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On February 2, 2011, Verma purchased from Sharma Goods for Rs. 17,500. Verma paid Rs. 2,500 immediately and for the balance gave a bill to Sharma payable after 60 days.
Sharma immediately endorsed the bill in favour of his creditor Gupta for the fulll settlement of a debt of Rs. 15, 400. On the due date of the bill, Gupta presented the bill to Verma which the latter dishonoured and Gupta paid Rs. 50 as noting charges. On the same date, Gupta informed Sharma about the dishonour of the bill. Sharma settled his debt to Gupta by cheque for Rs. 15,500 which includes nothing charges and interest. Verma settled Sharma's claim by cheque for the same amount.
Record the necessary journal entries is the books of Sharma, Gupta and Verma for the above transaction and prepare Verma's and Gupta's Accounts in the books of Sharma, Sharma's account in the book of Verma and also Sharma's Account in the books of Gupta.

The book value of asset is Rs. 12,000. The asset is sold for Rs. 15,000. Which of the following is correct?

People who designs data processing systems are called as ________

Goods worth Rs 3,00,000 were burnt by fire and claim of Rs
1,80,000 has been accepted by the insurance company. How it will be recorded in final accounts?

कहानी
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के
पंजे
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निकलने
की
बात
पढ़कर
तुम्हें
कैसा
लगा?
चालीस-पचास
या
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कुछ
अधिक
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में
अपनी
प्रतिक्रिया
लिखिए।

Explain
the reason for requiring special majority for amending the
Constitution.

Which of the following should be the FIRST sentence after rearrangement?

Four alternative options are given for each of the following statements.

Select the correct option.

The brokerage amount for a deal of Rs 25,000 at 2% rate of commission is:

A. Rs 500

B. Rs 250

C. Rs 5,000

D. Rs 2,500

While checking the bank statement against the cash book, you find that a direct debit for rent is missing from the cash book.

Give two examples of Fictitious Assets.

बड़े भाई साहब पाठ में लेखक ने समूची शिक्षा के किन तौर-तरीकों पर व्यंग्य किया है? क्या आप उनके विचार से सहमत हैं?

X sends back Rs 8000 of faulty goods to Y. In which of the following books of prime entry would Y record this transaction.

What is the main function of accounting?

'Is it possible to prepare the profit and loss account and the balance sheet from the incomplete books of accounts kept by a trader'? Do you agree? Explain.

Give the meaning of Accounting.

_______ will draw a bill upon __________.

Payment of salaries to employees should be debited to ___.

Which of the following are cash flow from operating activities?

What do you understand by the concept of weak entity used in data modelling? Explain the relevance of owner entity type, partial key and identifying relationship in the context of such modelling.

Mr.Minaal has a grocery shop. He purchased vegetables from a farmer in Haryana for a value of Rs 40,000 on 21st March 2018. Payment for the same has not been done until 31st March 2018. In the balance sheet of Mr.Minaal, the farmer will be shown as:

ADRs are issued in

(a) Canada

(b) China

(c) India

(d) USA

Which concept covers the requirement to adhere to the format of Financial Statements?

When is the bill to be produced to Notary Public?

Notes to Accounts

Note: Proposed dividends on equity for the years ended 31st March, 2018 and 2019 are ₹ 39,000 and ₹ 45,000 respectively.

Record the following transactions in the sales return book.

Two water purifiers were sold to M/s Raman Traders for Rs 2,100 each, out of which one purifier was returned back due to the manufacturing defect (Credit Note No. 10/2016).

Other transactions were

$\begin{array}{cc}\text{(i) M/s Gupta Traders returned the purifiers}& 1,500\\ \text{(ii) Purifiers returned from M/s Harish Traders}& 800\\ \text{(iii) M/s Rahul Traders returned the purifiers not as per specifications}& 1,200\\ \text{(iv) Purifiers returned from M/s Sushil Traders}& 1,000\end{array}$

Also prepare sales return account and M/s Raman Traders account.

The following is the trial balance of Ram Krishan Vyas on 31st March, 2016.
$$\begin{array}{cccc}\text{Name of Accounts}& \text{Amt.(Rs.)}& \text{Name of Accounts}& \text{Amt(Rs.)}\\ \text{Plant and Machinery}& 19,720& \text{Capital}& 80,000\\ \text{Manufacturing Wages}& 34,965& \text{Creditors}& 50,160\\ \text{Salaries}& \text{10,135}& \text{Bank Loan}& 10,000\\ \text{Furniture}& 9,480& \text{Purchases Return}& 1,140\\ \text{Freight on purchase}& 1,980& \text{Sales}& 2,46,850\\ \text{Freight on Sales}& 2,150& \text{Provision for Bad Debts}& 6,000\\ \text{Building}& 25,000& & \\ \text{Manufacturing Expenses}& 9,455& & \\ \text{Fuel and power}& 1,276& & \\ \text{Electricity (Factory)}& 986& & \\ \text{Insurance and Taxes}& 4,175& & \\ \text{Goodwill}& 30,000& & \\ \text{Rent}& 2,400& & \\ \text{Debtors}& 78,140& & \\ \text{Stable Expenses}& 2,473& & \\ \text{Opening Stock}& 34,170& & \\ \text{Horses and Carts}& 5,165& & \\ \text{Purchases}& 97,165& & \\ \text{Sales Return}& 3,170& & \\ \text{General Expenses}& 8,000& & \\ \text{Bad Debts}& 1,485& & \\ \text{Interest and Bank Charges}& 475& & \\ \text{Advertising}& 4,500& & \\ \text{Bank Balance}& 7,540& & \\ \text{Cash}& 145& & \\ & \underset{–}{}& & \underset{–}{}\\ & 3,94,150& & 3,94,150\\ & \underset{–}{}& & \underset{–}{}\end{array}$$

Prepare trading and profit and loss account and balance sheet after making the following adustments.
(i) Value of closing stock Rs. 29,638.
(ii) Depreciate plant and machinery 10% furniture 5% and horses and carts by Rs. 1,000 also write off goodwill by Rs. 3,000.
(iii) Provide 5% for doubtful debts on debtors.
(iv) Prepaid expenses: Insurance Rs. 300 and taxes Rs. 190.
(v) $\frac{3}{5}th$ of insurance and taxes, rent and general expenses to be charged to factory and the balance to the office.
(vi) Adverstising is to be written off over 3 years.
(vii) Commission to manager 10% on net profit after changing such commission.

Is accounting an art or a science?

Reliance Ltd purchased a second-hand machine for Rs. 56,000 on 1st October 2014 and spent Rs. 28,000 on its overhaul and installation before putting it to operation. It is expected that the machine can be sold for Rs. 5,000 at the end of its useful life of 15 years. Moreover, an estimated account and provision for depreciation account for the first 3 years charging depreciation by fixed installment method. Accounts are closed on 31st december every year.

What is the nature of Interest on capital account?

The Fine Repairing Company provides repairing services amounting to Rs 25,000 to Monster Company on March 25, 2018. The Monster Company promises to pay the service fee on June 15, 2018. No service revenue has been recorded by the Fine Repairing Company until the end of its accounting period i.e March 31, 2018. What shall be the adjusting entry as at 31st March 2018?

On dishonor of a discounted bill whom does the bank look for payment

In case of depreciation, which of the following is correct?