MCQ ON THEORY
MANUFACTURING A/c, TRADING A/c,
PROFIT & LOSS A/c
_____________________________________
1. Final accounts include
…………….
(a) Trading A/c
(b) Profit & Loss A/c
(c) Balance Sheet
(d) All of the above
preparation
of
2. ……………. is the part of income statement,
which is prepared to ascertain the gross
profit/loss for a given accounting period.
(a) Manufacturing A/c
(b) Profit & Loss A/c
(c) Balance Sheet
(d) Trading A/c
3. In trading account, closing stock is shown at
………………..
(a) Cost price
(b) Net realizable price
(c) (a) or (b) whichever is lower
(d) (a) or (b) whichever is higher
4. ……………. is the difference between the
selling price and the cost price of the goods
sold.
(a) Gross profit
(b) Gross loss
(c) (a) or (b)
(d) (a) and (b)
5. Which of the following equation is correct?
(a) Gross Profit = Net Sales – Cost of the
Goods Sold
(b) Gross Profit = Sales + Closing Stock –
Opening Stock – Purchases – Wages
(c) Cost of goods Sold + Gross Profit = Sales
(d) All of the above
6. Which of the following equation is incorrect?
(a) Cost of goods Sold + Gross Profit = Sales
(b) Gross Loss = Cost of the Goods Sold –
Sales
(c) Cost of goods sold = Opening stock +
Purchases – Closing stock
(d) None of the above
7. In trading account, closing stock is shown at
cost price or Net realizable price whichever is
lower. This is due application of …………….
(a) Convention of disclosure
(b) Convention of materiality
(c) Convention of consistency
(d) Convention of conservatism
8. Gross profit or gross loss revealed by trading
account is transferred to ………………
(a) Balance Sheet
(b) Profit & Loss Account
(c) Manufacturing Account
(d) Profit & Loss Appropriation Account
9. The ………………. measures net profit/loss
by matching revenues and expenses
according to the accounting principles.
(a) Trading A/c
(b) Manufacturing Account
(c) Profit & Loss A/c
(d) None of the above
10. The net profit or loss is transferred to
……………
(a) Drawing Account
(b) Capital Account
(c) Suspense Account
(d) None of the above
11. Which of the following principle/s must be
kept in mine while preparing Trading and
Profit & Loss Account?
(a) Profit or loss is determined by matching
revenues and expenses according to the
matching principle.
(b) Only revenue expenses together with
losses should be taken into account.
(c) Only revenue receipts i.e. sale proceeds
and other incomes should be entered.
(d) All of the above
12. Which of the following business entity will not
prepare Trading Account?
(a) Banking companies
(b) Insurance companies
(c) Investment companies
(d) All of the above
13. Generally ……………….. appears in trading
account and ……..…… Appears in Profit &
Loss Account
(a) Direct cost, Indirect cost
(b) Indirect cost, direct cost
(c) Indirect cost, fixed cost
(d) Fixed cost, Direct cost
14. Carriage outwards appears in …………..,
whereas carriage inwards appears in
……………
(a) Trading A/c, Profit & Loss A/c
(b) Profit & Loss A/c, Trading A/c
(c) Trading A/c, Balance Sheet
(d) Balance Sheet, Profit & Loss A/c
15. The ……………… is defined as “a Statement
which sets out the assets and liabilities of a
business and which serves to ascertain the
financial position of the same on any
particular date.”
(a) Cash Flow Statement
(b) Trading A/c
(c) Profit & Loss A/c
(d) Balance Sheet
16. The total of the two sides of the balance
sheet must agree because of the following
equation.
(a) Assets = Liabilities – Capital
(b) Assets = Liabilities + Capital
(c) Assets = Fixed Assets + Current Assets
(d) All of the above
17. ………………….. is prepared for ascertaining
the cost of goods produced or cost of
production.
(a) Trading Account
(b) Manufacturing Account
(c) Profit & Loss Account
(d) Purchase Account
18. Balance of manufacturing account i.e. cost of
production is transferred to ………………
(a) Profit & Loss Account
(b) Manufacturing Account
(c) Trading Account
(d) Purchase Account
19. In case of final accounts of manufacturing
concerns closing stock of finished goods
appears in ……………. & ……………….
