1.
In the event of abnormal loss (say, loss of goods by fire), the amount of loss debited is:
1 out of 10
2.
Following information is given in Trial Balance:
Bad Debt ₹ 3,000
Provision for Bad Debts ₹ 3,500
Debtors ₹ 40,000
Additional information:
It is desired to make a provision for doubtful debts @ of 10% on debtors. The amount debited to P & L A/c is:
2 out of 10
3.
Insurance Premium paid during the year is ₹ 10,000 and Opening Prepaid Insurance is ₹ 3,000. Insurance Expenses shown in the Profit and Loss Account will be:
3 out of 10
4.
What is the effect of overvaluing Closing Stock on the Current Year's Profit?
4 out of 10
5.
Closing Stock is valued at:
5 out of 10
6.
Goods taken by proprietor for personal use is debited to Drawings Account that includes:
6 out of 10
7.
Closing Stock is valued at Cost or Net Realisable Value (Market Value), whichever is less because of:
7 out of 10
8.
Provision for Doubtful Debts, in excess of the required provision is credited to:
8 out of 10
9.
Calculate profit after adjustments:
Net Profit before the following adjustments ₹ 1,80,000
Outstanding salary ₹ 10,000
Prepaid Insurance ₹ 13,000
9 out of 10
10.
Wages and Salaries Account is shown in:
10 out of 10
