Question

Hello guys please answer the questions tommow exam
Q13) When there is a shortage due to natural causes before goods are reaching the

consignee, what will be its final effect in consignment accounts

(A) Profit of consignment account will decrease

(B) Profit of consignment account will increase

(C) There will be no change in the profit of consignment account.

(D) None of thes.


Q14) The consignor consigned goods worth Rs. 20,000 to the consignee and paid expense of

Rs. 1,000. Consignee paid Rs. 500 for freight and octroi. What will be the value of closing

stock if 30% of the goods are unsold?

(A) Rs. 6,450 (B) Rs. 6,000 (C) Rs. 6,150 (D) Rs. 6,300



Q15) The abnormal loss of Rs. 20,000 occurred in consignment business. The insurance

company accepted 40% claim. What amount will be credited to consignment account?

(A) Rs. 8,000 (B) Rs. 20,000 (C) Rs. 12,000 (D) Rs. 17,500

Q16) For an independent branch, H.O. A/c is like –

(A) P and L Account (B) Real Account

(C) Capital Account (D) Nominal Account

Q19) Head office sends goods to its branch at invoice price after adding 25% profit on cost

price. So, profit would be _______ percentage of invoice price.

(A) 20% (B) 25% (C) 30% (D) 40%



Q20) Decentralization of authority in dependent branch in comparison to independent branch

is –

(A) Less (B) More (C) Equal (D) None of the above



Q21) For finding out the amount of sundry expenses paid by the branch, the following

account should be prepared.

(A) Petty Cash Account (B) Creditors A/c

(C) Debtors A/c (D) Prepaid expense A/c



Q22) How the goods in transit is shown in the balance sheet of the head office ?

(A) It is shown on Assets side

(B) It is shown on Liabilities side

(C) It is deducted from the stock on Assets side.

(D) It is added into creditors on Liabilities side.



Q23) For goods sent by head office, but not received by the branch before the end of the year,

by debiting it to goods in transit, which account should be credited?

(A) Cash Account (B) Trading Account

(C) Head Office Account (D) Branch Account



Q24) Which account is to be credited by branch for Cash in Transit?

(A) Branch Account (B) Head Office Account

(C) Cash Account (D) Bank Account



Q25) During the year, Head office sent Rs. 3,000 to its branch for Petty cash expenses, the

opening balance is Rs. 800 and closing balance of Petty cash is Rs. 550, then petty cash

expenses will be –

(A) Rs. 3,000 (B) Rs. 3,250 (C) Rs. 3,800 (D) Rs. 3,550

Q26) Head Office Sent Rs. 6,000 as Petty cash to its branch during this year, Opening and

closing balance of petty cash was Rs. 1,700 and Rs. 1,200 respectively with the branch. Then

petty cash expenses of the branch during the year will be –

(A) Rs. 6,000 (B) Rs. 1,700 (C) Rs. 6,500 (D) Rs. 7,700



Q27) In which account, adjustment entry of Goods in transit is not recorded?

(A) Head Office (B) Branch (C) Branch account (D) Bank Account



Q28) Which of the following branches, taking into consideration the scope of authority and

responsibility, prepares its own independent final accounts?

(A) Foreign branch

(B) Dependent branch

(C) Independent branch

(D) Independent branch and Foreign branch both



Q29) Goods sent by head office, but not received by the branch before end of the year is

called –

(A) Cash in transit (B) Goods in transit

(C) (A) and (B) both (D) None of these



Q30) In the books of independent branch, Cash in transit is –

(A) Debited to Head office A/c

(B) Credited to Head office A/c

(C) Credited to Cash A/c

(D) Debited to Trading A/c


Q31) In which of the following business, Joint venture can be possible?

(A) Run a fast-food stall in a festival fair

(B) Oil refinery

(C) Daily Newspaper

(D) None of these



Q32) In Joint-venture, if goods are given as gift to customer, which of the following

account is debited?

(A) Gift Account (B) Joint Venture Account

(C) Profit and Loss Account (D) None of the above



Q33) Normal loss of goods in Joint venture is debited to –

(A) General Profit and Loss Account

(B) Joint Venture Account

(C) Not debited to any account

(D) None of the above


Q35) Which of the following statement is true for Joint Venture Business?

(A) There is an aim to earn profit from the business for a long time.

(B) It has a short business life

(C) It has a long Business life.

(D) The business is always of proprietary firm.


Q38) Joint Venture Account is similar to which option?

(A) Similar to only Trading Account

(B) Similar to only Profit and Loss Account

(C) Similar to mixture of Trading and Profit and Loss Account

(D) Similar to only Balance sheet and profit and loss account.





Q44) In a Joint venture of selling electronic items, if one item is given as a gift to a customer.

The following account is debited-

(A) Joint Venture Account (B) Profit and Loss Account

(C) Abnormal Loss Account (D) No Account.​

Answer 1

Answer:

1. 1 packed food 2 A 3d4a5b chal by

Answer 2

Answer:

dont know 33rd one

Explanation: