1) Calculate the gross profit if rate of gross profit is 25% on cost and sales are Rs. 1,25,000. a) Rs.60,000 b) Rs. 36,000 c) Rs.25,000 d) Rs.30,000 2) Which type of expenses are shown in trading account? a) operating expenses b) Direct expenses c) Indirect expenses d) Direct and Indirect expenses 3) Which of the following will be treated as drawings of the proprietor: a) Income tax b) Advance payment of income tax c) Life insurance premium d) All of these 4) If prepaid rent is given in trial balance, it is shown in:  a) Debit side of trading A/c b) Debit side of Profit & loss A/c c) Assets side of balance sheet d) Liabilities side of balance sheet 5) Bills receivable discounted but not due till the date of final accounts is shown in: a) Profit & loss A/c b) Assets side of balance sheet c) Liabilities side of balance sheet d) Foot note of balance sheet

Quiz on financial statements of sole proprietorship

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