Final Accounts of a Company

Which of the following is not a current asset?

• Prepaid rent

• Cash balance

• Advance income

• Closing stock

Which of the following is included under the heading Provisions in Balance Sheet?

• Preliminary expenses

• Share forfeiture

• Pension fund

• Reserve fund

Premium on issue of shares is shown under the heading

• Current liabilities

• Share capital

• Provision

• Reserve and surplus

Pension fund is shown under

• Provision

• Reserve and surplus

• Current liabilities

• Secured loan

Profit and Loss Appropriation Account is prepared to know

• Net profit or net loss

• Gross profit or gross loss

• Surplus or deficit

• Bad debts written off

If debtors are Rs.70,000, new bad debts written off is Rs.5,000, how much will be provision for doubtful debt at the rate of 10% ?

• Rs.7,000

• Rs.7,500

• Rs.6,500

• Rs.500

If depreciation on furniture is given as adjustment, it should be recorded in

• Trading Account

• Profit and Loss Account

• Balance Sheet

• Trading Account and Balance Sheet

• Profit and Loss Account and Balance Sheet

If closing stock is given inside Trial Balance, where should it be recorded while making final accounts?

• Trading Account

• Balance Sheet

• Profit and Loss Account

• Trading Account and Balance Sheet

If last year's tax paid is given in Trial Balance, it should be recorded in

• Dr. side of Profit and Loss Account

• Dr. side of Profit and Loss Appropriation Account

• Assets side of Balance Sheet

• Dr. side of Trading Account

If Outstanding wages is given as adjustment, where is it recorded under Final Accounts?

• Trading account and Profit and Loss Account

• Profit and Loss Account and Balance Sheet

• Balance Sheet

• Trading Account and Balance Sheet