SOLVED JAIIB COMBINED PAPER 21:
1. The credit balance in the 'Capital Account' is not a/an ......
(i) Liability, (ii) Asset, (iii) Revenue
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
2. The amount brought in by the proprietor in the business should not be credited to ......
(i) Proprietor's account,
(ii) Drawings account,
(iii) Capital account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - a
3. Sales - Rs. 85000, Operating expenses - Rs. 20000, Net Profit - Rs. 15000. Find gross profit.
a. 5000
b. 20000
c. 35000
d. 50000
Ans - c
4. Bank Reconciliation Statement is prepared with the help of ......
a. Bank Passbook
b. Cash column of cash book
c. Bank Passbook and bank column of cash book
d. Bank Passbook and cash column of cash book
Ans - c
5. For payment of noting charges to the notary public...
a. Noting charges a/c is debited
b. Bank a/c is debited
c. Noting charges a/c is credited
d. Cash a/c is credited.
Ans - d
6. Bills receivable and Bills payable are part of ......
a. Balance Sheet
b. P&L account
c. Journal
d. None of the above
Ans - a
7. Wages paid to Raju should not be debited to......
(i) Raju's account, (ii) Wages account, (iii) Cash account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - b
8. Return of goods from a customer should not be credited to ......
(i) Customer account,
(ii) Sales return account,
(iii) Goods account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
9. Merchandise costs - Rs. 250000, Gross Profit - Rs. 23000, Net Profit - Rs. 15000. Find the amount of sales.
a. 227000
b. 235000
c. 265000
d. 273000
Ans - d
10. A credit entry of Rs. 5200 to Mr. Anand's account was credited as Rs. 2500. It is an ......
a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above
Ans - a
11. Acquisition of Fixed assets is a ......
a. Capital Expenditure
b. Revenue Expenditure
c. Deferred Revenue Expenditure
d. None of the above
Ans - a
12.Sales - Rs. 90000, Gross profit - Rs. 30000, Net Profit - Rs. 18000. Find Operating expenses.
a. 12000
b. 18000
c. 42000
d. 60000
Ans - a
(i) Liability, (ii) Asset, (iii) Revenue
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
2. The amount brought in by the proprietor in the business should not be credited to ......
(i) Proprietor's account,
(ii) Drawings account,
(iii) Capital account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - a
3. Sales - Rs. 85000, Operating expenses - Rs. 20000, Net Profit - Rs. 15000. Find gross profit.
a. 5000
b. 20000
c. 35000
d. 50000
Ans - c
4. Bank Reconciliation Statement is prepared with the help of ......
a. Bank Passbook
b. Cash column of cash book
c. Bank Passbook and bank column of cash book
d. Bank Passbook and cash column of cash book
Ans - c
5. For payment of noting charges to the notary public...
a. Noting charges a/c is debited
b. Bank a/c is debited
c. Noting charges a/c is credited
d. Cash a/c is credited.
Ans - d
6. Bills receivable and Bills payable are part of ......
a. Balance Sheet
b. P&L account
c. Journal
d. None of the above
Ans - a
7. Wages paid to Raju should not be debited to......
(i) Raju's account, (ii) Wages account, (iii) Cash account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - b
8. Return of goods from a customer should not be credited to ......
(i) Customer account,
(ii) Sales return account,
(iii) Goods account
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans - c
9. Merchandise costs - Rs. 250000, Gross Profit - Rs. 23000, Net Profit - Rs. 15000. Find the amount of sales.
a. 227000
b. 235000
c. 265000
d. 273000
Ans - d
10. A credit entry of Rs. 5200 to Mr. Anand's account was credited as Rs. 2500. It is an ......
a. Errors of commission
b. Errors of omission
c. Errors of principle
d. None of the above
Ans - a
11. Acquisition of Fixed assets is a ......
a. Capital Expenditure
b. Revenue Expenditure
c. Deferred Revenue Expenditure
d. None of the above
Ans - a
12.Sales - Rs. 90000, Gross profit - Rs. 30000, Net Profit - Rs. 18000. Find Operating expenses.
a. 12000
b. 18000
c. 42000
d. 60000
Ans - a