CA Foundation · Principles and Practice of Accounting

Final Accounts and Adjustments

11 practice questions, each with the answer and an explanation.

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Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.

All 11 questions

  1. A firm has current assets of Rs 300,000 and current liabilities of Rs 50,000. What is its current ratio?
  2. A firm has current assets of Rs 300,000 and current liabilities of Rs 150,000. What is its current ratio?
  3. A firm has current assets of Rs 400,000 and current liabilities of Rs 50,000. What is its current ratio?
  4. A firm's sales are Rs 400,000 and its gross profit ratio is 20% of sales. What is the cost of goods sold?
  5. Debtors at the end of the year are Rs 100,000, and bad debts of Rs 3,000 are to be written off. What provision for doubtful debts at 10% is required on the remaining debtors?
  6. Debtors at the end of the year are Rs 300,000, and bad debts of Rs 3,000 are to be written off. What provision for doubtful debts at 5% is required on the remaining debtors?
  7. A firm has current assets of Rs 400,000 and current liabilities of Rs 100,000. What is its current ratio?
  8. A firm's sales are Rs 500,000 and its gross profit ratio is 30% of sales. What is the cost of goods sold?
  9. A firm's sales are Rs 500,000 and its gross profit ratio is 40% of sales. What is the cost of goods sold?
  10. A firm's sales are Rs 800,000 and its gross profit ratio is 25% of sales. What is the cost of goods sold?
  11. Debtors at the end of the year are Rs 200,000, and bad debts of Rs 4,000 are to be written off. What provision for doubtful debts at 10% is required on the remaining debtors?

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