CBSE Class 11 Accounts from Incomplete Records Multiple Choice Questions with Answers. MCQ Questions Class 11 Accounts from Incomplete Records with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Accounts from Incomplete Records with Answers to know their preparation level.
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MCQ Questions Class 11 Accounts from Incomplete Records with Answers - Set - 4
Question 1:Â
 If Capital at the beginning is Rs. 24,000, Closing capital is Rs. 40,000, drawing is Rs. 7,000, and additional capital is Rs. 8,000. Make a benefit or loss calculation.
(a) Loss 15,000
(b) Profit 15,000
(c) Profit 20,000
(d) Loss 20,000
Correct Answer – (B)
Question 2:Â
If the gross profit is 20% of cost of goods sold and sales are Rs. 1,00,000; the amount of gross profit will be Â
(a) Rs. 20,000.
(b) Rs. 25,000.
(c) Rs. 16,667.
(d) None of these.
Correct Answer – (C)
Question 3:Â
Capital in the beginning of the accounting year is ascertained by preparing Â
(a) Debtors’ Account.
(b) Cash Account.
(c) Opening Statement of Affairs.
(d) None of these.
Correct Answer – (C)
Question 4:Â
Profit = Closing Capital + Drawings – Additional Capital – _
(a) Opening capital
(b) Closing capital
(c) Loss
(d) None of these
Correct Answer – (A)
Question 5:Â
If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000; the amount of gross profit will be Â
(a) Rs. 25,000.
(b) Rs. 33,333.
(c) Rs. 20,000.
(d) None of these.
Correct Answer – (B)
MCQ Questions Class 11 Accounts from Incomplete Records With Answers
Question 6:Â
When closing capital (after changing drawings) is less than opening capital, the difference is considered as:-
(a) Loss
(b) Profit
(c) Additional capital
(d) None of them
Correct Answer – (A)
Question 7:Â
If we want to calculate opening capital, what should be added in closing capital __________ .
(a) Loss
(b) Profit
(c) Profit and drawing
(d) Loss and drawing
Correct Answer – (D)
Question 8:Â
When closing capital is less than opening capital, it denotes:Â Â
(A) Profit
(B) Loss
(C) Loss, if there is no drawing
(D) None of the above
Correct Answer – (C)
Question 9:Â
If Closing Capital is Rs. 50,000, Additional Capital introduced during the year Rs. 30,000; Drawings Rs. 20,000 and Profit is Rs. 30,000; then Opening Capital is ___________.
(a) 10,000
(b) 30,000
(c) 20,000
(d) 35,000
Correct Answer – (A)
Question 10:Â
If Capital at the end of the year is Rs.40,000; Capital introduced during the year Rs.30,000; drawings for the year Rs.20,000 and loss for the year is Rs.60,000, then Capital at the beginning of the year was :Â Â
(A) Rs.90,000
(B) Rs. 80,000
(C) Rs.70,000
(D) Rs. 10,000
