Accounting – Scholarship

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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.
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.
3. Shortcut key used to cancel the Voucher Entry.
4. A bill dated 14th December, 2019 is payable 90 days after date. Calculate the due date of the bill.
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.
6. Complete the table:
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.
8. Which A/c is debited on dishonor of bill of exchange in the books of drawer.
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.
10. Current Ratio = _________ divided by Current liabilities.
11. A bills receivable is dishonored, what would be the effects in the final accounts of the partnership firm?
12. _______ option from Company Info. menu is selected to create a new company in Tally.
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.
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.
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.
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
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.
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.
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?
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?

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