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Explain briefly the purpose and advantages of maintaining a Bills Receivable Book?

The following are the extracts from the trial balance of M/s Bhola and Sons as on March 31, 2011.
$\begin{array}{ccc}\text{Account Title}& \text{Amt. (Dr.)}& \text{Amt. (Cr)}\\ \text{Opening Stock}& 2,00,000& \\ \text{Purchase}& 8,10,000& \\ \text{Sales}& & 10,10,000\\ & \underset{–}{\overline{10,10,000}}& \underset{–}{\overline{10,10,000}}\end{array}$
(only relevant items)
Closing stock as on date was valued at Rs. 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the Trading and Profit and Loss account and balance sheet of M/s Bhola and Sons.

What will be the impact in accounting equation for recording depreciation of asset?

Every transaction is a/an ___ of value between two or more entities.

Prepare trading and profit and loss account from the following trial balance as on 31st March, 2016.
$$\begin{array}{cccc}\text{Name of Accounts}& \text{Dr. Balance (Rs.)}& \text{Cr. Balance (Rs.)}& \\ \text{Cash in Hand}& 20,000& & \\ \text{Cash at Bank}& 1,80,000& & \\ \text{Purchase and Sales}& 22,00,000& 35,00,000& \\ \text{Return Inwards}& 60,000& & \\ \text{Return Outwards}& & 75,000& \\ \text{Carriage on Purchases}& 44,000& & \\ \text{Carriage on Sales}& 21,000& & \\ \text{Fuel and Power}& 1,55,000& & \\ \text{Stock (1st April, 2015)}& 3,60,000& & \\ \text{Bad Debts}& 62,000& & \\ \text{Bad Debts Provision}& & 25,000& \\ \text{Debtors and Creditors}& 8,20,000& 3,00,000& \\ \text{Capital}& & 21,70,000& \\ \text{Investment}& 2,00,000& & \\ \text{Interest on Investments}& & 20,000& \\ \text{Loan from X(18\% per annum)}& & 1,00,000& \\ \text{Repairs}& 15,200& & \\ \text{General Expenses}& 1,06,000& & \\ \text{Land and Buildings}& 18,00,000& & \\ \text{Wages and Salaries}& 1,80,000& & \\ \text{Miscellaneous Receipts}& & 1,200& \\ \text{Bills Payable}& & 52,000& \\ \text{Stationery}& 20,000& & \\ & \underset{–}{}& \underset{–}{}& \\ & 62,43,200& 62,43,200& \end{array}$$

Additiional Information:
(i) Written off Rs. 20,000 as bad debts and provision for doubtful debts is to be maintained at 5% on debtors.
(ii) Loan from X was taken on 1st August, 2015. No Interest has been paid so far.
(iii) Included in general expenses is insurace premium Rs. 12,000, paid for one year ending 30th June, 2016
(iv) $\frac{1}{3}$ of wages and salaries is to be charged to trading account and the balance to profit and loss account.
(v) Entire stationery was used by the proprietor for his personal purpose.
(vi) Closing stock was valued at Rs. 5,00,000.

A bill of Rs. 12,000 was discounted by B with the banker for Rs. 11,880. At maturity the bill returned dishonored with noting charges of Rs. 20.
How much amount will the bank deduct from B's bank balance at the time of such dishonour?

To which side of the ledger account are the transactions on the receipts side of the cash book posted ?

The cash book shows a balance of Rs.11,000 which was different from the balance as per bank statement. The difference is found to be due to a credit entry in pass book amounting to Rs.2,000 for direct payment by a customer in bank account. What would be the balance as per bank pass book?

When cheques are received from debtors which are not deposited in bank, which account is debited?

Cash in hand can be obtained by preparing:

If the cost price of 10 greeting cards is equal to the selling price of 8 greeting cards find the gain or loss percentage.

In case of actual discount when provision for discount on debtors is made, the discount account is debited with a corresponding credit in _____account.

When noting charges are paid by the bank at the time of dishonor of bill the Drawee credits :

Furniture bought for office use belongs to which class of account?

Mr Ram purchased an asset for his business in cash. He is of the view that cash account shall be recorded on the left side, as cash is an asset while asset account should be recorded on the right side as there is an increase in the asset. Which of the following is incorrect in this transaction?

A sold goods to B for 40,000 on January 15, 2016, and drew a bill payable after 2 months. B accepted it and returned to A. On the due date, A sent someone to realise the payment but B refused to honour the bill. Identify the value missing in the above case.

Payment of electricity expense of a particular month is ___.

Miss Priyanka runs a small bakery business. On 1st April, 2015 she had started the business with a capital of Rs. 78,000. On 31st March, 2016 her incomplete records provide the following data

(i) Amount due to suppliers of raw materials Rs. 17,500.

(ii) Stock of raw materials Rs. 2,000 and finished products Rs. 2,500.

(iii) Fixed assets Rs. 34,000.

(iv) Amount due from customers Rs. 42,000.

(v) She had withdrawn Rs. 2,500 per month for meeting her personal expenses.

(vi) She had introduced Rs. 7,000 as capital during the year.

(vii) She has cash at bank Rs. 21,000 and cash in hand Rs. 1,800.

(viii) Outstanding electricity bill Rs. 2,250

Calculate the profit / loss of her business during the year using statement of affairs method.

Explain Consistency assumption and Revenue Recognition principle of accounting.

