Question # 1

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

Retiring a bill under rebate means:

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Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

Raw material destroyed in fire represents

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capital loss

revenue loss

normal loss

both b, c

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

Interest paid on loan is

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Abnormal Loss

Financial Expenses

Management Expenses

Maintenance Expenses

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Our cheque to Ali & Bros, returned dishonored should be credited to

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Cheque account

Cash account

Bank account

Ali & Bros account

The cash book is a book of

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Compound entry

Original entry

Final entry

Simple entry

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

Bad debts are

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Deferred expenditure

Revenue expenditure

Capital expenditure

None of these

The method for preparing the final accounts in trading concerns and non-profit making organizations are

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Same

Different

Easy

Difficult

The figure of the credit purchase can be worked out.

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Total debtors account

Total creditors account

Cash book

Balance sheet

In case of retirement the amount of the general reserve any other profit is credited to all partners in.

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Sacrificing Ratios

New profit sharing ratios

Old prift sharing ratios

Gaining ratios

Single entry system contains,

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A daybook or general journal

A cash book

Ledger accounts for individual customers and creditors

All of the above

Liability of the partners in partnership is.

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Limited

Unlimited

Limited up to the extent of their capitals

Depend on the will of the partners

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

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Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

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Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

Dividend is calculated on.

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Registered capital

Issue Capital

Paid up Capital

Subscribed Capital

The person who take the initaiative in the matter of formation of a company are known as the.

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Promoters

Share holder

Director

Registered

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

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Bonus

Commission

Del creder commision

Credit commission

Equity share holders are.

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Creditors

Owners

Customers of the company

Debtors of the company

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