Read the information carefully and answer the given questions, Particulars, Amount (Rs.), Inventories, 50,000, Trade Receivables, 50,000, Advance Tax, 4,000, Cash and Cash Equivalents, 30,000, Trade Payables, 1,00,000, Bank overdraft, 4,000 Amount of Total Current Assets are: Option 1: Rs. 1,00,000 Option 2: Rs. 1,30,000 Option 3: Rs. 1,34,000 Option 4: Rs. 1,38,000

Answer: Rs. 1,34,000. Solution: Current Assets are assets that are expected to be converted into cash or consumed within one year or the normal operating cycle of the business. From the given information, the following items are Current Assets: - Inventories = Rs. 50,000 - Trade Receivables = Rs. 50,000 - Advance Tax = Rs. 4,000 - Cash and Cash Equivalents = Rs. 30,000 Note: Trade Payables (Rs. 1,00,000) and Bank Overdraft (Rs. 4,000) are Current Liabilities, not Current Assets. Calculation of Total Current Assets: Total Current Assets = Inventories + Trade Receivables + Advance Tax + Cash and Cash Equivalents Total Current Assets = 50,000 + 50,000 + 4,000 + 30,000 Total Current Assets = Rs. 1,34,000 Therefore, Option 3 is correct.

Financial Statements

Nature/Structure

Easy

Read the information carefully and answer the given questions

Particulars	Amount (Rs.)
Inventories	50,000
Trade Receivables	50,000
Advance Tax	4,000
Cash and Cash Equivalents	30,000
Trade Payables	1,00,000
Bank overdraft	4,000

Amount of Total Current Assets are:

Rs. 1,00,000

Rs. 1,30,000

Rs. 1,34,000

Rs. 1,38,000

✅ Correct Option: 3

Current Assets are assets that are expected to be converted into cash or consumed within one year or the normal operating cycle of the business.

From the given information, the following items are Current Assets:

Inventories = Rs. 50,000
Trade Receivables = Rs. 50,000
Advance Tax = Rs. 4,000
Cash and Cash Equivalents = Rs. 30,000

Note: Trade Payables (Rs. 1,00,000) and Bank Overdraft (Rs. 4,000) are Current Liabilities, not Current Assets.

Calculation of Total Current Assets:

Total Current Assets = Inventories + Trade Receivables + Advance Tax + Cash and Cash Equivalents

Total Current Assets = 50,000 + 50,000 + 4,000 + 30,000

Total Current Assets = Rs. 1,34,000

Therefore, Option 3 is correct.

2022: 16 July Shift 2

A Club has Opening balance of Rs.8,50,000 in Match fund. Donation received for match during the current year amounted to Rs. 4,25,000. Sale of match tickets amounted to Rs. 1,15,000. Match expenses incurred were Rs.14,00,000 Balance in the Match fund at the year end will be:

2023: 11 June Shift 3

Match List - I with List - II.

List - I	List - II
(A) Share Capital	(I) 10% debenture
(B) Reserve and Surplus	(II) Interest accrued and due
(C) Non-current Liability	(III) Share forfeited account
(D) Current Liability	(IV) Capital Redemption Reserve

Choose the correct answer from the options given below :

2026: 23 May Shift 2

Arrange the following current assets in the correct sequence to be shown in the Balance Sheet as per Revised Schedule III to the Companies Act, 2013.

A. Inventories

B. Cash and Cash equivalents

C. Current Investments

D. Trade receivables

Choose the correct answer from the options given below:

2023: 20 June Shift 2

Which of the following items are part of Intangible non current Assets:

A. Patents

B. Furniture

C. Statement of Profit & Loss A/c (Dr)

D. Goodwill

E. Trademark

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

Life Membership fees of Rs.25,000 is

Amount of Total Current Assets are:

Solution

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