(a) Manufacturing Account, Balance Sheet
(b) Trading Account, Balance Sheet
(c) Profit & Loss Account, Balance Sheet
(d) Manufacturing Account, Trading Account
BALANCE SHEET, ITS PRESENTATION AND
CLASSIFICATION OF ASSETS & LIABILITIES
20. Which of the following is objective of
preparation of balance sheet?
(a) To show financial position of a firm
(b) To show the nature and value of assets,
the nature and value of liabilities and the
position of capital
(c) (a) or (b)
(d) (a) & (b)
21.The arrangement of assets and liabilities in
accordance with a particular order is known
as ………………. of balance sheet.
(a) Tallying
(b) Making
(c) Ruling
(d) Marshalling
22. Which of the following approach can be used
for marshalling of balance sheet?
(a) Permanence order or according to
purpose
(b) Liquidity order or according to time
(c) Either (a) or (b)
(d) None of the above
23. In ……………….., approach assets which are
to be used for long term in the business and
are not meant to be sold are presented first
and assets which are most liquid such as
cash in hand, are presented at the bottom.
(a) Alphabetical order
(b) Permanence order
(c) Liquidity order
(d) None of the above
24. In ……………, approach the assets are
stated in balance sheet in the order in which
they can be easily converted into cash and
the liabilities in the order in which they have
to be paid off.
(a) Alphabetical order
(b) Permanence order
(c) Liquidity order
(d) None of the above
25. Arrange the following assets as per liquidity
order.
I. Cash & Bank
II. Building
III. Investment
IV. Stock
(a) II, III, I, IV
(b) I, II, III, IV
(c) I, IV, III, II
(d) I, IV, II, III
26. Arrange the following assets as per liquidity
order.
I. Debtors
II. Building
III. Cash & Bank
IV. Stock
(a) II, III, I, IV
(b) III, I, IV, II
(c) I, IV, III, II
(d) I, IV, II, III
27. Arrange the following
permanence order.
I. Cash & Bank
II. Building
III. Investment
IV. Stock
(a) II, III, I, IV
(b) I, II, III, IV
(c) I, IV, III, II
(d) II, IV, III, I
assets
as
per
28. ……………….. are those which are acquired
for long use in the business and not meant
for resale.
(a) Fictitious Assets
(b) Intangible Assets
(c) Fixed Assets
(d) Current or Floating Assets
29. ……………….. are valueless assets but
shown in the balance sheet on asset side
e.g. preliminary expense.
(a) Fictitious Assets
(b) Intangible Assets
(c) Fixed Assets
(d) Current or Floating Assets
30. ……………… are those that are meant to be
converted into cash in short term.
(a) Fictitious Assets
(b) Intangible Assets
(c) Fixed Assets
(d) Current or Floating Assets
31. ………….. are those fixed assets which have
a fixed content, like coal in a coal mine; the
value of the asset goes down as the contents
are taken out.
(a) Intangible Assets
(b) Fictitious Assets
(c) Wasting Assets
(d) Floating Assets
32. ……………….. which can be immediately be
converted into cash, such as Government
Securities.
(a) Intangible Assets
(b) Fictitious Assets
(c) Wasting Assets
(d) Floating Assets
33. ………………….. are those fixed assets
which cannot be seen or touched or felt.
(a) Intangible Assets
(b) Fictitious Assets
(c) Wasting Assets
(d) Floating Assets
34. Goodwill is ……………
(a) Floating Assets
(b) Fictitious Assets
(c) Wasting Assets
(d) Intangible Assets
35. ………………… is a statement of debit &
credit balances, while …………… is a
statement of assets and liabilities.
(a) Profit & loss, Balance sheet
(b) Trial balance, Balance sheet
(c) Balance sheet, Trading account
(d) Trail balance, Profit & loss
36. Which of the following statement contains all
the types of account i.e. personal, real &
nominal account?
(a) Balance sheet
(b) Trail balance
(d) Income statement
(d) None of above
37. Which of the following statement generally
contains personal & real but does not contain
nominal accounts?
(a) Fund flow
(b) Balance sheet
(c) Trail balance
(d) Cash flow
38. In which of the following closing stock does
not appear?
