Financial Statements

Nature/Structure

Medium

If the credit side of Receipt and Payment A/c is more than the debit side then the difference will be shown as :

Bank Overdraft

Commission

Bank charges

Interest

✅ Correct Option: 1

In Receipt and Payment Account, the debit side shows receipts and the credit side shows payments. If credit (payments) exceeds debit (receipts), it means more has been paid than received, resulting in a Bank Overdraft (negative bank balance).

2022: 23 Aug Shift 2

From the following information calculate how much amount of depreciation will be shown in the Income and Expenditure A/c for the year 2021-22 :

	As on 31 March, 2021	As on 31 March, 2022
Furniture	Rs. 1,80,000	Rs. 1,60,250

Furniture worth Rs. 8,000 was sold for Rs. 10,000 on 1 April, 2021.

2022: 16 July Shift 2

Amount of subscription credited during the year will be

2023: 20 June Shift 2

The total expenses on account of salary to be debited to Income and Expenditure A/c for the year 2016-17 was:

2025: 14 May Shift 2

Arrange the following balance sheet items in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013-

(A) Current Assets

(B) Shareholder's Funds

(D) Non-Current Assets

(E) Current Liabilities

Choose the correct answer from the options given below:

2023: 20 June Shift 2

Match List I with List II

LIST I	LIST II
A. Capital Reserve	I. Current Assets
B. Inventories	II. Non-Current Liabilities
C. 8% Debentures	III. Current Liabilities
D. Provision for tax	IV. Reserve and Surplus

Choose the correct answer from the options given below:

2025: 13 May Shift 1

Amount of Total Current Assets are:

If the credit side of Receipt and Payment A/c is more than the debit side then the difference will be shown as :

Solution

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