Preparation of financial statements - class-X
| Description: preparation of financial statements | |
| Number of Questions: 58 | |
| Created by: Jayanti Mahajan | |
| Tags: elements of book keeping and accountancy financial statements - ii final accounts of sole proprietors - 2 financial statements of business organisations adjustments in preparation of financial statements adjustments elements of accounts accountancy book keeping and accountancy final accounts with adjustments company final accounts final accounts final accounts of a proprietary concern |
Which of the following statements is not true ?
In preparation of final accounts, preparation of manufacturing account is mandatory for all types of business organisation.
Steps of preparing Final Accounts is -
(a) Trading Account
(b) Profit and Loss Account
(c) Balance Sheet
Which of the following is not a condition for issue of shares at a discount?
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.
While making an adjustment entry in respect of interest on capital, credit is made to _______________.
The works manager gets commission of 10% on the profit after charging such commission. If the profit is Rs.2,200 what is the amount of his commission ?
The manager of business is some times given ________ on Net Profit.
Net Profit of business before charging commission is Rs 8,00,000 and manager are entitled to get a commission of net profit after charging commission 20 %, the commission will be calculated as Rs _________.
Net Profit of business before charging commission is Rs 110,000 and manager is entitled to get commission of net profit before charging commission 10% , the commission will be calculated as Rs. _________.
A business concern usually provides _______ for its customers for prompt payments.
when provision is provided current years profit is ___________.
Provision for Discount on Debtors is ___________ to Profit and loss account.
Percentage commission to manager can be calculate on net profit _______.
The General Manager gets $\dfrac{1}{4}$ of the profit as commission after charging such commission of Works Manager, which is 10% of profits after charging such commission. If profit is Rs. 2,200, the commission of General manager is:
Debtors Closing Balance Rs 5000, R.D.D 10 % and Provision for discount on Debtors is 5% than what is its value of provision on discount.
Opening capital Rs. 100000 and additional capital on 1st Oct was Rs. 20000
Interest on capital @ 10% on 31st march closing will be ?
Providing Interest on Capital _______ net profit.
Interest on capital is calculated on _____________.
When interest on capital is allowed _________ is credited.
Commission to manager is __________ to Profit and loss Account.
Commission due but not paid to the manager at d end of the years appears under __________ side.
Interest on capital is ______ for a business concern.
From the following details calculate the net profit after charging managerial commission.
Net profit before charging managerial commission Rs.65,000
Managerial commission 11% after charging such commission.
From the following details, how much should be charged to profit and loss a/c as bad debts during the current year.
provisions for bad debts A/c at the beginning of the year Rs.20,000
Actual bad debts during year Rs.19,000
Debtors balance at the end of the year Rs.80,000
Previsions for bad debts to be made @5% of total debtors.
The capital of a sole trader would change as a result of ____________________.
From the following details calculate the managerial commission, if the managerial commission is 11% net profit before charging such commission.fore
Net profit before charging managerial commission Rs.65,000
The adjustment to be made for interest on drawings is ________________.
In the Trial Balance, are shown Debtors Rs. 2,400, Bad Debts Rs. 221, Bad Debts Reserve Rs. 324. For creating a Reserve for Doubtful Debts @10% on debtors, the P & L A/c will be debited by __________.
If the manager is entitled to a commission of 5% on profits before deducting this commission, he will get a commission of Rs. ________on a profit of Rs. 8,400.
If the manager is entitled to a commission of $5\%$ on profits before deducting this commission, he will get a commission of Rs. __________ on a profit of Rs. 8400.
The manager of a firm is entitled to a commission of $10$% on the net profit after his commission. If the profit of the firm before charging commission is $ Rs. 3,30,000$, the amount of manager's commission will be_________.
Provision for discount on debtors shall be made on ____________________.
While preparing final account, to record commissions payable to manager- which of the following adjustment entry will be passed?
| Profit & Loss A/cTo Commission Payable A/c | Dr. |
|---|---|
| Commission Payable A/cTo Profit & Loss A/c | Dr. |
| Manager A/cTo Commission Payable A/c | Dr. |
| Profit & Loss A/cTo Manager A/c | Dr. |
Debtors appeared in balance sheet at Rs. $18,525$ after making following adjustment.
