Find the odd one : Rent. Salary, Insurance, Plant and Machinery - Book Keeping and Accountancy

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Find the odd one :

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  • Rent

  • Salary

  • Insurance

  • Plant and Machinery

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Solution

Plant and Machinery

Concept: Profit and Loss Account
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Chapter 9: Final Accounts of a Proprietary Concern - Exercises [Page 318]

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Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 9 Final Accounts of a Proprietary Concern
Exercises | Q 6. 1) | Page 318

RELATED QUESTIONS

Answer in One Sentence:

What is Net Profit?


Answer in One Sentence:
State the meaning of Outstanding Expenses?


Answer in One Sentence:
What do you mean by Prepaid Expenses?


Give a word, term, or phrase which can substitute the following statement:
Expenses paid before it is due.


Give a word, term, or phrase which can substitute the following statement:
Income due but not yet received


Give a word, term, or phrase which can substitute the following statement:
An amount spent on promoting sale of goods.


Select the most appropriate alternatives given below and rewrite the sentence :
Interest on Drawing is credited to __________ Account.


Select the most appropriate alternatives given below and rewrite the sentence :
Excess of credit over to debit in Profit and Loss Account indicates ________


State True or False with reasons :
Credit balance of Profit and Loss A/c shows net profit


Fill in the blank :
Interest of proprietor's drawing is credited to _________ account.


Fill in the blank :
An excess of debit over credit in the Profit & Loss A/c represents the __________.


Find the odd one :


Do you agree or disagree with the following statement :
Reserve for bad debts is created by debiting Profit and Loss Account.


Salaries appearing in the trial balance is shown on the ______.


Name any two direct expenses and indirect expenses.


What is the need for preparing profit and loss account?


From the following details, prepare a profit and loss account.

Particulars Particulars
Gross profit 50,000 Interest received 2,000
Office rent 10,000 Discount received 3,000
Depreciation on office assets 8,000 Carriage outwards 2,500
Discount allowed 12,000 Insurance on office building 3,500
Advertisement 4,000 General expenses 3,000
Audit fees 1,000 Freight inwards 1,000

From the following information, prepare profit and loss account for the year ending 31st December, 2016.

Particulars Particulars
Gross loss 60,000 Printing and stationery (office) 2,000
Promotional expenses 5,000 Legal charges 5,000
Distribution expenses 15,000 Bad debts 1,000
Commission paid 7,000 Depreciation 2,000
Interest on loan paid 5,000 Rent received 4,000
Packing charges (on sales) 4,000 Loss by fire not covered by insurance 3,000
Dividend received 3,000    

Correct and Rewrite the following statements:

When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.


Give a word, term, or phrase which can substitute the following statement:

Account prepared to know Net Profit or Net Loss.


Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.

1) Bank charges  ₹ 22,000
2) Interest (Cr.) ₹ 16,000
3) Sundry expenses ₹ 42,000
4) Insurance ₹ 35,000
5) Salaries ₹ 40,000
6) Rates and Taxes ₹ 13,000
7)  Postage ₹ 8,000
8) Advertisement ₹ 40,000
9) Rent paid ₹ 32,000
10) Bad debts ₹ 10,000
11)  Commission ₹ 17,500
12) Printing & Stationery ₹ 21,000
13) Loss by fire ₹ 18,000
14) Discount (Dr)  ₹ 23,000
15)  Discount (Cr) ₹ 37,000
16) Misc. Income ₹ 14,000
17) Depreciation  ₹ 34,000
18)  Carriage Outwards   ₹ 60,000
19) Godown Expenses  ₹ 40,000
Note: Gross Profit ₹ 4,07,500

Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March 2018 from the following balances.

1) Bank charges ₹ 22,000

2) Interest (Cr.) ₹ 16,000

3) Sundry expenses ₹ 42,000

4) Insurance ₹ 35,000

5) Salaries ₹ 40,000

6) Rates and Taxes ₹ 13,000

7) Postage ₹ 8,000

8) Advertisement ₹ 40,000

9) Rent paid ₹ 32,000

10) Bad debts ₹ 10,000

11) Commission (Cr) ₹ 17,500

12) Printing & Stationery ₹ 21,000

13) Loss by fire ₹ 18,000

14) Discount (Dr) ₹ 23,000

15) Discount (Cr) ₹ 37,000

16) Misc. Income ₹ 14,000

17) Depreciation ₹ 34,000

18) Carriage Outwards ₹ 60,000

19) Godown Expenses ₹ 40,000

Note: Gross Profit ₹ 407500


Give a word, term or phrase that can substitute the following statement: 

Account prepared to know Net Profit or Net Loss.


Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.

1) Bank charges 22,000
2) Interest (Cr.) 16,000
3) Sundry expenses 42,000
4) Insurance 35,000
5) Salaries 40,000
6) Rates and Taxes 13,000
7) Postage 8,000
8) Advertisement 40,000
9) Rent paid 32,000
10) Bad debts 10,000
11) Commission (Cr) 17,500
12) Printing & Stationery 21,000
13) Loss by fire 18,000
14) Discount (Dr) 23,000
15) Discount (Cr) 37,000
16) Misc. Income 14,000
17) Depreciation 34,000
18) Carriage Outwards 60,000
19) Godown Expenses 40,000

Note: Gross Profit ₹ 407500


Give a word, term or phrase which can substitute  of the following statement:

Account prepared to know Net Profit or Net Loss.


Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.

1) Bank charges ₹ 22,000
2) Interest (Cr.) ₹ 16,000
3) Sundry expenses ₹ 42,000
4) Insurance ₹ 35,000
5) Salaries ₹ 40,000
6) Rates and Taxes ₹ 13,000
7) Postage ₹ 8,000
8) Advertisement ₹ 40,000
9) Rent paid ₹ 32,000
10) Bad debts ₹ 10,000
11) Commission (Cr) ₹ 17,500
12) Printing & Stationery ₹ 21,000
13) Loss by fire ₹ 18,000
14) Discount (Dr) ₹ 23,000
15) Discount (Cr) ₹ 37,000
16) Misc. Income ₹ 14,000
17) Depreciation ₹ 34,000
18) Carriage Outwards ₹ 60,000
19) Godown Expenses ₹ 40,000

Note: Gross Profit ₹ 407500


Give a word, term or phrase which can substitute the following statement:

Account prepared to know Net Profit or Net Loss.


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