Financial Statements Of Sole Proprietorship CBSE Questions & Answers

Insurance paid Rs. 4000(including premium of Rs.3000) per annum paid up to 30th June by what amount insurance prepaid amount should be debited

The manager is entitled to commission of 5% on profit before deducting the commission. The profit is Rs. 4100.The commission will be

Net profit before the following adjustments. Adjustments-Rs.180000, outstanding salary-Rs.13000, prepaid insurance-Rs.10000

Calculate interest on loan of Rs. 2000 taken on 1st May 2010 at 18 % If account are closed on 31st December

Calculate amount of rates , taxes and insurance to be shown on debit side of profit and loss account from the following information. Rent, taxes and insurance – Rs.2891, prepaid insurance- Rs.150, outstanding rates-Rs.35

What should be journal entry of commission earned but not received Rs. 2000

A firm spent a huge amount of Rs.200000 on advertisement to introduce a new product in the market and it is estimated that its benefit will last for 4 years. How much will be charged to Profit and Loss A/c each year for 4 consecutive years?

Stock on 31st March was valued at Rs.25000 whereas its reliable value was Rs.32000.At what price will the closing stock shown in the final accounts?

Taken interest on 1st October amounting Rs. 100000(10% interest) and interest paid till 31st March was 4000.Calclute interest outstanding on 31st March

A manager is entitled to a commission of 10% on net profit before charging such commission. Net profit before charging net commission is Rs.100000. Find out the commission payable to the manager

Manish has paid salaries of Rs.150000 for the year ended 31st March, 2012. The salaries include a sum of Rs.20000 paid in advance for the year ended 31st March 2013. Show how it would appear in the profit and loss account

Manish has paid salaries of Rs.150000 for the year ended 31st March,2012. The salaries include a sum of Rs.20000 paid in advance for the year ended 31st March 2013. Show how it would appear in the balance sheet

Calculate gross profit – Net sales Rs. 500000 and gross profit is 25% on cost

Calculate operating profit from the information given here. Net profit: Rs.100000, Gain on sale of machine: Rs.15000, Donation: Rs.2000, Rent received: Rs.10000, Interest on loan: Rs.20000

Calculate closing stock from the information given below Opening stock: Rs.36000, Net purchases: Rs.45000, Wages: Rs.7000, Sale: Rs.60000, Gross Loss: Rs.5000, Freight inward: Rs.6000