Teaching Accountancy Final Accounts Question Bank

done MCQ - Final Accounts Total Questions - 92

• question_answer1)
  Balance sheet shows
  A)
   Gross profit of financial period done clear
  B)
   Net profit of financial period done clear
  C)
   Financial position on a particular data done clear
  D)
   All real, personal and nominal accounts done clear
  View Solution play_arrow

• question_answer2)
  Which of the following is a capital expenditure?
  A)
   Carriage paid on goods purchased done clear
  B)
   Payment of compensation to a discharged employee done clear
  C)
   Cost of formation of a new company done clear
  D)
   Legal expenses incurred for abuse of trademark done clear
  View Solution play_arrow

• question_answer3)
  The financial position of a business is ascertained by preparing
  A)
   trading account done clear
  B)
   manufacturing account done clear
  C)
   Balance sheet done clear
  D)
   trial balance done clear
  View Solution play_arrow

• question_answer4)
  Which of the following is debited to Trading Account?
  A)
   Rent                                         done clear
  B)
   Wages and Salaries done clear
  C)
   Commission                              done clear
  D)
   Salaries and Wages done clear
  View Solution play_arrow

• question_answer5)
  Expenditure incurred on extension to an existing property is treated as.....
  A)
   revenue loss                              done clear
  B)
   capital profit done clear
  C)
   revenue expenditure                   done clear
  D)
   capital expenditure done clear
  View Solution play_arrow

• question_answer6)
  Sales are equal to
  A)
   Cost of goods sold + Profit done clear
  B)
   Cost of goods sold - Gross profit done clear
  C)
   Gross profit - Cost of goods sold done clear
  D)
   Cost of goods sold + Closing Stock done clear
  View Solution play_arrow

• question_answer7)
  Which one of the following is not a current asset?
  A)
   Debtors                                     done clear
  B)
   Prepaid expense done clear
  C)
   Stock                                       done clear
  D)
   Office furniture done clear
  View Solution play_arrow

• question_answer8)
  Final account is
  A)
   Ledger                                                  done clear
  B)
   Account done clear
  C)
   Statement                                             done clear
  D)
   Account and Statement done clear
  View Solution play_arrow

• question_answer9)
  The excess of debit in trading account is called
  A)
   Net loss                                    done clear
  B)
   net profit done clear
  C)
   Gross loss                                 done clear
  D)
   gross profit done clear
  View Solution play_arrow

• question_answer10)
  Total amount of liabilities side include the following
  A)
   authorised capital done clear
  B)
   issued capital done clear
  C)
   subscribed capital done clear
  D)
   paid-up capital done clear
  View Solution play_arrow

• question_answer11)
  Liability of sole trader is
  A)
   limited                                      done clear
  B)
   unlimited done clear
  C)
   undecided                                 done clear
  D)
   qualified done clear
  View Solution play_arrow

• question_answer12)
  Assets are held in the business for the purpose of
  A)
   earning revenue done clear
  B)
   resale done clear
  C)
   conversion into cash done clear
  D)
   appreciation in the value done clear
  View Solution play_arrow

• question_answer13)
  Heavy advertising to launch a new product is a
  A)
   capital expenditure done clear
  B)
   revenue expenditure done clear
  C)
   deferred revenue expenditure done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer14)
  Freight inward appearing in trial balance is shown
  A)
   on the debit side of profit and loss account done clear
  B)
   on the debit side of trading account done clear
  C)
   on the liabilities side of balance sheet done clear
  D)
   on the asset side of the balance sheet done clear
  View Solution play_arrow

• question_answer15)
  If there is any debit balance in profit and loss account, it is shown as
  A)
   a deduction from reserves done clear
  B)
   no treatment done clear
  C)
   an addition to reserves done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer16)
  Drawings are deducted from
  A)
   sales                                         done clear
  B)
   purchases done clear
  C)
   return outward                           done clear
  D)
   capital done clear
  View Solution play_arrow

• question_answer17)
  Income tax paid by Mr. A amounts to ` 3000. Its accounting treatment is
  A)
   to be credited to the profit and loss account done clear
  B)
   to be ignored altogether done clear
  C)
   to be deducted from capital done clear
  D)
   to be debited to the trading account   done clear
  View Solution play_arrow

