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 $$2014-2015$$.
ParticularsRs.
Opening balance of debtors$$40,000$$
Credit sales$$4,30,000$$
Cash sales$$20,000$$
Cash collected from debtors$$4,00,000$$
Closing balance of debtors$$50,000$$
The bad debts of the company during the year are.
  • Rs. $$40,000$$
  • Rs. $$35,000$$
  • Rs. $$30,000$$
  • Rs. $$20,000$$
During the year $$2014-2015$$, the profit of a business before charging Sales Manager's commission was Rs. $$1,89,000$$. If the Sales Manager's commission is $$5\%$$ on profit after charging his commission, then the total amount of commission payable to manager is?
  • Rs. $$10,000$$
  • Rs. $$9,450$$
  • Rs. $$9,000$$
  • Rs. $$8,500$$
From the following details ascertain net profit for the period ending on $$31-3-2015$$ under accrual system of Trader.
Net profit before following is Rs. $$10,750$$.
Abstract of trail balance:
ItemsDr.Cr.
Interest-$$2,000$$
Rent on let out property-$$4,500$$
Salary$$3,750$$-
Insurance$$1,800$$-
Additional information:
Items$$31-3-2014$$$$31-3-2015$$
Accrual interest$$550$$$$450$$
Rent received in advance$$250$$$$100$$
Salary outstanding$$300$$$$50$$
Prepaid insurance$$600$$$$150$$
  • Rs. $$11,250$$
  • Rs. $$11,550$$
  • Rs. $$11,050$$
  • Rs. $$12,450$$
Extract of trial balance of Mr.Z is as follows.
ParticularsDr. Rs.Cr. Rs.
Debtors$$24,000$$-
Provisions for bad debts-$$400$$
Included amongst the debtors is Rs. $$3,000$$ due to Ram and included among the creditors Rs. $$1,000$$ due to him.
Provision for bad debts to created at @ $$5\%$$ and for discount @ $$2\%$$. Debtors will be shown at balance at.
  • Rs. $$21,413$$
  • Rs. $$21,885$$
  • Rs. $$22,344$$
  • Rs. $$22,148$$
Net profit before charging commission to manager - Rs. $$2,20,000$$. The manager is entitled to a commission of $$10\%$$ on net profit after charging such commission. The commission payable to manager will be:
  • Rs. $$21,800$$
  • Rs. $$24,200$$
  • Rs. $$22,000$$
  • Rs. $$20,000$$
From the following details find out the closing capital that will be appear in balance sheet on $$31-12-2015$$.
ParticularsRs.
Capital on $$1-1-2015$$$$14,00,000$$
Drawings$$5,000$$
Repair$$2,000$$
Net profit before manager commission$$6,62,900$$
Debtors$$1,50,000$$
Provision for bad debts @ $$6\%$$.
The manager is entitled commission of $$5\%$$ of net profit after charging his commission.
  • Rs. $$20,26,333$$
  • Rs. $$20,15,857$$
  • Rs. $$20,14,305$$
  • Rs. $$20,24,755$$
On the basis of following information calculate the amount will appear the item 'stationary used' in profit and loss account for the year ending $$31$$st March, $$2015$$.
ParticularsRs.
Stock of stationary on $$1-4-2014$$$$12,000$$
Creditors for stationary on $$1-4-2014$$$$25,600$$
Amount paid for stationary$$1,40,000$$
Stock of stationary on $$31-3-2015$$$$23,200$$
Creditors for stationary on $$31-3-2015$$$$24,000$$
  • Rs. $$1,27,200$$
  • Rs. $$1,38,400$$
  • Rs. $$1,49,600$$
  • Rs. $$1,38,600$$
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 $$31$$st March, $$2015$$:
Rs.
Stock of stationary on $$1-4-2014$$$$12,000$$
Stationary purchased during the year$$1,40,000$$
Stock of stationary on $$31-3-2015$$$$23,200$$
  • Rs. $$1,51,200$$
  • Rs. $$1,28,800$$
  • Rs. $$1,04,800$$
  • Rs. $$1,75,200$$
Net profit before charging commission to General & Sales manager - Rs. $$1,65,920$$
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.
Sales$$15,000$$
Opening Stock$$6,000$$
Purchases$$10,000$$
Closing Stock?
Cost of goods sold$$9,000$$
Gross Profit?
Selling Expenses$$4,000$$
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.
Sales$$15,000$$
Opening Stock$$6,000$$
Purchases$$10,000$$
Closing Stock?
Cost of goods sold$$9,000$$
Gross Profit?
Selling Expenses$$4,000$$
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?
  • f$$23,750$$
  • f$$23,250$$
  • f$$23,275$$
  • f$$1,750$$
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
0:0:1


Answered Not Answered Not Visited Correct : 0 Incorrect : 0

Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers