & 7,214
  • 16,592 & 8,296
  • 8,296 & 16,592
A new firm commenced business on 1−1−2015 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs. 1,20,000. What is the gross profit earned by the firm?
  • Rs. 36,000
  • Rs. 30,000
  • Rs. 42,000
  • Rs. 38,000
Debtors as per trial balance - Rs. 40,600
Bad debt not yet provided - Rs. 600
Provision for debt to be made at 5% on sundry debtors.
Provision for discount on debtors to be created @ 2%.
Amount of provisions for discount on debtors.
  • Rs. 760
  • Rs. 600
  • Rs. 2,000
  • Rs. 2,600
Rent paid on 1/10/2014 for the year to 30/9/2015 was Rs. 1,200 and rent paid on 1/10/2015 for the year to 30/9/2016 was Rs. 2,400. Rent payable, as shown in the Profit & Loss A/c for the year ended 31/12/2015, would be ______________.
  • Rs.1,200
  • Rs.1,600
  • Rs.1,300
  • Rs.1,500
Debtors appeared in balance sheet at Rs. 18,525 after making following adjustment.
Bad debt written off Rs. 400.
Provision for discount on debtors @ 2.5%.
Provision for bad debt @ 5%.
Debtors as per trial balance =?
  • Rs. 20,400
  • Rs. 16,788
  • Rs. 20,432
  • Rs. 18,573
Net profit before charging commission to manager - Rs. 2,20,000. The manager is entitled to commission of 10% on net profit before charging such commission. The commission payable to manager will be.
  • Rs. 21,802
  • Rs. 24,200
  • Rs. 22,000
  • Rs. 20,000
Gross profit less expenses is known as _________.
  • Net profit
  • Net turnover
  • Cost of goods sold
  • Total drawings
Basic principle to be followed while preparing trading and profit & loss account are ___________.
  • expenses for the full trading period should be included
  • revenue received for the whole period be included
  • expenditure which is for other period be included
  • Both a & b
Polyster Ltd made a profit for the year ended 31 march 2012 of 130,000. During that year the company had paid preference dividends on 100,000 (5% preference shares). In addition, an ordinary dividend of 4 Rs per share was paid on 200,000 ordinary shares. What was the retained profit for the year ended 31 March 2012?
  • Rs.22,000
  • Rs.17,000
  • Rs.25,000
  • Rs.30,000
Cost of goods sold - 60,000,
Sales for the period- 95,000, 
Office Administration Expenses - 20,000.
Find the Gross Profit.
  • 20,000
  • 15,000
  • 35,000
  • 1,75,000
ParticularsRs.
Sales15,000
Opening Stock6,000
Purchases10,000
Closing Stock?
Cost of goods sold9,000
Gross Profit?
Selling Expenses4,000
Net Profit?
Gross profit will be.
  • Rs. 6,000
  • Rs. 5,000
  • Rs. 8,000
  • Rs. 7,000
Fire insurance premium paid on 1−10−2014 for the year ended on 30−9−2015 was Rs. 2,400 and fire insurance premium paid on 1−10−2015 for the year ended 30−9−2016 was Rs. 3,200. Fire insurance premium paid in Profit & Loss A/c for the year ended 31−3−2016 would be.
  • Rs. 2,400
  • Rs. 3,200
  • Rs. 2,800
  • Rs. 3,000
ParticularsRs.
Sales15,000
Opening Stock6,000
Purchases10,000
Closing Stock?
Cost of goods sold9,000
Gross Profit?
Selling Expenses4,000
Net Profit?
Determine net profit for the year ended?
  • Rs. 6,000
  • Rs. 5,000
  • Rs. 2,000
  • Rs. 7,000
In an Income statement, gross profit is always equal to _________.
  • Sales-expenses
  • Incomes-expenses
  • Sales-cost of goods sold
  • Sales-selling costs
Which of these items would be accounted for as an revenue expenditure?
  • Repayment of a bank loan.
  • Dividends to stockholders.
  • The purchase of land.
  • Payment of the current period's rent.
Which statement is true?
  • Gross profit - gross loss = Net profit
  • Gross profit - net loss = net profit
  • Net profit - net loss = net profit
  • Total revenue - total expenses = net profit
Debtors as appearing in Trial Balance are f 25,000. Provision for doubtful debts is to be provided @ 5% and 2% of amount is to be provided for discount. What is the amount of debtors to be shown in balance sheet?
  • f23,750
  • f23,250
  • f23,275
  • f1,750
Trial balance of a trader shows the following balances:
Opening Stock Rs.9,600, Purchases Rs.11,850, Wages and Salaries Rs.3,200. Carriage on Purchases Rs.200, Carriage Outwards Rs.300, Sales A/cs Rs.24,900, Closing Stock is Rs.3,500 Gross Profit will be _____________.
  • Rs.3,550
  • Rs.6,750
  • Rs.6,500
  • Rs.6,550
It is not uncommon to find these in memorandum revaluation account __________________.
  • Effect of revaluation of assets & liabilities are recorded old figures in new balance sheet
  • Effect of revaluation of assets & liabilities are recorded at new prices in the new balance sheet
  • Profit or loss of the second part of revaluation account goes to new partner.
  • Both a & c
If Capital = 70,000; Liability = 40,000. 
Find Assets.
  • 30,000
  • 1,10,000
  • 40,000
  • 70,000
P/L A/c balance (before commission) is Rs.1,320; manager's commission is 10%. Find the amount of manager's commission.
  • 120
  • 0
  • 132
  • 110
T Ltd. has issued 14% debentures of Rs.20,00,000 at a discount of 10% in April, 2013 and the company pays interest half yearly on June 30, and December 31, every year. On March 31, 2014 the amount shown as interest accrued but not due in the balance sheet will be________.
  • Rs. 1,40,000
  • Rs. 2,10,000
  • Rs. 2,80,000
  • Rs. 70,000
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