• question_answer18)
  F’s capital on 1st January, 2002 is ` 45000 interest on drawings is ` 5000 interest on capital is ` 2000 drawings are ` 14000, profit for the year is ` 15000. His capital as on 31.12.2002 is
  A)
   ` 67000                                                done clear
  B)
   ` 47000 done clear
  C)
   ` 43000                                                done clear
  D)
   ` 69000 done clear
  View Solution play_arrow

• question_answer19)
  A trial balance as at 31st December, 2002 contains the following information 12% bank loan ` 40000, interest paid as ` 3800. Interest debited to the profit and loss account is
  A)
   ` 44000                                                done clear
  B)
   ` 5000 done clear
  C)
   ` 4800                                                 done clear
  D)
   ` 1000 done clear
  View Solution play_arrow

• question_answer20)
  Expenditure which results in acquisition of a permanent asset is a
  A)
   capital expenditure done clear
  B)
   deferred revenue expenditure done clear
  C)
   revenue expenditure done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer21)
  Subscription received in advance during the accounting year is
  A)
   an income                                             done clear
  B)
   an expense done clear
  C)
   an asset                                                done clear
  D)
   a liability done clear
  View Solution play_arrow

• question_answer22)
  Income and expenditure account shows a balance of
  A)
   cash in hand done clear
  B)
   capital account done clear
  C)
   net profit done clear
  D)
   excess of revenue over expenditure or vice-versa done clear
  View Solution play_arrow

• question_answer23)
  At the beginning of an accounting year, a club has assets worth ` 19000, liabilities ` 5000 and ` 1800 as the debit balance of the income and expenditure account. The opening capital is
  A)
   ` 18000                                    done clear
  B)
   ` 15800 done clear
  C)
   ` 11200                                    done clear
  D)
   ` 24800 done clear
  View Solution play_arrow

• question_answer24)
  Which of the following statements is not correct in relation to non-profit organisation?
  A)
   A non-profit organisation never undertakes trading activities done clear
  B)
   A public library is a non-profit seeking accounting entity done clear
  C)
   Revenue items are shown in the income and expenditure account done clear
  D)
   Donations received for construction of an auditorium by a club is to be credited to a separate building fund account done clear
  View Solution play_arrow

• question_answer25)
  If income is ` 16000 and deficit debited to capital fund is ` 4300, expenditure is
  A)
   ` 20400                                    done clear
  B)
   ` 20300 done clear
  C)
   ` 43500                                    done clear
  D)
   ` 24400 done clear
  View Solution play_arrow

• question_answer26)
  The closing balance of the receipts and payments account represents.
  A)
   closing cash in hand or cash at bank done clear
  B)
   opening cash in hand done clear
  C)
   Both  and done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer27)
  Expenditure is shown on which side of the income and expenditure account.
  A)
   Credit done clear
  B)
   Debit done clear
  C)
   Both (a) and (b) done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer28)
  Represents the excess of assets over liabilities.
  A)
   Revenue fund done clear
  B)
   Revenue expenditure done clear
  C)
   Capital fund done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer29)
  Tournament expense should be
  A)
   Posted as expenditure done clear
  B)
   Deducted from tournament fund done clear
  C)
   Recorded as deferred revenue expenditure done clear
  D)
   Recorded as capital asset done clear
  View Solution play_arrow

• question_answer30)
  Entrance fee received (to be capitalised) ` 500, capital fund ` 40100. What amount will be posted in the income and expenditure account?
  A)
   ` 500                                       done clear
  B)
   ` 40600 done clear
  C)
   ` 40100                                    done clear
  D)
   None of these done clear
  View Solution play_arrow

• question_answer31)
  If cost of goods sold is ` 1116000 and sales is these ` 1240000 then the amount of gross profit will be
  A)
   ` 130000                                  done clear
  B)
   ` 124000 done clear
  C)
   ` 240000                                  done clear
  D)
   ` 84000 done clear
  View Solution play_arrow

