M.C.Q (1 Marks)

MCQ 11 Mark

Balance of Provision for Doubtful Debts (As on 1 April, 2023); ₹ 1,250; Bad Debts during the year were: ₹ 300. Provision for Doubtful Debts is required @ 5% on debtors of ₹ 10,000. Provision for Doubtful Debts credited to Profit & Loss Account will be

A
400
B
600
C
500
✓
450

Answer

Correct option: D.

450

D
₹ 450
Explanation:
Provision for Doubtful Debts credited to Profit & Loss Account will be = 1,250 - 300 - (10,000 5%)
= ₹ 450

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MCQ 21 Mark

In the Trial Balance are shown Debtors ₹ 2,400, Bad Debts ₹ 221, Bad Debts Provision ₹ 324. For creating a Provision for Doubtful debts @ 10% on debtors, the P & L A/c will be debited by:

A
240
B
9
✓
137
D
343

Answer

Correct option: C.

137

C
137
Explanation:
137

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MCQ 31 Mark

Drawings account is a:

✓
Personal Account
B
Company drawing account
C
Nominal Account
D
Real Account

Answer

Correct option: A.

Personal Account

A
Personal Account
Explanation:
drawing account is owner's account.so it is personal account.

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MCQ 41 Mark

Commission received in advance is to be shown in statement of affairs on

✓
Liabilities side
B
Total assets
C
Total liabilities
D
Cash balance

Answer

Correct option: A.

Liabilities side

A
Liabilities side
Explanation:
The Commission received in advance is a liability for business hence it will be shown on the liability side of the statement of affairs during the year.

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MCQ 51 Mark

Single Entry System of book keeping is:

A
Inaccurate
B
Unscientific
C
Unsystematic
✓
All of these

Answer

Correct option: D.

All of these

D
All of these
Explanation:
All of these

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Account M.C.Q (1 Marks)

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