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The total of the debit side of Lakshay`s account, a debtor of the company is Rs 40,000, while the total of the credit side is Rs 20,000. Which of the following is true in this regards as at 1st day of the next accounting year?

A Credit Note is the basis for recording a transaction in which of the following?

Rs 60 has been subtracted in our pass book on account of fees for issuing of new cheque book. How shall it be treated at the time of preparation of BRS?

On 1st October, 2016, Y sells goods to Z for Rs. 24,000. On that date, Z accepted a bill drawn upon him by Y at 2 months for Rs. 24,000. Y decides to retain the bill till due date and sends the bill to the banker for collection. In due course, Y receives the information from the bank that the bill has been duly met. Pass journal entries in the books of Y and Z.

Which account is debited on purchase of land from the proceeds of a bank loan?

Bobbie opened a consulting firm and copleted these trannsactions during November, 2005

(a) Invested Rs 4,00,000 cash and office equipment with Rs 1, 50,000 in a business called Bobbie Consulting.

(b) Purchased land and a small building . The land was worth Rs. 1, 50,000 and the building worth Rs 3,50,000. The purchase price was price was paid with Rs 2,00,000 cash and a long term note payable for Rs 8,00,000.

(c) Purchased office supplies on credit for Rs 12,000.

(d) Bobbie transferred title of motor car to the business. The motor car was worth Rs 90,000.

(e) Purchased for Rs 30,000 additional office equipment on credit.

(f) Paid Rs 7,500 salary to the office manager.

(g) Provide services to a client and collected Rs 30,000.

(h) Paid Rs 4,000 for the month's utilities.

(i) Paid supplier created in transaction (c).

(j) Purchase new office equipment by paying Rs 93,000 cash and trading in old equipment with a recorded cost of Rs 7,000.

(k) Completed services of a client for Rs 26,000. This amount is to be paid within 30 days.

(l) Received Rs 19,000 payment from the client created in transaction (k).

(m) Bobbie withdrew Rs 20,000 from the business.

Analyse the above stated transactions and open the following T- accounts

Cash, client, office supplies, motor car, building, land , long term payables, capital , withdrawals, salary, expense and utilies expense.

Opening debtors = Rs. 2,00,000, Closing debtors = Rs. 4,40,000, Receipts from debtors = Rs. 1,20,000. What is the amount of credit sales during the year?

What are the causes of providing depreciation?

Write a short note on trade credit and also mention its merits and limitations.

A cheque was issued to a supplier & was sent to him via courier. The courier did not reach the supplier, but this fact was not communicated. Will this cause a difference which will be effected in reconciliation?

State the meaning of

(a) Outstanding expenses

(b) Prepaid expenses

(c) Income received in advance

(d) Accrued income

If cash book is the starting point, then wrong credit given by a bank will be:

Explain the features of accounting principles.

The Chief Cashier advances a sum of money to the Petty Cashier to enable him to meet petty expenses for a fixed period. Which of the following is correct?

What is the correct entry passed to close bad debts recovered account?

Which of the following is flow variable?

Give the correct chronological order of ascertainment of the following profits from trading and profit and loss account Operating rofit, gross profit, net profit .

____ is the evidence that a transaction took place.

Rectify the following errors:

(i) Repairs made on Building for Rs 1,00,000 were debited to Building a/c.
(ii) Rent paid Rs 12,000 to Landlord was debited to Landlord a/c.
(iii) Wages paid for installation of Machinery of Rs 7,000 was debited to Wages a/c.
(iv) Salary paid to Accountant (Mr. Ram) on Rs 15,000 was debited to Ram a/c.
(v) Rs 32,000 paid for purchase of Computer was charged to Office Expenses a/c.
(vi) Amount of Rs 7,500 withdrawn by proprietor for personal use was debited to Miscellaneous Expenses a/c.

State the need for sub-division in a journal.

(A) Distinguish between census method and sampling method.

(B) Distinguish between primary data and secondary data.

KTR Ltd, issued 365, 9% Debentures of Rs 1,000 each on 4-3-2016.

Pass necessary Journal entries for the issue of debentures in the following situations:

(a) When debentures were issued at par redeemable at a premium of 10%.

(b) When debentures were issued at 6% discount redeemable at 5% premium.

