Financial Statements

Nature/Structure

Hard

Receipt and Payment a/c for the year ending 31.3.22.

Locker Rent Rs.17,050

Additional Information:

Locker rent Rs.3,050 outstanding for the year 2020-21 and Rs.1,500 for 2021-22.

Locker rent received on advance at the end of current year i.e on 31.3.22 is Rs.1,000.

What amount of Locker Rent will be shown in Income and Expenditure A/c?

Choose the correct option:

Rs.14,500 Dr. to Income and Expenditure A/C

Rs.17,600 Dr. to Income and Expenditure A/C

Rs.14,500 Cr. to Income and Expenditure A/C

Rs.17,600 Cr. to Income and Expenditure A/C

✅ Correct Option: 3

Locker Rent received = 17,050.

Less: Previous year's (2020-21) outstanding received now = 3,050 (not current year's income).

Add: Current year outstanding (receivable for 2021-22) = 1,500.

Less: Advance received for next year = 1,000.

Current year income = 17,050 - 3,050 + 1,500 - 1,000 = 14,500.

Being income, it is credited to Income and Expenditure A/c.

2023: 11 June Shift 3

Arrange the following items of statement of profit and Loss in a sequence.

(A) Total Revenue

(B) Revenue from Operations

(D) Expenses

(E) Profit Before Tax

Choose the correct answer from the options given below :

2023: 29 May Shift 2

Identify the salient features of Income and Expenditure account from the following:

A. It is prepared on accrual basis.

B. It includes both revenue as well as capital items.

C. It is prepared after taking into account the additional information regarding outstanding/prepaid expenses and depreciation etc.

D. Its result is surplus or deficit.

E. It is prepared with the help of Receipts and Payments Account.

Choose the correct answer from the options given below:

2024

Arrange the following steps in the correct sequence of the life of a company:

2022: 16 July Shift 2

Match the following with regard to company's Balance Sheet.

List I	List II
A. Shareholders funds	I. Furniture and Fittings
B. Current liabilities	II. Prepaid expenses
C. Current Assets	III. Calls in Advance
D. Non current assets	IV. Surplus of Balance on statement of P and L

Choose the correct answer from the options given below:

2022: 16 July Shift 2

Amount of subscription credited during the year will be

2026: 19 May Shift 1

Arrange the following account balances in the order of occurence in the Balance Sheet (as per Schedule III) from top to bottom.

(A) Capital Redemption Reserve

(B) Equity Share capital

(D) Long Term Loan taken from SBI

Choose the correct answer from the options given below:

Solution