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11th Accountancy Monthly Test - 1 ( Final accounts of sole proprietorship - I )

MABS Institution

11th Accountancy Monthly Test - 1 ( Final accounts of sole proprietorship - I )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

_________account enables the trader to find out gross profit or Voss.

Trading Account
Profit and loss Account
Balance sheet
Trial balance

Sales - Gross Profit = ________

Sales
Cost of goods sold
Gross profit
Gross loss

____________ account is prepared to find out the difference between the revenue from sales and cost of goods sold.

Trading
Profit and Loss
Balance
Statement of affairs

Current assets does not include

Cash
Stock
Furniture
Prepaid expenses

These are the assets which get exhausted gradually in the process of excavation.

Wasting assets
Nominal assets
Liquid assets
Current assets

_________account enables the trader to find out Net profit or loss.

Trading Account
Profit and loss Account
Balance sheet
Trial balance

____________ are assets.of a' relatively permanent nature used in the operations of business and not intended for sale

Fixed Assets
Current Assets
Tangible Assets
Intangible Assets

Wages is an example of

Capital expenses
Indirect expenses
Direct expenses
Revenue expenses

______________ is a statement which gives the position of assets and Iiabilities on a particular date.

Financial
Balance Sheet
Trial Balance
None of these

Marshaling can be made in one of the _________ ways.

three
two
four
five

Part - B

Generic 2 - Answer All Question

Definition of profit and loss account.

Definition of trading account.

Is it. true that profit and loss account is a point statement whereas a balance sheet is a period statement?

Godre] Ltd. imported from Germany one machinery for sale in India and another machinery for production purpose? Will you treat them 'as goods or fixed assets?
What do you mean by direct expenses?

What are the objectives of preparing trading account?

What is meant by purchases returns?

Prepare a trading account of Mr. Velufrom the following figures:

Particulars Rs. Particulars Rs.

Opening Stock 500 Sales 3,600

Purchases 2,500 Closing stock 300

Definition of Balance Sheet.

Is it true that Profit and loss account shows the financial positi~n of the enterprise?

Part - C

Generic 3 - Answer All Question

What is meant by gross profit and net profit?

What are the classification of assets? (any five)

Prepare profit and loss account in the books of Kirubavathi for the year ended 31st December, 2016 from the following information:

Particulars Rs Particulars Rs

  Gross Profit   12,500   Interest received   100

  Discount allowed 60   Carriage outwards 100

  Rent 500

Opening stock Rs. 30,000, Purchases Rs. 54,600, Expenses Rs. 6,000, Sales Rs.90,000, Expenses on sales Rs. 3,000, Closing stock Rs. 36,000. Calculate Cost of goods sold and Gross profit.

What are the need for preparation of trading account?
Explain the types. of liabilities.

Find out the amount of sales from the following information:

Particulars Rs Particulars Rs

Opening stock 30,000 Closing stock 20,000

Purchases less returns 2,00,000 Gross profit margin (on sales) 30%

The following are some of the balances extracted from the ledger of Mr. Kalyana Sundaram as on 31^st December 2016. Prepare a trading account.

Particulars Debit
Rs. Credit
Rs.

Stock 1.1.2016 12,500

Purchases 1,00,000

Sales 1,50,000

Return outwards 5,000

Return inwards 10,000

Salaries 4,400

Wages .7,500

Rent 2,750

Carriage inwards 2,500

Carriage outwards 750

Power, coal, gas 1,000

Stock on 31.12.20l6 was valued at Rs.14,000

Prepare trading account for the year ended 31^st December 2017, from the following balances:

Particulars Rs   Particulars RS

  Opening stock 4,00,000   Purchases returns    1,20,000

  Purchases 20,00,000   Carriage on purchases    2,00,000

  Net sales 48,00,000   Carriage on sales 1,00,000

  Freight and octroi    65,000   Advertisement 1,20,000

  Selling expenses 1,10,000   Office rent 75,000

  Coal, gas and water    22,000   Import duty on goods purchased 7,28,000

Closing stock is valued at Rs. 6, 00,000.

Compute cost of goods sold from the following information:

Particulars Rs Particulars Rs

  Opening stock 10,000   Indirect expenses   5,000

  Purchases 80,000   Closing stock 15,000

  Direct expenses 7,000

Part - D

Generic 5 - Answer All Question

From the following details, prepare profit and loss account.

Particulars Rs Particulars Rs

  Gross profit 50,000   Interest received 2,000

  Office rent 10,000   Discount received 3,000

  Depreciation on office assets   8,000   Carriage outwards    2,500

  Discount allowed 12,000   Insurance on office building 3,500

  Advertisement 4,000   General expenses 3,000

  Audit fees 1,000   Freight inwards 1,000

From the following balances of Mis. Nillu Sarees as on 31^st March, 2016. Prepare trading and profit and loss account and balance sheet as on date.

Particulars Rs. Particulars Rs.

Opening stock 10,000 Sales 2,28,000

Purchases 78,000 Capital 10,000

Carriage inwards 2,500 Interest 7,000

Salaries 30,000 Commission 8,000

Commission 10,000 Creditors 28,000

Wages 11,000 Bills payable 2,370

Rent and Taxes 2,800 Bank overdraft 21,330

Repair 5,000

Telephone expenses 1,400

Legal charges 1,500

Sundry expenses 2,500

Cash in hand 12,000

Debtors 30,000

Machinery 60,000

Investments 90,000

Drawings 18,000

Closing Stock as on 3^st March, 2016 Rs.22,000.

