Final Accounts with Adjustments — Practice Quiz
ICSE · Class 11 · Accountancy
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Quick Quiz: Final Accounts with Adjustments
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A merchant has opening stock of ₹45,000, purchases less returns of ₹3,34,000, direct expenses of ₹15,600, and closing stock of ₹51,700. What is the cost of goods sold?
A business has debtors of ₹50,300, bad debts of ₹600, old provision for doubtful debts of ₹1,000, and the new provision is 2.5% on debtors after deducting further bad debts of ₹300. What is the amount of provision for doubtful debts to be debited to Profit and Loss Account?
A manager is entitled to a commission of 10% on net profit after charging such commission. If net profit before commission is ₹57,800, what is the manager's commission?
A trader has interest on loan of ₹1,350 in the trial balance and an outstanding interest adjustment of ₹450. What total amount should appear on the debit side of the Profit and Loss Account?
Sample Questions
A business has goods destroyed by fire worth ₹6,000, insurance claim admitted of ₹4,000, and the loss is not fully covered. What amount is shown as loss in the Profit and Loss Account?
Show answer
₹2,000
Loss by fire = 6,000. Claim admitted = 4,000 and shown as an asset. The uncovered loss is 6,000 - 4,000 = 2,000, which is charged to Profit and Loss Account. The correct answer is ₹2,000.
A trader has closing stock of ₹30,000 and net realisable value of ₹25,000 for the same goods. At what value should the closing stock be shown?
Show answer
₹25,000
Closing stock is valued at cost price or net realisable value, whichever is less. Since NRV is lower, the stock is shown at ₹25,000. The correct answer is ₹25,000.
A business has Input GST of ₹1,30,000 and Output GST of ₹1,70,000 for CGST, and the same amounts for SGST. What amount will be shown as GST payable for each tax component?
Show answer
₹40,000 each for CGST and SGST
For each component, Output GST 1,70,000 exceeds Input GST 1,30,000 by 40,000. So GST payable is ₹40,000 for CGST and ₹40,000 for SGST. The correct answer is ₹40,000 each for CGST and SGST.
A business has outstanding wages of ₹2,000, wages paid of ₹10,000, and wages are exempt from GST. What amount is added to wages in the Trading Account?
Show answer
₹12,000
Outstanding wages are added to wages. Since wages are exempt from GST, only the wages amount is considered. Total wages in Trading Account = 10,000 + 2,000 = 12,000. The correct answer is ₹12,000.
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