Question : If a Company pays interest on debentures half-yearly on 30th June and 31st December, while preparing the balance sheet on 31st March, 2018, if the interest for the period ending 31st Dec, 2017 remains unpaid, it will be called

Option 1: Interest accrued and due

Option 2: Interest accrued and not due 

Option 3: Unearned Income 

Option 4: Income received in advance 

Question : P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last 4 completed years (books of accounts are closed on 31st March).

R died on 1st April 2018. The firm’s profits for the last 4 years were as follows: 2015 (Profits Rs. 1,20,000); 2016 (Profits Rs.60,000); 2017 (Losses Rs.20,000) and 2018 (Profits Rs. 80,000). Determine the amount that should be credited to R in respect of his share of goodwill.

Option 1: Rs 90,000

Option 2: Rs 30,000

Option 3: Rs 45,000

Option 4: Rs 60,000

Question : Raj Kundra Cricket Club was inaugurated on 1st April, 2019. It had the following  Receipts and Payments during the year ended 31st March 2020.

Opening balance of cash Rs 20,000 (overdraft).

Receipts: Admission fees  Rs 20,000, Subscription Rs 1,20,000. Donation for Building Fund Rs 20,000. Sale of old newspaper Rs 1,000. Life membership fees Rs 50,000. Interest on Investment received Rs 2,500.

Payments: Salaries Rs 15,000, Rent paid Rs 25,000, Investment Rs 30,000. Stationery Rs 4,000. Books Rs 5,000.

Amount in Receipts and Payment Account for the year ended 31st March, 2020 __________.

Option 1: Rs 1,74,500

Option 2: Rs 1,34,500

Option 3: Rs 1,14,500

Option 4: Rs 1,01,500

Question : Evian Ltd. has a balance in Provision for Tax Account of Rs. 50,000 and Rs. 75,000 as on 31st March, 2019 and 2020 respectively. It made a provision for tax during the year of Rs. 65,000. The amount of tax paid during the year ______-.

Option 1: Rs 65,000

Option 2: Rs 40,000

Option 3: Rs 25,000

Option 4: None of the above

Question : Evian Ltd. has a balance in Provision for Tax Account of Rs. 50,000 and Rs. 75,000 as on 31st March, 2019 and 2020 respectively. It made a provision for tax during the year of Rs. 65,000. The amount of tax paid during the year ______-.

Option 1: Rs 65,000

Option 2: Rs 40,000

Option 3: Rs 25,000

Option 4: None of the above