• question_answer32)
  What is the amount of gross profit when opening stock is ` 1200, closing stock is ` 750, sales is ` 30000, cost of goods sold is ` 22750?
  A)
   ` 6500                                     done clear
  B)
   ` 7700 done clear
  C)
   ` 7250                                     done clear
  D)
   ` 5300 done clear
  View Solution play_arrow

• question_answer33)
  What is the amount of closing stock when opening stock is ` 4500, cost of goods sold is ` 54500, purchase is ` 60000?
  A)
   ` 19000                                    done clear
  B)
   ` 9000 done clear
  C)
   ` 10000                                    done clear
  D)
   Nil done clear
  View Solution play_arrow

• question_answer34)
  What is the amount of purchase when opening stock is ` 10000, closing stock is ` 8000, sales are ` 110000 and cost of goods sold is ` 80000?
  A)
   ` 78000                                    done clear
  B)
   ` 82000 done clear
  C)
   ` 30000                                    done clear
  D)
   ` 92000 done clear
  View Solution play_arrow

• question_answer35)
  What is the amount of gross profit or loss when cost of goods sold is ` 7900, sales worth ` 11000 and purchases are ` 3000?
  A)
   ` 8000                                     done clear
  B)
   ` 3100 done clear
  C)
   ` 4900                                     done clear
  D)
   ` 100 (loss) done clear
  View Solution play_arrow

• question_answer36)
  What is the purchase amount when opening stock is ` 3500, closing stock is ` 1500 and cost of goods sold is ` 22000?
  A)
   ` 20000                                    done clear
  B)
   ` 27000 done clear
  C)
   ` 24000                                    done clear
  D)
   ` 17000 done clear
  View Solution play_arrow

• question_answer37)
  Which of the following equation is correct?
  A)
   Closing Stock + Purchases - Opening Stock - Cost of Goods Sold = Zero done clear
  B)
   Opening Stock - Closing Stock - Purchases + Cost of Goods Sold = Zero done clear
  C)
   Purchases + Opening Stock - Closing Stock - Cost of Goods Sold = Zero done clear
  D)
   Cost of Goods Sold - Closing Stock - Purchases - Opening Stock = Zero done clear
  View Solution play_arrow

• question_answer38)
  The excess of the credit side of profit and loss account would indicate 
  A)
   profit                                        done clear
  B)
   net loss done clear
  C)
   loss                                          done clear
  D)
   None of these done clear
  View Solution play_arrow

• question_answer39)
  Gross profit or gross loss is shown by
  A)
   trading account done clear
  B)
   balance sheet done clear
  C)
   profit and loss account done clear
  D)
   All of the above done clear
  View Solution play_arrow

• question_answer40)
  Net profit or net loss is shown by
  A)
   trading account done clear
  B)
   balance sheet done clear
  C)
   profit and loss account done clear
  D)
   All of the above done clear
  View Solution play_arrow

• question_answer41)
  The capital expenditure is shown in
  A)
   journal done clear
  B)
   trading account done clear
  C)
   profit and loss account done clear
  D)
   balance sheet done clear
  View Solution play_arrow

• question_answer42)
  Capital expenditure are also called
  A)
   deferred revenue expenditure done clear
  B)
   recurring expenditure done clear
  C)
   fixed expenditure done clear
  D)
   balance sheet expenditure done clear
  View Solution play_arrow

• question_answer43)
  Revenue expenditure is incurred
  A)
   to maintain the earning capacity of the business done clear
  B)
   to prevent losses done clear
  C)
   to maintain the reputation of the enterprise done clear
  D)
   for satisfying the needs of the business done clear
  View Solution play_arrow

• question_answer44)
  Capital expenditure is incurred
  A)
   to prevent unforeseen losses done clear
  B)
   to improve the earning capacity of the business done clear
  C)
   to maintain goodwill in the market done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer45)
  For an engineering concern, the expenditure on plant and machinery is a ......... expenditure, if the plant is meant for resale.
  A)
   Capital                                     done clear
  B)
   deferred revenue done clear
  C)
   Revenue                                   done clear
  D)
   None of these done clear
  View Solution play_arrow

