WorksheetsFinancial Accounting II
Total questions: 20
Worksheet time: 21mins
Opening debtors Rs. 24000, Closing Debtors Rs. 27000, Bad debts Rs. 400, Discount Allowed Rs. 450, Bills Receivable Rs.9000 Cash collection Rs. 68000, Sales Return Rs. 1000, Discount Received Rs. 800. Calculate Credit Sales.
(a)
Opening Creditors Rs. 15000, Cash paid Rs. 40000, Discount Received Rs. 300, Purchase Return Rs. 1500, Closing Creditors Rs. 12500, Bills Payable Rs. 10000, Discount Allowed Rs. 800, Calculate Credit purchase.
(a)
Details of statement of affairs as follows - Cash Rs. 5280, Building Rs. 20800 Stock Rs. 10480, Creditors Rs. 9200, Outstanding Advertisement Rs. 200, Debtors Rs. 13000, Prepaid Rent Rs. 600 Find out opening capital?
(a)
50 Tea powder boxes are sent on consignment at a cost of Rs. 1000 per box. The Consignor spent Rs. 2000 on Freight. The Consignee spent Rs. 3000 for Octrai duty and Rs. 2000 for insurance of Godown. Presuming that 30 Tea power boxes are sold out, how the stock will be valued?
(a)
Consigned 25 Printers costing Rs. 10000 per printer. The Printers are consigned at invoice price of Rs. 12000 per printer. 15 Printers for cash & 5 Printers on credit at Rs. 15000 per printer Surplus commission of 10% on surplus price realised above invoice price. Calculate surplus commission.
(a)
Loading is a difference between __________.
Selling price and market price
Cost price and Selling price
Invoice price and Cost price
Inovice price and Selling price
Which of the following statement is true?
Collection from Customers can be ascertained from creditors account.
Consignee is a buyer of goods.
Invoice price is always higher than cost price.
Consignor always sends goods to the consignee at cost only.
Which of the following statement is false?
Single Entry system is suitable to small orgnisation.
Account sale is send by consignee to consigner
Consignment is a sale between the consignor and the consignee.
Goods sent on consinment are the property of the consignor.
Which of the following statement is true?
Any stock remaining unsold with the consignee belongs to the consignor.
Del credere commission is calculated at a certain percentage on cash sales.
Credit sales should be ascertained from creditors account.
Credit purchases should be ascertained from debtors account.
Which of the following statement is false?
Invoice price always equal to selling price.
If del credere commission is allowed, bad debt loss is borne by the consignee.
Surplus commission is calculated on surplus price realised.
Cash sales are ascertained from Cash Journal.
Which of the following statement is true?
In Conginment Accounting, Sale Account and Account Sales are synonymous terms.
Under single entry, Cash Account is maintained with receipts and payments.
The consignor acts as an agent of the consignee for supply of goods.
Account sale is send by consignor to consignee.
Which of the following statement is true?
In single entry system, only cash and personal accounts are kept, impersonal and other real accounts are not kept.
Single entry system follows the basic accounting principles.
In single entry system, no hard and fast rule is followed for recording transactions.
Consignee is a customer.
Which of the following statement are false?
In the double entry system, every transaction affects atleast two accounts.
Single entry system helps to verify the accuracy of the books of accounts.
Opening capital is ascertained by preparing Statement of affairs.
Single entry system complete and scientific method.
If goods sold of Rs. 2,82,000 including 33.33% profit to cost of goods sold, then calculate the amount of profit earned.
(a)
Which of the following statement are false?
Profit & Loss A/c (Dr.) = Net loss.
Profit & Loss A/c (Cr.) = Net profit.
Gross Profit (Dr.)
Gross Loss (Cr.)
Which of the following statement is false?
Bills Receivables dishonoured are recorded on debit side of the Debtors account.
New bill drawn is recorded on credit side of the Debtors account.
New bill accepted is recorded on credit side of the Creditors account.
Consignment is not sale.
Which of the following statement are false?
Goods distributed as free samples should be credited to trading account.
Single Entry system is suitable to small orgnisation.
Trial Balance is prepared under single entry sysem to verify accuracy.
Consignee is a buyer of goods.
Which of the following statement are false?
Consignee can return the unsold goods to consignor.
Limited companies are not permitted to maintain their Books of Accounts as per single entry system
Sale of assets debited to Trading Account.
Profit on consignment belongs to the consignor.
Which of the following pairs are right?
Goods (Dr.) = Sales
Goods (Cr.) = Purchase
Loan (Dr.) = Loan taken
Loan (Cr.) = Loan given
Which of the following pairs are wrong?
Discount (Dr.) = Allowed
Discount (Cr.) = Received
Return (Dr.) = Outward
Return (Cr.) = Inward
