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, the interest for the period from 1st January 2018 to 31st March, 2018 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 : 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 : 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 : 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 : Which of the following statements is true?

Option 1: If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due or Interest Outstanding

Option 2: If the date of payment of interest and accounting date are different, Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on accrual basis
 

Option 3: Interest Accrued or Outstanding (whether due or not) on Debentures is shown under the main head 'Current Liabilities' and sub-head 'Other Current Liabilities'

Option 4: All  of the above 

Question : Which of the following statements is true?

Option 1: If the amount of interest accrued and due is not paid, it is known as Interest Accrued and Due or Interest Outstanding

Option 2: If the date of payment of interest and accounting date are different, Interest Accrued and Not Due Account is credited at the end of the year to maintain accounting records on accrual basis
 

Option 3: Interest Accrued or Outstanding (whether due or not) on Debentures is shown under the main head 'Current Liabilities' and sub-head 'Other Current Liabilities'

Option 4: All  of the above