• question_answer46)
  All the accounts pertaining to revenue and expenditure are
  A)
   Real accounts                            done clear
  B)
   nominal accounts done clear
  C)
   Personal accounts                      done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer47)
  Those business expenses which affect directly the profits for the accounting period are called
  A)
   Revenue expenditure done clear
  B)
   Capital expenditure done clear
  C)
   Deferred revenue expenditure done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer48)
  The revenue expenditure is shown in
  A)
   Profit and loss account done clear
  B)
   Trading account done clear
  C)
   Balance sheet done clear
  D)
   All of the above done clear
  View Solution play_arrow

• question_answer49)
  If a revenue expenditure is incurred during the year but paid as advance for the coming years, such expenditure is called
  A)
   Capital expenditure done clear
  B)
   Revenue expenditure done clear
  C)
   Deferred revenue expenditure done clear
  D)
   All of the above done clear
  View Solution play_arrow

• question_answer50)
  'Conversion into cash of any asset except stock' is a
  A)
   revenue receipt                          done clear
  B)
   capital receipt done clear
  C)
   recurring receipt                         done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer51)
  'Amount from sale of goods' is an example of
  A)
   revenue receipt                          done clear
  B)
   capital receipt done clear
  C)
   recurring receipt                         done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer52)
  The revenue loss is usually accounted for in the
  A)
   previous year’s profit and loss account done clear
  B)
   current year’s profit and loss account done clear
  C)
   current year’s balance sheet done clear
  D)
   All of the above done clear
  View Solution play_arrow

• question_answer53)
  Opening stock is added to the
  A)
   sales                                         done clear
  B)
   freight done clear
  C)
   sales return                                done clear
  D)
   purchase done clear
  View Solution play_arrow

• question_answer54)
  Closing stock is added to the
  A)
   purchase                                   done clear
  B)
   freight done clear
  C)
   sales                                         done clear
  D)
   opening stock done clear
  View Solution play_arrow

• question_answer55)
  The business man purchased goods for ` 2000 but at present, its market value is ` 2500. It will be valued at
  A)
   ` 2000                                     done clear
  B)
   ` 4500 done clear
  C)
   ` 2500                                     done clear
  D)
   ` 500 done clear
  View Solution play_arrow

• question_answer56)
  Wages is shown on the .......... side of the trading account.
  A)
   Debit                                        done clear
  B)
   credit done clear
  C)
   None of these                            done clear
  D)
   All of these done clear
  View Solution play_arrow

• question_answer57)
  If the expense is recorded as 'wages and salaries', it will go to
  A)
   balance sheet done clear
  B)
   Trading account done clear
  C)
   Profit and loss account done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer58)
  If the expense is recorded as 'salaries and wages', it will go to
  A)
   balance sheet done clear
  B)
   trading account done clear
  C)
   profit and loss account done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer59)
  The debit side of the profit and loss account shows
  A)
   expenses and losses                    done clear
  B)
   incomes done clear
  C)
   losses                                       done clear
  D)
   profits done clear
  View Solution play_arrow

• question_answer60)
  Direct expenses are debited to
  A)
   balance sheet done clear
  B)
   trading account done clear
  C)
   profit and loss account done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer61)
  Bad debt is shown on the debit side of the
  A)
   balance sheet done clear
  B)
   trading account done clear
  C)
   profit and loss account done clear
  D)
   None of the above       done clear
  View Solution play_arrow

• question_answer62)
    If discount allowed appears in the trial balance, it will be shown at the debit side of
  A)
   profit and loss account done clear
  B)
   trading account done clear
  C)
   balance sheet done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer63)
  Outstanding wages account is shown in the balance sheet on the ......... side.
  A)
   Assets                                       done clear
  B)
   liabilities done clear
  C)
   Both  and                                 done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer64)
  Goodwill is
  A)
   Floating asset                            done clear
  B)
   wasting asset done clear
  C)
   Fictitious asset                           done clear
  D)
   intangible asset done clear
  View Solution play_arrow

