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Home Questions T5E7TGM5NF
Target Exam

CUET

Subject

Accountancy

Chapter

Accounts for Non Profit Organsiation

Question:

Match the following by assuming the Current year 2020-2021.

List 1 List 2
1) Salary paid during the year 50000. Outstanding salary 31-03-2021 is 10000. Salary shown in income & expenditure is..... a) ₹3000
2) Annual insurance premium is paid 12000 on 1st July every year. Prepaid insurance as on 31-03-2021 is....... b) ₹10000
3) On 1-02-2021 rent paid is 30000 for 3 months. Rent to be shown in income and expenditure account is...... c) ₹20000
4) On 01-02-2021 rent paid is 30000 for 3 months. Prepaid rent is......... d) ₹60000
Options:

 1) d, 2) c, 3) b, 4) a

 1) c, 2) a, 3) d, 4) b

 1) d, 2) a, 3) c, 4) b

 1) b, 2) a, 3) d, 4) c

Correct Answer:

 1) d, 2) a, 3) c, 4) b

Explanation:

1) Salary paid during the year = 50000
Add: O/s salary = 10000
Salary shown in I & E A/c = 60000

2) Annual insurance is 12000
Per month insurance is 12000/12 = 1000
Prepaid insurance is 12000-9000 = ₹3000

3) Rent of 3 month is 30000 paid on 1-02-2021
Per month rent is 30000/3 = 10000
Rent shown in I & E A/c is 10000 X 2 = 20000

4) Rent of 3 month is 30000 paid on 1-02-2021
Per month rent is 30000/3 = 10000
Prepaid rent is 10000

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