PERIODIC ASSESSMENT-1 .M. 40 TIME: 1% HOUR MM. 4 ~ Receipts and Payments Account is a - (a) Real Account (b) Nominal Account (), wo (c) Personal Account (d) Valuation Account Subscription received during the year 20 19-20. Subscription Rs. 75000 is outstanding (a) Rs. 15,000 (b) 75,000 (©) 2,25,000 (d)_1,25,000 Which of the following items will not be shown in profit and loss appropriation A/c. ? (b) Interest on drawings @ (a) Interest on capital (c) Commission to a partner les for payment of interest on capital of the partners then interest @ (d)_ Interest on partner's loan Ifpartnership deed pro’ can be paid only out of (a) Accumulated profits (b) Past profits (c) Current profits (d) Total profits Indentify the item which is not shown under Receipts and Payments Account in case of not for profit organisation. qd) (a) Salary (b) Rent () Depreciation (@) Honorarium @ Proceeds from sale old newspapers are taken as income. True/False @ alid partnership can be set up even without a written agreement. True/False @) . Managers’ commission is a against profits. (vy Excess of expenditure over income is capital fund in balance sheet. (1) Current Account of partners are not opened when the capitals are : (wy . Calculate the amount of medicines consumed during the year ended 31st March, 2019: Particulars Rs. Opening stock of medicines Rs, 50,000 Closing stock of medicines Rs, 45,000 more than opening stock ‘Amount paid for medicines Rs. 2,00,000 Opening creditors Rs. 20,000 Closing creditors 50% of opening creditors 8)12, Prepare Income and Expenditure Account for the year ended 31st March 2020 from Ee following:- Dr. Receipts and Payments A/c. Rs. |Payments 1,80,000 | By Salaries | To subscriptions 9,00,000 | By Rent 50,000 | | To Sale of investments 2,00,000 | By Stationery 20,000 To sale of old furniture 30,000 | By Defence Bonds 3,00,000 | (Book value Rs. 40,000) Donations 10,000 | By Furniture 2,00,000 z By Bicycles 30,000 By Balance o/d 2,40,000 13,20,000 13,20,000 13. Calculate interest on drawings of Rakesh @ 10% p.a. for the year ended 31st March 2020: ()_Ifhis drawings were Rs. 30,000 during the year (ii) Ifhis drawings were Rs 60,000 at the end of each quarter. (iii) If his drawings were Rs 10,000 per month in the middle of the month 8) 14. A and B entered into partnership on Ist April, 2019 contributing Rs 1,50,000 and Rs 2,50,000 respectively towards capitals. ‘The partnership deed provided for interest on capitals @ 10% p.a. It also provided that capital accounts shall be maintained following fixed capital method Pass the journal entry. 8) 15. From the following information, calculate amount of subscriptions outstanding for the year ended 31st March, 2020. A club has 200 members each paying an annual subscription of Rs 1000. The Receipts and Payments account for the year showed a sum of Rs 2,05,000 received as subscriptions. The following additional information is provided Rs, Subscriptions outstanding on 31st March' 19 30,000 Subscriptions received in advance on 31st March! 20 40,000 Subscriptions received in advance on 31st March! 20 14,000, (4) 16. P.Q. and R sharing profits equally have capitals of Rs 1,20,000, Rs. 90,000 and Rs 60,000 respectively. For the year ended 31st March 2020, interest was credited to them @ 9% interest of 8% p.a. Give adjustment entry. )