AE for Sale of Goods

Q.

Calculate closing stock and cost of goods sold. Opening stock Rs. 5, 000 ; sales Rs. 16, 000; carriage inwards Rs. 1, 000, sales return Rs. 1, 000; gross profit Rs. 6, 000; purchases Rs. 10, 000; purchases return Rs. 900.

Q.

Money value of business reputation is called ________.

Q.

Is sales return an expense?

Q.

Cash received for services rendered will increase ___

1. Liabilities & Capital

2. Assets, Liabilities & Capital

3. Assets & Liabilities

4. Assets & Capital

Q. A potato seller purchased 80kg of potatoes from whole saler. During his retail sales 5kg of potatoes got rotten and were thrown out. At what rate per kg should be sell the remaining potatoes so as earn a profit of 10%on the whole?

Q. Capital = Rs. 1, 20, 000, Drawings = Rs. 10, 000, Net profit = Rs. 10, 000.
Net capital will be ______, which is shown in the balance sheet.

1. Rs. 90, 000

2. Rs. 1, 00, 000

3. Rs. 1, 10, 000
4. Rs. 1, 20, 000

Q.

How to calculate fixed assets from the balance sheet?

Q.

Show the accounting equation on the basis of the following transactions.

1. Rajkumar started business with cash Rs 30, 000.
2. Purchased goods for cash Rs 1, 000.
3. Paid salary Rs 400.
4. Paid rent in advance Rs 2, 000.
5. Charged depreciation Rs 300 on Furniture and Rs 500 on Machinery.

Q. Goods worth Rs.10, 000 are sold for Rs.14, 000. The value of capital will by .

1. increase
2. decrease
3. Rs.4, 000
4. Rs.14, 000

Q.

How to find gross fixed assets?

Q.

What are the transactions involved in selling goods for cash?

1. Selling of goods on credit

2. Selling of goods

3. Both A & B

4. None of these

Q. When goods are consumed, the value of capital will in the accounting equation.

1. increase
2. not change
3. decrease

Q.

Which of the following should not be called ‘Sales’?

1. Goods sold for cash

2. Sale of item previously included in 'Purchases'

3. Goods sold on credit

4. Office fixtures sold

Q.

Prepare chart showing Analysis of the following transactions in a Tabular Form

1. Mr. Rohit shah started business with cash Rs 10, 000.
2. Purchased goods for cash Rs 1, 500.
3. Deposited into Bank of Maharashtra Rs 1, 000.
4. Sold goods to Rakesh Rs 500.
5. Paid Rent of Rs 200.
6. Received dividend of Rs 550.
7. Loan taken from SBI Rs 2, 000.
8. Withdrew for office use Rs 2, 000.
9. Paid for repairs Rs 150.
10 Paid wages to Rane Rs 200.

Q. Question

Q.

Following is the posting of different accounts in the Books of Mr. Ram Traders’.

Cash A/c
Dr.					Cr.
Date	Particulars	J.F.	Amount Rs	Date		Particulars	J.F.	Amount Rs
2011 Mar. 1	To Balance b/d		5, 000	2011 Mar. 25		By Rent A/c		2, 000
3	To Sales A/c		4, 000	30		By Purchases A/c		1, 000
24	To Mahesh A/c		700

Mahesh’s A/c
Dr.					Cr.
Date	Particulars	J.F.	Amount Rs	Date		Particulars	J.F.	Amount Rs
2011 Mar. 1	To Balance b/d		2, 500	2011 Mar. 31		By Cash A/c		700
25	To Sales A/c		3, 200

Salaries A/c
Dr.					Cr.
Date	Particulars	J.F.	Amount Rs	Date		Particulars	J.F.	Amount Rs
2011 Mar. 1	To Balance b/d		11, 000
5	To Bank A/c		1, 000

Show how you close the above accounts for the year ending 31st March 2011.

Q.

goods costing rs 2000 were purchased for various members of the staff and the cost was included in the purchases. A similar amount was deducted from the salaries of the staff members concerned and the net payments to them debited to the salaries account.pass the rectification entry.

Q. In economics, total cost includes _________.

1. oppoutunity cost
2. entrepreneur's talents
3. accounting cost
4. all of the above

Q. Goods worth Rs. 10, 000 are sold for Rs. 14, 000. The value of capital will by .

1. increase
2. decrease
3. Rs. 4, 000
4. Rs. 14, 000

Q. When goods are consumed, the value of capital will in the accounting equation.

1. increase
2. not change
3. decrease

Q. Select the most appropriate alternatives from those given below and rewrite the statements :

A commodity in which a trader deals is known as ______.
a) Property
b) Goods
c) Expenditure
d) Income