Fundamentals of Accounting MCQs
41. Question
Invoice value of Goods sent on consignment Rs.1,00,000, at cost + 33%, 20% of the goods were lost in transit. Insurance claim received Rs. 7,000. The amount of abnormal loss to be transferred to General Profit and Loss A/c is:
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42. Question
When does the consignor recognise the revenue on the goods consigned?
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43. Question
X and Y entered into a Joint Venture sharing profits and losses In the ratio of 5:3. X Seonttibuted Rs.50,000 and Y contributed ยง:30,000. Contract price is Rs.2,00,000.
X paid wages Rs.60,000
Y paid expenses Rs.1,62,000
After the completion of the venture, Y took the Machinery for Rs.6,000. Profit / Loss on Joint Venture is _________
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44. Question
Calculate the cost of goods produced
| 1st January | 31st December | |
| Rs. | Rs. | |
| Inventories of raw materials | 11,000 | 12,000 |
| Work – in – progress | 17,000 | 18,000 |
| Inventories of finished goods | 40,000 | 42,000 |
During the year purchase of raw materials Rs.90,000. Manufacturing expenses Rs.1,10,000.
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45. Question
Change in the method of depreciation is a change in the______ as per Accounting Standard 10.
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