Financial Statements Of Sole Proprietorship CBSE Questions & Answers

Financial Statements Of Sole Proprietorship

This is Accountancy Class 11 Financial Statements of Sole Proprietorship CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

Training fee received appearing in the Trail balance is shown

A
On the credit side of the Profit and loss account
Correct
B
On the Credit side of the Trading account
C
On the credit side of the Profit and loss account
D
On the debit side of the Trading account

On which side of the Balance sheet the prepaid expenses shows

A
Assets side
Correct
B
Liabilities side
C
None of these
D
Outside the balance sheet

Closing stock is not shown in

A
Trading Account
B
Profit and Loss Account
Correct
C
None of these
D
Balance sheet

Calculate gross profit if rate of gross profit is 20% on sale or cost of goods sold is Rs.120000

A
Rs.25000
B
Rs.30000
Correct
C
Rs.12000
D
Rs.35000

If the rent received in advance Rs.1000 the adjusting entry will be

A
Cr. Rent A/c and Dr. Rent Received in advance A/c
B
Dr. Profit and Loss c and Cr. Rent Received in advance A/c
C
Dr. Rent A/c and Cr. Profit and Loss A/c
D
Dr. Rent A/c and Cr. Rent Received in advance A/c
Correct

Purchases Rs.1, 00,000; opening stock Rs.12,000, closing stock, Rs. 8,000. Calculate adjusted purchases

A
Rs.104000
Correct
B
Rs.112400
C
Rs.124000
D
Rs.94000

Stock as on 01.04.2010 Rs.10,000; Sales Rs.2, 00,000; Purchases Rs.1, 45,000; carriage inwards Rs.4,000; clearing charges Rs.5,000; sales returns Rs.1,500; purchases return Rs.2, 000; carriage outward Rs. 2,500; stock as on 31.03.2011 Rs. 15,000. Calculate cost of goods sold

A
Rs.157000
B
Rs.50000
C
Rs.51000
D
Rs.147000
Correct

Stock as on 01.04.2010 Rs. 10,000; Sales Rs. 2,00,000; Purchases Rs. 1,45,000; carriage inwards Rs. 4,000; clearing charges Rs. 5,000; sales returns Rs. 1,500; purchases return Rs.2,000; carriage outward Rs. 2,500; stock as on 31.03.2011 Rs. 15,000. Calculate gross profit

A
Rs.147000
B
Rs.15000
C
Rs.143000
D
Rs.51000
Correct

Calculate cost of goods sold : Opening stock Rs.2,00,000; purchases Rs. 3,50,000; closing stock Rs.1,20,000; Wages Rs.2,500; freight Rs.4,500; carriage outward Rs.5,500; trade expenses Rs. 2,500

A
Rs.427000
B
Rs.437000
Correct
C
Rs.465000
D
Rs.471000

Opening stock Rs.2,00,000; purchases Rs. 3,50,000; closing stock Rs.1,20,000; Wages Rs.2,500; freight Rs.4,500; carriage outward Rs. 5,500; trade expenses Rs. 2,500. The percentage of gross profit on sales is 20%. Calculate gross profit

A
Rs.348900
B
Rs.546250
Correct
C
Rs.546350
D
Rs.546520

Calculate the amount of purchase from the following information. Purchase: Rs.280000, Return outward: Rs.5000, goods distributed as free sample: Rs.2000, goods costing Rs.1500 taken over by owner

A
Rs.271500
Correct
B
Rs.273000
C
Rs.269500
D
Rs.27000

If the rate of gross profit is 25% on cost by goods sold and the sales are Rs.200000, the amount of profit will be _______.

A
Rs.40000
Correct
B
Rs.45000
C
Rs.50000
D
Rs.65000

73. The manager is entitled to commission of 2% on profits before charging such commission. The profit is Rs. 6000 therefore the commission would be

A
Rs.150
B
Rs.250
C
Rs.120
Correct
D
Rs.200

A new firm commenced business on 1st January 2011and purchased goods costing Rs.90000 during the year. A sum of Rs.6000 was spent on freight inward. At the end of the year the cost of goods will still unsold was Rs.15000 (mark value Rs.1000). Sales during the year were Rs.120000. What is the gross profit earned by the firm

A
Rs.30000
B
Rs.36000
Correct
C
Rs.42000
D
Rs.39000

Insurance paid Rs. 4000(including premium of Rs. 3000) per annum paid up to 30th June what will be the adjusting closing entry on 31st March

A
B
Correct
C
D