Question : During the year 2018-2019, salaries paid amounted to Rs 2,40,000. From the following information, show the salaries item in the Income and Expenditure Account for the year ending 31st March, 2019.
1. Salaries outstanding on March 31st, 2018 Rs 20,000
2. Salaries outstanding on March 31st, 2019 Rs 25,000
3. Salaries paid in advance on 31st March, 2018 Rs 16,000
4. Salaries paid in advance on 31st March, 2019 Rs 12,000
Option 1: Rs 2,76,000
Option 2: RS 2,49,000
Option 3: Rs 2,51,000
Option 4: Rs 3,00,000
Correct Answer: RS 2,49,000
Solution : Salaries paid amounted = Rs 2,40,000 (-) Salaries outstanding on March 31st, 2018 = (Rs 20,000)
(+) Salaries outstanding on March 31st, 2019 = Rs 25,000
(+) Salaries paid in advance on 31st March, 2018 = Rs 16,000
(-) Salaries paid in advance on 31st March, 2019 = (Rs 12,000) Amount in Income & Expenditure A/c = Rs.2,49,000 Hence, the correct option is 2.
Question : Tigers club paid salary for the year ended 31st march 2020 amounted to Rs.1,50,000. How much amount will be recorded in Income and Expenditure Account if outstanding salary on 31st March 2019 was Rs. Rs.7,000 and outstanding salary on 31st march 2020 was Rs.10,000.
Option 1: Rs. 1,53,000
Option 2: Rs. 1,67,000
Option 3: Rs. 1,47,000
Option 4: Rs. 1,50,000
Question : Salary paid for the year ended 31st March, 2019 amounted to Rs 1,00,000 and Salary recorded in Income and expenditure account was Rs 99,700. Outstanding salary on 1st April 2018 Rs 6,500 and advance paid in 2018 for 2019 Rs 3,200. Advance paid in 2019 for 2020 were Rs 3,000. Calculate the amount of subscription due at the end of the current year will be _________.
Option 1: Rs 9,200
Option 2: Rs 6,000
Option 3: Rs 10,200
Option 4: Rs 6,600
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
Question : A, B and C are sharing profits in the ratio of 4:3:2. A dies on 31st December 2017. Accounts are closed on 31st March every year. Sales for the year ending 31st March 2017 amounted to Rs.4,00,000. Sales of Rs.3,30,000 amounted between the period from 1st April 2017 to 31st December 2017. The profit for the year ending 31st March 2017 amounted to Rs.60,000.
The deceased partner’s share in the current year’s profits of the firm will be
Option 1: Rs 24,000
Option 2: Rs 18,000
Option 3: Rs 10,000
Option 4: Rs 22,000
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