Question : From the following information find out the actual amount of expenditure to be shown in the Assets side of the closing Balance Sheet:

Expenses paid during the year 1,40,000

Expenses outstanding at the end of the year 30,000

Expenses prepaid at the beginning of the year 24,000

Expenses prepaid at the end of the year 16,000

Expenses outstanding at the beginning of the year 18,000

Option 1: Expenses paid during the year 1,40,000

Option 2: Expenses outstanding at the end of the year 30,000

Option 3: Expenses prepaid at the beginning of the year 24,000

Option 4: Expenses prepaid at the end of the year 16,000

Question : From the following information, find out the actual amount of expenditure to be shown in Income and Expenditure A/c:

Expenses paid during the year 140,000

Expenses outstanding at the end of the year 30,000

Expenses prepaid at the beginning of the year 24,000

Expenses prepaid at the end of the year 16,000

Expenses outstanding at the beginning of the year 18,000

Option 1: Rs 1,60,000

Option 2: Rs  1,42,000

Option 3: Rs 2,40,000

Option 4: Rs 40,000

Question : From the following information, find out the actual amount of expenditure to be shown in Income and Expenditure A/c:

Expenses paid during the year 140,000

Expenses outstanding at the end of the year 30,000

Expenses prepaid at the beginning of the year 24,000

Expenses prepaid at the end of the year 16,000

Expenses outstanding at the beginning of the year 18,000

Option 1: Rs 1,60,000

Option 2: Rs  1,42,000

Option 3: Rs 2,40,000

Option 4: Rs 40,000

Question : Expenses paid in advance are:

Option 1: deducted from the expenses paid during the year

Option 2: shown in debit of Income and Expenditure Account

Option 3: added to the expenses paid during the year 

Option 4: shown as a liability in the Balance Sheet

Question : Municipal Taxes paid during the year Rs 4,000. Municipal taxes amount to 4,000 per year and are paid upto 30th June every year. Calculate the amount of the subscription debited to the Income and Expenditure Account and also calculate the amount of subscription received in advance last year and also calculate the amount of subscription received in advance at the end of the year.

Option 1: Rs 4,000 debited to Income and Expenditure account and advance paid at the beginning of the year Rs 1,000 and Rs 1,000 paid in advance at the end of the year. 

Option 2: Rs 3,000 debited to Income and Expenditure account and Rs 1,000 paid in advance at the end of the year.

Option 3: Rs 4,000 debited to Income and Expenditure Account and advance at the beginning of the year Rs 500 and Rs 500 at the end of the year.

Option 4: Rs 5,000 debited to Income and Expenditure.