Aju once visited his friend's place, Amit to show him a Maths trick that he has learned. He asked Amit to multiply 10101 × 10101. While Amit was struggling to multiply, Aju did it in seconds. Amit was really amazed by the trick.
Can you determine the trick from the given options which left Amit totally puzzled?

Journalise the following transactions in the books of Shrinath Apte.
(i) Opened bank account with PNB Rs. 10,000.
(ii) Cash sent to bank Rs. 50,000.
(iii) Bought shares in 'Birla Ltd' for Rs. 5000 and brokerage paid 2%. The Payment is made by cheque.
(iv) A received cheque for Rs. 1,56,000 from John in full settlement of his account of Rs. 1,60,000.
(v) Paid Rs. 1,78,000 to Smith in full settlement of Rs. 1,80,000 Due to him by cheque.
(vi) A cheque from a customer amounted to Rs. 5,000 deposited in the bank was returned dishonoured.
(vii) Bought furniture for office use by cheque for Rs. 18,000.
(viii) Sold goods to Kaushal of the list price of Rs. 12,500 less 20% trade discount and 2%cash discount and paid 40%by cheque.
(ix) Sold goods to Kaushal of the list price of Rs. 1,25,000 less 20% trade discount and received data cheque under a cash discount of 2%

A bill of exchange must contain "an unconditional promise to pay." Do you agree with a statement?

According to which concept, Accounting equation will always hold true?

Hans Raj Traders paid Rs 25000 to Peepal Traders (a supplier of goods). This transaction is recorded for Rs 2500 instead of Rs 25000. Which of the following accounts shall be debited?

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle through cheque?

Rectify the following errors assuming that suspensions account was opened. Ascertain the difference in trial balance.

(a) Furniture purchased for Rs. 10,000 wrongly debited to purchase account as Rs. 4000

(b) Machinery purchased on credit from Raman for Rs. 20000 recorded through purchase book as Rs. 6000

(c) Repair of machinery Rs. 1400 debited to machinery account as Rs. 2400

(d) Repair on overhauling of secondhand machinery purchased Rs. 2000 was debited to repair account as Rs. 200

(e) Sale of old machinery at book value Rs. 3000 was credited to sales account as Rs. 5000

The passage suggests that the failure of a large business to have its bids for subcontracts results quickly in orders might cause it to:

Entry regarding payment of the bill will be passed in the books of the drawer, if the bill is _______

From the following particulars, find balance as per cash book as at March 31, 2018.
(i) Credit balance as per pass book Rs 5,200
(ii) Insurance premium paid directly by bank Rs 2,000
(iii) Direct deposit to bank by customers Rs 4,100
(iv) Interest credited by bank Rs 300

Vardhman Ltd gets a contract of Rs.200 crore to build a hospital to be completed in 4 years. The management of the company wants to ascertain profit or loss on this contract only when the contract is completed. Is the management correct?

A firm owns a fleet of vehicles acquired at a total cost of Rs. 2,64,800.
Accumulated depreciation up to the beginning of the current year is Rs. 1,12,400. Vehicles are depreciated at 20% per annum using the straight-line method.
The value of depreciation for the current year would be?

Which of the following is a permanent account?

Mr. Ajay has approached ABC Ltd bank for a loan. The bank has asked Mr. Ajay to submit his financial statements for the last 3 years. Which of the following decisions the bank wont be able to take with the help of the financial statements?

Recognition of cost in the same period as associated revenues is known as?

Incomplete records system is _________ method of maintaining records.

When a discount is given at the time of sale as a deduction from sale price, it is called as :

If depreciation reduces profits,reduces value of assets and also reduces capital of the proprietor, then why do enterprises provide for depreciation?

Which of the following are accounting softwares?

A farmer sold a cow for Rs 550 and earned a gain for Rs 70. What was the cost price of the cow to the farmer?

A company bought machinery for Rs. 10000 and depreciation rate is 10%. Accumulated depreciation account is maintained. Which of the following is correct?

Gain or loss on disposal of an asset is the difference between the sale price of an asset and ___

Rectify the following errors.

(a) Credit Sales to Mohan Rs. 7,000 were recorded in purchase book.

(b) Credit Purchase from Rohan Rs. 9,000 were recorded in the sales book.

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

(d) Goods returned from Mahesh Rs. 1,000 were recorded in purchase return book.

The following are the transactions in a company during the year:
1. Sale of goods worth (including profit) Rs 10,00,000 to single customer who did not pay money till the end of the year
2. Cash sales to other customers Rs 24,00,000

What shall be the revenue of the business for this particular year?

Incomes and expenditures need to be recorded in books of account as and when there is any transaction without having to wait till their payment or receipt.

Name this concept.

If the estimated useful life of an asset is 10 years, the straight line depreciation rate would be:

Due date of a bill of exchange drawn on 30th January, 2011 for one month will be :

Niranjan & Co has been charging depreciation 20% per annum on Straight Line Method. It now wants to change the method to diminishing balance method, the rate of depreciation being 35% per annum. Can the company do so?

Or
As per consistency concept, a company cannot change an accounting policy. Does this hold true in all instances? Explain.

Which of the following shall be taken to be a base for preparation of bank reconciliation statement?

'An accounting report is essential report, which must be able to fulfil certain basic criteria'. Explain? List the various types of accounting reports.