- Type
- Quiz
- Course
- MGT101 Financial Accounting
- Size
- PDF 130 KB
- Updated
- 23 Oct 2026
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Q1. Write the relevant source of financial information in second column against all information given in first column from the following list:
- Event
- Transaction
- Condition
Payment of salaries to employees
Transaction
Loss by fire
Event
Depreciation of non-current assets
Condition
Sale of goods to ABC Brothers on credit basis
Transaction
Q2. Rahim Brothers showed balances of Debtors Rs. 35,000 and Creditors Rs. 45,000 as on 1st November 2021. Some transactions of Rahim Brothers for the month of November 2021 are given below.
Transactions 7th November Goods purchased amounting to Rs. 30,000 on account. 9th November Goods purchased amounting to Rs. 15,000 on Cash basis 15th November Rs. 10,000 paid to creditors. 24th November Sold goods to a customer for Rs. 20,000 on credit basis 26th November Sold goods to a customer for Rs. 27,000 on cash basis 28th November Cash collected from customer Rs. 5,000.
Required: Based on the above transactions, calculate the amount/balance of the following accounts at the end of November 2021.
= Rs. 35,000
= Rs. 20,000
= Rs. 5,000
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