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Explain the advantages of accounting.

Briefly explain the concept of the cost function.

What is association and dissociation ?

Rahul's trial balance provide you the following information:

$\begin{array}{cc}\text{Debtors}& Rs.80,000\\ \text{Bad debts}& Rs.2,000\\ \text{Provision for bad debts}& Rs.4,000\end{array}$

It is desired to maintain a provision for bad debts of Rs. 1,000. State the amount to be debited/credited in profit and loss account.

How is Satyajit's financial crash introduced to the reader?

The difference between the final amount and the original principal is called _______ .

Find out the credit purchase from the following:

$\begin{array}{cc}\text{Items}& \text{Amt. (Rs.)}\\ \text{Balance of creditors April 1, 2004}& 45,000\\ \text{Balance of creditors March 31, 2005}& 36,000\\ \text{Cash paid to creditors}& 1,80,000\\ \text{Cheque issued to crediotors}& 60,000\\ \text{Cash purchases}& 75,000\\ \text{Discount received from creditors}& 5,400\\ \text{Discount allowed}& 5,000\\ \text{Bills payable given to creditors}& 12,750\\ \text{Return outwards}& 7,500\\ \text{Bills payable dishonoured}& 3,000\\ \text{Bills receivable endorsed to creditors}& 4,500\\ \text{Bills receivable endorsed to creditors dishonoured}& 1,800\\ \text{Return inwards}& 3,700\end{array}$

Pass journal entries for the forfeiture and re-issue in the following cases:

(i) A Ltd. forfeited 400 shares of Anil of Rs 10 each fully called up for non-payment of final call of Rs 2 per share and re-issued to Sunil as fully paid for Rs 10 per share.

(ii) B Ltd. forfeited 500 shares of Rs 10 each fully called up for non-payment of first call of Rs 2 per share and final call of Rs 2 per share. All of these shares were re-issued as fully paid for Rs 8 per share.

(iii) C Ltd.forfeited 600 shares of Rs 10 each fully called up for non-payment of allotment money of Rs 3 per share,first call of Rs 2 share and final call Rs 2 per share. 400 of these shares were re-issued as fully paid up at the maximum rate of discount allowed by law.

(iv) D Ltd. forfeited 800 shares of Rs 10 each fully called up, on which the holder had paid only the application money of Rs 3 per share. Out of these, 500 shares were re-issued at Rs 11 per share, fully paid up.

What happens if you violate the matching principle in accounting?

A sale of Rs. 5250 on credit entered in the Sales Book as Rs.2,550. The effect of this mistake on the Gross Profit shall be ___ .

Rectify the following errors by passing entries:

(i) Rs.2,000 received from Ramesh wrongly entered as from Suresh.

(ii) The purchase Book was under cast by Rs.300.

(iii) Total of Sales return was under cast by Rs.500

Payment received from debtor will _____.

If 'adjusted purchases' and 'closing stock' are given in the trial balance, will you transfer 'closing stock' to trading account? Give reason.

Explain the concept of provisions.

Balance shown by Cash Book: Rs 10,000
Cheques issued but not presented for payment: Rs 4,000
Cheques deposited but not yet collected: Rs 3,000

Balance as per pass book shall be?

Discuss the advantages and disadvantages of the accrual basis of accounting.

Explain the historical cost concept. How is depreciation and book value of asset calculated as per this concept?

Calculate amount of medicine consumed for the year 2012.

Opening Stock of Medicines 10,000 Rs

Opening Creditors of Medicines 9,000 Rs

Cash Purchase of Medicines during the year 30,000 Rs

Closing Stock of Medicines 15,000 Rs

Closing Creditors of Medicines 3,000 Rs

The An orange is dropped from a building. One second after dropping the orange, it falls one storey. Two seconds after the orange is dropped, how many stories has it fallen?

Which account is debited to record the issue of petty cash fund ?

