CBSE Questions for Class 11 Commerce Accountancy Accounts From Incomplete Records Quiz 2 - MCQExams.com

In order to find out the correct profit, drawings are ___________ to the closing capital.
  • Deducted
  • Added
  • Divided
  • 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
Incomplete record mechanism of book keeping is ___________.
  • Scientific
  • Unscientific
  • Unsystematic
  • Both (b) and (c)
The capital balances are ascertained by preparing __________.
  • Statement of affairs
  • Cash accounts
  • Drawings account
  • Debtors account
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
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.
  • Income
  • Affairs
  • Revenue
  • Profit and loss
A statement of affairs is a summarised statement of an estimated _____________.
  • Financial position
  • Profit
  • Income
  • Loss
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
The capital in the beginning of the accounting year is ascertained by preparing ______.
  • closing statement of affairs
  • cash account
  • statement of profit or loss
  • opening statement of affairs
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
Find the closing stock from the following details.
Opening stock Rs. 80,000, Purchase Rs.1,40,000, wages Rs.60,000, Sales Rs.3,20,000, GP on sales 25%
  • Rs.60,000
  • Rs.40,000
  • Rs.45,000
  • Rs.30,000
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
State whether the following statement is True or False.
Share forfeited balance is transferred to Capital Reserve Account.
  • True
  • False
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
Income -tax of the sole trader paid is shown ___________.
  • Debited to profit and Loss A/c
  • Debited to Trading A/c
  • Debited to his Capital A/c
  • None of the above
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
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?
  • $$RS. 2,30,000$$
  • $$Rs. 2,10,000$$
  • $$Rs. 1,90,000$$
  • $$Rs. 1,10,000$$
In cash accounting system _________.
  • revenues of assets are shown only when cash is received irrespective of the period
  • revenues of assets are shown only of the cash received for the transactions of the financial year
  • revenues of assets are shown only of the cash received for the current year.
  • none of the above
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