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5. Finance Graduation Test

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1. The journal entry to account for the acquisition on credit of factory machinery from ABC ltd should require which of the following:


2. Total assets = Rs. 3,06,000

Secured loans = Rs. 1,00,000

Unsecured loans = Rs. 60,000

Contingent Liabilities = Rs. 1,46,000

Capital =


3. The rate of tax that is leviable on STCG arising from transfer of Equity shares of a Company or
units of an Equity oriented fund is


4. The invoice relating to the acquisition on credit of Office Equipment for ₹24,500 from Rahul Ltd was entered in the Purchases Journal. To correct this error which of the following needs to be done?


5. Stock worth Rs. 50,000 was destroyed by fire.

The claim was fully accepted by the insurance

company. The journal entry is


6. The maximum amount on which income-tax is not chargeable in case a Company is


7. Opening inventory = Rs. 4,00,000

Cash sales = Rs. 2,00,000

Total sales = Rs. 17,00,000

Selling price = 125% of purchase price                                      

What is the cost of goods sold?


8. XYZ Ltd purchased goods at cost of Rs. 40 Lakhs. 75% of the stocks were sold. The expected sales value is Rs. 11 Lakhs and commission at 10% on sale is payable to the agent. Closing Stock for year ended 31.03.2016 will be:


9. A decrease in the provision for doubtful debt would result in :


10. Amount recovered from Rahul (a Debtor), which was earlier written off as bad debt is debited to Cash A/c and Credited to ?


Question 1 of 10

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