write:____ are passed at the end of the year. (Closing entries )12. Assets appearing in the books having no real value are known as ____(Fictitious assets. )13. Various expenses accounts

000 closing stocks `40
purchases `1
profit margin is 25% on the sales
then sales are____(2
000)6. Average stock= `12
closing stock is `3000 more than opening stock the value of closing stock will be ____(`13500)7. ____contains closing balances of real and personal account(Balance sheet)8. Expenses due but not yet paid are known as ___(out-standing expenses)9. Given old provision for bad & doubtful debt is ` 4
000 sundry debtors `50
new PBD required = 10% on sundry debtors then the amount of additional provision to be credited is ` ____(`1
000)10. Bills receivable discounted but not due till the date of final accounts is shown in ___(Foot-notes.)11. ____ are passed at the end of the year.(Closing entries )12. Assets appearing in the books having no real value are known as ____(Fictitious assets.)13. Various expenses accounts are closed by ___the profit and loss account and crediting the expenses account. (debiting)14. Provisions for bad & doubtful debts account will show ___balance.( credit)15. Loss on sale of old car is shown on debit side of ___(Profit and loss account.)True or false:1. Income earned but not received are called accrued incomes. (TRUE)2. For a shirt factory
cotton is a finished goods. (FALSE)3. State the following equation is true/false Gross profit – direct expenses + purchases + opening stock – closing stock = sales. (FALSE)4. Carriage on goods purchased is shown on Trading Account. (TRUE)5. The Balance Sheet will not give the information regarding the financial position as on particular date. (FALSE)6. Preliminary expenses would be included in balance sheet as current asset (FALSE)7. Fixed assets are kept in the business for use over a long period.(TRUE)8. Furniture and fittings is a current asset. (FALSE)9. In sole trade
income tax is recorded as drawings. (TRUE)10. All revenue receipts and expenditure are shown in trading and profit & loss account (TRUE)Match the following:Group – A1. Carriage on goods purchasedca) Distribution overhead2. Freight outwarddb) Credit of p& L account3. Concept relating to Profit and Loss A/cec) Trading account4. Packing expenses is example ofad) Debit of P & L A/c5. Apprenticeship premium receivedbe) Matching conceptGroup-B1. Gross profit rate on sale is 20%da) current asset2. Salary outstandingeb) Not a fixed asset3. Rent prepaidac) Book value4. Fixed deposit in bankbd) 25% on cost5. Fixed assets are included in Balance sheet atce) Representative personal account


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