• question_answer65)
  Calculate gross profit if it is 20% on sales and cost of goods is ` 150000
  A)
   ` 24000                                    done clear
  B)
   ` 37500 done clear
  C)
   ` 20000                                    done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer66)
  Receipts and payments account records receipts and payments of
  A)
   Capital nature only done clear
  B)
   revenue nature only done clear
  C)
   capital and revenue nature both done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer67)
  Non-trading institutions prepare
  A)
   Profit and Loss Account done clear
  B)
   Manufacturing Account done clear
  C)
   Income and Expenditure Account done clear
  D)
   All of the above done clear
  View Solution play_arrow

• question_answer68)
  Receipt and payment account is
  A)
   a nominal account done clear
  B)
   a real account done clear
  C)
   a personal account done clear
  D)
   a statement done clear
  View Solution play_arrow

• question_answer69)
  Income and Expenditure account includes figures related to
  A)
   Previous year                            done clear
  B)
   Current year done clear
  C)
   future year                                done clear
  D)
   All of these done clear
  View Solution play_arrow

• question_answer70)
  Non-profit organisations prepare all of the following accounts except the
  A)
   income and expenditure account done clear
  B)
   receipt and payment account done clear
  C)
   balance sheet done clear
  D)
   income statement done clear
  View Solution play_arrow

• question_answer71)
  The receipt and payment account is ...... account
  A)
   nominal                                    done clear
  B)
   real done clear
  C)
   personal                                    done clear
  D)
   None of these done clear
  View Solution play_arrow

• question_answer72)
  Final accounts of not-for-profit organisation includes
  A)
   receipt and payment account done clear
  B)
   trading and profit and loss account done clear
  C)
   income and expenditure account done clear
  D)
   Both (1) and (3) done clear
  View Solution play_arrow

• question_answer73)
  Receipt and payment account is a summary of
  A)
   income and expenses done clear
  B)
   cash receipts and payments done clear
  C)
   balances of various ledger accounts done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer74)
  The income and expenditure account reveals
  A)
   surplus or deficiency                   done clear
  B)
   cash in hand done clear
  C)
   capital fund                               done clear
  D)
   Both (1) and (2) done clear
  View Solution play_arrow

• question_answer75)
  "The surplus of non-profit organisations are distributed among members". The above statement is
  A)
   False                                        done clear
  B)
   True done clear
  C)
   Partly true                                 done clear
  D)
   Partly false done clear
  View Solution play_arrow

• question_answer76)
  An amount or property received 'by a non-profit organisation as stated by the will of a deceased person is commonly referred to as
  A)
   endownment                             done clear
  B)
   honorarium done clear
  C)
   legacy                                      done clear
  D)
   donation done clear
  View Solution play_arrow

• question_answer77)
  Credit balance in the income and expenditure account indicates excess of...........over..........
  A)
   expenditure, income done clear
  B)
   cash income, cash expenses done clear
  C)
   income, expenditure done clear
  D)
   cash expenses, cash income done clear
  View Solution play_arrow

• question_answer78)
  Excess of income over expenditure is ......... capital fund in the balance sheet.
  A)
   added to                                   done clear
  B)
   deducted from done clear
  C)
   not added to                             done clear
  D)
   not deducted from done clear
  View Solution play_arrow

• question_answer79)
  Expenditure of Get Well hospital is ` 2, 50,000 and surplus credited to capital fund is ` 80,000. Income of the hospital is
  A)
   ` 330000                                  done clear
  B)
   ` 170000 done clear
  C)
   ` 250000                                  done clear
  D)
   None of these done clear
  View Solution play_arrow

• question_answer80)
  Which of the following accounts will not be prepared by a non-profit organisation?
  A)
   Income arid expenditure account done clear
  B)
   Receipt and payment account done clear
  C)
   Trading and profit & loss account done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer81)
  Capital fund of non-profit organisations represents
  A)
   excess of expenditure over income done clear
  B)
   excess of income over expenditure done clear
  C)
   equality between income and expenditure done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer82)
  Receipts and payments account does not show
  A)
   rent paid during the year done clear
  B)
   rent received during the year done clear
  C)
   outstanding rent done clear
  D)
   prepaid rent done clear
  View Solution play_arrow

