Final Accounts of Sole Proprietors - I Book Back Questions

11th Standard

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Accountancy

Time : 00:45:00 Hrs
Total Marks : 30
    5 x 1 = 5
  1. Closing stock is an item of ___________.

    (a)

    Fixed asset

    (b)

    Current asset

    (c)

    Fictitious asset

    (d)

    Intangible asset

  2. Balance sheet shows ____________ the of the business.

    (a)

    Profitability

    (b)

    Financial position

    (c)

    Sales

    (d)

    Purchases

  3. Salaries appearing in the trial balance is shown on the

    (a)

    Debit side of trading account

    (b)

    Debit side of profit and loss account

    (c)

    Liabilities side of the balance sheet

    (d)

    Assets side of the balance sheet

  4. Current assets does not include

    (a)

    Cash

    (b)

    Stock

    (c)

    Furniture

    (d)

    Prepaid expenses

  5. Goodwill is classified as

    (a)

    A current asset

    (b)

    A liquid asset

    (c)

    A tangible asset

    (d)

    An intangible asset

  6. 3 x 2 = 6
  7. Write a note on trading account.

  8. What are wasting assets?

  9. What are fixed assets?

  10. 3 x 3 = 9
  11. “Balance sheet is not an account”- Explain.

  12. What are the advantages of preparing a balance sheet?

  13. What is meant by grouping and marshalling of assets and liabilities?

  14. 2 x 5 = 10
  15. 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
  16. 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

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