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Discount given to customers on credit sales is an expense for the business & hence it should be ________ on receipt of payment

Name the various categories of accounting package.

Ram gets Mohan’s acceptance for Rs. 12,000 discounted at 2 months at 12 % p.a. The amount of discount will be :

Mohan drew a bill upon Suraj for Rs 10,000 who purchased goods on credit. Who is drawee?

Which of the following account(s) will be affected, when an error is made in recording sales to Rahim of Rs. 336 wrongly recorded as Rs. 363?

Briefly explain the effects of dishonour and noting of a bill of exchange.

Items are recorded only in terms of money. Those cannot be expressed in terms of money are not included in the books of accounts. Which concept does this comply with?

On January 1, 2011 Harsh accepted a month bill for Rs. 10,000 drawn on him by Tanu for latter's benefit. Tanu discounted the bill on same day at the rate of 8% per annum. On the due date, Tanu sent a cheque to Harsh for honour the bill. Harsh duly honoured his acceptance.
Record the journal entries in the books of Tanu and Harsh.

(a) Mr. Mittal is an accountant of a company. He passed a dummy entry without transaction proof in order to match the trial balance of the company. He did not tell this to his boss. What value is missing in Mr. Mittal's conduct ?

(b) There is an item appearing in the trial balance as "business gift". On audit of the accounts, it was found that this item reflects the bribe given to a government official which shown as to business gift. Do you think the company is following the right value in the conduct of its business?

Sales book was undercast by Rs 100. To rectify this which of the following is correct?

A company is said to be 'sick' when the accumulated loss at the end of any financial year leads to erosion of ______ percent of its net worth.

The bank charges of Rs 100 were recorded twice in cash book. What will be the impact in BRS, if it starts with overdraft balance in pass book.

What is a server?

Which of the following is a software?

On November 1,2010, Sonia drawn a bill on Sunny for Rs. 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and return it to Sonia. Sonia discounted the same with his bankers at the rate of 6% per annum. The proceeds are shared between Sonia and Sunny in proportion of 2/3rd and 1/3rd respectively. On the due date, Sonia remits his proportion to Sunny who fails to met the bill and as a result Sonia has to meet it. Sunny give a fresh acceptance for the amount due to Sonia plus interest of Rs. 100 Sunny meet his second acceptance on due date.

Record the necessary Journal entries in the books of Sonia and Sunny.

Prepare a trading account for the year ended 31st March, 2016 from the following balances.

$\begin{array}{cccc}\text{Account Title}& \text{Amt. (Rs.)}& \text{Account Title}& \text{Amt. (Rs.)}\\ \text{Opening stock}& 80,000& \text{Purchases return}& 24,000\\ \text{Purchases}& 4,00,000& \text{Sales return}& 40,000\\ \text{Sales}& 10,00,000& \text{Carriage on purchases}& 16,000\\ \text{Freight and octroi}& 13,000& \text{Carriage on sales}& 20,000\\ \text{Wages}& 60,000& \text{Factory rent}& 24,000\\ \text{Factory lighting}& 21,600& \text{Office rent}& 15,000\\ \text{Coal, gas and water}& 4,400& \text{Import duty}& 64,000\end{array}$

Closing stock is valued at Rs. 1,20,000.

What do you understand by Accrued Income?

Which of the following is not a purpose of the objectivity principle?

State the features of a ledger?

Withdrawals of cash from a bank by the proprietor for office use is termed as drawings. Is this statement correct?

Goods worth Rs 2000 were returned to Sanjay but they were omitted to be recorded. Which of the following accounts shall be credited in this case?

The set of instructions according to which a computer performs variety of operations are called as ________.

Mr. A receives Rs.1000 in cash from a customer. He is of the view that cash shall be recorded in right side of the cash account. Is he correct?

The reduction potential values of M, N and O are +2.46, -1.13 and -3.13 V respectively. Which of the following order is correct regarding their reducing property?

Statement A: Raghav added Rs 1,00,000 in his restaurant 'Fresh Bites' and recorded this in his books of account.
Statement B: Now, he is an ambitious man. He expects his restaurant to become really famous and last for infinite years.
Statement C: After every month, he calculates his profit or loss to know how his business is performing.

Identify the concepts covered in these 3 statements.

The drawer opens a temporary account in his books when the bill is sent to the bank for collection. The name of the account is ______

On 30th September 2016, my cash book (bank column of account number 1) showed a bank overdraft of Rs. 98,700. Ongoing through the bank passbook for reconciling the balance, I found the following

(i) Out of cheques drawn on 26th September, those for Rs. 7,400 were cashed by the bankers on 2nd October.

(ii) A crossed cheque for Rs. 1,500 given to Abdul was returned by him and a bearer cheque was issued to him in lieu on 1st October.

(iii) Cash and cheques amounting to Rs. 6,800 were deposited in the bank on 29th September, but cheques worth Rs. 2,600 were cleared by the bank on 1st October and one cheque for Rs. 500 was returned by them as dishonoured on the latter date.

(iv) According to my standing instructions, the bankers have on 30th September, paid Rs.640 as interest to my creditors, paid a quarterly premium on my policy amounting to Rs320 and have paid a second call of Rs. 1,200 on shares held by me and lodged with the bankers for safe custody. They have also received Rs. 300 as a dividend on my shares and recovered an insurance claim of Rs. 1,600 and their charges and commission on the above being Rs. 30. On receipt of information of the above transactions, I have passed necessary entries in my cash book on 1st October.

(v) My bankers seem to have given me a wrong credit for Rs. 1,000 paid in by me in account number 2 and a wrong debit in respect of a cheque for Rs. 600 drawn against my account number 2.

Prepare a bank reconciliation statement as on 30th September 2016.

What is a bank reconciliation statement? Why is it prepared?

Cash book of XYZ Ltd. shows a payment called 'Travel Expense'. However, this travel was a personal travel of the managing director with no relation to business. Do you think this is right?

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Your company is considering the purchase of a second-hand scanning microscope at a cost of Rs. 10,500, with an estimated salvage value of Rs. 500 and a projected useful life of four years. Determine the amount to be debited/ credited to profit & loss account after 3 years if the microscope is sold for Rs.2000. Straight-line method (SLM) is used for depreciation calculation.

Which of the following are shown on the debit side of profit or loss account?

A business was started on 01.04.2018 with a capital of Rs. 8,00,000. Expenditure incurred on the purchase of machinery was Rs. 1,50,000 out of which Rs. 20,000 is payable & closing balance of cash is Rs. 8,70,000. What is the amount of cash received during the year?

The vehicle costs Rs. 1,50,000; it charges 20% depreciation according to written down value method. Estimate the value of the vehicle after depreciation at the end of three years.

The accountant's term to indicate that an entry will be recorded on the left-side of an account is ___

Two columnar cash book is meant for recording ______.

Describe the purpose of the preparation of trial balance.

Which of the following shall not be recorded if the entity is following cash basis of accounting?

How trial balance shows the accumulated depreciation?

Which of the following is correctly labelled for the given figure?

An amount of Rs. 99 was omitted to be posted to the credit of a customer's account from the Cash Book. Suspense account shall be ___ to rectify this error.

What does unfavourable balance in passbook indicates?

When overdraft as per Cash Book is the starting point, Bank charges of Rs 300 recorded twice in the pass book will be:

The building has been purchased by taking a bank loan. What elements of the accounting equation shall get effected by this?

In the given question, a part of a sentence is printed in bold. Below each sentence, some phrases are given which can substitute the bold part of the sentence. Find out the phrase which can correctly substitute that part of the sentence. If the sentence is correct as it is, mark the answer as 'No correction required' or 'No Improvement'.

The reason why he wrote the letter was because he could not contact him over the emails.

In the given question, a part of a sentence is printed in bold. Below each sentence, some phrases are given which can substitute the bold part of the sentence. Find out the phrase which can correctly substitute that part of the sentence. If the sentence is correct as it is, mark the answer as 'No correction required' or 'No Improvement'.

On one occasion he persuaded me to accompany him on a trekking expedition he was planning.

Identify the countable noun in the sentence.

Success is failure turned upside down - The silver tint in the clouds of doubt.

Interest earned on investments is part of an ______ for an investment retailer.

Sales to Meena for Rs.4,200 have been posted to debit of sales account as Rs.2,400. What shall be the net effect on the Gross Profit of this transaction?

Which of the following are features of bills of exchange?