Accounting MCQs

Noting charges are paid in the event of . . . . . . . . of a bill.

Schedule 16 relates to . . . . . . . .

Which of the following is related to nominal account?

A limited company has to redeem redeemable preference shares of the value of Rs. 1,00,000 for which the company has issued 3000 equity shares of Rs. 10 each at a premium of 10%. The amount to be transferred to capital redemption reserve account will be:

Given that Opening capital : Rs. 5,000 Closing capital : Rs. 6,000 Drawings : Rs. 1,000 New capital invested : Rs. 500 The profit for the year will be:

The amount of surrendered shares is credited to . . . . . . . .

A receipts and payments account, the payments are recorded on the . . . . . . . . side.

Given:
Stock turnover 6 times
Total Sales Rs. 3,00,000
Gross profit Ratio 20%
Closing stock is Rs. 4,000 more than the opening stock. The opening stock will be:

Out of the following, which four expenditures would be recorded in the motor van account?
1. Cost Rs. 2,00,000
2. Registration Rs. 5,000
3. Petrol Rs. 2,000
4. Salary to driver Rs. 4,000
5. Writing the company name Rs. 3,500
6. Road tax paid (one time) Rs. 4,500
Select the correct answer: