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Describe in detail two methods of recording depreciation. Also give the necessary journal entries.

Cash received for services rendered will increase ___

A company whose accounting year is the calendar year purchased on 1st April, 2009 machinery costing : 30,000. It further purchased machinery on 1st Oct. 2009 costing : 20,000 and on 1st July, 2010 costing : 10,000.On 1st Jan., 2011 one third of the machinery installed, on 1st April, 2009 became obsolete and was sold for : 3,000.

Show how the Machinery Account would appear in the books of company if depreciation is charged 10%p.a, on Written down Value Method. Prepare Machinery Account from 2009 to 2012. Show your workings clearly.

Or

From the following Transactions, Prepare cash book with cash and Bank columns:

2013

Feb. 1 Cash in hand : 7,500 cash at Bank : 8,000.

Feb. 3 Discount a bill receivable for : 6,000 at 2% through Bank.

Feb. 5 Bought goods for : 2,000 and paid by cheque.

Feb. 15 Paid Trade expense:120.

Feb. 16 Drew from Bank for office use : 1,000.

Feb. 17 Sold goods for : 12,500 and received a cheque.

Feb. 25 Paid Insurance : 100.

Feb. 27 Cheque received on 17th deposited in Bank.

Feb. 28 Received a cheque from John & co. : 6,000.

Feb. 28 Purchased 100 NSC for : 100 at : 95 each and paid by cheque

___ cheques are presented to bank but not debited by bank.

Revenue reserve is a reserve created out of ______

Distinguish between book-keeping,accouting and accoutancy.

TU Limited purchased a crane for Rs. 11,75,000 and spend Rs. 50,000 for its registration on 1st January, 2013. Depreciation is charged 10 % per annum, WDV method. The crane is sold for Rs. 7,00,000 on 31st March, 2016. Assuming that TU Limited follows the financial year, prepare crane account for the relevant period.

Is it correct to say that a trial balance is only a prima facie evidence of arithmetical accuracy of records ?

Using the concept of accounting equation, compute missing figure from the following:
Assets = Rs 50,000, Liabilities = Rs 20,000, Owner’s Capital = ?

For the financial year 2017-18, which of the following is adjusted and considered as a prepaid expense?

State what do you understand by accounting reports?

In Bank Reconciliation Statement, when balance as per cash book is taken as the starting point, direct deposit by a customer into his bank 18,000 will be :

Under this method, a particular asset is expected to generate equal utility (economic benefits) during its useful life. Which method is this?

Rent paid to landlord should be credited to ___.

Sudarshan Ltd. purchased a machinery of Rs.1,00,000 and spent Rs. 10,000 on its installation. The estimated useful life of the asset is 10 years. Calculate depreciation for the year ending 31st March, 2016 in each of the following instances.
(i) Depreciation is to be charged 10 % per annum and the machinery was purchased on 1st April, 2015.
(ii) Depreciation is to be charged 10 % per annum and the machinery was purchased on 1st October, 2015.
(iii) Depreciation is to be charged 10 % and the machinery was purchased on 1st January, 2016.

Which definition best describes indirect costs?

In the accounting records, the fixed assets are normally recorded at___

What is the difference between source documents and vouchers?

Given the following data: Purchases Rs. 26,000, Carriage inwards Rs. 890, Opening stock Rs. 4,500, and closing stock Rs. 6,130. The value of the cost of goods sold is:

Balance of bank account for preparation of bank reconciliation statement shall be taken from ___ for matching the same with cash book.

Asertain cost of goods sold from the following

$\begin{array}{cc}& \text{Amt (Rs.)}\\ \text{Indirect expenses}& 30,400\\ \text{Direct expenses}& 37,200\\ \text{Sales}& 2,40,000\\ \text{Net purchases}& 1,44,000\\ \text{Return inwards}& 24,000\\ \text{Return outwards}& 16,000\\ \text{Closing inventory}& 56,000\\ \text{Opening inventory}& 32,000\end{array}$

What are the steps taken by an accountant to locate the errors in the trial balance?

Define supply.

According to accrual concept of accounting, financial or business transaction is recorded:

Management is:

The internal user of accounting information is the:

X sells goods for Rs 2000 to Y and draws a bill for 3 months for the amount. Y accepts it & returns it to X. X sent the bill to bank for collection. Which account shall be credited in such case?

Explain the need for drawing up the special purpose books.

Explain briefly any two quaitative characteristics of accounting.

Ram and Shyam buy a car and sell it to make profit. Ram bought a car at 2.5 million and sold it at 3.3 million and Shyam bought a car at 2.3 million and sold it at 3.5 million. Who makes more profit?

Increase in assets will be shown on _____ side of an account.

While doing the adjustment entry for the managerial commission, which account shall be credited?

What is an opening entry?

Opening Stock is shown on ____ side of _________ account

Closing capital = Rs. 1,20,000. Shares issued during the year Rs. 45,000. Drawings = Rs. 10,000. Profit for the year = Rs. 30,000 . What shall be the opening capital?

In which of the following methods of charging depreciation, it is charged on Orginal cost of the asset?

All of the following are required in order to calculate depreciation except for:

Which kind of insurance policy is a combination of insurance as well as investment?

In the books of D Ltd. the machinery account shows a debit balance of Rs.60,000 as on April 1,2017.The machinery was sold on March 31, 2018 for Rs.30,000. The company charges depreciation 20% p.a. on diminishing balance method. Profit/Loss on sale of the machinery will be .................

All flow variables are recorded in ______.

If the amount of a bill of exchange is paid before due date it is called

What shall be the balance of cash account after the following transactions?

Heena borrows Rs15,000 from his friend Reena to furnish his office and defray other start up costs.

Heena pays Rs1,500 rent for his office.

Heena purchases office furniture for Rs9,100.

Heena collects Rs8,000 from debotrs in cash

Heena repays Reena Rs3,000 in principal

From the following particulars, find balance as per cash book as at March 31, 2018.
(i) Debit balance as per pass book Rs 8,250
(ii) Cheques issued but not presented Rs 2,750
(iii) Direct deposit to bank by customers Rs.2,200
(iv) Dividend received directly into the bank account Rs 300

Mr. Arnav does not keep proper records of his business. He provided following information.You are required to prepare a statement showing the profit or loss for the year.

$\begin{array}{cc}\text{Items}& \text{(Rs.)}\\ \text{Capital at the beginning of the year}& 15,00,000\\ \text{Bills receivable}& 60,000\\ \text{Cash in hand}& 80,000\\ \text{Furniture}& 9,00,000\\ \text{Building}& 10,00,000\\ \text{Creditors}& 6,00,000\\ \text{Stock in trade}& 2,00,000\\ \text{Further capital introduced}& 3,20,000\\ \text{Drawings made during the period}& 80,000\end{array}$

Ascertainment of statement of affairs at the end of the year and calculation of profit and loss.

Rectify the following errors.

(a) Sales book undercast by Rs. 300.

(b) Purchase book undercast by Rs. 400.

(c) Return inwards book undercast by Rs. 200.

(d) Return outwards book undercast by Rs. 100.

The Ledger posting in an account is used to summarize which of the following?

Anticipate no profits and provide for all possible losses. This is essence of which of the following accounting principles:

What are the advantages of AIS (Accounting Information System) ?