Fundamentals of Accounting MCQs and Notes
P
Q 1. At the time of preparation of financial accounts, balance of Bad Debts Recovered Account will be transferred to
R
Q 2. Which of the following account(s) is (are) maintained in the joint venture when separate set of books are maintained?
R
Q 3. A purchased goods costing 2,60,000 for joint venture with B. B sold a major part of the goods at cost plus 25% on cost, for 2,50,000. Balance of goods were taken over by B at cost less 10%. Find out profit/loss on Joint Venture.
R
Q 4. X sends out certain goods to Y, costing 1,50,000 at cost plus 25% on invoice price. ¾ of the goods were sold by R at 1,76,000. Commission 5% upto invoice value a nd 10% of any surplus above invoice value. The amount of commission will be
G
Q 5. X sends out goods to Y, costing 3,60,000. Goods are to be sold at cost plus 25% on sales. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be
G
Q 6. At the en d of the accounting year bills receivable discounted were 32,000 would be shown
V
Q 7. At the time of dishonor of an endorsed bill, which account would be credited by the drawee?
V
Q 8. When credit balance as per pass book is the starting point of a Bank Reconciliation Statement then bank charges are
S
Q 9. From the following details ascertain the adjusted bank balance as per Cash Book – overdraft as per Cash Book 1,60,000; cheque received entered twice in the Cash Book 10,000; credit side of bank column cash short by 1,000; bank charges amounting to 400 entered twice:
R
Q 10. A purchase of 49,500 from Shiva was recorded in Purchases Book as 59,400, the profit would show
Download our easy to use, user friendly Android App from Play Store. And learn MCQs with one click.