A sold goods to B for Rs. 20,000. A will grant 5 % discount to B. B requested A to draw a bill. The amount of bill will be :

Journalise the following transactions in the Book of M/s Beauti Traders. Also post them in the Ledger.
$\begin{array}{ccc}2011& & \left(Rs\right)\\ \text{Dec 1}& \text{Started business with Cash}& 2,00,000\\ \text{Dec 2}& \text{Bought Office Furniture}& 30,000\\ \text{Dec 3}& \text{Paid into bank to open an Current account}& 1,00,000\\ \text{Dec 5}& \text{Purchased a computer and paid by cheque}& 2,50,000\\ \text{Dec 6}& \text{Bought goods on credit from Ritika}& 60,000\\ \text{Dec 8}& \text{Cash Sales}& 2,00,000\\ \text{Dec 9}& \text{Sold goods to Karishna on credit}& 25,000\\ \text{Dec 12}& \text{Cash Paid to Mansi on account}& 30,000\\ \text{Dec 14}& \text{Goods returned to Ritika}& 2,000\\ \text{Dec 15}& \text{Stationery purchased for cash}& 3,000\\ \text{Dec 16}& \text{Paid wages}& 1,000\\ \text{Dec 18}& \text{Goods returned by Karishna}& 2,000\\ \text{Dec 20}& \text{Cheque given to Ritika}& 28,000\\ \text{Dec 22}& \text{Cash Recieved from Karishna on account}& 15,000\\ \text{Dec 24}& \text{Insurance premium paid by cheque}& 4,000\\ \text{Dec 26}& \text{Cheque received from Karishna}& 8,000\\ \text{Dec 28}& \text{Rent paid by cheque}& 3,000\\ \text{Dec 29}& \text{Purchased goods on credit from Meena Traders}& 20,000\\ \text{Dec 26}& \text{Cash sales}& 14,000\\ & & \\ & & \end{array}$

After the corrections have been made, a revised Trial Balance is prepared which should normally tally. But, if it does not tally, it means there are still some errors which have not been detected. In such situation the usual practice is to place the difference to ___ Account and tally the Trial Balance for the time being.

Will you transfer wages and salaries account to the debit of profit and loss account ? Why?

Basu accepted a bill drawn by Nandu amounted to Rs.4,000 and payable after four months. Nandu discounted it with banker 18% per annum. On the due date,bill was dishonored. Bank paid Rs.40 as noting charges.After on month Basu paid the amount due to Nandu. Pass Journal entries in the books of Nandu only.

On 1st January, 2016, Gyan Singh opened a bank account by depositing Rs.24,000 in cash. All remittance are to be paid into bank on the same day on which they are received and all payment are made by cheques. Enther the following transaction in the jurnal.

2016
Jan 2 goods sold to Pritam for cash Rs. 1,000.
Jan 5 Settled Arjun's Account of Rs. 800.
Jan 7 Received from Vinay a Cheque for Rs. 3,000.
Jan 10 Purchased a typewriter for Rs. 800 and Spend Rs. 200 on its repairs.
Jan 12 Vinay's cheque was returned dishonured.
Jan 15 Received a money order for Rs. 100 from Arjun.
Jan 20 Vinay settled his account by means of a cheque for Rs. 3,020, Rs. 20 being for interest charged.
Jan 27 Purchased machinery from Sunil for Rs. 20,000 and paid him by means of a bank draft purchased from bank for Rs. 20,020.

Why is the evidence provided by source documents important to accounting?

Profit for the year ended 31st March, 2019 was ₹ 5,000 which was divided in the agreed ratio, but interest 5% p.a. on capital and 6% p.a. on drawings was inadvertently omitted. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

How does the insertion of dialogue in the story contribute to its interest?

Differentiate between source documents and vouchers.

What Is The Purpose Of Contra Entry

Credit purchase from ABC Ltd was recorded as Rs 1200 instead of Rs 2100. Which account shall be debited to rectify this mistake?

प्रेमचंद के फटे जूते को आधार बनाकर परसाई जी ने यह व्यंग्य लिखा है। आप भी किसी व्यक्ति की पोशाक को आधार बनाकर एक व्यंग्य लिखिए।

What
is contra entry? How can you deal this entry while preparing double
column cash book?