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13.1 MULTIPLE CHOICE QUESTIONS, Return outwards appearing in Trial Balance are deducted from, A Conceptual MCQS, 1., (a) Sales, (c) Returns Inward, . Returns Inwards appearing in Trial Balance are deducted from, (a) Purchases, (c) Returns Outward, . Salaries and Wages appearing in Trial Balance are shown, (a) on the debit side of Trading Account, (b) on the debit side of Profit & Loss Account, (c) on the Liabilities side of the Balance Sheet, (d) on the debit side of Manufacturing Account, 4. Wages and salaries appearing in Trial Balance are shown, (a) on the debit side of Profit & Loss Account, (b) on the debit side of Manufacturing Account, (c) on the liabilities side of the Balance Sheet, 5. Outstanding wages appearing in Trial Balance are shown, (a) on the debit side of Profit & Loss Account, (b) on the debit side of Trading Account, (c) on the liabilities side of the Balance sheet, 6. Freight inward appearing in Trial Balance are shown, (a) on the debit side of Profit & Loss Account, (b) on the debit side of Manufacturing Account, (c) on the liabilities side of the Balance Sheet, 7. Carriage outwards appearing in the Trial Balance are shown, (a) on the debit side of Profit & Loss Account, (b) on the debit side of Trading Account, (c) on the liabilities side of the Balance sheet, (b) Purchases, (b) Sales, oood ent ni sen, 2isqsi benein, Yotost belisten, "ieupe ei alshelsm wsy lo noisam, exe loonbepesdow eole orine, heave thoib+2sasrlonuq +oota prins, eonslsd tideb s evsd eyswis, snsled jibero s evsri eemstermea, OVOCS S, Scanned By Scanner Go

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212, 8., (a) on the debit side of Profit & Loss A/c, (b) on the credit side of Profit & Loss A/c, (c) on the Assets side of the Balance Sheet, Discounts Allowed appearing in the Trial Balance are shown, (a) on the debit side of Trading Account, (b) on the debit side of Profit & Loss A/c, 9., (c) on the Assets side of the Balance Sheet, (a) on the credit side of Profit & Loss A/c, (b) on the credit side of Trading A/c, (c) on the Assets side of the Balance Sheet, 11. Sales of scrap appearing in the Trial Balance are shown, (a) on the credit side of Trading Account, (b) on the credit side of Manufacturing Account, (c) on the credit side of Profit & Loss A/c, 12. Trade-mark is, (a) Current Asset, (b) Fictitious asset, (c) Tangible asset, 13. Prepaid salaries 5,000 appear in A's Trial Balance. These will appear in, (a) Trading Account, (c) Balance Sheet, 14. Drawings are deducted from, (a) Sales, (c) Return outword, 15. Income tax paid by Mr. A amounts to 50,000. The account is, (a) To be credited to the Profit and Loss Account, (b) To be ignored altogether, (c) To be deducted from capital, (d) to be debited to the Trading Account, 16. For a Shirt Factory, cotton is, (a) Finished goods, (c) Raw materials, 17. For a Shirt Factory, cloth converted from cotton is, (a) Finished goods, (c) Raw materials, 18. For a Shirt Factory, shirt is, (a) Finished goods, (c) Raw materials, 19. The final result of a Manufacturing Account shows, (a) Gross profit from manufacturing, (c) Cost of manufacturing, 20. Work-in-progress in the books of a manufacturer indicates-, (a) Partly finished repairs, (c) Partly installed factory, 21. Consumption of raw materials is equal to, (a) Opening stock + purchases + direct expenses + purchase returns – closing stock, (b) Opening stock + purchases - direct expenses -, (c) Opening stock + purchases + direct expenses – purchase returns – closing stock, (d) Opening stock + purchases + direct expenses - purchase returns + closing stock, (d) Intangible asset, (b) Profit and Loss Account, (d) Manufacturing Account, (b) Purchases, (d) Capital, (b) Work-in-progress, (d) Asset, (b) Work-in-progress, (d) Asset, Doni no (b, (b) Work-in-progress, (d) Asset, ideb ent no (d, idel sot no (0), (b) Net profit from manufacturing, (d) Book Value of factory, icob ert no (s), ie tideb ert no (d), (b) Partly finished goods, (d) Partly finished construction, purchase returns - closing stock, 22. Manufacturing account, (a) will always have a debit balance, (c) May sometimes have a credit balance, (b) will always have a credit balance, (d) None of the ab, ScannedBy staktYer Go

