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July 1st, 2014, 08:10 AM
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FCI Management Trainee Exam Accounts Question Paper
Can you give me question paper for Food Corporation of India (FCI) Management Trainees (MT) accounts Examination soon ? Here I am giving you question paper for Food Corporation of India (FCI) Management Trainees (MT) accounts Examination 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 Last edited by Neelurk; June 15th, 2020 at 10:39 AM. |
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