List of top Accountancy Questions on Receipts & Payment Account

Steps in sequence in the preparation of Receipt and Payment Account will be:
1. Find out the difference between the total of debit side and the total of credit side
2. Show the total amounts of all receipts on debit side
3. Take the opening balance of cash in hand and bank and enter on the debit side
4. Show the total amounts of all payments on credit side
Choose the correct answer from the options given below:
Sunny and Rohan were partners in a firm sharing profits and losses in the ratio of 2 : 1. Their books showed that the capital employed on 31st March, 2023 was Rs.7,00,000.
The average profits earned by the firm were Rs.90,000.
Calculate the value of goodwill on the basis of 5 years purchase of super profits assuming that the normal rate of return is 10%.
Mahi, Ruhi, and Ginni are partners in a firm sharing profits and losses in the ratio of 6 : 4 : 1. Mahi guaranteed a profit of Rs.50,000 to Ginni. Net profit for the year ending 31 superscript{st March, 2023, was Rs.1,10,000. Mahi’s share in the profit of the firm after giving the guaranteed amount to Ginni will be:}
Amount of interest to be charged on Hitesh’s drawings will be:
Ruchika and Harshita were partners in a firm. Ruchika had withdrawn Rs.9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be:
Unrecorded assets when taken over by a partner on dissolution are shown in:
Amount received from the sale of furniture Rs 7000. (Book value Rs 10,000). The amount to be shown in receipts and payments account will be :
If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :
Find out the cost of medicine consumed during 2020-21.
  • Payment to creditors of medicines: Rs 3,70,000
  • Creditors for medicines purchased:
    • On 1.04.2020: Rs 25,000
    • On 31.03.2021: Rs 17,000
  • Stock of Medicines:
    • On 1.04.2020: Rs 62,000
    • On 31.03.2021: Rs 54,000
  • Advance to suppliers:
    • On 1.04.2020: Rs 11,000
    • On 31.03.2021: Rs 18,000
Identify the steps in preparation of final accounts of not for profit organization (NPO)
A. Prepare Balance Sheet of NPO 
B. Prepare Income and Expenditure Account from Receipts and payment Account 
C. Prepare Receipts and payment Account 
D. Adjust outstanding/prepaid expenditure/Income and determine surplus/ Deficit E. Prepare cash book 
Choose the correct answer from the options given below:
What are the internal controls designed to do?
As per Receipts and Payments Account for the year ended on March 31, 2020, subscriptions received were ₹ 2,50,000 subscriptions outstanding on 1-04-2019 ₹ 50,000, Subscriptions received in advance as on 31-3-2020 are ₹ 30.000. Subscriptions for the year 2019-20 will be:
Atul and Gita were partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were \rupee4,00,000 and \rupee2,00,000, respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 6\% p.a., as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits. Pass the necessary adjusting Journal Entry. Show your workings clearly.
If vendors are issued fully paid shares of \rupee1,25,000 in purchase consideration of net assets of \rupee1,50,000, the balance of \rupee25,000 will be credited to:
Which one of the following items is not dealt through Profit and Loss Appropriation Account?
Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15\% p.a. At the end of the year, interest on Mishu's drawings amounted to \rupee9,000. Interest on drawings was charged on drawings of Mishu for:
Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?
Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee20,000 p.a. while Shiva was entitled to a salary of \rupee50,000 p.a. Net profit for the year ended 31\textsuperscript{st March, 2023, after charging salaries of Omkar and Shiva, was \rupee5,60,000. The total amount credited to Omkar's capital account will be:}
Vanya and Aanya were partners in a firm sharing profit and losses in the ratio of \(3:2\). Their capitals were \rupee5,00,000 and \rupee1,00,000, respectively. Vanya was entitled to interest on capital @ 8\% p.a., and Aanya was entitled to salary @ \rupee5,000 per month. The net profit before any appropriation was \rupee1,75,000. Vanya's share in divisible profit will be:
Interest on Aditi’s capital will be:
Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15% p.a. At the end of the year, interest on Mishu’s drawings amounted to ₹9,000. Interest on drawings was charged on drawings of Mishu for:
If vendors are issued fully paid shares of ₹1,25,000 in purchase consideration of net assets of ₹1,50,000, the balance of ₹25,000 will be credited to:
If vendors are issued fully paid shares of \rupee 1,25,000 in purchase consideration of net assets of \rupee 1,50,000, the balance of \rupee 25,000 will be credited to:
Rajesh and Anu were partners in a firm sharing profits and losses in the ratio of 1:2. Their fixed capitals were \rupee 6,00,000 and \rupee 3,00,000 respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 12\% p.a., as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits. Pass the necessary adjusting journal entry. Show your workings clearly.
Which one of the following items is not dealt through Profit and Loss Appropriation Account?