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CA Foundation Accounts from Incomplete Records — practice questions — page 2

Explore 46 free Accounts from Incomplete Records questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Accounts from Incomplete Records questions and exercises with answers

Showing questions 31–46 of 46.

Cost of goods sold is Rs 2,50,000 and the markup on cost is 20%. Find the sales.Read the answer and worked solution →Opening stock Rs 40,000, purchases Rs 2,60,000, closing stock Rs 50,000. Cost of goods sold?Read the answer and worked solution →Which discount is always allowed whatever the time of payment?Read the answer and worked solution →A discount for paying the invoice immediately or within a set time is called what?Read the answer and worked solution →Freight paid to bring goods for resale is treated as part of what?Read the answer and worked solution →Debtors opened at Rs 30,000, cash from debtors was Rs 1,70,000 and debtors closed at Rs 40,000. Credit sales?Read the answer and worked solution →Creditors opened at Rs 25,000, payments were Rs 1,40,000, creditors closed at Rs 35,000. Credit purchases?Read the answer and worked solution →Debtors opened at Rs 20,000. Credit sales were Rs 1,00,000, returns Rs 5,000, cash received Rs 80,000. Closing debtors?Read the answer and worked solution →Creditors opened at Rs 50,000, credit purchases Rs 2,00,000, payments Rs 1,70,000. Closing creditors?Read the answer and worked solution →Opening cash Rs 12,000, receipts Rs 1,48,000, payments Rs 1,35,000. What is the closing cash?Read the answer and worked solution →Cash opened at Rs 10,000 and closed at Rs 18,000 after payments of Rs 1,52,000. Total receipts?Read the answer and worked solution →Cash receipts were Rs 2,00,000, of which Rs 1,20,000 came from debtors. Cash sales were what?Read the answer and worked solution →Debtors 50,000 opening; credit sales 3,00,000; cash 2,70,000; discount 10,000; bad debts 5,000. Closing debtors?Read the answer and worked solution →Which method of identifying cost assumes the oldest purchases are sold first?Read the answer and worked solution →Which method suits goods that are indistinguishable from each other?Read the answer and worked solution →Is value added tax generally part of cost of goods sold if it is recoverable?Read the answer and worked solution →

Worked practice questions

Cost of goods sold is Rs 2,50,000 and the markup on cost is 20%. Find the sales.

  1. Rs 2,60,000
  2. Rs 2,80,000
  3. Rs 3,00,000
  4. Rs 3,12,500
Show answer and solution

Correct answer: C. Rs 3,00,000

Sales = 2,50,000 x 1.20 = 3,00,000.

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Opening stock Rs 40,000, purchases Rs 2,60,000, closing stock Rs 50,000. Cost of goods sold?

  1. Rs 3,50,000
  2. Rs 2,70,000
  3. Rs 3,00,000
  4. Rs 2,50,000
Show answer and solution

Correct answer: D. Rs 2,50,000

COGS = opening stock + purchases - closing stock = 40,000 + 2,60,000 - 50,000 = 2,50,000.

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Which discount is always allowed whatever the time of payment?

  1. Cash discount
  2. Trade discount
  3. Early-bird discount
  4. Settlement discount
Show answer and solution

Correct answer: B. Trade discount

A trade discount is a reduction given to a retailer regardless of when payment is made.

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