From the following balances extracted from the books of a trader, ascertain gross profit and net profit for the year ended March 31, 2017.

Particulars Rs Particulars Rs

  Sales 72,500   Purchases 32,250

  Opening stock 7,600   Sales returns 1,250

  Purchases returns 250   Rent 300

  Stationery and printing (office) 250   Salaries 3,000

  Miscellaneous expenses 200   Travelling expenses (on sales) 1,800

  Advertisement 500   Commission paid 150

  General expenses 2,500   Office Expenses 1,600

  Dividend received 2,500   Wages 2,600

  Loss on sale of old furniture   300   Profit on sale of investments 500

From the following balances obtained from the books of Mr. Ganesh, prepare trading and profit and loss account.

Particulars Rs Particulars Rs

  Stock on 01.01.2017   8,000   Bad debts 1,200

  Purchases for the year 22,000   Trade expenses 1,200

  Sales for the year 42,000   Discount allowed 600

  Expenses on purchases    2,500   Commission allowed 1,100

  Financial charges paid 3,500   Selling expenses 600

  Expenses on sale 1,000   Repairs on office vehicles   600

Closing stock on December 31.12.2017 was Rs. 4,500.

From the following information, prepare trading account for the year ending 31st December 2017.

Particulars Rs Particulars Rs

  Opening stock 50,000   Dock charges on purchases 4,000

  Cost of goods manufactured 12,000   Import duty on purchases 3,500

  Cash purchases 60,000   Wages 11,000

  Cash sales 85,000   Sales returns 3,000

  Purchases returns 2,000   Credit purchases 35,000

  Carriage inwards 4,000   Credit sales 60,000

  Freight outwards 3,000   Other direct expenses 7,000

  Coal and fuel 2,500

Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as on March 31, 2018.

Debit Balances Rs Credit Balances Rs

  Stock 10,000   Sales 1,22,500

  Cash 2,500   Creditors 5,000

  Bank 5,000   Bills payable 2,000

  Freight inwards    750   Capital 1,00,000

  Purchases 95,000

  Drawings 4,500

  Wages 27,500

  Machinery 50,000

  Debtors 13,500

  Postage (office) 150

  Sundry expenses    850

  Rent paid 2,500

  Furniture 17,250

2,29,500 2,29,500

Closing stock (31st March, 2018) Rs. 8,000.

From the Trial balance, given by Saif, prepare final accounts for the year ended 31st March 2018 in his books.

Debit Balances Rs Credit Balances Rs

  Land 40,000   Purchases returns    15,000

  Opening stock 40,000   Bill payable 7,000

  Machinery 66,000   Capital 1,50,000

  Purchases 1,30,000   Sales 2,20,000

  Wages 35,000   Creditors 60,000

  Interest paid 13,000

  Cash 2,300

  Debtors 80,000

  Bill receivable 15,000

  Office rent paid 12,700

  Furniture 3,000

  Drawings 5,000

  Sales returns 10,000

4,52,000 4,52,000

Closing stock (31-12-2017) Rs. 14,500.

From the following information, prepare profit and loss account for the year ending 31st December 2016.

Particulars Rs Particulars Rs

  Gross loss 60,000   Printing and stationery (office)   2,000

  Promotional expenses 5,000   Legal charges 5,000

  Distribution expenses    15,000   Bad debts 1,000

  Commission paid 7,000   Depreciation 2,000

  Interest on loan paid 5,000   Rent received 4,000

  Packing charges (on sales) 4,000   Loss by fire not covered by insurance 3,000

  Dividend received 3,000

From the following particulars, prepare profit and loss account for the year ended 31st December 2017.

Particulars Rs Particulars Rs

  Gross profit 21,05,000   Discount allowed   30,000

  Trade expenses 20,000   Office lighting 19,800

  Carriage on sales    1,00,000   Commission received 14,400

  Office salaries 2,38,000   Interest on loan 22,000

  Postage (office) 2,200   Stationery (office) 14,000

Legal charges 4,000   Export duty (on sales) 23,000

  Audit fees 16,000   Miscellaneous receipts    5,000

  Donation given 11,000   Travelling expenses related to sales 66,000

  Sundry expenses 3,600   Selling expenses 53,200

From the following trial balance of Sharan, prepare trading and profit and loss account for the year ending 31st December 2017 and balance sheet as on that date. The closing stock on 31st December 2017 was valued at Rs 2,50,000.

Debit Balances Rs Credit Balances Rs

  Stock (1-1-2017) 2,00,000   Sundry creditors 12,000

  Purchases 7,50,000   Purchases returns    30,000

  Carriage inwards 75,000   Sales 10,20,000

  Wages 3,65,000   Commission received 53,000

  Salaries 1,20,000   Capital 33,00,000

  Repairs 12,000

  Rent and taxes 2,80,000

  Cash in hand 97,000

  Land 21,50,000

  Drawings 1,66,000

  Bank deposits 2,00,000

44,15,000 44,15,000

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