CA Foundation Accounts - All Chapters CA Foundation - Principles and Practice of Accounting - All Chapters Consolidated Quiz 1 / 10 Rs. 200 paid as wages for erecting a machine should be debited to Repair account. Machine account. Capital account. 2 / 10 Insurance claim received on account of machinery damaged completely by fire is Capital receipt Revenue receipt Capital expenditures 3 / 10 The amount of purchase ifCost of goods sold is Rs. 80,700Opening Inventory Rs. 5,800Closing Inventory Rs. 6,000 Rs. 80,500 Rs. 74,900 Rs. 80,900. 4 / 10 PQ draws a bill on XY for Rs. 130,000 on 1.1.2017. X accepts the same on 4.1.2017 for period of 3 months after date. What will be the maturity date of the bill: 4.4.2017 3.4.2017 7.4.2017 5 / 10 A purchased a car for Rs. 5,00,000, making a down payment of Rs. 1,00,000 and signing a Rs. 4,00,000 bill payable due in 60 days. As a result of this transaction Total assets increased by Rs. 5,00,000. Total liabilities increased by Rs. 4,00,000. Total assets increased by Rs. 4,00,000 with corresponding increase in liabilities by Rs. 4,00,000. 6 / 10 All of the following are valuation principles except Historical cost. Present value. Future value. 7 / 10 A company purchased a machinery on April 01, 2010, for Rs. 15,00,000. It is estimated that the machinery will have a useful life of 5 years after which it will have no salvage value. The depreciation charged during the year 2014-15 was Rs. 5,00,00 Rs. 4,00,000 Rs. 3,00,000 8 / 10 Goods purchased Rs. 1,00,000. Sales Rs. 90,000. Margin 20% on cost. Closing Inventory = ? Rs. 20,000 Rs. 10,000 Rs. 25,000 9 / 10 Average Inventory = Rs. 12,000. Closing Inventory is Rs. 3,000 more than opening Inventory. The value of closing Inventory = ______. Rs. 12,000 Rs. 24,000 Rs. 13,500. 10 / 10 Rs. 200 received from Smith whose account, was written off as a bad debt should be credited to: Bad Debts Recovered account. Smith’s account. Cash account. Your score is 0% Restart quiz Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment.