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Which of the following account will be credited, when interest on capital is charged?

Cheques issued to the supplier but not presented to bank is referred to as:

What do you mean by an asset and what are different types of assets?

Kanchan Sold 40 air conditioners to XYZ Ltd. Rs. 25,000 each less 25% trade discount and 2% cash discount if payment is made within 15 day. XYZ Ltd paid the amount within 14 days. What will be the amount the Kanchan should credit to the sales account?

Using Model-III* discuss the series of SQL statements to produce a trial balance up to a particular date.



*Since, only Model-1 and II have been discussed in this chapter, accordingly we have attempted the question using Model-I only.

How do you distinguish between information gathering and insight formation?

Cash purchases is recorded in which of the following specialised book?

Which of the following should not be called ‘Sales’?

Arrange the following in correct order for the method of rectification?

1.Visualise the correct entry

2. Visualise the incorrect entry

3. Find rectifying entry by making adjustment of correct entry and incorrect entry

What is meant by entity type? How it is different from entity set? Illustrate by giving suitable example from accounting reality.

From the following balances exatracted from the books of M/s Ahuja and Nanda.

Calculate the amount of:
(a) Cost of goods available for sale
(b) Cost of goods sold during the year
(c) Gross profit

$\begin{array}{cc}& \text{(Rs.)}\\ \text{Opening stock}& 25,000\\ \text{Credit purchase}& 7,50,000\\ \text{Cash purchase}& 3,00,000\\ \text{Credit sales}& 12,00,000\\ \text{Cash sales}& 4,00,000\\ \text{Wages}& 1,00,000\\ \text{Salaries}& 1,40,000\\ \text{Closing Stock}& 30,000\\ \text{Sales return}& 50,000\\ \text{Purchase return}& 10,000\end{array}$

Assuming yourself as a senior official in administrative department of a company, if someone gives you a bribe regarding a tender which is going to profit you in a cash, which of the following will be your reaction?

The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of the following trends to be used in practice to determine when to include a transaction in the sales figure for the period. When the goods have been

(a) dispatched

(b) invoiced

(c) delivered

(d) paid for

Give the reason for your answer.

China is a big manufacturer of telephone instruments. It has recently become a member of WTO. Suppose it does export a large number of telephones to India:

(a) How will it affect price and quantity sold of telephone instruments in India?

(b) Suppose demand for telephone instruments is relatively elastic. How will it affect India’s total expenditure on telephone instruments?

A company has a vehicle with a cost of Rs20,000 and accumulated depreciation of Rs17,000 which was sold for Rs 5,000 cash. To record the entry for the sale of the vehicle, which of the following is correct?

Depreciation of machinery will be shown as :

On July 1, 2000, Ashok Ltd purchased a machine for Rs. 1,08,000 and spent Rs 12,000 on its installation. At the time of purchase, it was estimated that the effective commercial life of the machine will be 12 years and after 12 years its salvage value will be Rs 12,000.

Prepare Machine account and Depreciation account in the books of Ashok Ltd. For the first three years, if depreciation is written off according to the straight-line method. The accounts are closed December 31st, every year.

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He is of the view that in the Financials Statements for the year, he shall show a sales of Rs 75,500 & trade receivables of Rs.50,000. Which concept is followed by him?

Gopal does not keep proper books of account.
Following information is given below:

$\begin{array}{ccc}\text{Items}& \text{Jan1, 2005}& \text{Dec 31, 2005}\\ \text{Cash in hand}& 18,000& 12,000\\ \text{Cash at bank}& 1,500& 2,000\\ \text{Stock in trade}& 80,000& 90,000\\ \text{Sundry Debtors}& 36,000& 60,000\\ \text{Sundry Creditors}& 60,000& 40,000\\ \text{Loan}& 10,000& 8,000\\ \text{Office equipments}& 25,000& 30,000\\ \text{Lands and Building}& 30,000& 20,000\\ \text{Furniture}& 10,000& 10,000\end{array}$

During the year he introduced Rs. 20,000 and withdrew Rs. 12,000 from the business.
Prepare the statement of profit or loss on the basis of given information.

‘Accounting software is an integral part of the Computerised Accounting Systems’ Explain. