Bissoy
Login
Get Advice on Live Video Call
Earn $ Cash $ with
consultations on Bissoy App
Stock of stationery on 1<sup>st</sup> January 1991- Rs. 300, creditors for stationery on 31<sup>st</sup> December 1991- Rs. 130, payment for stationery during 1991- Rs. 1,080, stock of stationary on 31<sup>st</sup> December 1991- Rs. 50. What amount on account of stationery will be posted to income and expenditure A/c:
A
Rs. 1,080
B
Rs. 1,510
C
Rs. 1,330
D
Rs. 1460
Correct Answer:
Rs. 1460
The stock of stationary on 1
st
January 2002 is Rs. 300, payment for stationary during the year is 2002 Rs. 1,080 and stock of stationary on 31
st
December 2002 is Rs. 50. What will be the amount shown in income and expenditure account for the year ending 31
st
December, 2002?
A
Rs. 1,330
B
Rs. 830
C
Rs. 1,080
D
Rs. 1,380
Raw material purchased:
1
st
January, 600 units @ Rs. 12 per unit
12
th
January, 500 units @ Rs. 14 per unit
21
st
January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3
rd
January 300 units
5
th
January 124 units
15
th
January 250 units
16
th
January 300 units
Raw material returned to stores from manufacturing department on 14
th
January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21
st
January will be:
A
5,775
B
6,100
C
6,350
D
6,600
Subscriptions outstanding 31
st
December, 1993 Rs. 200
Subscriptions received in advance in year 1993:
1994 ⇔ 300
1995 ⇔ 100
Total subscriptions received during 1994 Rs. 5,800
Subscriptions outstanding on 31
st
December, 1994:
1993 ⇔ 50
1994 ⇔ 250
Subscriptions received in advance in 1994:
1995 ⇔ 350
1996 ⇔ 150
Subscriptions to be shown in Income and Expenditure Account for the year ended 31
st
December, 1994 is:
A
Rs. 5,600
B
Rs. 5,700
C
Rs. 5,800
D
Rs. 5,900
Subscription recieved in 2009 is
For the year 2008 ⇔ Rs. 1,300
For the year 2009 ⇔ Rs. 10,000
For the year 2010 ⇔ Rs. 1,200
Subscription outstanding on 31
st
December, 2009 ⇔ Rs. 700.
The amount of subscription to be posted to Income and Expenditure account of 2009 will be
A
Rs. 10,000
B
Rs. 12,500
C
Rs. 13,200
D
Rs. 10,700
Stock Rs. 14,000; Debtors Rs. 20,000: Creditors Rs. 20,000; Credit balance of profit and loss account at the beginning of the year Rs. 18,000; administration and selling expenses Rs. 20,000; 10% dividend on equity capital Rs. 3,000.
The following ratios are also given:
Stock turnover: 5 times
Current ratio 2 : 1
Debtors collection period: 73 days
Outstanding expenses: 15% of creditors
Ratio of net profit after tax to net tangible assets is 1: 10
Rate of Income tax: 5%
Ratio of fixed assets to paid up capital is 9: 10.
The total assets of the firm are:
A
Rs. 70,000
B
Rs. 73,000
C
Rs. 75,000
D
Rs. 78,000
On 1
st
January, 1996 the stock was valued at Rs. 7,000. During January the purchases of the stock amounted to Rs. 23,000 and the cost of sales during the same period amounted to Rs. 21,000. What had been the value of the stock on 31
st
January, 1996:
A
Rs. 7,000
B
Rs. 5,000
C
Rs. 2,000
D
Rs. 9,000
Subscription to Newspapers and Periodicals - Rs. 350.00
Sale proceeds of old Newspapers - Rs. 60.00
What amount is posted on the expenditure side of the income and Expenditure Account:
A
Rs. 350.00
B
Rs. 200.00
C
Rs. 410.00
D
Rs. 60.00
"Calculate the value of closing stock from the following according to FIFO method:
1st January, 20XX: Opening balance: 50 units @ Rs 4
Receipts:
5th January, 20XX: 100 units @ Rs 5
12th January, 20XX: 200 units @ Rs 4.50
Issues:
2nd January, 20XX: 30 units
18th January, 20XX: 150 units"
A
Rs. 765
B
Rs. 805
C
Rs. 786
D
Rs. 700
"Calculate the value of closing stock from the following according to LIFO method:
1st January, 20XX: Opening balance: 50 units @ Rs 4
Receipts:
5th January, 20XX: 100 units @ Rs 5
12th January, 20XX: 200 units @ Rs 4.50
Issues:
2nd January, 20XX: 30 units
18th January, 20XX: 150 units"
A
Rs. 765
B
Rs. 805
C
Rs. 786
D
Rs. 700
"Calculate the value of closing stock from the following according to Weighted Average method:
1st January, 20XX: Opening balance: 50 units @ Rs 4
Receipts:
5th January, 20XX: 100 units @ Rs 5
12th January, 20XX: 200 units @ Rs 450
Issues:
2nd January, 20XX: 30 units
18th January, 20XX: 150 units"
A
Rs. 765
B
Rs. 805
C
Rs. 786
D
Rs. 700