Profit on sale of old plant is:___________?

Related Mcqs:

1. Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?

   A. Added, Reduced
   B. Added, Added
   C. Deducted, Added
   D. Deducted, Deducted

2. A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

   A. Error of omission
   B. Error of commission
   C. Compensating error
   D. Error of principle

3. A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?

   A. 20,000 Loss
   B. 20,000 Profit
   C. 10,000 Loss
   D. 10,000 Profit

4. A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?

   A. Loss of 20,000
   B. Loss of 22,000
   C. Loss of 11,000
   D. Profit of 11,000

5. SALE of old furniture” will be recorded in which of the following specialised journals?

   A. Purchase journal
   B. Sales journal
   C. General journal
   D. Cash receipt journal

6. An income statement in which each item expressed as percentage of Sale?

   A. Balance sheet
   B. income statement
   C. common size income statement
   D. All of the Above

   Submitted by: Maneesh kumar

7. Which of the following shall not be deducted from net profit while calculating managerial remuneration?

   A. Loss on sale of undertaking
   B. Debts considered bad and written off
   C. Liability arising from a breach of contract
   D. Director‘s remuneration

8. Gross Profit is equal to_________?

   A. Sales – Cost of goods sold
   B. Sales – Closing Stock + Purchases
   C. Opening Stock + Purchases – Closing Stock
   D. None of the above

9. From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission

   A. 6441
   B. 5431
   C. 7150
   D. 5876

10. A company is currently operating at 80% capacity level. The production under normal capacity level is 1,50,000 units. The variable cost per unit is ` 14 and the total fixed costs are ` 8,00,000. If the company wants to earn a profit of ` 4,00,000, then the price of the product per unit should be

    A. 37.50
    B. 38.25
    C. 24.00
    D. 35.00