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24. Manufacturing Account is closed by, (b) Shown on Debit of the profit and loss account, (a) Shown on Debit of the manufacturing account, Final., Accounts of Manufacturing Concerns, 213, a Shown on Credit of the profit and loss account, a Shown on Credit of the manufacturing account, (a) Debiting Manufacturing A/c and Crediting Trading A/c, (b) Debiting Trading A/c and Crediting Manufacturing A/c, (c) Debiting Manufacturing A/c and Crediting Profit & Loss A/c, (d) Debiting Profit & Loss A/c and Crediting Manufacturing A/c, 25 In the case of a manufacturer, opening stock of finished goods is shown, (a) On the Debit Side of Manufacturing Account, (b) On the Credit side of Trading Account, (c) On the debit side of Trading Account, (d) On the Assets side of the Balance Sheet, 26. In the case of a manufacturer, cost of goods manufactured, (a) Appears on the debit of Manufacturing A/c and credit of Trading A/c, (b) Appears on the credit of Manufacturing A/c and debit of Profit & Loss A/c, (c) Appears on the credit of Manufacturing A/c and debit of Trading A/c, (d) Appears on the debit of Manufacturing A/c and credit of Profit & Loss A/c, 27. Work-in-progress opening stock 7 50,000, (a) Will be shown on Credit of Manufacturing A/c, (b) Will be shown on Debit of Trading A/c, (c) Will be shown on Debit of Manufacturing A/c, (d) Will be shown on Credit of Trading A/c, 28. Work-in-progress closing stock 7 60,000, (a) Will be shown on Credit of Manufacturing A/c, (b) Will be shown on Debit of Trading A/c, (c) Will be shown on Debit of Manufacturing A/c, (d) Will be shown on Credit of Trading A/c, 29. Opening stock of finished goods { 75,000 will be shown-lot ort enteinoo sonslsa la aeH, (a) On the Debit Side of Manufacturing Account .es.hewolis inuooaid:000. dob e, (b) On the Credit side of Trading Account, (c) On the Debit side of Trading Accountng s nietnism ot batiasb el saya to bno ent JA, (d) On the Assets side of the Balance Sheeta yibnua.000,S te aotdob no tnuouaib hot, 30. Closing Stock of Finished Goods 55,000 will be shown-, (a) On the Debit Side of Manufacturing Account, (b) On the Credit side of Trading Account (b), (c) On the Debit side of Trading Account tistnoo ,E1OS 1odmeoeG TE ts es eonsled isinT a, (d) On the Assets side of the Balance Sheet 08,E bisqdeenen,000,0AnsolXgeaS, oleo00 adeb beG, 002.SS (s), 000 81 (0), 000 A S.(EA, o08 AS (6, 000 as (d), Scanned By Scanner Go

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UVII as ASset, (a) None oi mese, 13.3 FILL IN THE BLANKS, 1. Cartage outwards is shown in the, 2. Factory expenses are shown in the, 3. Various Expenses Accounts are closed by debiting tne, 4. Net loss is transferred to the, 5. Balance Sheet contains the closing balance of all, Account., Account., and crediting the, of the Capital Account., and, accounts., 6., shows the financial position of the business at the end of the year., shows fixed assets first., 7. A balance sheet following the order of, 8. If Closing Stock A/c already appears in the trial balance, the amount is shown only in the, 9. Income received in advance is shown on, side of balance sheet., 10. Income receivable is shown on, side of Balance Sheet., 0,013, 11. The interest on capital is debited to, 12. Expenses Payable are shown on the, 13. The withdrawals by a proprietor for personal use from the concern is, 14. All indirect expenses are debited to, 15. Gross Profit is transferred to, side of the Balance Sheet., 000 ST, to his accounl,, account., A/c., side of Balance Sheet., 16. Prepaid expenses are shown on the, 17. A manufacturing account will always have a closing, 18. Sale of scrap will appear in, 19. Sale of scrap will appear on the, 20. Salary A/c, Ismucl er, (debit, credit) balance., (Profit and Loss, Manufacturing) account., (debit, credit) side of manufacturing account., Dr., To Outstanding Salary A/c, This is a, e0oJ bns hio19 ed, (adjusting, closing) entry., 21. Closing stock of finished goods appears in, 22. Depreciation on plant is debited to, 23. Commission paid is, 24. Commission credited to profit and loss account is commission, 25. Finished goods as samples credited to trading A/c are goods, samples., account. (Manufacturing, Trading), (Manufacturing, Profit and Loss) account., (debited, credited) to profit and loss account., - (paid, received)., (received, distributed) as, Scanned By Scanner Go

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Scanned By Scanner Go, SEM-I), 13.6 CHECK YOUR ANSWERS, 13.1 & 13.2, 45. (b), 46. (а), 47. (b), 48. (d), 49. (b), 50. (с), 51. (a), (d), 56. (d), 57. (d), (c), (b), (c), (c), (a), (b), 64. (a), 65. (c), 66. (d), 67. (a), 68. (a), (b), (b), (b), (b), (c), (b), (а), (b), (b), 10. (c), 23. (d), 24. (b), 25. (c), 26. (c), 27. (c), 28. (а), 29. (c), 30. (b), 31. (a), 32. (с), 33. (b), 1., 12., 34. (а), 35. (d), 36. (b), 37. (а), 38. (а), 39. (a), 40. (c), 41. (а), 42. (а), 43. (а), 44. (d), (d), (c), 2., 13., 69. (b), 70. (b), 71. (a), 72. (b), 73. (а), 58., (d), (c), (c), (b), (a), (c), (b), (c), (а), 3., 14., 59., 4., 15., 60., 5., 16., 61., 6., 17., 62., 7., 18., 74. (c), 75. (a), 52., 8., 19., (c), (b), (b), 53., 9., 20., 54., 923013, 21., 55., 11. (b), 22., 13.3 (1) Profit and Loss (2) Manufacturing (3) Profit and Loss Account, Expenses Accounts, (4) debit (5) real, personal or assets, liabilities (6) Balance Sheet (7) permanence (8) Balance, Sheet (9) Liabilities (10) Assets (11) Profit and Loss A/c (12) Liabilities (13) Debited (14) Profit, and Loss A/c (15) Profit and Loss A/c (16) Asset (17) debit (18) Manufacturing (19) credit (20), adjusting (21) Trading (22) Manufacturing (23) debited (24) received (25) distributed GS