(a) Trading Account
(b) Trail balance
(c) Balance sheet
(d) All of the above
39. In which of the following opening stock does
not appear?
(a) Trading Account
(b) Trail balance
(c) Balance sheet
(d) (b) & (c)
40. ………………….. is an account
…………..is a statement.
(a) Trading Account, Balance sheet
(b) Profit Account, Balance sheet
(c) Trial balance, Balance sheet
(d) (a) & (b)
OPENING,
ENTRIES
CLOSING
&
43. In the case of continuing business we are
required to pass an entry in the journal to
brought forward all assets and liabilities as
appearing in the books on the last day of the
previous year. This entry is known as
………………..
(a) Opening entries
(b) Adjustment entries
(c) Closing entries
(d) None of the above
44. While preparing final account, to record
closing stock which of the following
adjustment entry will be passed?
while
ADJUSTMENT
41. In order to prepare final accounts, all nominal
accounts will be transferred to Trading and
Profit & Loss A/c by passing journal entries
which are called …………. as they close the
nominal accounts.
(a) Opening entries
(b) Adjustment entries
(c) Closing entries
(d) None of the above
42. ………………. are those entries which are
passed at the end of each accounting period
for the purpose of adjusting various nominal
and other accounts so that true net profit or
loss is indicated in profit and loss account
and the balance sheet may represent a true
and fair view of the financial conditions of an
enterprise.
(a) Opening entries
(b) Adjustment entries
(c) Closing entries
(d) None of the above
Purchases A/c
To Stock A/c
Trading A/c
To Stock A/c
Stock A/c
To Trading A/c
Stock A/c
To Capital A/c
Dr.
Dr.
Dr.
Dr.
45. While preparing final account, to record
outstanding expenses which of the following
adjustment entry will be passed?
Expenses A/c
To Outstanding Expenses A/c
Outstanding Expenses A/c
To Expenses A/c
Profit & Loss A/c
To Outstanding Expenses A/c
Outstanding Expenses A/c
To Profit & Loss A/c
Dr.
Dr.
Dr.
Dr.
46. While preparing final account, to adjust
prepaid expenses which of the following
adjustment entry will be passed?
Prepaid Expenses A/c
To Expenses A/c
Outstanding Expenses A/c
To Prepaid Expenses A/c
Prepaid Expenses A/c
To Outstanding Expenses A/c
Prepaid Expenses Ac
To Profit & Loss A/c
Dr.
Dr.
Dr.
Dr.
47. While preparing final account, to record
outstanding income which of the following
adjustment entry will be passed?
Income A/c
To Outstanding Income A/c
Outstanding Expenses A/c
To Income A/c
Profit & Loss A/c
To Outstanding Income A/c
Outstanding Income A/c
To Income A/c
Dr.
Dr.
Dr.
Dr.
48. While preparing final account, to adjust
income received in advance which of the
following adjustment entry will be passed?
Income Received in Advance A/c
Dr.
To Income A/c
Income A/c
Dr.
To Income Received in Advance A/c
Income Received in Advance A/c
Dr.
To Outstanding Income A/c
Income Received in Advance A/c
Dr.
To Profit & Loss A/c
49. While preparing final account, to provide
depreciation
which
of
the
following
adjustment entry will be passed?
Fixed Assets A/c
To Depreciation A/c
Depreciation A/c
To Profit & Loss A/c
Fixed Assets A/c
To Profit & Loss A/c
Depreciation A/c
To Fixed Assets A/c
Dr.
Dr.
Dr.
Dr.
50. While preparing final account, to record bad
debts which of the following adjustment entry
will be passed?
Debtors A/c
Dr.
To Bad Debts A/c
Bad Debts A/c
Dr.
To Debtors A/c
Bad Debts A/c
Dr.
To Profits & Loss A/c
Debtors A/c
Dr.
To Provision for Bad Debts A/c
51. While preparing final account, to make
provision for bad debts which of the following
adjustment entry will be passed?
Debtors A/c
To Profit & Loss A/c
Provisions for Bad Debts A/c
To Debtors A/c
Provision for Bad Debts A/c
To Trading A/c
Profit & Loss A/c
To Provision for Bad Debts A/c
Dr.
Dr.
Dr.
Dr.
52. While preparing final account, to make
provision for discount on debtors which of the
following adjustment entry will be passed?
Provision for Discount on Debtors A/c
Dr.
To Debtors A/c
Profit & Loss A/c
Dr.
To Provision for Discount on Debtors A/c
Provision for Discount on Debtors A/c
Dr.
To Trading A/c
Debtors A/c
Dr.
To Provision for Discount on Debtors A/c
53. As per principal of conservatism which of the
following provision is/are not made in
accounts?
(a) Provision for discount on debtors
(b) Provision for discount on creditors
(c) Provision for bad debts
(d) All of the above
54. While preparing final account, to record loss
in stock due to fire or accidents which of the
following adjustment entry will be passed?
Stock A/c
To Creditors A/c
Profit & Loss A/c
To Stock A/c
Stock A/c
To Capital A/c
Debtors A/c
To Stock A/c
Dr.
Dr.
Dr.
Dr.
55. While preparing final account, to record
commissions payable to manager – which of
the following adjustment entry will be
passed?
Profit & Loss A/c
To Commission Payable A/c
Commission Payable A/c
To Profit & Loss A/c
Manager A/c
To Commission Payable A/c
Profit & Loss A/c
To Manager A/c
Dr.
Dr.
Dr.
Dr.
56. While preparing final account, to record
goods are distributed as free samples –
which of the following adjustment entry will
be passed?
Advertisement A/c
To Capital A/c
Advertisement A/c
To Purchase A/c
Advertisement A/c
To Trading A/c
(b) or (c)
Dr.
Dr.
Dr.
57. If goods have been withdrawn by the
proprietor for personal use and no entry has
been passed during the year, which of the
following adjustment entry should be passed
at the time of preparing final account?
Drawing A/c
To Profit & Loss A/c
Capital A/c
To Drawing A/c
Drawing A/c
To Capital A/c
Profit & Loss A/c
To Drawing A/c
Dr.
Dr.
Dr.
Dr.
58. The adjustment entry to write off deferred
revenue expenditure is ………………..
Deferred Revenue Expenditure A/c Dr.
To Profit & Loss A/c
Expense A/c
Dr.
To Profit & Loss A/c
Profit & Loss A/c
Dr.
To Provision for Expense A/c
Profit & Loss A/c
Dr.
To Deferred Revenue Expenditure A/c
59. If goods are sold to customers on approval
basis and consent is not received during the
accounting periods which of the following
adjustment entries are passed?
Debtors A/c Dr
To Sales A/c
Sales A/c
Dr.
To Debtors A/c
Sales A/c
Dr.
To Stock A/c
Debtors A/c Dr.
To Trading A/c
Trading A/c Dr.
To Stock A/c
Stock A/c
Dr.
To Trading A/c
Debtors A/c Dr.
To Stock A/c
Trading A/c Dr.
To Stock A/c
60. Goods purchased from creditors have been
received but omitted to be recorded in
accounts. In such a case, which of the
following adjustment entry should be
passed?
Purchases A/c
To Creditors A/c
Creditors A/c
To Purchases A/c
Trading A/c
To Creditors A/c
Trading A/c
To Purchases A/c
Dr.
Dr.
Dr.
Dr.
CASH & TRADE DISCOUNT
61. An amount which is allowed for the prompt
settlement of debt arising out of a sale within
a specified time and calculated on a
percentage basis is known as ………………..
(a) Trade discount
(b) Special discount
(c) Cash discount
(d) None of the above
62. …………….. is a deduction from the list or
catalogue price allowed by the wholesalers to
the retailers for various reasons.
(a) Trade discount
(b) Special discount
(c) Cash discount
(d) None of the above
63. Which of the following type of discount is not
considered in accounts?
(a) Trade discount
(b) Special discount
(c) Cash discount
(d) None of the above
PRACTICAL MCQ
TRADING ACCOUNT, COST OF GOODS
SOLD, GROSS PROFIT RATIO, NET PROFIT
64. From the following figures ascertain the
gross profit:
Rs.
