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Explain the errors of commission and give two examples with measures to rectify them.

The costs of putting goods into a saleable condition should be charged to:

On January 15, 2011, Kartar sold goods for Rs. 30,000 to Bhagwan and drew upon him three bills of exchanges of Rs. 10,000 each payable after one month, two months and three months respectively. The first bill was retained by Kartar till its maturity. The second bill was endorsed by him in favour of his creditor Ratna and the third bill was discounted by him immediately at the rate of 6% per annum. All the bills were met by Bhagwan. Journalise the above transactions in the books of Kartar and Bhagwan. Also, prepare ledger accounts in the books of Kartar and Bhagwan.

What are
closing entries? Give four examples of closing entries.

Resources owned by a company (such as cash, accounts receivable, vehicles) are referred to as:

Rectify the following errors.

(i) Credit purchase from Rohan Rs. 9,000 were recorded in sales book.

(ii) Goods returned to Rakesh Rs. 4,000 were recorded in the sales return book.

(iii) Good returned from Mahesh Rs. 1,000 were recorded in purchases return book.

(iv) Goods returned from Mahesh Rs. 2,000 were recorded in purchases book.

Tap the arrays which have the same values.

Can there be a credit balance in a simple cash book ? State with reasons.

Explain
the nature of thinking.

A business has compiled the following information for the year ended 31 March 2018:

The gross loss during the year is Rs. 50,000.
Based on these figures, what is the amount of purchases made during the year?

Distinguish between Book-keeping and Accounting.

Enumerate informational needs of management.

A business was commenced on 1st January and it purchased 5 vehicles, each costing Rs 5,000. During the year the business managed to sell 2 vehicles at the price of Rs 12,000. The current market price of the vehicles is Rs 10,000. How should the remaining 3 vehicles be valued if the business is going to continue its operations in the next year?

If a company suffers heavy losses and its assets are not enough to pay off its liabilities, the balance can be recovered from the private assets of its members.

What is meant by Grouping and Marshalling of assets and liabilities? Explain the ways in which a balance sheet may be marshalled.

How will you show interest on drawings in accounting equation ?

Discuss the advantages of computerised accounting system over the manual accounting system.

Pass entries to rectify the following errors :

(i) Purchased good from Ravi Rs. 500 passed through sales book.

(ii) Only Rs. 20 were recorded in Bill Receivable Book instead of Rs. 200.

(iii) A repair to Plant amounting to Rs. 1,000 has been changed to plant & Machine Alc.

(iv) A purchase of gods of Rs. 2,000 has been wrongly debited to Furniture Ale.

The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of the following trends to be used in practice to determine when to include a transaction in the sales figure for the period. When the goods have been:

Give reasons for your answer.

Year that begins from 1st of January and ends on 31st of December, is known as _____ The year that begins from 1st of April and ends on 31st of March of the following year, is known as _____

What is the meaning of the line “Both wry with the laboured ease of loss”?

The number of permutations of n different objects taken r at a time, where repetition is allowed

Briefly state the purpose of functions in SQL environment.

Rectify the following errors

(i) Depreciation provided on machinery Rs. 4,000 was not recorded.

(ii) Bad debts written-off Rs. 5,000 were not recorded.

(iii) Discount allowed to a debtor Rs. 100 on receiving cash from him was not recorded.

(iv) Bills receivable for Rs. 2,000 received from a debtor was not recorded.

While rectifying the errors of overcasting/ undercasting, which of the following accounts are used?

The trading account does not:

Find the balance as per cash book from following details:

Debit balance in passbook: Rs 6,700

Direct deposits by customers: Rs 4,800

Bank interest debited by bank: Rs 200

Insurance premium paid by bank: Rs 2,000

In
case of a long term asset, repair and maintenance expenses are
expected to rise in later years than in earlier year. Which method is
suitable for charging depreciation if the management does not want to
increase burden on profits and loss account on account of
depreciation and repair.

Sales made to Mahesh for cash should be debited to ___.

______ enables users to create, store and manage a database.

Mr. X has a shop in which he sells watches. He borrowed a sum of Rs 50,000 from his friend Mr. Y & has gifted a watch to another friend. Will this sum of Rs 50,000 be regarded as a revenue of his business?

Distinguish between financial accounting, cost accounting and management accounting.

Raghav, who keeps his books on single entry system, tell you that his capital on 31st March, 2016 is Rs 3,74,000 and his capital on 1st April, 2015 was 3,84,000. He further informs you that during the year, he withdrew for his household purpose Rs 1,68,400. He sold his personal investment of Rs 40,000 a $2\%$ premium and brought that money into the business.

You are required to prepare statement of profit or loss.

This short story revolves around a single important event. Discuss how the narrative is woven around this central fact.

Withdrawals of cash from bank by the proprietor for office use should be debited to ?