Final Accounts
| Description: CPT - 6 | |
| Number of Questions: 23 | |
| Created by: Ashok Pandey | |
| Tags: CPT - 6 Final Accounts Inventories Accounting Process |
A decrease in the provision for doubtful debts would result in
Trading Account is prepared to ascertain
If the closing stock is zero, it means
Closing stock of work in progress Rs. 30, 000, cost of manufactured goods Rs. 1, 00, 000, opening stock of finished goods Rs. 20, 000, closing stock of finished goods Rs. 25, 000. The manufacturing cost of finished goods sold is
Prepaid expenses are shown
Provision for doubtful debts is
Sundry debtors of Mr. R amounts to Rs. 25, 000 and additional bad debts, not recorded Rs. 3, 000. R provides for doubtful debts @ 2% and for discount @ 1%. The amount of net debtors to be shown in the balance sheet will be
Under - statement of closing work in progress in the period will
Prepaid insurance appearing in the Trial Balance is shown
Under the liquidity approach
Opening stock Rs. 1, 00, 000, sales Rs. 5, 00, 000, gross profit @ 25% on sales, purchases Rs. 5, 00, 000. The closing stock is
Opening stock of raw materials Rs. 1, 00, 000. closing stock of materials Rs. 2, 00, 000, purchases Rs. 3, 00, 000, carriage inward Rs. 10, 000, freight outward Rs. 5, 000. Purchase returns Rs. 20, 000, the cost of raw aterials consumed is
C's Trial Balance provides you the following information: Bad debts Rs. 800, Provisions for doubtful debts Rs. 2, 000. It is desired to maintain a Provision for doubtful debts of Rs. 1, 000. The accounting treatment of these adjustments is
Goodwill is
Cost of goods sold Rs. 6, 69, 600, sales Rs. 7, 44, 000, closing stock Rs. 50, 400.The gross profit for the year ending on 31st March 20X2 is
How is abnormal loss treated in the balance sheet?
The trial balance of M/s R Ltd. shows closing stock of Rs. 5, 00, 000. It will be recorded in
A Company wishes to earn 20% profit margin on selling price. Which of the following is the profit mark up on cost, which will achieve the required profit margin?
Which of the following is non-current liability?
Calculate capital, if total assets are Rs. 1, 50, 000, creditors for goods are Rs. 90, 000 and creditors for expenses are Rs. 15, 000.
How will discount allowed be treated, if it appears in the trial balance and provision for discount on debtors accounts appears?
How will discount received be treated if it appears in the trial balance and no reserve for discount on creditors account appears?
In the case of balance sheet, 'Marshalling' means