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Calculate the amount of bills receivable dishonoured from the following information

$\begin{array}{cc}& (Rs.)\\ \text{Opening balances of bills receivable}& 1,20,000\\ \text{Bills Collected(honoured)}& 1,85,000\\ \text{Bills receivables endorsed}& 22,800\\ \text{Closing balance of bills receivables}& 50,700\\ \text{Bills receivables received}& 1,50,000\end{array}$

During the costing process, to arrive at the closing stock of a trading business, which one of the following formula is applied?

Discus the four major functions performed by business enterprises.

Furniture purchased for Rs 10000 was wrongly entered as Rs 100,000. Which account shall be credited to rectify this mistake?

What are the advantages and disadvantages of cash basis of accounting?

Is accountancy an art or a science or both ? Explain with reasons.

With reference to Cess, consider the following statements:

1. Proceeds of Cess are distributed on the recommendation of Finance Commission.

2. Cess before levying needs to be passed through parliament by a simple majority.

3. Cess is earmarked for a particular purpose only and cannot be used for any other purpose.

What is the entry for adjusting depreciation of an asset?

What do you understand by statement of affairs ?

Give the Performa of an income statement and balance sheet in vertical form.

There are 2 entries in pass book: one for interest collected on investment by bankers of Rs 500 & the other for bank charges of Rs 100. How much shall be the net effect to the balance as per cash book?

Cost of goods available for sale – closing inventory = What?

Which of the following is the normal balance of an accumulated depreciation account?

Is it true that profit and loss account shows the financial position of the enterprise?

What is the difference between the trade discount and cash discount?

Rectify the following errors.

(a) Depreciation provided on machinery Rs. 4,000 was not posted.

(b) Bad debts are written off Rs. 5,000 were not posted.

(c) Discount allowed to a debtor Rs. 100 on receiving cash from him was not posted.

(d) Discount allowed to a debtor Rs. 100 on receiving cash from him was not posted to discount account.

(e) Bill receivable for Rs. 2,000 received from a debtor was not posted.

Which of the following are considered as Financial Statements?

A particle starts S.H.M. from the mean position. Its amplitude is A and time period is T. At the time when its speed is half of the maximum speed, its displacement y is

Withdrawals of cash from bank by the proprietor for office use should be credited to ?

Cost of the fixed asset – Salvage value =

"The role of accounting has changed over the period of time." Do you agree? Explain.

The total of sales book was carried forward from page 5 to 6 as Rs.1222 instead of Rs.1122. Suspense account shall ___ with Rs ___ to rectify this.

Trial balance is a link between the ledger and final accounts. Explain.

You pay Rs 54,000, via cheque as an installment of the Rs 8,00,000 loan acquired from bank. Of this amount, Rs 50,000 is applied to the principal, and Rs 4,000 is applied to the loan interest. Which of the following is correct?

A firm dealing in computer peripherals maintains its account on accrual basis.It received an order of 20 laptops along with an advance of Rs.1,00,000.How will the advance received be treated?

Goods of Rs. 1,000 purchased from Mr. “A” were recorded as sales in the books, the rectification of this error will?

In which column (Plus or Minus) you will write the following while preparing bank reconciliation statement from the credit balance of cash book.

(i) Cheques paid into the bank but not collected.

(ii) Interest on bank overdraft.

A bill of exchange renewed generally at the request of ?

Briefly explain the statement 'wrongly debited by the bank' with the help of an example.

Distinguish between fixed assets and current assets.

Asha sold goods worth Rs. 19,000 to Nisha on March 2, 2011. Rs. 4,000 were paid by Nisha immediately and for the balance, she accepted a bill of exchange drawn upon her by Asha payable after three months. Asha discounted the bill immediately with her bank. On the due date, Nisha dishonoured the bill and the bank paid Rs. 30 as noting charges.
Record the necessary Journal entries in the books of Asha and Nisha.

Describe the various types of accounting software along with their advantages and limitations.

Record the following transactions in a journal.
(i) Received cash from Jaya for a bad debt written - Off last year Rs. 400.
(ii) Bought goods at the list price of Rs. 1,00,000 From Rani less 20% trade discount and 2% cash discount and paid 40% by cheque.
(iii) Sold goods ot Preeti at the list price of Rs. 2,00,000 less 20% trade discount and 2% cash discount and paid 50% by cheque.
(iv) Sold goods to Tanu for Rs.40,000, allowing her a trade discount of 5% and a cash discount of 10% she paid $\frac{1}{4}th$ of the amount in cash at the time of purchase.

Salary paid to Manager is debited to his personal account. This error is an error of ___ .

Opening capital = Rs. 1,00,000 , Drawings = Rs. 20,000 , Loss for the year = Rs. 30,000 , Additional capital introduced during the year = Rs. 20,000. What shall be the closing capital ?

What is the correct formula for calculating credit purchases from creditors account?

Claire wants to establish a Rs250 petty cash fund for her business. She requested a cheque for Rs250. What is the correct journal entry to record the transaction?

A Bank Reconciliation is not a?

Explain main components used in computer.

Balance as per cash book is less than the balance as per bank pass book by Rs 1,000. What could be the probable cause of difference?

Expenses paid in advance are called ___

When cheques received from a customer are deposited into the bank for collection, which of the following is correct?

What will be the impact in accounting equation when dividend is received from a company?

Who are the interested users of the organisation?

Keeping the records of the business separate from the personal records of the owner of the business is said to be in adherence to which accounting principle or concept?

Convert $3.75$ to fraction which is in its simplest form.

The company replenished the petty cash fund via a cheque of Rs 730. In the journal entry, which account is credited?

The following trial balance is extracted from the books of M/s Ram on 31st March, 2016, You are required to prepare trading and profit and loss account and the balance sheet as on date.

$\begin{array}{cccc}\text{Name of Account}& \text{Debit (Rs.)}& \text{Name of Account}& \text{Credit (Rs.)}\\ \text{Debtors}& 12,000& \text{Apprenticeship Premium}& 5,000\\ \text{Purchases}& 50,000& \text{Loan}& 10,000\\ \text{Coal, Gas and Water}& 6,000& \text{Bank Overdraft}& 1,000\\ \text{Factory Wages}& 11,000& \text{Sales}& 80,000\\ \text{Salaries}& 9,000& \text{Creditors}& 13,000\\ \text{Rent}& 4,000& \text{Capital}& 20,000\\ \text{Discount}& 3,000& & \\ \text{Advertisement}& 500& & \\ \text{Drawings}& 1,000& & \\ \text{Loan}& 6,000& & \\ \text{Petty Cash}& 500& & \\ \text{Sales Return}& 1,000& & \\ \text{Machinery}& 5,000& & \\ \text{Land and Building}& 10,000& & \\ \text{Income Tax}& 100& & \\ \text{Furniture}& 9,900& & \end{array}$

What are the 'provisions'? How are they created? Give accounting treatment in case of provision for doubtful debts.