Accounting - Study Mode
[#2616] Prepaid insurance account is:
Correct Answer
(C) an asset
[#2617] In an organization, provision for Bad debts is Rs. 5,000 in the beginning. At the end total sales is Rs. 6,00,000 out of which Rs. 1,00,000 is cash sales. 1% provision is to be created on remaining debtors. The amount to be debited to profit and loss account in respect of provision is.
Correct Answer
(D) Zero
[#2618] Opening Stock = Rs. 10,000 Purchases = Rs. 90,000 Closing stock = Rs. 28,000 Gross Profit = 10% of sales The amount of sales will be
Correct Answer
(C) Rs.80,000
[#2619] Find gross profit/gross loss if, Cost of goods sold Rs. 7,900 Sales Rs. 11,000 Purchase Rs. 3,000
Correct Answer
(C) Rs. 3,100
[#2620] Bank overdraft should be categorized as
Correct Answer
(B) Current liability