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When debtors deposit amount directly to our bank account, which account shall be debited?

A draws a bill of Rs. 50,000 and B accepts it. After this, B becomes insolvent and only 40 paisa in a rupee could be recovered. What is the amount that can be recovered?

Why do you think Professor Gaitonde decided never to preside over meetings again?

Which of the following comes under DBMS?

Explain the meaning of posting of journal entries.

A
shopkeeper buys 80 articles for Rs 2,400 and sells them for a profit
of 16%. Find the selling price of one article.

______ is the part of profits that are kept aside for unexpected expenditure.

When you have a reasonable doubt that the debt is not fully/partly recoverable, then you make a _______

On 01.01.2017, X draws a bill on Y for Rs. 15,000 for 3 months. At maturity, Y requests X to accept Rs. 5,000 in cash & for balance draw a fresh bill payable after two months along with Interest 12 p.a. What shall be the amount of Interest?

What do you understand by balancing of account?

Suresh started business on 1st April, 2015 with a capital of Rs. 30,000. The following trial balance was drawn up form his books at the end of the year.

$\begin{array}{cccc}\text{Name of Accounts}& \text{Amt. (Rs.)}& \text{Name of Accounts}& \text{Amt. (Rs.)}\\ \text{Drawings}& 4,500& \text{Capital}& 40,000\\ \text{Plant and Fixtures}& 8,000& \text{Sales}& 1,60,000\\ \text{Purchases}& 1,16,000& \text{Creditors}& 12,000\\ \text{Carriage Inwards}& 2,000& \text{Bills Payable}& 9,000\\ \text{Wages}& 8,000& & \\ \text{Return Inwards}& 4,000& & \\ \text{Salaries}& 10,000& & \\ \text{Printing}& 800& & \\ \text{Advertisement}& 1,200& & \\ \text{Trade Charges}& 600& & \\ \text{Rent}& 1,400& & \\ \text{Debtors}& 25,000& & \\ \text{Bills Reveivable}& 5,000& & \\ \text{Investments}& 15,000& & \\ \text{Discount}& 500& & \\ \text{Cash at Bank}& 16,000& & \\ \text{Cash in Hand}& 3,000& & \\ & \overline{\underset{–}{\underset{–}{2,21,000}}}& & \overline{\underset{–}{\underset{–}{2,21,000}}}\\ & & & \end{array}$

The value of stock as at 31st March, 2016 was Rs. 26,000.

You are required to prepare his trading and profit and loss account for the year ended 31st March, 2016 and a balance sheet as on the date after taking the following facts into account.

(i) Interest on capital is to be provided at 6% per annum.

(ii) An additional capital of Rs. 10,000 was introduced by Suresh on 1st October,2016.

(iii) Plant and fixtures are to be depreciated by 10% per annum.

(iv) Salaries outstanding on 31st March, 2016 amounted to Rs. 500.

(v) Accrued interest on investment amounted to Rs. 750.

(vi) Rs. 500 are bad debts and provision for doubtful debts is to be created at 5% on the balance of debtors.

Explain the concept of cost of goods sold.

Which of the following statements is incorrect regarding capital account?

Which of the following is the time span into which the total life of a business is divided for the purpose of preparation of financial statements?

Which of the following transactions shall be regarded as an Expense for the company?

The procedure by which a bill is transferred from one person to another for setllement of debts is called?

Under which of the following accounting principles, every transaction impacts two accounts that accounting equation holds true always.

Debit balance as per Cash Book of ABC Enterprises as on 31.3.2018 is Rs 1,500. Cheques deposited but not cleared amounts to Rs 100 and cheques issued but not presented of Rs. 150. The bank allowed interest amounting Rs. 50 and collected dividend Rs. 50 on behalf of ABC Enterprises. Balance as per pass book should be ___.

What is meant by renewal of a bill of exchange?

Paul is a book seller. He pays for electricity, buys a TV, and pays salary to the salesman. Identify assets or expenses in these transactions.

The company purchases equipment with its cash available in the company`s bank account. What elements of the accounting equation shall get affected by this?

What were the attempts made by the author to get his watch repaired?

रामस्वरूप का अपनी बेटी को उच्च शिक्षा दिलवाना और विवाह के लिए छिपाना, यह विरोधाभास उनकी किस विवशता को उजागर करता है?

Errors of commission of posting of wrong amounts in both the accounts can be revealed by Trial Balance. Is this statement correct?

Describe the cycle of events in Satyajit's life that brought him back to where he began.

If closing stock does appears in the trial balance and also given as additional information, it should be ___________.

What is meant by 'window dressing' in accounting?

A company receives Rs 5000 of cash as an additional investment in the company by its owner, Mr. Mahesh. The company's ___ account is debited and ___ account is credited.

Which of the following comes under category Liabilities?

Cash book records ___

Which of the following describes the balance in the Accumulated depreciation account?

The basic accounting equation is:

Q43. Financial Stability Report is published by-

Direct collections from a bank are to be ___ in cash book.