Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2007 M.B.A Finance FA - Financial Accounting and Management - Question Paper

& liabilities 3. Profit & loss improper Account
d. It indicates distribution of partner
profit among partner 4. Balance Sheet

48. Closing stock is to be shown on:
a. Debit side of Trading Account
b. Credit side of Trading Account
c. Debit side of P & L Account
d. Credit side of P & L Account

49. The excess of Debit side total over the Credit side total in the P & L is known as ________ for the period:
a. Net profit b. Gross profit
c. Net loss d. Gross loss

50. Net Sale = Gross Sale + Sale Return.
a. True b. False

From the subsequent trail balance, prepare and profit and loss account for the Year 31st December 2007.
Stock 6000
Purchases 11250
Sales 16500
Cash in hand 500
Cash at bank 1600
Building 10000
Salaries 650
B/R 500
B/P 600
Sundry Debtors 900
Carriage 250
Rent & Taxes 300
General Expenses 275
Insurance 150
Capital 12000
Sundry Capital 3000

Value of stock in hand on 31st December 2007 was Rs 4000. give for depreciation on building at 5% and Interest on capital at 5%.

51. Gross profit is :
a. Rs 4000 b. Rs 3500
c. Rs 3000 d. Rs 800

52. Net profit is :
a. Rs 8000 b. Rs 1800
c. Rs 7200 d. Rs 800

53. Total of Balance Sheet is :
a. 17000 b. 17500
c. 18000 d. 15000

54. Outstanding Income of Rs 5000 would be adjusted as subsequent while preparing final Accounts.
Profit and Loss Account B/S

By O/S 5000 Assets 5000
Income D/S Income


a. True b. False

55. Interest on Capital Rs 2000
Profit and Loss Account B/S

To Int on 2000 Assets :
Capital D/S Income 5000


a. True b. False



ANSWERS

1. (C) 2. (B) 3. (C)
4. (D) 5. (A) 6. (A)
7. (D) 8. (C) 9. (A)
10. (A) 11.(B) 12. (A)
13. (B) 14. (A) 15. (B)
16. (A) 17. (B) 18. (B)
19. (C) 20. (B) 21. (A)

Earning:   Approval pending.