Question : Bill payable appearing in the balance sheet on March 31,20022 was Rs 2,00,000. These bills payable were due on an average basis of 2 months after the date of the balance sheet. They were paid immediately on March 31, 2022. At a 3% discount per annum bank account will be credited by

Option 1: Rs 6,000

Option 2: Rs 1,000

Option 3: Rs 1,99,000

Option 4: Rs 1,44,000

Question : Bill payable appearing in the balance sheet on March 31,20022 was Rs 2,00,000. These bills payable were due on an average basis of 2 months after the date of the balance sheet. They were paid immediately on March 31, 2022. At a 3% discount per annum bank account will be credited by

Option 1: Rs 6,000

Option 2: Rs 1,000

Option 3: Rs 1,99,000

Option 4: Rs 1,44,000

Question : On dissolution of a firm, its Balance Sheet revealed total creditors Rs.50,000; Total Capital Rs.48,000; Cash Balance Rs.3,000. Its assets were realised at 12% less. Loss on realisation will be _________.

Option 1: Rs.11,800

Option 2: Rs.6,000

Option 3: Rs.11,400

Option 4: Rs.5,600

Question : On dissolution of a firm, its Balance Sheet revealed total creditors Rs.50,000; Total Capital Rs.48,000; Cash Balance Rs.3,000. Its assets were realised at 12% less. Loss on realisation will be ________.

Option 1: Rs.6,000

Option 2: Rs.11,400

Option 3: Rs.11,790

Option 4: Rs.3,600

Question : Prize Fund as on 31st March, 2017 = Rs 2,50,000

Donation for prizes received during the year 2017-2018 = Rs 1,20,000

10% prize fund investment as on 31st March, 2017 = Rs 2,00,000

Interest received on prize fund investment = Rs 16,000

Prizes awarded = Rs 1,15,000

Calculate the amount of prize fund after all adjustments as on 31st March 2018. 

Option 1: Prize Fund balance to be shown on the Liabilities side of Balance Sheet Rs 2,75,000

Option 2: Prize Fund balance to  be shown on the assets side of closing Balance Sheet Rs 2,75,000

Option 3: Prize Fund balance shown on the Liabilities side Rs 2,71,000

Option 4: Prize Fund Rs 2,71,000 balance shown on the Liabilities side of the Balance Sheet 

Question : Investment purchased during the year Rs 60,000 and interest on investment received Rs 1,000. 8% interest has accrued on Investment for five month. Calculate the amount credited to Income and Expenditure account and balance of investment at the end of the year.

Option 1: interest on investment credited to Income and Expenditure Account Rs 1,000 and closing balance of Investment is Rs 61,000

Option 2: interest on investment credited to Income and expenditure account Rs 3,000 and investment at the end of the year Rs 62,000

Option 3: Interest on investment credited to Income and Expenditure Account by Rs 2,000 and balance of investment at the end of the year Rs 60,000

Option 4: interest on investment credited to Income and Expenditure Account Rs 1,000 and Investment Balance at the end of the Year Rs 60,000