Al Suffah Elementary School and Academy

Test Accounting Class: I.com 1 Marks 30

Attempt the following short questions. (2 x 5)
1. Define Net Profit
2. Define Balance Sheet
3. Define Gross Profit
4. Define Indirect Expenses
5. Define Outstanding Expenses
Prepare the Trading and Profit and Loss Account and Balance Sheet from the following data
mentioned Below. (20)

Particulars Debit Rs. Credit

Rs.
Opening Stock 20,000
Cash 15,500
Debtors 22,000
Furniture 7,500
Building 50,500
Purchases 98,500
Freight 3,900
Advertising 5,500
Salaries 8,500
Utility Expenses 1,900
Drawings 5,500
Capital 135,000
Sales 9,500
Creditors 10,000
Total 239,300 239,300

1. Closing Stock valued Rs. 50,000.

2. Depreciation on Building @ 10% P.a.
3. Outstanding Salary Rs. 500.