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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 2 Mark Questions with Solution Part - II Question Bank Software Jun-08 , 2021

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11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 2 Mark Questions with Solution Part - II

11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Book Back 2 Mark Questions with Solution Part - II

11th Standard

    Reg.No. :
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Accountancy

Time : 00:30:00 Hrs
Total Marks : 10

    Part I

    5 x 2 = 10

  1. Compute cost of goods sold from the following information:

     Particulars     Rs 
      Opening stock           8,000
      Purchases 60,000
      Direct expenses 5,000
      Indirect expenses      6,000
      Closing stock 9,000

  2. What are wasting assets?

  3. What is meant by purchases returns?

  4. Mention any two differences between trial balance and balance sheet.

  5. What is the need for preparing profit and loss account?

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