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Multiple Choice
1. Where does the Carriage Inwards appear?
a) Trading A/c b) P & L A/c c) Balance Sheet d) None.
2. Where does Rent Receivable appear?
a) Trading A/c b) Balance Sheet c) Trail Balance d) None
3. Sales - _______ = GP
a) Cost of Goods sold b) Cost of Sales c) NP d) None
4. GP - Other Cost = ______
a) Cost of Goods Sold b) Net Profit c) Sales d) None
5. Any thing which is payable is
a) An Asset b) A Liability c) An Income d) An Expense
Fill up the blanks.
1. If the Trial Balance does'nt tally the difference is said to
be__________A/c
2. Sales = 1,00,000 Wages = 2,000 Carriage Inwards = 1,000
Stationary = 200 Fuel = 1000 Purchases = 20,000 then, Gross Profit =
__________ and Net Profit = ____________
3.Any thing receivable is an _____________
4. Any thing payable is a _____________
5. Any thing received in advance is a __________
6. Any thing paid in advance is an _________
7. If in P&L A/c Credit side is more than Debit side the difference is
_________
8. If in Trading A/c Debit side more than Credit side the difference is
_________
9. If Machinery = 2,00,000 Cash = 2,00,000 NP = 40,000 Creditors = 2000
Debtors = 3000 Then Capital = ________
10. If Gross Profit = 20,000 Purchases = 30,000 Opening Stock =2,00,000
Closing Stock = 50,000. Then Sales = ________
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