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10 Questions

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Accounting Balance Sheet Overview

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Questions and Answers

What is the total amount listed for cash at the bank?

Rs. 3,200 (correct)

Rs. 2,000

Rs. 1,600

Rs. 5,200

Which of the following items has the lowest value on the balance sheet?

Cigar & Cigarettes (correct)

Cutlery & plate

Linen

Glass & China

What is the total value of stock for Wines as of January 1st, 2018?

Rs. 3,000 (correct)

Rs. 4,500

Rs. 5,000

Rs. 2,000

How much is the total amount for purchases of Fish & Poultry?

Rs. 4,000 Signup and view all the answers

Which of the following represents the total of salaries listed on the balance sheet?

Rs. 8,000 Signup and view all the answers

What was the total income from the 'Meals' category?

Rs. 38,000 Signup and view all the answers

Which of the following categories had the highest income?

Meals Signup and view all the answers

What is the total expense for 'Repairs, Renewals & Depreciation'?

Rs. 3,300 Signup and view all the answers

How much closing stock adjustment was accounted for 'Beer'?

Rs. 500 Signup and view all the answers

What is the total debit balance in the cash book?

Rs. 6,000 Signup and view all the answers

Study Notes

Balance Sheet

Share capital (issued & authorized): 1,60,000
Pre-hold premises: 1,50,000
Furniture: 10,000
Glass & China: 2,000
Linen: 1,000
Cutlery & plate: 1,000
Rates, taxes & insurance: 1,000
Salaries: 3,000
Wages: 12,000
Cash at Bank: 3,200
Cash in hand: 2,000
Stock on 1st Jan, 2018
Wines: 2,000
Spirits: 1,000
Beer: 2,000
Minerals: 1,000
Cigar & Cigarettes: 400
S. Provision & Stores: 2,000
Coal: 600
Purchases
Meat: 3,000
Fish & Poultry: 4,000
S. Pro. & Stores: 6,000
Wines: 2,500
Spirits: 1,500
Beers: 1,200
Minerals: 1,200

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Description

This quiz covers the essentials of a balance sheet, illustrated with examples from a financial statement. Test your understanding of asset classification, liabilities, and equity components. Perfect for accounting students looking to strengthen their practical knowledge.