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Discount allowed to a debtor should be credited to ___.

Error of undercasting sales return book is rectified by _____ the sales returns account.

A business has compiled the following information for the year ended 31st December, 2018:

The gross profit as a percentage of sales is always 40%. Based on these figures, what is the sales revenue for the year?

Wherein the full transaction is omitted from the books of accounts, it is known as:

The term current asset doesn’t include :

Differentiate between partnership and company form of business organisation.

Calculate closing stock and cost of goods sold. Opening stock Rs. 5,000 ; sales Rs. 16,000; carriage inwards Rs. 1,000, sales return Rs. 1,000; gross profit Rs. 6,000; purchases Rs. 10,000; purchases return Rs. 900.

Prepare Statement of Profit and Loss from the following information extracted from the books of X Ltd. as at 31st March, 2017:

$\begin{array}{cc}& \text{Rs.}\\ \text{Sales}& 50,00,000\\ \text{Purchase of Stock in Trade}& 30,00,000\\ \text{Wages}& 10,00,000\\ \text{Interest Received}& 60,000\\ \text{Bonus}& 1,20,000\\ \text{Gratuity paid}& 80,000\\ \text{Opening Stock-in Trade}& 3,00,000\\ \text{Closing Stock-in Trade}& 5,00,000\end{array}$

Which of the following is a liability?

How will you treat 'sale of used Sports Materials' in an NPO?

Business paid rent amounting to Rs 1000, which of the following special journals shall record this transaction?

In case of retirement, rebate is an expense for ?

What are the methods of preparing trial balance?

Which of the following are the characteristics of an asset?

Rs 1000 paid for repairs to building have been debited to Building account. Which account shall be debited while rectification?

Which account is debited while passing the adjustment entry for outstanding expenses?

Find out the missing value liabilities in an accounting equation with the help of the following given data?
$\begin{array}{cc}\text{Furniture}& 90,000\\ \text{Cash}& 1,00,000\\ \text{Debtors}& 10,000\\ \text{Other Assets}& 1,000\\ \text{Capital}& 90,000\end{array}$

Which principle covers that the company will continue for a long period of time?

Explain Full Disclosure and Business Entity principle of accounting.

Trial balance of Raju showed an excess debit of Rs. 10,000. He put the difference to suspense account and discovered the following errors.
(i) Depreciation written-off the furniture Rs. 6,000 was not posted to furniture account.
(ii) Credit sales to Rupam Rs. 10,000 were recorded as Rs. 7,000.
(iii) Purchases book undercast by Rs. 2,000.
(iv) Cash sales to Rana Rs. 5,000 were not posted.
(v) Old machinery sold for Rs. 7,000 was credited to sales account
(vi) Discount received Rs. 800 from Karan on paying cash to him was not posted.
Rectify the errors and prepare suspense account.

Name the accounting software appropriate for small business organisations, having only one user and single office location.

On 1st January, 2005, VK Ltd. Purchased machinery for Rs.2,40,000 and on 30th June 2006, it acquired additional machinery at a cost of Rs.40,000. On 31st March, 2007, one of the original machine (purchased on 1st January, 2005) which had cost of Rs.10,000 was found to have become obsolete and was sold as scrap for Rs.1,000. It was replaced on that date by a new machine costing Rs.16,000. Depreciation is to be provided 15% p.a. on the written down value. Show machinery account by following calendar year.

How does a cash book serve a dual purpose?

Or

Cash book is both a subsidiary book and principal book.

___ is a group of commands to be given to a computer.

_______ is the measure of goods at any point in time.

Name and explain different types of reserves in details.

Evergreen Traders purchased a machine on 1st April, 2012 at a cost of Rs. 8,000 and spent Rs. 2,000 on its installation. The firm writes off depreciation 10 % per annum by fixed instalment method.
Show the machine account for 4 years in the books of Evergreen Traders. The books are closed on 31st March every year.

Which of the following effects is not common in both internal and external debts in India but is comparatively more severe in the case of external debt?

Define book-keeping, accounting, and accountancy? With the help of the diagram explain the relationship between book-keeping, accounting, and accountancy.

When discount is given to the customers, what will be the impact on capital?

Sales & Purchase journal don't record :

Original cost= Rs 137000, Salvage value= Rs 17000, Dep rate is 10% WDV Method. Asset sold for Rs 100000 at the end of 3rd year. Gain/Loss is…………………

The accountant of a small firm feels that incomplete records system should not be followed. In spite of that it is easy to maintain accounts on single entry basis. The accountant suggest that double entry accounting system should be followed. Is the suggestion correct? Give reasons.

Cheque paid into bank were of Rs 25,000 but the cheque of Rs 10,000 were cleared & credited in our account by bankers which was evident from the bank statement received on the last day of the month. If closing balance as per cash book is Rs 50,000, what will be the balance after the above situation?

Purchased goods of Rs. 2,400 from Simran and is correctly entered in the purchases book but posted to the credit of her account in the ledger as Rs. 3,400. Will this error create a difference in the trial balance or not?

Last year Ram had borrowed a sum of Rs 20,000 from his friend Mr. Ravi which is still not paid by Ram. Now, Ram has purchased goods from Ravi worth Rs 10,000 for which he has promised to pay him next week. What will be the value of debtors in the books of Ravi, if there are debtors of Rs 50,000 already in the books?

During the financial year,Rajan had cash sales of Rs.4,50,000 and credit sales of Rs.3,00,000.Expenses incurred for the year were Rs.3,50,000 out of which Rs.1,50,000 are still to be paid.

Find out Rajan's income following

(i) Cash Basis of Accounting

(ii) Accrual Basis of Accounting.

On 16th June, 2016, A draws a bill on B for Rs. 50,000 for 30 days and 19th July is a public holidays. What will be maturity date of the bill ?

What do you understand by saving a report as snapshot?

Which of the following businesses usually maintain incomplete accounting records of the business activities?

The total of purchase book is posted to the ___ of purchase account.

Give two examples of errors of principle.

Annual depreciation of machine is Rs. 40,000, cost of machine is Rs. 5,00,000, rate of depreciation according to straight-line method will be-

When money is withdrawn from bank, the bank will ____ the customer account

If opening capital is less than closing capital, it shows:

(a) Loss

(b) Profit

(c) No Profit; No Loss.

(d) Profit, if no additional capital is introduced.

Distinguish between a balance sheet and trial balance.

The characteristics of an entity are referred to as _______.

Give examples of the relationship between a Human Resource Information System and MIS.

Distinguish between 'preliminary contracts' and 'provisional contracts'.