Question : A and B were partners from 1st April 2018 with capitals of Rs. 60,000 and Rs. 40,000 respectively. They shared profits in the ratio of 3: 2. They carried on business for two years.

In the first year ended 31st March 2019, they earned a profit of Rs. 50,000 but in the second year ended 31st March 2020, a loss of Rs. 20,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31st March 2020. Creditors on that date were Rs 20,000. The partners withdrew for personal use of Rs. 8,000 per partner per year. The assets realised Rs. 1,00,000. The expenses of realisation were Rs. 3,000.
Question:
The value of sundry assets are

Option 1: 1,28,000

Option 2: 11,800

Option 3: 1,18,000

Option 4: None of the above

Question : A and B were partners from 1st April 2018 with capitals of Rs. 60,000 and Rs. 40,000 respectively. They shared profits in the ratio of 3: 2. They carried on business for two years.

In the first year ended 31st March 2019, they earned a profit of Rs. 50,000 but in the second year ended 31st March 2020, a loss of Rs. 20,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31st March 2020. Creditors on that date were Rs 20,000. The partners withdrew for personal use of Rs. 8,000 per partner per year. The assets realised Rs. 1,00,000. The expenses of realisation were Rs. 3,000.
Question:
Final payments made to partners are

Option 1: Paid to A Rs 49,400 , paid to B Rs 27,600

Option 2: Paid to A 27,600 and paid to B 49,400

Option 3: Received from A 49,400 and paid to B 27,600

Option 4: Paid to A 49,400 and received from B 27,600

Question : Apple Ltd. has Machinery written down value of which On 1st April 2019 was Rs 6,60,000 and on 31st March 2020 was Rs 7,50,000. Depreciation for the year was Rs 40,000. At the beginning of the year, an item of machinery was sold for Rs 25,000 which had a written-down value of Rs 20,000
Question:
Calculate gain/loss on the sale of machinery.

Option 1: Rs 5,000 profit

Option 2: Rs 5,000 loss

Option 3: Rs 3,000 profit

Option 4: None of the above

Question : Apple Ltd. has Machinery written down value of which On 1st April 2019 was Rs 6,60,000 and on 31st March 2020 was Rs 7,50,000. Depreciation for the year was Rs 40,000. At the beginning of the year, an item of machinery was sold for Rs 25,000 which had a written-down value of Rs 20,000
Question:
Calculate gain/loss on the sale of machinery.

Option 1: Rs 5,000 profit

Option 2: Rs 5,000 loss

Option 3: Rs 3,000 profit

Option 4: None of the above

Question : During the year ended 31st March, 2020, subscriptions received were Rs. 21,00,000. These subscriptions include Rs. 30,000 for the year ended 31st March, 2019 and Rs. 40,000 for the year ending 31st March, 2021. On 31st March, 2020, subscriptions due but not received were Rs. 50,000. The corresponding amount on 1st April, 2019 was Rs. 60,000. Determine the amount that should be credited to Income and Expenditure Account as subscriptions for the year ended 31st March, 2020.

Option 1: Rs 20,55,000

Option 2: Rs 20,50,000

Option 3: Rs 2,05,000

Option 4: Rs 20,35,000