Accounting Question

(A) Complete the table: (5)

(1) Cost of goods sold = Opening Stock + Purchases – closing stock

2) Income 25,000 Expenditure 27,000 Deficit 2,000

(3) Date of drawing bill 23.12.2021 Period 1 month Due Date 25.01.2022

(4) Creditors 40,000 Bills Payable 60,000 Third Party Liability 1,00,000

(5) Sales 2,00,000 Purchases 1,80,000 Gross Profit 20,000

(B) Select the correct options and rewrite the statements: (5)

(1)The profit or loss from revaluation on retirement of partner is shared by All the partners.

(2) Profit and Loss Suspense Account is shown in the new balance sheet on Assets side.

(3) Not for Profit Organisation is also called Service organisation.

(4) Goodwill is an intangible asset.

(5) Revaluation Account is credited when unrecorded asset is brought into business.

(1) Debit balance of revaluation account. Loss on Revaluation (or Revaluation loss)

(2) It is a damaged software, cracked, but nearly fully functional. Pirated Software

(3) Average Profit – Normal Profit = Super Profit.

(4) An account which records only revenue items in case of Not for Profit Concern. Income and Expenditure Account

(5) Partner of exchange is Agreement in written form. Partnership Deep

(D) Complete the sentences: (5)

(1) When face value of the share is 100 and issued price is 110 then it is said that the shares are issued at a premium.

(2) A person who draws the bill of exchange is known as Drawer.

(3) Dissolution expenses are credited to Cash/bank account.

(4) Credit side of Receipts and Payments Account shows cash payment/outflows.

(5) Expenses which are paid before due date are called as Prepaid Expenses.

. THANK YOU .

Requirements:

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