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What
is a concept? Explain the role of concept in the thinking process.

The following balances have been extracted from the trial of M/s Haryana Chemical Ltd. You are required to prepare a trading and profit and loss account and balance sheet as on December 31, 2010 from the given information

$\begin{array}{cccc}\text{Account Title}& \text{Amt. (Rs.)}& \text{Account Title}& \text{Amt.(Rs)}\\ \text{Opening Stock}& 50,000& \text{Sales}& 3,50,000\\ \text{Purchase}& 1,25,500& \text{Purchase Return}& 2,500\\ \text{Sales Return}& 2,000& \text{Creditors}& 25,000\\ \text{Cash in Hand}& 21,200& \text{Rent}& 5,000\\ \text{Cash at Bank}& 12,000& \text{Interest}& 2,000\\ \text{Carriage}& 100& \text{Bills Payable}& 1,71,700\\ \text{Freehold Land}& 3,20,000& \text{Capital}& 3,00,000\\ \text{Patents}& 1,20,000& & \\ \text{General Expenses}& 2,000& & \\ \text{Sundry Debtors}& 32,500& & \\ \text{Building}& 86,000& & \\ \text{Machinery}& 34,500& & \\ \text{Insurance}& 12,400& & \\ \text{Drawings}& 10,000& & \\ \text{Motor Vehicle}& 10,500& & \\ \text{Bad Debts}& 2,000& & \\ \text{Light and Water}& 1,200& & \\ \text{Trade Expenses}& 2,000& & \\ \text{Power}& 3,900& & \\ \text{Salary and Wages}& 5,400& & \\ \text{Loan 15}\%\left(\mathrm{1.9.2010}\right)& 3,000& & \\ & \overline{\underset{–}{\underset{–}{8,56,200}}}& & \overline{\underset{–}{\underset{–}{8,56,200}}}\end{array}$

Adjustments

1. Closing stock was valued at the end of the year Rs. 40,000.

2. Salary amounting Rs. 500 and trade expenses Rs. 300 are due.

3. Depreciation charged on building and machinery are 4% and 5% respectively.

4. Make a provision of 5% on sundry debtors.

From the following Balance Sheet of ABC Ltd. as at 31st March, 2019, Calculate Debt to Equity Ratio:

When bank column of a cash book shows a debit balance, what does it mean?

The Diminishing balance method means a method by which-

State the various essential features of an accounting report.

Which of the following statement is correct?

Mr. Ajay has a business of selling furniture. He has purchased a table for use in his office. Which of the following accounts should be debited?

Distinguish between capital and revenue expenditure and state whether the following statements are items of capital or revenue expenditure.
(a) Expenditure incurred on repairs and whitewashing at the time of purchase of an old building in order to make it usable.
(b) Expenditure incurred to provide one more exit in a cinema hall in compliance with a government order.
(c) Registration fees paid at the time of purchase of a building.
(d) Expenditure incurred in the maintenance of a tea garden which will produce tea after four years.
(e) Depreciation charged on a plant.
(f) The expenditure incurred in erecting a platform on which a machine will be fixed.
(g) Advertising expenditure, the benefits of which will last for four years.

Under the straight line method of depreciation, the depreciation will ______

Which of the following refers to material things?

Indicate the details that tell us that the narrator was not very financially comfortable during his stay in London.

A retires a bill for Rs. 1000 drawn on him by B for rebate of Rs. 10. By what cash amount should be credited in the books of B?

Explain briefly the procedure of calculating the date of maturity of a bill of exchange? Give example.

Prepare Trading and Profit and Loss account of M/s Sports Equipments for the year ended March 31, 2011 and balance sheet as on that date.
$\begin{array}{ccc}\text{Account Title}& \text{Amt. (Dr.)}& \text{Amt. (Cr.)}\\ \text{Opening Stock}& 50,000& \\ \text{Purchase and Sales}& 3,50,000& 4,21,000\\ \text{Sales Return}& 50,000& \\ \text{Capital}& & 3,00,000\\ \text{Commission}& & 4,000\\ \text{Creditors}& & 1,00,000\\ \text{Bank Overdraft}& & 28,000\\ \text{Cash in Hand}& 32,000& \\ \text{Furniture}& 1,28,000& \\ \text{Debtors}& 1,40,000& \\ \text{Plants}& 60,000& \\ \text{Carriage on Purchase}& 12,000& \\ \text{Wages}& 8,000& \\ \text{Rent}& 15,000& \\ \text{Bad Debts}& 7,000& \\ \text{Drawings}& 24,000& \\ \text{Stationery}& 6,000& \\ \text{Travelling Expenses}& 2,000& \\ \text{Insurance}& 7,000& \\ \text{Discount}& 5,000& \\ \text{Office Expenses}& 2,000& \end{array}$
Closing Stock as on March 31, 2011 Rs. 2500.

Give
the performa of income statement and balance in vertical form.

There were 2 cheques worth Rs 5,000 each given to a creditor. He lost one cheque while he was travelling to his office. This transaction will lead to cash book showing a less balance of Rs ___

Which account is credited while recording the entry of bad debts of Mr. Ram amounting to Rs 10,000 given in adjustments?

There are 2 students studying in the same class. The teacher has given them an assignment to analyze a situation & find out the profit. Student A follows cash system of accounting & Student B follows accrual basis of accounting. What shall be difference between the profits as calculated by both of them for the period ending 31st March 2017?

Situation:
Sales of the company during the year is Rs 5,00,000 out of which cash sales is Rs 4,00,000. The company has paid a rent in the month of January 2017 for 1 year Rs 30,000 per month.

Net profit of a firm before charging manger's commission is Rs 21,000. If the manager is entitled to 5% commission after charging such commission, how much manager will get as commission?

In case of undercasting, the total of sales book is short cast or in other words credited short. Its rectification will be to make a posting at the ___ side of the sales account.

What is accounting information system?

Which of the following is an element of a computer?

When replenishing the petty cash fund, which of the following are true:

Which of the following accounts is an Expense?

Direct cost includes :

State what is end product of financial accounting

Briefly explain the limitations of Accounting.

Why are banks called debtors as well as creditors?

Monika has the following assets and liabilities as on 31st March, 2016. Ascertain her capital. Cash Rs. 50,000, bank Rs. 95,000, debtors Rs. 36,000, plant and machinery Rs. 1,60,000, building Rs. 4,00,000, furniture Rs. 48,000, creditors Rs. 44,000, bills receivable Rs. 1,13,000 and bills payable Rs. 47,000.