Accounting MCQs

When a bill drawn by A on B (and retained till the date of maturity is dishonoured on the due date), it is debited (in the books of A) to . . . . . . . .

If the rate of gross profit on sales is 25% and the cost of goods sold is Rs. 75,000, then the amount of total sales will be:

If the cost of goods sold is Rs. 1,20,000 and the rate of gross loss is $$\frac{1}{4}$$ on sales, the amount of sales is:

Goods of the value of Rs. 1500 taken by the proprietor for his personal use should be debited to:

Interest on performing assets should be recognized on . . . . . . . . basis.

The following figures (all in Rs.) relate to non-trading concern: 1st January, 1995 stock of medicines 5,000 1st January, 1995 outstanding creditors for medicines 3,000 Amount paid for medicines during the years 15,000 Value of medicines spoiled during the year stock of medicines 400 On 31st December, 1995 3,500 The amount to be debited to income and expenditure account would be

Schedule 9 relates to . . . . . . . .

At the time of endorsement of a bill, the drawer credits . . . . . . . .

While preparing bank reconciliation statement, cheques paid into bank but not yet cleared are . . . . . . . .