Accounting – Scholarship Welcome to your Accounting - Scholarship Email Full Name Contact Number 1. Insurance premium is paid for the year ending 31st August, 2019 amounted to Rs. 15,000. Calculate the prepaid insurance assuming that the year ending is 31st March, 2019. Rs. 7,500 Rs. 6,250 Rs. 5,000 Rs. 4,412 2. Find the value of goodwill by super profit method. Average Profit = Rs. 66,000; Capital employed = Rs. 3,50,000; Normal rate of return = 12%; Goodwill is to be valued at three year’s purchase of super profit. Rs. 42,000 Rs. 1,02,240 Rs. 48,000 Rs. 72,000 3. Shortcut key used to cancel the Voucher Entry. Alt + X Alt + P Alt + C Alt + V 4. A bill dated 14th December, 2019 is payable 90 days after date. Calculate the due date of the bill. 13th March, 2020 16th March, 2020 14th March, 2020 17th March, 2020 5. From the information given below calculate the amount of drugs consumed in a hospital during the year 2020-21: Payment for drugs made during the year = Rs. 2,40,000; Creditors for drugs purchased on 31/03/2021 = Rs. 39,000; stock of drugs on hand on 31/03/2021 and 01/04/2020 are Rs. 54,000 and Rs. 50,000 respectively. Rs. 1,97,000 Rs. 2,75,000 Rs. 2,83,000 Rs. 3,05,000 6. Complete the table: Rs. 8,000 Rs. 12,000 Rs. 20,000 None of the above 7. Sita, Mita and Gita are partners in a firm having a joint life policy of Rs. 15,00,000 on which premium has been paid by the firm. Sita dies and her legal representatives want the whole amount of the policy but Mita and Gita want to distribute the amount among all the partners. Sita’s representatives are correct Mita and Gita are correct All are wrong Insurance company will decide 8. Which A/c is debited on dishonor of bill of exchange in the books of drawer. Endorsee Bills receivable Drawee Bank 9. Mr. A holding 500 equity shares of Rs. 10 each paid application money @ Rs. 3 and allotment money @ Rs. 4 per shares but failed to pay the final call. His shares were forfeited. Calculate the amount of share forfeiture. Rs. 5,000 Rs. 1,500 Rs. 2,000 Rs. 3,500 10. Current Ratio = _________ divided by Current liabilities. Current assets Quick assets Quick liabilities Total assets 11. A bills receivable is dishonored, what would be the effects in the final accounts of the partnership firm? Add to Debtors, Add to Bills payable Less from Debtors, Add to Bills receivable Add to Debtors, Less from Bills receivable Less from Bills receivable, Less from Bills payable 12. _______ option from Company Info. menu is selected to create a new company in Tally. Company create Create company Create New Company 13. Company received an excess application for 7,000 shares @ Rs. 3 per share. Applications of 1,000 rejected and pro-rata allotments were made. Calculate the amount of application money adjusted with allotment. Rs. 3,000 Rs. 21,000 Rs. 18,000 None of the above 14. Sweetu who had accepted Jitu’s bill for Rs. 25,000 was declared bankrupt and only 35 paise in a rupee could be recovered from her estate. Calculate the amount of bad debts. Rs. 25,000 Rs. 8,750 Rs. 18,750 Rs. 16,250 15. Calculate the amount of subscription income for the year 2020-21: Subscription received during the year is Rs. 69,800; received for the year 2019-20 is Rs. 1,800; received for the year 2021-22 is Rs. 2,500; received during 2019-20 for the year 2020-21 is Rs. 3,000 and outstanding subscription for 2020-21 Rs. 1,500. Rs. 67,000 Rs. 73,600 Rs. 64,000 Rs. 70,000 16. Ranveer, Ranbir and Shahid are partners who share profits as 3:2:1. They admitted Karan as a partner and decided to share the future profits as 5:3:2:2, the sacrifice ratio will be 2:1:1 3:2:1 1:1:0 0:0:1 17. Deepika, Priyanka and Alia are partners sharing profits and losses in the ratio 4:3:2. Deepika retired and new ratio is 2:1. Calculate the gain ratio. 3:1 3:2 2:1 1:1 18. On the death of a partner, his share of profit from the date of balance sheet to the date of his death is debited to ________ Account. Capital Current Profit and Loss Suspense Profit and Loss Adjustment 19. Creditors Rs. 15,000; Bills payable Rs. 10,000 and Bank loan Rs. 5,000. Available bank balance Rs. 20,000. What will be the amount that creditors will get in case of all partners insolvent? Rs. 15,000 Rs. 10,000 Rs. 12,000 Rs. 7,500 20. A bill of Rs. 24,000 was drawn on 12th June, 2020 for 2 months. What will be the due date, if all of a sudden, the legal due date is declared as emergency holiday? 16th August, 2020 14th August, 2020 13th August, 2020 17th August, 2020 Time is Up! Leave a Reply Cancel replyCommentEnter your name or username to comment Enter your email address to comment Enter your website URL (optional) Save my name, email, and website in this browser for the next time I comment.