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

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Question

Find the odd one :

Options

  • Rent

  • Salary

  • Insurance

  • Plant and Machinery

MCQ
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Solution

Plant and Machinery

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Chapter 9: Final Accounts of a Proprietary Concern - EXERCISE [Page 318]

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Balbharati Book Keeping and Accountancy [English] Standard 11 Maharashtra State Board
Chapter 9 Final Accounts of a Proprietary Concern
EXERCISE | Q 6. 1) | Page 318

RELATED QUESTIONS

Answer in One Sentence:

What is Net Profit?


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 :
Discount earned is transferred to credit side of ___________ account


Excess of credit over to debit in Profit and Loss Account indicates ________


Fill in the blank :
Profit and Loss account is prepared to find out ___________ results of the business.


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

Given below is the Trial Balance of M/s. Krishna & Sons Pvt. Ltd. as on 31st March, 2023. Prepare a Trading and  Profit and Loss account for the year ending 31st March, 2023 and a Balance Sheet as on the same date.

Trial Balance of M/s. Krishna & Sons Pvt Ltd. as on 31st March 2023.

Particulars Dr. Cr.
Capital - 50,000
Drawings 1,000 -
Debtors and Creditors 25,000 15,000
Loan - 20,000
Discounts 4,750 300
Purchases and Sales 90,000 1,72,000
Land and Buildings 88,000 -
Salaries 33,000 -
Cash in hand 2,700 -
Stock as on 01-04-2022 28,000 -
Commission Received - 18,550
Sales Return and Purchase Return 750 550
Carriage inward 1,200 -
Bills receivable and Bills payable 7,500 5,500
Total 2,81,900 2,81,900

Closing Stock was valued at ₹ 25,000


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 (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 ₹ 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 ₹ 4,07,500


The difference of the two sides of this account is either net profit or net loss.


Distinguish between a Trading Account and a Profit and Loss Account.


Which of the following is NOT recorded in the Profit and Loss Account?


Which of the following is added to bad debts while preparing the Profit and Loss Account?


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