Bad debt written off Rs. $400$.
Provision for discount on debtors @ $2.5\%$.
Provision for bad debt @ $5\%$.
Debtors as per trial balance $=$?
Extract of trial balance of Mr.Z is as follows.
| Particulars | Dr. Rs. | Cr. Rs. |
|---|---|---|
| Debtors | $24,000$ | - |
| Provisions for bad debts | - | $400$ |
Included amongst the debtors is Rs. $3,000$ due to Ram and included among the creditors Rs. $1,000$ due to him.
Provision for bad debts to created at @ $5\%$ and for discount @ $2\%$. Debtors will be shown at balance at.
During the year $2014-2015$, the profit of a business before charging Sales Manager's commission was Rs. $1,89,000$. If the Sales Manager's commission is $5\%$ on profit after charging his commission, then the total amount of commission payable to manager is?
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.
From the following details find out the closing capital that will be appear in balance sheet on $31-12-2015$.
| Particulars | Rs. |
|---|---|
| Capital on $1-1-2015$ | $14,00,000$ |
| Drawings | $5,000$ |
| Repair | $2,000$ |
| Net profit before manager commission | $6,62,900$ |
| Debtors | $1,50,000$ |
Provision for bad debts @ $6\%$.
The manager is entitled commission of $5\%$ of net profit after charging his commission.
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.
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. __________.
Capital is all assets less fictitious assets.
Debtors as appearing in Trial Balance are f $25,000$. Provision for doubtful debts is to be provided @ $5\%$ and $2\%$ of amount is to be provided for discount. What is the amount of debtors to be shown in balance sheet?
The provision for discount on debtors is often provided in keeping with the concept of _______________.
The net' profit of a sole proprietorship firm is f$1,320$(before commission). The manager of the firm gets$10/%$ commission on the net profit after charging such commission. Manager's commission would be ___________.
If Capital = $70,000$; Liability = $40,000$.
T Ltd. has issued 14% debentures of Rs.20,00,000 at a discount of 10% in April, 2013 and the company pays interest half yearly on June 30, and December 31, every year. On March 31, 2014 the amount shown as interest accrued but not due in the balance sheet will be________.
X limited is in the business of trading. It is to received Rs.$7,000$ from Vinod and to pay Rs.$8,000$ to Vinod. Similarly, it is to pay Rs.$8,000$ to Sudhir and to receive Rs.$9,000$ from Sudhir. Except above but after all the adjustment, the books of X Limited show the debtors balance at Rs.$72,000$ (Dr.) and creditors balance at Rs.$39,000(Cr.)$. The correct value of debtors and creditors to be shown in balance sheet would be___________.
Creating Reserve for Discount on Creditors is an example of __________.
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.
Making Provision for Discount on Debtors is an example of __________.
Sundry Debtors on $31^{st}$ March $2006$ 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 on debtors $@ 2\%$ the amount of provision of discount on debtors will be __________.
The manager of a firm is entitled to a commission of $10\%$ on net profit after his commission. If the net profit of the firm before charging commission is Rs. $4,40,000$. The amount of manager's commission will be.
The percentage of the commission is applied on the profit either:
1. Before charging such commission
2. After charging such commission.
The manager of the business is sometimes given the commission on _______.
From the following details,_______will be charged to profit and loss A/c as bad debts during the current year.
Provisions for bad debts A/c at the beginning of the year Rs.24,000
Actual bad debts during the year Rs.20,000
Closing balance of Debtors. Rs.80,000
Provision for bad debts to be made @5% of total debtors.
From the following details calculated the managerial commission.
Net profit before charging managerial commission Rs.65,000
Managerial commission 11% after charging such commission.
From the following details calculate the net profit after charging managerial commission if the managerial commission is 11% of net profit before charging such commission.
Net profit before charging managerial commission Rs.65,000