On January 1, 2011, Neha sold goods for Rs. 20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the payment against the bill at a rebate at the rate of 12% per annum. Neha agreed to the request of Muskan and Muskan retired the bill under the agreed rate of rebate. Journalise the above transaction in the books of Neha and Muskan.

Which of the following comes under category expense?

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

What are the accounts payable?

Give the journal entries for the following adjustments-

(a)Outstanding salary Rs. 3,500.

(b)Rent unpaid for one month at Rs. 6,000 per annum.

(c)Insurance prepaid for a quarter at Rs. 16,000 per annum.

(d)Purchase of furniture costing Rs. 7,000 entered in the purchase book.

The total of Purchase Return book is posted to the ___ of purchases return account.

Distinguish between a Joint Hindu family business and partnership.

The double effect of Provision for discount on debtors is:

Jay and Vaishali are partners in a firm. The firm receives an order for goods. Vaishali wants to include it in the sales figure but Jay opposes it. Settle the issue.

How will you define Payments of Honorarium ?

Kapil Ltd purchased a machinery on July 1, 2001, for Rs 3,50,000. It purchased two additional machines, on April 1, 2002 costing Rs 1,50,000 and on October 1, 2002, costing Rs 1,00,000. Depreciation is provided $10\%$ per annum on straight lines basis. On January 1, 2003, the first machinery becomes useless due to technical changes. This machinery was sold for Rs 1,00,000. Prepare Machinery account for 4 years on the basis of the calendar year.

When amount is received for the amount of goods that needs to be provided to a customer in later period is credited to _______ account.

Sales return account is always ___.

Purchase account is not prepared when Purchase book is maintained?

Raju is a bookseller who hires employees in April. Their joining is in the month of May. In which month should he record this?

The numbers of significant figures in 9.1 x10^-31 kg are:

In the following question, there is a sentence which is divided into four parts. Choose the fragment that carries an error (if any). Ignore punctuation errors if any.

The draft ninth plan approach / is heavily loaded in favor of / private investment as a result of severe resources crunch / and the liberalisation of the economy.

The book value of asset is Rs 5000. The asset is sold for Rs. 4000. Which of the following is correct?

Uncollected cheques are also referred to as ___ .

Mr. Muneesh maintains his books of accounts from incomplete records.
His books provides the information

$\begin{array}{ccc}\text{Items}& \text{Jan 1, 2005}& \text{Dec 31, 2005}\\ \text{Cash}& 1,200& 1,600\\ \text{Bills Receivable}& \underset{–}{}& 2,400\\ \text{Debtors}& 16,800& 27,200\\ \text{Stock}& 22,400& 24,400\\ \text{Investment}& \underset{–}{}& 8,000\\ \text{Furniture}& 7,500& 8,000\\ \text{Creditors}& 14,000& 15,200\end{array}$

He withdrew Rs. 300 per month for personal expenses. He sold his investment of Rs.16,000 at 2% premium and introduced that amount into business.

What are the Liquid Assets?

Record the following transactions into proper subsidiary books,then close the subsidiary books on January 31 and post them into Ledger:

$\begin{array}{cc}2011& \left(Rs\right)\\ \text{Jan 1}& \text{Purchased goods from Mahendra of the list price of Rs 40,000 less}10\%\text{Trade Discount}.\\ \text{Jan.5}& \text{Sold goods to Moti for Rs 10,000}\\ \text{Jan.6}& \text{Returned goods to Mahendra of list price Rs 5,000}\\ \text{Jan 7}& \text{Shyam Singh sent goods for Rs 30,000.}\\ \text{Jan.8}& \text{Sold goods to Harish for Rs 12,000}.\\ \text{Jan. 19}& \text{Sent goods to Moti for Rs 6,000}\\ \text{Jan.27}& \text{Sold goods to Mahesh for Rs 8,000}\end{array}$

To record Rs 5000 for the lubrication of machinery equipment, the machinery account was debited in the journal entry. Is this correct?

Name the accounting concept or convention associated with the following

(i) Assets are recorded at cost,irrespective of the market place.

(ii) Life of a business should be divided into smaller periods.

(iii) Accounting transactions should be free from bias of accountants and others.

Which of the following is not a type of account?

If a company continues to use equipment past the useful life that was assumed in determining the depreciation, there will be ___ depreciation expense in those additional years.

The bank has credited an interest of Rs 100 in the account. Which account shall be debited in such case?

Which of the following is not correct?