Financial Statements

Nature/Structure

Medium

Calculate subscription of current year to be credited to Income and Expenditure account from the following information :

Subscription Received Rs. 80,000, Subscription Received in Advance Last year Rs. 10,000, Subscription Received in Advance during this year Rs. 2,000 and Accrued Subscription at the end of current year Rs. 5,000 :

Rs. 95,000

Rs. 93,000

Rs. 82,000

Rs. 90,000

✅ Correct Option: 2

Subscription for current year = Subscription Received + Advance of Last Year (now due) - Advance Received during current year + Accrued Subscription.

$= 80{,}000 + 10{,}000 - 2{,}000 + 5{,}000 = 93{,}000$ .

2025: 14 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Shareholders fund	(I) Long-term loans and advances
(B) Non-current Liabilities	(II) Reserves and Surplus
(C) Current Liabilities	(III) Long term provisions
(D) Non-Current Assets	(IV) Trade payables

Choose the correct answer from the options given below:

2023: 29 May Shift 2

Match List I with List II

LIST I	LIST II
A. Current Maturities of long term Debt	I. Other Non-Current Liabilities
B. Securities Premium	II. Short term Borrowing
C. Outstanding salaries	III. Other Current Liability
D. Premium on Redemption of Debentures	IV. Reserves and Surplus

Choose the correct answer from the options given below:

2023: 20 June Shift 2

Loss on sale of furniture is

2023: 28 May Shift 1

An annual report is furnished by a company to its :

2026: 13 May Shift 1

Arrange the following Current Liabilities in sequence as per Balance Sheet Format.

(A) Short-term borrowings

(B) Trade payables

(D) Short-term provisions

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:

Solution