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 profit/loss on realization is

Option 1: Profit Rs 21,000

Option 2: Loss Rs 21,000

Option 3: Loss Rs 2,100

Option 4: Profit Rs 2,100

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 : 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

Question : From the following information, determine the amount of subscriptions to be credited to Income and Expenditure account for the year ended 31st March 2018.

1. Subscription received during 2017-2018 Rs 6,00,000 (including Rs 25,000 for the year ended 31st March 2019 and Rs 15,000 for the year ended 31st  March 2017).

2. Subscription due but not received on 31st March 2018 Rs 33,000.

3. Subscription outstanding for the year ended 31st March 2017 Rs 22,000.

Option 1: Rs 6,11,000

Option 2: Rs 5,46,000

Option 3: Rs 5,86,000

Option 4: Rs 5,00,000

Question : During the year ended 31st March 2020, subscriptions received were Rs. 31,00,000. These subscriptions include Rs. 60,000 for the year ending 31st March 2019 and Rs. 80,000 for the year ending 31st March 2021. On 31st March 2020, subscriptions due but not received were Rs. 1,00,000. The corresponding amount on 1st April 2019 was  1,20,000. Determine the amount that should be credited to the Income and Expenditure Account as subscriptions for the year ended 31st March 2020.

Option 1: Rs. 30,00,000

Option 2: Rs. 31,40,000

Option 3: Rs. 31,00,000

Option 4: Rs. 25,80,000