Opening stock
2,50,000
Goods purchased
13,00,000
Freight
50,000
Closing stock
1,50,000
Sales
19,00,000
Salary
90,000
(a) 3,60,000
(b) 4,50,000
(c) 5,00,000
(d) 5,90,000
65. If gross profit ratio is 25% on cost, it is ……%
on sales.
(a) 33.33%
(b) 20%
(c) 25%
(d) 50%
66. If gross profit ratio is 25% sales, it is ……%
on cost.
(a) 33.33%
(b) 20%
(c) 25%
(d) 50%
67. If gross profit ratio is 50% on cost, it is ……%
on sales.
(a) 33.33%
(b) 20%
(c) 25%
(d) 50%
68. If gross profit ratio is 33.33% sales, it is
……..% on cost.
(a) 33.33%
(b) 20%
(c) 25%
(d) 50%
69. If sales are Rs.40,000; cost of goods sold is
Rs. 31,000 and operating expenses are
Rs.6,000, the gross profit is ………….
(a) 3,000
(b) 9,000
(c) 3,400
(d) 6,000
70. If sales is Rs. 2,00,000 and the rate of gross
profit on cost of goods sold is 25%, then the
cost of goods sold will be ………….
(a) Rs.2,00,000
(b) Rs. 1,50,000
(c) Rs. 1,60,000
(d) Rs. 1,40,000
71. From the following figures ascertain the
gross profit:
Rs.
Opening stock
3,00,000
Goods purchased
12,87,000
Carriage on purchase
34,500
Carriage on sales
45,000
Rent
75,000
Closing stock
2,70,000
Sales
21,10,500
(a) 7,50,000
(b) 7,14,000
(c) 6,39,000
(d) 7,59,000
72. From the following information, find out the
missing information.
Opening stock – Rs. 50,000, Closing stock –
Rs. 1,50,000, Sale – Rs. 16,00,000, Gross
profit ratio is 25% on sales. Purchases = ?
(a) Rs. 10,00,000
(b) Rs. 11,50,000
(c) Rs. 9,50,000
(d) Rs. 13,00,000
73. Opening stock – Rs. 40,000, Purchases –
Rs. 2,60,000, Closing stock – Rs. 20,000,
Cost of goods sold = ?
(a) Rs. 3,20,000
(b) Rs. 2,60,000
(c) Rs. 3,00,000
(d) Rs. 2,80,000
74. Opening stock – Rs. 40,000, Purchases –
Rs. 2,60,000, Closing stock – Rs. 20,000,
Direct expenses – Rs. 50,000, Indirect
expenses – Rs. 35,000. Cost of goods sold
=?
(a) Rs. 3,30,000
(b) Rs. 2,80,000
(c) Rs. 3,85,000
(d) Rs. 3,20,000
75. From the following information calculate net
profit:
Rs.
Opening stock
15,00,000
Direct expenses
3,00,000
Selling & distribution expenses 2,00,000
Administrative expenses
1,00,000
Financial expenses
50,000
Sales
24,00,0000
Gross profit ratio on sales
25%
(a) 2,50,000
(b) 3,50,000
(c) 2,00,000
(d) 1,50,000
76.
Rs.
Opening stock
75,000
Closing stock
87,500
Cost of goods sold
1,50,000
Gross profit ratio on sales
25%
From the above information calculate
Gross profit =?, Sales =?, Purchases =?
(a) Gross profit = Rs.37,500, Sales
Rs.1,87,500, Purchases = Rs. 1,12,500
(b) Gross profit = Rs.37,500, Sales
Rs.2,00,000, Purchases = Rs. 1,62,500
(c) Gross profit = Rs.50,000, Sales
Rs.2,00,000, Purchases = Rs. 1,62,500
(d) Gross profit = Rs.50,000, Sales
Rs.2,00,000, Purchases = Rs. 1,12,500
–
79. Salary paid during the year – Rs.35,000.
Salary outstanding on 1.4.2011 - Rs.2,500,
Salary outstanding on 31.3.2012 – Rs. 7,500.
Net salary debited to profit & loss account for
the year ended 31.3.2012 should be ………..
(a) Rs. 40,000
(b) Rs. 30,000
(c) Rs. 25,000
(d) Rs. 45,000
80. Rent paid during the year – Rs. 1,00,000.
Prepaid rent on 1.4.2011 – Rs. 25,000.
