WorksheetsFinal Accounts Quiz
Total questions: 10
Worksheet time: 12mins
Trading and profit & loss A/c represent the summary of:
All Personal Accounts
All Real Accounts
All Nominal Accounts
All Personal, Real & Nominal Accounts
While marshalling
The most urgent payment to be made is shown last in order of liquidity
The least liquid asset is shown first in order of liquidity
The least Liquid asset is shown first in order of permanence
The most liquid asset is shown first in order of permanence
The effect of opening entry is the opening of
Personal Accounts & Real Accounts
Personal Accounts and Nominal Accounts
Nominal Accounts & Real Accounts
Personal, Real & Nominal Accounts
Closing stock appearing in the trial balance is shown
On Credit of Trading A/c only
On Balance Sheet Asset side only
On Credit of Trading Account & Balance sheet Asset side
If closing stock appears in Trial balance it does not appear in the Financial Statements
Return inward appearing in trial balance are adjusted from
Purchase A/c
Sales A/c
Return Outward A/c
Capital A/c
B’s trial balance contains the following information: bad debts Rs. 1000, provision for doubtful debts Rs. 1200.
It is desired to maintain a provision for doubtful debts of Rs. 2000.
The amount to be debited to the profit & loss account is
1000
2200
3000
1800
C’s trial balance contains the following information: Bad debts Rs. 4,000, provision for doubtful debts Rs. 5,000, Sundry debtors Rs. 25,000.
It is desired to create a provision for bad debts at 10% on sundry debtors at the end of the year. Closing balance of Provision for Doubtful debts A/c will be:
Rs. 1,500
Rs. 2,500
Rs. 3,500
Rs. 2,100
Adjusted purchase Rs. 6,63,600, sales Rs 7,44,000, closing stock Rs. 53,600, Freight & cartage inward Rs. 6,000, freight & cartage outward Rs. 1800. Gross profit will be:
Rs. 74,400
Rs. 1,28,000
Rs. 80,400
Rs. 1,34,000
Cost of raw material consumed Rs. 1,00,000 closing stock of raw material Rs. 30,000, opening work in progress Rs. 60,000, closing work in progress Rs. 15,000, manufacturing overheads Rs. 8,000, sales of By product Rs. 3,000, selling overheads Rs. 10,000. The cost of manufacturing goods is
Rs. 1,20,000
Rs. 1,60,000
Rs. 1,50,000
Rs. 1,53,000
If a Personal Account carrying Credit balance is to be carried forward to the subsequent Accounting period it will be written in
Dr side of Balance Sheet
Cr. Side of Balance sheet
Liability side of Balance sheet
Asset side of Balance sheet
