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Sale of office furniture should be credited to ___ .

What do you mean by Double Entry System?

Shri Krishan Manufacturing Company purchased 10 machines for Rs. 75,000 each on July 1, 2000. On October 1, 2002, one of the machines got destroyed by fire and an insurance claim of Rs. 45,000 was admitted by the company. On the same date, another machine is purchased by the company for Rs. 1,25,000.

The company writes off 15 % per annum depreciation on written down value basis. The company maintains the calendar year as its financial year. Prepare the Machinery account from 2000 to 2003.

What is the matching concept? Why should a business concern follow this concept? Discuss.

Net Loss occurs when:

Businesses do not pay much heed to correct accounting due to _____

Which of the following would not affect bank reconciliation?

Which of the following shall have effect on the creditors of the business?

Under straight line method with salvage, depreciation is calculated on?

By providing for discount on debtors and making provision for doubtful debts, which accounting concept is followed?

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

The closing balance of petty cash book is considered as

On 01.01.2018, X draws a bill on Y for Rs 20,000 for 3 months, maturity date of the bill shall be:

Pass the journal entries to rectify the following errors detected during preparation of the trial balance.
(i) Purchase Book is undercast by Rs. 1,000
(ii) Wages paid for construction of office debited to wages account Rs. 20,000.
(iii) A credit sale of goods Rs. 1,200 to Ramesh has been wrongly passed through the purchases book.
(iv) Goods purchased for Rs. 5,000 were posted as Rs. 500 to the purchases Account.
(v) An amount of Rs. 2,000 due from Mahesh chand which had been written off as a bad debt in previous year was unexpectedly recovered has been posted to the personal account of Mahesh Chand.
(vi) A credit purchase of Rs. 1,040 from Ramesh was passed in the books as Rs. 1,400.
(vii) Goods (cost Rs. 5,000, sales price Rs. 6,000) distributed as free samples among prospective customers were not recorded anywhere.
(viii) Goods worth Rs. 1,500 returned by Green & Co. Have noit been recorded anywhere.

Cash = Rs. 1,000, Debtors = Rs. 5,000, Inventories = Rs. 4,000, Capital+Liabilities = Rs. 15,000. What is the amount of fixed assets?

A Bill received and encashed with the bank on the same day is known as ___

At the time of endorsement, the drawee debits ?

On January 1, 2011, Bhanu and Naman drew on each other a bill for Rs.8,000 payable 3 months after the due date for their Mutual Benefit. On January 2, they discounted with their bank each other's bill at 5% per annum. On the due date, each met his own's acceptance.

Give Journal entry in the books of Bhanu and Naman.

Repairs to factory machinery would be classified as:

Explain the principle of full disclosure.

What is meant by acceptance of a bill of exchange?

Rectify the following errors and ascertain the amount of difference in trial balance by preparing a suspense account.

(a) Credit sales to Mohan Rs. 7,000 were posted as Rs. 9,000

(b) Credit purchase from Rohan Rs. 9,000 were posted as Rs. 6,000

(c) Goods returned to Rakesh Rs. 4,000 were posted as Rs. 5,000.

(d) Goods returned from Mahesh Rs. 1,000 were posted as Rs. 3,000.

(e) Cash sales Rs. 2,000 were posted as Rs. 200.

General office expenses are charged to which of the following head:

From the following balances of M/s Jyoti Exports, prepare trading and profit and loss account for the year ended March 31, 2012 and balance sheet as on this date.

$\begin{array}{cccc}\text{Account Title}& \text{Amt. (Rs.)}& \text{Account Title}& \text{Amt. (Rs.)}\\ \text{Sundry Debtors}& 9,600& \text{Sundry Creditors}& 2,500\\ \text{Opening Stock}& 22,800& \text{Sales}& 72,670\\ \text{Purchases}& 34,800& \text{Purchases Return}& 2,430\\ \text{Carriage Inwards}& 450& \text{Bills Payable}& 15,600\\ \text{Wages}& 1,770& \text{Capital}& 42,000\\ \text{Office Rent}& 820& & \\ \text{Insurance}& 1,440& & \\ \text{Factory Rent}& 390& & \\ \text{Clearing Charges}& 940& & \\ \text{Salary}& 1,590& & \\ \text{Building}& 24,000& & \\ \text{Plant and Machinery}& 3,600& & \\ \text{Cash in Hand}& 2,160& & \\ \text{Gas and Water}& 240& & \\ \text{Octroi}& 60& & \\ \text{Furniture}& 20,540& & \\ \text{Patents}& 10,000& & \\ & \overline{\underset{–}{\underset{–}{1,35,200}}}& & \overline{\underset{–}{\underset{–}{1,35,200}}}\end{array}$

Closing stock Rs. 10,000.

Additional Information:

1. The provision for bad debts is to be maintained at 5$\%$ on sundry debtors.

2. Wages amounting to Rs. 500 and salary amounting to Rs. 350 are outstanding.

3. Factory rent prepaid Rs. 100.

4. Depreciation charged on Plant and Machinery 5$\%$ and Building 10$\%$.

5. Outstanding insurance Rs. 100.

The fact that a business is separate and distinguishable from its owner is in accordance with which concept?

Received a cheque from Mr.A which is deposited in bank should be debited to:

What are the main disadvantages of computerised accounting?

Which of the following is not a stock variable?

Statements:

All keys are locks.

All locks are bangles.

All bangles are cars.

Conclusions:

I. Some cars are locks.

II. Some bangles are keys.

III.Some cars are keys.

Identify the economic event from the following?

What are the essential elements of life insurance?

The party which is entitled to receive the payment of bill of exchange is known as :

What is the nature of Interest on drawings account?

When a machinery is sold at loss, which account is credited?

Accomodation bills are drawn, accepted & endorsed …

Q56) Embellishing the Truth occurs when a person adds fictitious details or exaggerates facts or true stories. Which situation below is the best example of Embellishing the Truth?

Credit sales of Rs 6000 was recorded as Rs 600 by mistake. Which of the following accounts shall be credited to rectify the same?

What is the entry for creating the provision for doubtful debts?

If A withdraw Rs 10,000 from business for personal use, he has to pay an interest because if this money remains in business it will pay the owner some profit. This interest is known as _______

To decrease the balance in the Land account, would you debit the account or would you credit the account?

When cheque is not paid by the bank, it is called?

When the balance as per cash book is the starting point, direct deposits by customers are:

Raja started a business on 1st April 2015 with a capital of Rs. 1,00,000 and a loan of Rs. 50,000 borrowed from Ram. During 2015-16, he had introduced additional capital of Rs. 50,000 and had withdrawn Rs. 30,000 for personal use. On 31st March 2016, his assets were Rs. 3,00,000. Find out his capital as of 31st March 2016 and profit made or loss incurred during the year 2015-16.

The owner of the business takes Rs 100 cash for his family. The proper journal entry for this transaction is:

Rs. 10000 depreciation transfer to Profit and Loss account. Which of the following is correct?

Darshan sold goods for Rs. 40,000 to Varun on 8.1.2011 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date, the bill was met by Varun.

Record the necessary Journal entries in the books of Darshan and Varun in the following circumstances.

• When the bill was retained by Darshan till the date of its maturity.
• When Darshan immediately discounted the bill at the rate of 6% Per annum with his bank.
• When the bill was endorsed immediately by Darshan in favour of his creditor Suresh.
• When three days before its maturity, the bill was sent by Darshan to his bank for collection.

If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a credit? If the transaction has the effect of decreasing a liability, is the decrease recorded as a debit or as a credit?

The ………. Accepts the bill by signing it to confirm that he is binding to the bill of exchange