Prepaid rent on 31.3.2012 – Rs. 37,500.
Net salary debited to profit & loss account for
the year ended 31.3.2012 should be
…………
(a) Rs. 87,500
(b) Rs. 1,12,500
(c) Rs. 1,62,500
(d) Rs. 37,500
=
=
=
=
77. Opening stock –Rs.7,00,000, Purchases –
Rs. 12,16,000, Wages – Rs. 1,50,000,
Goods distributed as free sample – Rs.
12,000, Sales – Rs. 20,00,000, Gross profit
earned – 25% of cost. Find out value of
closing stock.
(a) Rs. 5,54,000
(b) Rs. 4,54,000
(c) Rs. 4,00,000
(d) None
78. Cost of goods sold – Rs. 2,00,000
Gross profit on cost – 25%
Salary – Rs. 15,000
Rent – Rs. 7,000
Bad debts – Rs. 1,500
Drawings – Rs. 2,000
Creditors – Rs. 2,500
Net profit = ?
(a) Rs. 22,000
(b) Rs. 24,500
(c) Rs. 26,500
(d) Rs. 16,500
ADJUSTMENT IN FINAL ACCOUNTS
81. Following information is available from the
books of Mr. Z
Rs.
Expenses paid during the year
1,35,000
Expenses outstanding on 1.4.2011 12,250
Expenses prepaid on 1.4.2011
15,000
Expenses outstanding on 31.3.2012 17,000
Expenses prepaid on 31.3.2012
16,750
Net expenses debited to profit & loss account
for the year ended 31.3.2012 should be
…………
(a) Rs.1,96,000
(b) Rs.1,37,500
(c) Rs. 1,32,000
(d) Rs. 1,38,000
82. Sundry debtors on 31st March, 2009 are
Rs.55,200. Further bad debts are Rs.200:
Provision for doubtful debts are to be made
on debtors @ 5% and also provision of
discount is to be made on debtors @ 2%.
The amount of provision of discount on
debtors will be : ………………….
(a) Rs.1,045
(b) Rs. 2,750
(c) Rs. 1,100
(d) Rs. 2,760
83. Extract of trial balance of Mr. N is as follows:
Particulars
Debtors
Provisions for bad
debts
Dr. Rs.
81,200
--
Cr. Rs.
-5,800
Additional information
-Bad debt not yet provided – Rs. 1,200
-Provision for debt to be made at 5%
Debtors will appear in balance sheet at
Rs. ……………
(a) 80,000
(b) 76,000
(c) 74,200
(d) 75,400
84. Debtors as per trial balance – Rs. 40,600
Bad debt not yet provided – Rs. 600
Provision for debt to be made at 5% on
sundry debtors
Provision for discount on debtors to be
created @ 2%
Amount of provisions for discount on debtors
– Rs. ………………
(a) Rs. 760
(b) Rs. 600
(c) Rs. 2,000
(d) Rs. 2,600
85. Extract of trial balance of Mr. Z is as follows:
Particulars
Bad debts
Debtors
Bills receivable
Sales
Dr. Rs.
5,000
2,50,000
40,000
Cr. Rs.
---12,50,000
Additional information:
- Bad debt not yet provided – Rs. 3,000
- Provision for debt to be made at 5%
- Provision for discount on debtors – 2%
Debtors will appear in balance sheet at Rs.
……………..
(a) Rs. 2,25,302
(b) Rs. 2,62,642
(c) Rs. 2,67,197
(d) Rs. 2,29,957
86. Extract of trial balance of Mr. Q is as follows:
Particulars
Dr. Rs.
Cr. Rs.
Sundry debtors
1,00,000
-Sundry creditors
-78,000
Additional information:
Included in sundry debtors Rs.5,000 due from
Mr. A. Included in sundry creditors Rs. 2,000
payable to Mr. A.
Sundry debtors and creditors will appear in
balance sheet at Rs. ………… & Rs. ………….