• question_answer83)
  Income and expenditure account is prepared by
  A)
   a partnership film done clear
  B)
   a bank done clear
  C)
   a trading concern done clear
  D)
   a non-trading concern done clear
  View Solution play_arrow

• question_answer84)
  Match the following

  List I		List II
  A.	Finished goods	1.	Are in the process of production
  B.	Work -in-progress	2.	To be consumed in the production process
  C.	Raw material	3.	Held for sale in ordinary course of business

  Codes
  A)
           A\[\to \]3, B\[\to \]2, C\[\to \]1  done clear
  B)
   A\[\to \]3, B\[\to \]1, C\[\to \]2 done clear
  C)
   A\[\to \]2, B\[\to \]3, C\[\to \]1 done clear
  D)
   A\[\to \]2, B\[\to \]1, C\[\to \]3 done clear
  View Solution play_arrow

• question_answer85)
  Match the following

  List I		List II
  A.	Final accounts are prepared after  preparation of	1.	Land
  B.	Trading account and profit and loss are statements.	2.	Trial Balance
  C.	is  a tangible fixed assets	3.	Balance Sheet
  D.	Suspense account appearing in trial balance is shown in	4.	Periodic

  Codes
  A)
           A\[\to \]2, B\[\to \]4, C\[\to \]1, D\[\to \]3 done clear
  B)
   A\[\to \]1, B\[\to \]2, C\[\to \]3, D\[\to \]3 done clear
  C)
   A\[\to \]4, B\[\to \]3, C\[\to \]1, D\[\to \]3 done clear
  D)
   A\[\to \]1, B\[\to \]1, C\[\to \]2, D\[\to \]3 done clear
  View Solution play_arrow

• question_answer86)

  	(`)
  Opening stock	5000
  Purchase	15000
  Direct expenses	2000
  Closing stock	2500

  A)
   ` 20000                                    done clear
  B)
   ` 19500 done clear
  C)
   ` 21500                                    done clear
  D)
   ` 22000 done clear
  View Solution play_arrow

• question_answer87)

  	(`)
  Opening stock	15000
  Purchase	60000
  Wages	46000
  Fuel	15000
  Sale	145000

  The balance in books of X, a sole proprietor were Closing Stock ` 26,000 whose net realisable value was ` 28,000. Find the gross profit.
  A)
                                   ` 35,000                                   done clear
  B)
   ` 42,500 done clear
  C)
   ` 54,500                                   done clear
  D)
   ` 57,000 done clear
  View Solution play_arrow

• question_answer88)
  If closing stock appears in the trial balance then it appears in
  A)
   Trading account done clear
  B)
   Profit and loss account done clear
  C)
   Balance sheet done clear
  D)
   Profit and loss appropriation done clear
  View Solution play_arrow

• question_answer89)
  Sales =.........+ Gross Profit
  A)
   Purchase                                   done clear
  B)
   Opening stock done clear
  C)
   Cost of goods sold                      done clear
  D)
   None of the above done clear
  View Solution play_arrow

• question_answer90)
  A person started a business with capital of ` 50000 and he takes loan from his relative ` 5000. Profit for the year is ` 20000 and drawings ` 4000. What will be the amount of closing capital?
  A)
   ` 60000                                    done clear
  B)
   ` 51000 done clear
  C)
   ` 56000                                    done clear
  D)
   ` 66000 done clear
  View Solution play_arrow

• question_answer91)
  Cost of goods sold = ` 2000000, Gross Profit = 20% on sales. Calculate the amount of Sales.
  A)
                                   ` 1825000                                done clear
  B)
   ` 2500000 done clear
  C)
   ` 2400000                                done clear
  D)
   ` 3000000 done clear
  View Solution play_arrow

• question_answer92)
  Calculate the value of closing stock from the following

  Particular	Amount (`)
  Opening stock	60000
  Purchase	90000
  Sales	120000
  Gross Profit on Cost	33 1/3%

  Due to fire stock costing ` 25000 destroyed and insurance claim was accepted for ` 8000.
  A)
                                   ` 40000                                    done clear
  B)
   ` 35000 done clear
  C)
   ` 55000                                    done clear
  D)
   ` 60000 done clear
  View Solution play_arrow