Commerce MCQ Question and Answer
Commerce MCQ Question and Answer
111. Given—
Purchases — Rs.50,000
Sales — Rs.90,000
Closing Stock — Rs.7,000
Manufacturing Exp. — Rs.5,000
Rate of gross profit — Rs.331
3% on cost
What is the opening stock ?
Purchases — Rs.50,000
Sales — Rs.90,000
Closing Stock — Rs.7,000
Manufacturing Exp. — Rs.5,000
Rate of gross profit — Rs.331
3% on cost
What is the opening stock ?
- Rs. 20,000
- Rs. 19,500
- Rs. 22,500
- Rs. 25,000
112. A particular firm provided the following data for a year—
Current Ratio 2•5 : 1
Liquid Ratio 1•5 : 1
Net Working Capital
Rs. 3,00,000
What are the current assets and current liabilities of this firm, respectively ?
Current Ratio 2•5 : 1
Liquid Ratio 1•5 : 1
Net Working Capital
Rs. 3,00,000
What are the current assets and current liabilities of this firm, respectively ?
- Rs. 3,00,000 and Rs. 1,50,000
- Rs. 5,00,000 and Rs. 2,00,000
- Rs. 2,00,000 and Rs. 5,00,000
- Rs. 3,00,000 and Rs. 1,00,000
113. Depreciation is a process of which one of the following ?
- Valuation of assets
- Allocation of acquisition cost over the estimated useful life of the asset
- Allocation of realizable value over the estimated useful life of the asset
- Estimating the market value of the asset on the balance sheet date
114. The share of new partner in the profits is 1/5 and his capital is Rs. 20,000. The new profit sharing ratio is 3 : 1 : 1. The share of partners in total capital will be—
- 60,000 : 20,000 : 20,000
- 80,000 : 20,000 : 20,000
- 50,000 : 20,000 : 25,000
- None of the above
115. At the time of dissolution the loss of the business, will be compensated first of all from—
- Capital
- Profits
- Personal resources of the partners
- Donations
116. Given :
Depreciation on the basis of Fixed Instalment Method Rs. 2,000 p.a.
Establishment expenses Rs. 5,000
Scrap value Rs. 1,000
Span of life 10 years
The cost of assets will be—
Depreciation on the basis of Fixed Instalment Method Rs. 2,000 p.a.
Establishment expenses Rs. 5,000
Scrap value Rs. 1,000
Span of life 10 years
The cost of assets will be—
- Rs. 20,000
- Rs. 16,000
- Rs. 12,000
- None of these
117. Given :
Cost Rs. 1,00,000
Scrap Value Rs. 10,000
Span of Life 10 years
Rate of depreciation 20% p.a.
The amount of depreciation for the first year on the basis of diminishing balance method will be—
Cost Rs. 1,00,000
Scrap Value Rs. 10,000
Span of Life 10 years
Rate of depreciation 20% p.a.
The amount of depreciation for the first year on the basis of diminishing balance method will be—
- Rs. 20,000
- Rs. 18,000
- Rs. 9,000
- Rs. 10,000
118. Match the following List-I with List-II and select the correct answer from the answer codes given below—
List-I
(a) AS-6
(b) AS-10
(c) AS-26
(d) AS-20
List-II
1. Accounting for Earning per share
2. Accounting for intangible and fictitious assets
3. Accounting for fixed assets
4. Depreciation Accounting
Codes :
List-I
(a) AS-6
(b) AS-10
(c) AS-26
(d) AS-20
List-II
1. Accounting for Earning per share
2. Accounting for intangible and fictitious assets
3. Accounting for fixed assets
4. Depreciation Accounting
Codes :
- 1 2 3 4
- 3 2 1 4
- 1 3 2 4
- 4 3 2 1
119. Establishment expenses of a new machine will be debited to—
- Expenses Account
- Profit and Loss Account
- Machinery Account
- None of the above