(a) 97,000, 75,000
(b) 98,000, 76,000
(c) 95,000, 76,000
(d) 98,000, 72,000
87. Sales include Rs.60,000 sent to Z & Co. on
sale or return basis for which no approval
has been received as on 31.3.2012. The cost
of the goods was Rs. 50,000. Which of the
following treatment will be correct while
preparing final accounts?
(a) Increase sales & debtors by Rs.60,000,
Decrease closing stock in trading account
and balance sheet by Rs. 50,000
(b) Increase sales & debtors by Rs. 60,000,
increase closing stock in trading account and
balance sheet by Rs. 50,000
(c) Reduce sales & debtors by Rs. 60,000,
Increase closing stock in trading account and
balance sheet by Rs. 50,000
(d) Reduce sales & debtors by Rs. 60,000,
Reduce closing stock in trading account and
balance sheet by Rs. 50,000
88. Net profit before charging commission to
manager – Rs. 2,20,000. The manager is
entitled to commission of 10% on net profit
before charging such commission. The
commission payable to manager will be Rs.
………….
(a) Rs. 21,802
(b) Rs. 24,200
(c) Rs. 22,000
(d) Rs. 20,000
89. Net profit before charging commission to
manager – Rs. 2,20,000. The manager is
entitled to commission of 10% on net profit
after charging such commission. The
commission payable to manager will be Rs.
……………..
(a) Rs. 21,802
(b) Rs. 24,200
(c) Rs. 22,000
(d) Rs. 20,000
90. Net profit before charging commission to
General & Sales manager – Rs. 1,65,920
The General Manager is entitled to
commission of 10% on net profit after
charging such commission and commission
of Sales Manager.
The Sales Manager is entitled to commission
of 5% on net profit after charging such
commission and commission of General
Manager.
Commission payable to General Manager –
Rs. .…………. & Sales Manager – Rs.
…………….
(a) 7,214 & 14,428
(b) 14,428 & 7,214
(c) 16,592 & 8,296
(d) 8,296 & 16,592
91. On the basis of following information
calculate the amount that will appear the item
‘stationery used’ in profit and loss account for
the year ending 31st March 2012:
Rs.
Stock of stationery on 1.4.2011
12,000
Stationery purchased during the
year ended 31st March, 2012
1,40,000
(Stock of stationery on 31.3.2012 23,200
(a) Rs. 1,51,200
(b) Rs. 1,28,800
(c) Rs. 1,04,800
(d) Rs. 1,75,200
92. On the basis of following information
calculate the amount will appear the item
‘stationery used’ in profit and loss account for
the year ending 31st March, 2012:
Rs.
Stock of stationery on 1st April 2011
12,000
Creditors for stationery on 1st
April 2011
25,600
Amount paid for stationery during the
year ended 31st March, 2012
1,40,000
Stock of stationery on 31st March
2012
23,200
Creditors for stationery on 31st
March 2012
24,000
(a) Rs. 1,27,200
(b) Rs. 1,38,400
(c) Rs. 1,49,600
(d) Rs. 1,38,600
93. From the following particulars, calculate the
amount of income to be credited to profit and
loss account for the year ended 31st March
2012:
31.3.2011 31.3.2012
Outstanding income
1,500
1,200
Income received in
900
540
advance
A sum of Rs.14,670 was received as income
during the year ended 31st March, 2012.
(a) 15,930
(b) 14,010
(c) 15,330
(d) 14,730
Question No.
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Answers
(d)
(d)
(c)
(c)
(d)
(d)
(d)
(b)
(c)
(b)
(d)
(d)
(a)
(b)
(d)
(b)
(b)
(c)
(b)
(d)
(d)
(c)
(b)
(c)
(c)
(b)
(d)
(c)
(a)
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(d)
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(b)
(b)
(b)
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(c)
(d)
(c)
(b)
(a)
(c)
(a)
(a)
(d)
(b)
(d)
(b)
(d)
(b)
(b)
(b)
(a)
(d)
(b)
(d)
(b)
(a)
(c)
(a)
(a)
(b)
(b)
(a)
(a)
(d)
(b)
(c)
(d)
(d)
(d)
(a)
(a)
(c)
(b)
(c)
(a)
(a)
(d)
(a)
(b)
(a)
(d)
(b)
(c)
(c)
(d)
(b)
(b)
92.
93.
(a)
(d)