Accountancy Test

The following information in respect of M/s Niti Enterprises is given:

(i) Subscription received in 2017 is Rs 2,45,000 which is including Rs. 20,000 for 2016 and Rs. 15,000 for 2018.

(ii) Subscription due but not received at the end of the year 2017 is Rs. 19,000.

(iii) Subscription received in 2016 in advance for 2017 was Rs. 18,400.

Calculate the amount of subscription to be credited to Income and Expenditure account for the year 2017.

Question 1/10

Debit and Credit Balances of ledger account.

Cash receipts and payments

Income and Expenses

All of the above

Question 2/10

Partly Capital and Partly Revenue expenditure

Capital expenditure

Deferred revenue expenditure

Revenue expenditure

Question 3/10

Debit side of Income and Expenditure Account

Credit side of Income and Expenditure Account

Liability side of Balance Sheet

Assets side of Balance Sheet

Question 4/10

Only revenue transactions are included in it. No capital item is taken into account.

It is in fact like a Profit and Loss account of a profit-seeking concern.

It is outside the Double Entry system

All expenses are recorded on Debit side and all revenues on credit side.

Question 5/10

Rs. 2,19,400

Rs. 2,87,400

Rs. 2,77,400

Rs. 2,47,400

Question 6/10

Charitable institutions

Welfare Societies

Clubs

All of the above

Question 7/10

Payment of the last year's outstanding salary

Advance receipts of subscription for next year

Prepaid rent for the next year

Outstanding salary for the current year

Question 8/10

1 and 2

2 and 3

1 and 3

2 and 4

Question 9/10

Capital Income

Revenue Income

Both A and B

None of the above

Question 10/10

Cash

Accrual

Hybrid

Mixed