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The cost for packing, which was added with the gift price, is called __ expense.

Unfavourable bank balance means:

Goods worth Rs 1000 given on charity should be credited to which account in journal ?

The person to whom bill is endorsed is called as ________

What are basic features of reconciliation?

Briefly explain the set of SQL statements to produce the receipts side of a cash book for Model- I.

Explain, using examples, the relationship between the organisational MIS and the other functional information system in an organisation. Describe how AIS receives and provides information to other functional MIS.

Outstanding expenses are shown in the ___________.

Mr. Ajay has a business of selling of fans. He took 1 fan to his house for personal use. Which of the following is affected from these drawings in sole-proprietorship business?

Drawings are shown as _____

The balance as per pass book & cash book was Rs 10,000. The bank has allowed Rs 1,000 interest on saving account to customer. Because of such interest, pass book balance has become ___ .

In case of renewal, if acceptor does not pay the interest charges then the amount of new bill be ____ with the amount of interest

On 01.01.2012, A draws a bill on B for 3 months for Rs. 10,000. On 04.03.2012, B pays the amount due to A before maturity at 12% discount. The amount of rebate will be _________.

A firm purchased a machine on 1st Jan 1998 for Rs. 37,000 and spent Rs. 3,000 on its installation. Depreciation is written off at the rate of 10% under WDV method. Accounts are closed on 31st December every year. On 30th June 2002, the machine was disposed off for Rs. 20,000. Profit & loss account shall be ___ by ___

Debtors: Rs. 30,000. Bad debts: Rs. 300, provision for bad debt 5% on debtors, discount on debtors 2%.
Calculate the correct amount of provision for discount on debtors.

Discuss the basic concepts of Entity Relationship (ER) Model. Illustrate as to how an ER model is diagrammed.

Having agreed on a monthly rent of Rs 18,000 for business premises rented to Mr Ravi, three months rent was in arrears as at 31st March 2018. What will appear as rent accrued in the financial statements as at 31st March 2018?

Accounting records business transactions and events which are of a financial nature.Is this a limitation of accounting?

Q3. Which of the following are administered by the Ministry of Corporate Affairs (MCA)?

1. Companies Act, 2013

2. The Insolvency and Bankruptcy Code, 2016

3. India trade portal

4. The Bureau of Indian Standards Act, 2016

Select the correct answer using the code given below.

What is meant by Generally Accepted Accounting Principles (GAAP)?

What is suspense Account? Give one example with entries of suspense Account.

Describe in steps the design view method to create a query in MS Access.

If the rate of gross profit on the sale is 20% and cost of goods sold is Rs. 1,00,000, then the amount of gross profit will be equal to:

A bill of Rs. 12,500 drawn by Shyam is accepted by Ram. Shyam gets its discounted 12% p.a. due 3 months hence, the discounting charges borne by Shyam is :

The number of parties involved in bills of exchange are:

What do you mean by Book-Keeping?

The entry to recognize depreciation expense___?

An error involving excess credit in an account is rectified by corresponding ___ By the amount that is in excess.

Which account is debited while recording the entry of bad debts of Mr. Ram amounting to Rs 10,000 given in adjustments?

Increase in liability will be shown on ______ side of an account.

When an amount of Rs 327 to be written on debit side is written as Rs 237 and at the same an amount of Rs 546 is written as Rs 456 on the credit side. Will these errors be revealed by the Trial Balance?

Explain the reasons where the balance shown by the bank passbook does not agree with the balance as shown by the bank column of the cash book.

The cash book shows a debit balance of 2,370 but bank statement gives a different figure. The difference found are a Cheque for Rs 700 paid to creditors is not entered in the bank pass book. What shall be done to cash book in this case?

From the following trail balance extracted from the books of MMN, prepare the trading and profit and loss account for the year ended 31st December, 2016.

$\begin{array}{ccc}\text{Name of Accounts}& \text{Debit (Rs.)}& \text{Credit (Rs.)}\\ \text{Capital}& & 90,000\\ \text{Drawings}& 6,480& \\ \text{Land and Building}& 25,000& \\ \text{Plant and Machinery}& 14,270& \\ \text{Furniture and Fixtures}& 1,250& \\ \text{Carriage Inwards}& 4,370& \\ \text{Wages}& 21,470& \\ \text{Salaries}& 4,670& \\ \text{Provision for Bad Debts}& & 2,470\\ \text{Sales}& & 91,230\\ \text{Sales Return}& 1,760& \\ \text{Bank Charges}& 140& \\ \text{Coal, Gas and Water}& 720& \\ \text{Rates and Taxes}& 840& \\ \text{Discount}& & 120\\ \text{Purchases}& 42,160& \\ \text{Purchase Return}& & 8,460\\ \text{Bills Receivable}& 1,270& \\ \text{Trade Expenses}& 1,990& \\ \text{Sundry Debtors}& 37,800& \\ \text{Sundry Creditors}& & 12,170\\ \text{Stock(1st January, 2016)}& 26,420& \\ \text{Apprentice Premium}& & 500\\ \text{Fire Insurance}& 490& \\ \text{Cash at Bank}& 13,000& \\ \text{Cash in Hand}& 850& \\ \text{Total}& \overline{\underset{–}{\underset{–}{2,04,950}}}& \overline{\underset{–}{\underset{–}{2,04,950}}}\\ & & \end{array}$

Additional Adjustments:

Charge depreciation on land and building at $2\frac{1}{2}\%$, on plant and machinery account at 10% and on furniture and fixtures at 10%. Make a provision of 5% on debtors for doubtful debts.

Carry forward the following unexpired amounts.

(i) Fire insurance Rs. 125.

(ii) Rates and taxes Rs. 240

(iii) Apprentice premium Rs. 400.

(iv) Closing stock Rs. 29,390

______ can include such items as dividend income, profits and losses from investments, gains or losses incurred due to foreign exchange, asset write-downs etc.

State the steps involved in the process of accounting.

Accounting equation remains intact under all circumstances. Justify the statement with the help of an example.

A fixed asset having book value of Rs 2000 was sold for Rs 1500. Which of the following is the gain or loss on the sale of fixed asset?

The amount of depreciation charged on machinery is debited to ___

The ………. is prepared at a particular date usually the end of the financial year, while the ………. is prepared for a particular period.

Repairs of building is debited to Building A/c. This is an ___ .

Name any two types of commonly used negotiable instruments.

Opening capital Rs 60,000, Drawings Rs 5,000, capital introduced during the year Rs 10,000, closing capital Rs 90,000. Calculate profit or loss.

Office cash deposited into bank is recorded on ___ side of double columnar cash book.

A decrease in which of the following will lead to a decrease in the assets of a company?

Assuming no returns outwards or carriage inwards, the cost of goods sold will be equal to:

Cost of the asset is Rs 5,00,000. Residual Value is Rs. 1,00,000. If the useful life of asset is 10 years, What will be the amount of depreciation under SLM?

What are the financial statements? What information do they provide?

From the following information, calculate the amount to be taken to Profit and Loss Account:
(i) Rent paid as per cash book is Rs. 70,000
(ii) Rent outstatnding at the end is Rs. 20,000