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What do you mean by Invoice or Bill?

Is it correct that the total of the purchase invoices recorded in the purchases book is posted to the debit side of the purchases account in the ledger and credited to the accounts of suppliers?

Input: 19 fold 34 28 dog bit take 50

Which of the following steps would be “bit 50 dog 19 fold 34 28 take”?

Which concept covers the fact that revenues and expenses should be of the same period?

Under diminishing balance method, depreciation___

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv and Sons for the year ended March 31, 2011.

$\begin{array}{cc}& \text{(Rs.)}\\ \text{Opening stock}& 50,000\\ \text{Net sales}& 11,00,000\\ \text{Net purchase}& 6,00,000\\ \text{Direct expenses}& 60,000\\ \text{Administration expenses}& 45,000\\ \text{Selling and distribution expenses}& 65,000\\ \text{Loss due to fire}& 20,000\\ \text{Closing stock}& 70,000\end{array}$

State the meaning of incomplete records ?

Q53. National Financial Reporting Authority has been in news these days. Which of the following Acts provides for NFRA as a regulatory agency for audit and financial reporting?

A bookkeeper discovers that an amount paid to a supplier has been wrongly entered in another supplier’s account. Which book of original entry will the bookkeeper use when correcting this error?

Explain Accounting Standards (AS) briefly.

What type of account is outstanding wages?

The matching concept matches which of the following?

In which method, depreciation is constant every year and in which method it is higher in the beginning years when compared to later years.

P draws a bill for Rs 2,000 on Q who accepts and returns it to P on the same date. P sent the bill to his banker for collection. On the due date the bill is dishonoured by Q. Which account shall be debited in drawer`s books?

Pick out the odd one from the following.

Mahesh found a bicycle in a sale for Rs 2500. It was almost new and only needed a new brake cable and brake oil to make it work perfectly. He bought brake cable for Rs. 82 and brake oil for Rs. 20, fixed it up and then sold it to his neighbour for Rs. 3500. How much profit did he make on that deal?[4 MARKS]

Return of goods to the supplier should be credited to ___.

Which of the following represents the entity`s financial position ?

Suppose A withdraw Rs 10,000 from business for personal use from the bank. Which account shall be credited in this case?

When a bill is sent to the bank with an instruction that the bill be retained till the date of maturity and realise it on the due date. it is called ……….?

Qualitative characteristics of Accounting Informations are :

Explain the going concern concept.

Super Bazar purchases goods for Rs.10,000 on credit for a month from Fast Food Products on March 25, 2018. If the balance sheet of Super Bazaar is prepared as at March 31, 2018, Fast Food Products will be shown as:

Which of the following is correct in case of interest collected by bank?

Cash column of the cash book will always have a debit balance. Why ?

Under which policy, policy money is payable after the assured attains a certain age in month quarterly, halfyearly or annual installments?

Which account shall be debited in the books of drawee, when the bill is endorsed by the drawer.

Which of the following is correct for recording a journal entry for opening a bank account with cash?

Amount invested by the owner in the business is called as _______.

Sohan’s A/c is debited by Rs. 2,500 while it was to be debited by Rs. 3,500 and Mohan’s A/c is debited by Rs. 3,500 while the same was to be debited by Rs. 2,500. For this error, which of the following can be a rectifying entry?

The Company incorrectly recorded a deposit of daily credit sales of Rs. 4,500 as Rs. 5,400. What is the appropriate entry, the company should follow regarding the error of Rs. 900?

Amount of noting charges is actual expense of ?

Khan bought goods worth Rs 5,000 less 20% trade discount on credit from Aziz. Later he found out that out of these goods 50% are defective & hence he returned the same. How shall this transaction of return of goods appear in ledger of Aziz in the books of Khan ?

Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation

$\begin{array}{cc}\text{Transaction}& \text{Amount (Rs.)}\\ \text{a. Started business with cash}& \text{1,20,000}\\ \text{b. Rent received}& \text{10,000}\\ \text{c. Invested in shares}& \text{50,000}\\ \text{d. Received dividend}& \text{5,000}\\ \text{e. Purchased goods on credit from Ragini}& \text{35,000}\\ \text{f. Paid cash for household expenses}& \text{7,000}\\ \text{g. Sold goods for cash (costing Rs. 10,000)}& \text{14,000}\\ \text{h. Cash paid to Ragini}& \text{35,000}\\ \text{i. Deposited into bank}& \text{20,000}\end{array}$

Sales on credit is recorded in which of the following journals?

Name the framework of storage and processing of data, in a computerised accounting system.

Following information is given in trail balance

$\begin{array}{cc}\text{Bad debt}& Rs.3,000\\ \text{Provision for bad debts}& Rs.3,500\\ \text{Debtors}& Rs.40,000\end{array}$

Additional Information:

It is desired to make a provision for doubtful debts 10% on debtors. Find the amount to be debited to profit and loss account.

A cheque of Rs 5,000 was issued to the supplier but it was recorded as Rs 500 in the bank column of the cash book. Due to this error the cash book will ___.

Which of the following can be recorded in the books of account as per money measurement concept in accounting?

On December 31, the cash book of M/s. Mona Plastics shows the bank balance as Rs.6,500. Firm issued cheques of Rs. 1,000 to a creditor Mr. Ram but his bag was lost while he was travelling to his house. What shall be the balance as per bank statement after such a situation?

Transactions of Sunil for the month of April are given below. Journalise them.
$$\begin{array}{cc}2016& \text{Amt. (Rs)}\\ \text{Apr 1 Sunil started business with cash}& 3,00,000\\ \text{Apr 3 Bought goods for cash}& 15,000\\ \text{Apr 13 Sold good toi Aditya}& 4,500\\ \text{Apr 20 Bought goods from Sunney}& 6,750\\ \text{Apr 24 Received from Aditya}& 4,500\\ \text{Apr 28 Paid cash to sunny}& 6,450\\ \text{Apr 30 Cash sales for the month}& 24,000\\ \text{Apr 30 paid salary to Ram}& 9,000\\ \text{Apr 30 Goods wwere ruturned to abhilshek}& 10,000\end{array}$$

What are the possible reasons for keeping incomplete records ?

Which of the following is a type of Cash Receipt Journal + Cash Payments Journal?

A provision for ______ is the estimated amount that a business or individual taxpayer expects to pay in income taxes for the current year.

If value of an asset is Rs 9,00,000, scrap value is Rs 1,25,000, estimated life is 10 years, then the cost of depreciation under straight-line method will be-

Write the process of preparing ledger from a journal.

On 1 Jan 2011, Company A purchased a vehicle costing Rs20,000. The company expects the vehicle to be operational for 4 years at the end of which it can be sold for Rs5,000. It was sold at the end of year 2012 for Rs 10000. Calculate profit or loss.

The intermediary software which helps in reading data from input devices and transmitting data to output devices is called as _______

On 31st December, 2016, the cash book of Mittal Bros showed an overdraft of Rs. 6,920. From the following particulars, prepare a bank reconciliation statement and ascertain the balance as per pass book.

(i) Debited by bank Rs. 200 on account of interest on overdraft and Rs. 50 on account of charges for collecting bills.

(ii) cheque drawn but not encashed before 31st December 2016 for Rs. 4,000.

(iii) The bank has collected interest and has credited Rs. 600 in passbook.

(iv) A bill receivable for Rs. 700 previously discounted with the bank, had been dishonoured and debited in the passbook.

(v) Cheque paid into bank but not collected and credited before 31st December 2016 amounted to Rs. 6,000.