Class-11,Financial Statements – II
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Q1) Training fee received appearing in the Trail balance is shown *
1 point
Q2) Closing stock is not shown in *
1 point
Q3) Calculate gross profit if rate of gross profit is 20% on sale and cost of goods sold is Rs.120000 *
1 point
Q4) If the rent received in advance Rs.1000 the adjusting entry will be *
1 point
Q5) Purchases Rs.1, 00,000; opening stock Rs.12,000, closing stock, Rs. 8,000. Calculate adjusted purchases *
1 point
Q6) 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 *
1 point
Q7) 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 *
1 point
Q8) 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 *
1 point
Q9) 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 *
1 point
Q10) A new firm commenced business on 1st January 2011 and 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 still unsold was Rs.15000 (market value Rs.10000). Sales during the year were Rs.120000. What is the gross profit earned by the firm *
1 point
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