Final Accounts of Manufacturing Concerns

Insurance paid Rs.24,000 for 1 year from 1 November 2022 out of which prepaid for year ending 31 March 2023 is Rs.5,000. Journal entry will be

• Rs.5,000 will be debited to Prepaid expenses a/c

• Rs.24,000 will be debited to Prepaid expenses a/c

• Rs.29,000 will be debited to Prepaid expenses a/c

• Rs.19,000 will be debited to Prepaid expenses a/c

Insurance paid Rs.24,000 for 1 year from 1 November 2022 out of which prepaid for year ending 31 March 2023 is Rs.5,000. Profit & Loss account will be debited with

• Rs.5,000

• Rs.24,000

• Rs.29,000

• Rs.19,000

Insurance paid Rs.24,000 for 1 year from 1 November 2022 out of which prepaid for year ending 31 March 2023 is Rs.5,000. In Balance Sheet, it will be shown as

• Liability Rs.5,000

• Liability Rs.19,000

• Asset Rs.19,000

• Asset Rs.5,000

Factory expenses are shown in the (a)   Account

(a)   shows financial position of the business at the end of the year

Commission credited to profit & loss account is commission (a)   (paid/ received)

Begining and Ending stores inventories are Rs.6,000 and Rs.9,000 respectively. The Cost of goods sold is Rs.10,000. The net purchase by entity will be Rs. (a)  

0n 1.1.2021, Aria's Capital Account is Rs.33,000. Interest on drawings is Rs.2,000. Interest on capital is Rs.7,000. Drawings is Rs.5,000. Profit for the year is Rs.10,000. Closing capital balance on 31.12.2021 is Rs. (a)   ?

Sale of Scrap of Rs.7800 in Trial Balance is shown as

• Credit side of Manufacturing/ Trading Account

• Debit side of Manufacturing/ Trading Account

• Debit side of Profit & Loss Account

• Credit side of Profit & Loss Account

For a shirt factory, shirt is

• Work in progress

• Finished goods

• Raw materials

• Fixed Asset