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Practice Quiz

Financial Statements (Without Adjustments)

NIOS · Class 10 · Accountancy

Practice quiz for Financial Statements (Without Adjustments) — NIOS Class 10 Accountancy. MCQs and questions with answers to test your preparation.

64 questions34 flashcards5 concepts

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Quick Quiz: Financial Statements (Without Adjustments)

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1

M/s Pawan Sales had opening stock of ₹90,000, purchases of ₹1,00,000, purchase returns of ₹2,200, sales of ₹2,58,000, sales returns of ₹2,000, manufacturing wages of ₹8,000, and closing stock of ₹1,04,000. What was the gross profit?

2

For M/s Pawan Sales, the gross profit was ₹1,64,200 and the indirect income was discount received of ₹8,000. If office salaries were ₹18,000, commission was ₹9,000, trade expenses were ₹5,000, and rent was ₹4,400, what was the net profit?

3

Mr. Roshan Lal had capital of ₹50,000, net profit of ₹10,000, and drawings of ₹3,000. What was the closing capital shown in the Balance Sheet?

4

Mr. Arun Kumar had capital of ₹1,37,000, net profit of ₹12,000, and drawings of ₹10,000. What was the closing capital used in the Balance Sheet?

64 Questions·
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Sample Questions

1multiple choice
3 marks

M/s Bhanu Bros had opening stock of ₹32,000, purchases of ₹1,65,000, freight of ₹4,000, power of ₹6,500, custom duty of ₹5,500, sales of ₹80,000, and closing stock of ₹30,000. What was the gross loss?

Show answer

₹1,03,000

Total debit side = 32,000 + 1,65,000 + 4,000 + 6,500 + 5,500 = ₹2,13,000. Credit side = 80,000 + 30,000 = ₹1,10,000. Gross loss = 2,13,000 − 1,10,000 = ₹1,03,000.

2multiple choice
3 marks

M/s Sahil Bros had gross profit of ₹97,000, discount allowed of ₹2,000, printing and stationery of ₹2,000, office rent of ₹5,000, repairs of ₹2,400, insurance premium of ₹5,100, telephone charges of ₹1,000, discount received of ₹3,000, and interest earned of ₹5,000. What was the net profit?

Show answer

₹87,500

Indirect expenses = 2,000 + 2,000 + 5,000 + 2,400 + 5,100 + 1,000 = ₹17,500. Indirect income = 3,000 + 5,000 = ₹8,000. Net profit = 97,000 + 8,000 − 17,500 = ₹87,500.

3multiple choice
3 marks

M/s Sarthak Traders had gross profit of ₹43,000, discount allowed of ₹7,000, salaries of ₹45,000, interest paid on loan of ₹13,000, postage of ₹2,400, discount received of ₹6,000, commission received of ₹1,000, and sales expenses of ₹10,000. What was the net loss?

Show answer

₹27,400

Indirect expenses = 7,000 + 45,000 + 13,000 + 2,400 + 10,000 = ₹77,400. Indirect income = 6,000 + 1,000 = ₹7,000. Net result = 43,000 + 7,000 − 77,400 = −₹27,400, so net loss is ₹27,400.

4multiple choice
3 marks

A business has total sales of ₹72,000 and sales returns of ₹1,500. Opening stock is ₹6,500, purchases are ₹45,000, purchase returns are ₹500, carriage is ₹1,200, wages are ₹4,800, fuel and power are ₹3,200, and closing stock is ₹8,000. What is the net sales amount used in the Trading Account?

Show answer

₹70,500

Net sales = Total sales − Sales returns = 72,000 − 1,500 = ₹70,500.

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Frequently Asked Questions

What are the important topics in Financial Statements (Without Adjustments) for NIOS Class 10 Accountancy?
Financial Statements (Without Adjustments) covers several key topics that are frequently asked in NIOS Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Financial Statements (Without Adjustments) — NIOS Class 10 Accountancy?
Understand the core concepts first, then work through the 64 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

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