FCI Management Trainees Accounts Question Paper 2020 Model Paper.
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persons/parties, who owe money from the business.
Business partner
Debtor
Customer
Creditors
Creditors are ——-
Fixed Assets
Current Assets
Long term Assets
Current liabilities
At times, we receive discounts from our creditors. This discount is either treated as income of the business or as a reduction in the cost of
Income
Balance
Stock
Returned
When an expense or other payable is accrued it is
current liability
Assets
Income
current assets
———— is made when it is known that an expense will arise but the exact amount is not known.
Accrual
Provision
Reserves
Good will
Accounting Treatment of Provision
Relevant Expense Account (Dr) Provisions (Cr)
cash (Dr) Provisions (Cr)
Account payable (Dr) Provisions (Cr)
Provisions (Dr) Relevant Expense Account (Cr)
Debtors is also called
Provisions
Stock
Receivables
none of them
Receivables are the ———-
current assets
Fixed assets
long term assets
all of above
When a debtor does not pay the amount due to him, it is said
Provision
Accrual
Debt
Bad Debts
Bad Debts charged to the
Profit & loss
Cost of goods
Capital
Drawings
Recording of Bad Debts
Bad Debts (Dr) Debtors a/c (Cr)
Drawings (Dr) Debtors a/c (Cr)
Bad Debts (Dr) Drawings (Dr)
Debtors a/c(Dr) Bad Debts (Cr)
Debtors 100,000 Provision for Bad Debts 5,000 so the net receivable income is
100000
105000
95000
none of them
Provision for bad debts is also ——— deboters
add
less
save
recorded
Debtors are 15000 and the provision is 37% calculate net Debtors
15000
9400
11000
9450
which one of them is current asset
cash
land
bill paid
advance income
Sales Ledger Control Account is also called
Debtors Control Account
Creditors Control Account
—
—
In General Ledger one account is kept for all the ——– Creditors Control Account.
Debtors Control Account,
Creditors Control Account.
—
—
List of debtors balances drawn up to the end of previous period is ——–
Opening balance of debtors
Opening balance of account payable
Closing Balance of debtors
none of these
Opening balance of recorded on the ———- side of Debtors Control Accounts
Dr
Cr
—
—
Credit Sales ———- the debtors balance
equal to
decrease
no effect on
increase
Sales Return means
customer returned the goods
Supplier returned the goods
Store returned the goods
all of these
Cheques/Cash Received from the customer —— the debter balance
increased
no affect
decreased
A & C
Which is the simple formula of calculating closing balance of deboter
Opening balance + Credit Sales +(Sales Return + Cheques/Cash Received)=
Opening balance + Credit Sales – (Sales Return – Cheques/Cash Received)=
Opening balance – Credit Sales – (Sales Return + Cheques/Cash Received)=
Opening balance + Credit Sales – (Sales Return + Cheques/Cash Received)=
List of creditors balances drawn up to the end of previous period is ———— balance of creditor for this year
Closing
Opening
—
Credit Purchases shown on the ———– side of Creditors Control Accounts
Right
Dr
Cr
A & C
Cheques/Cash Paid — the creditor balance
increase
decrease
—
—
The formula for calculating closing balance of creditor is
Opening balance + Credit Purchases – (Purchase Return- Cheques/Cash Paid)
Opening balance – Credit Purchases – (Purchase Return + Cheques/Cash Paid)
Opening balance + Credit Purchases + (Purchase Return + Cheques/Cash Paid)
Opening balance + Credit Purchases – (Purchase Return + Cheques/Cash Paid)
calculate closing balance of deboter Opening Balance 50000 cash received 70000 Opening balance 30000 sale returned 2000
72000
80000
8000
32000
Prepare a Creditors Control Account from the following data Opening Balance 40000 Purchase Return 6000 Cheques and Cash paid 34000 Discounts received 2000 Total Credit Purchases 32,000
32000
72000
3000
30000
Discounts received shown on———— of Creditors Control Account
Dr
Cr
—
—
A number of books are opened in connection with control accounts to reduce the volume of general ledger these books are called
Purchase book
Sales book
Subsidiary Books
A & C
Sale return is recorded on the —— of Debtors control Account
Debit Side
Credit Side
—
—
Discounts allowed is ——
Income
Good will
Asset
Expense
In Debtors control Account the Debit Side is greater then—-
Debtors control Account
Credit Sales
Credit Side
Cheques and Cash received
Debtor 45,000, amount received ——- closing balance is 19825
25175
21752
25751
22751
Individual purchases are recorded in ——
Purchase Journal / Purchase Day Book
Purchase Return / Return outward Journal
Creditors Ledger
all of these
——– ledger maintains record of individual creditors
Purchase Journal / Purchase Day Book
Purchase Return / Return outward Journal
Creditors Ledger
none of these
Purchase Return is recorded on the ——- side of creditor control account.
Cr
Dr
—
—
Bad Debts are ——- expenses
General
Financial
Selling
Administration
When the Provision for Bad Debts increases Debtors
increased
decreases
remain constant
none of these
Individual invoice wise sales are recorded in this Journal. This book serves as source for all the recording of Credit sales.
Sales Return / Return Inward
Sales Journal / Sales Day Book
Debtors Ledger
none of above
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