CA Foundation Final Accounts of Sole Proprietors — practice questions
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Practice CA Foundation Final Accounts of Sole Proprietors in the app →Trading Account is prepared mainly to ascertain:Closing stock is shown on:Outstanding salaries at year end appear as:Carriage inwards is debited to:Profit and Loss Account begins with:Sales ₹2,00,000; Returns inwards ₹10,000; Opening stock ₹15,000; Purchases ₹1,30,000; Closing stock ₹20,000. GSalaries paid ₹25,000; Outstanding ₹1,500. P&L charge:Income received in advance is shown as:Prepaid insurance at year end is shown as:A loss due to fire (not insured) is treated as:Depreciation on machinery is:Accrued commission earned is:In a trading firm, octroi paid on purchases is debited to:Trial balance shows opening stock ₹50,000, purchases ₹2,00,000, sales ₹3,50,000. Closing stock ₹70,000. Gross Wages and salaries ₹40,000 paid; the heading combines factory and office portion. Convention:Goods costing ₹20,000 distributed as free samples:Bad debts ₹5,000; provision for doubtful debts opening ₹3,000; required closing provision ₹4,000. P&L charge:Drawings of ₹15,000 by proprietor are:Manager's commission is 10% of net profit after such commission. Net profit before commission ₹1,10,000. CommiClosing stock includes goods sent on consignment ₹15,000 (sold not yet). They should be:Goods costing ₹10,000 used by proprietor personally:Interest on capital is treated as:Bills receivable shown as ₹20,000 in trial balance; ₹5,000 discounted but not yet matured at year end. ContingTrial balance: capital ₹2,00,000; drawings ₹15,000; net profit for year ₹35,000. Closing capital:Goods worth ₹8,000 destroyed by fire; ₹6,000 recovered from insurance. The loss debited to P&L: