Fundamentals of Accounting MCQs

Rent paid during the year amounted to Rs.2,00,000, which includes Rs.10,000 relating to the previous year and Rs.20,000 relating to the subsequent year.
Rs.15,000 relating to the current year is still outstanding. How much rent will be debited to the Profit and Loss A/c of the current year?

Periodic inventory system suffers from the following limitations:

X & Company, a furniture dealer, due to some business problem could take physical inventory ‘taking on April 20 and arrived at the cost at “Rs.5,25,000. Between April 01 and April 20 firm even though purchased goods worth Rs.3,25,000 (including credit purchases of Rs.75,000), goods costing Rs. 50,000 was not actually received before April 20. Cost of goods held at godown on March 31 was:

Opening Inventory = 1,000 units at Rs.4 per unit Purchases = 1,200 units at Rs.5 per unit Sales at the end = 2,000 units at Rs.8 per unit Find out the profit under Weighted Average Price method 

Inventory is Rs.3,000 more than opening Inventory, then closing inventory is: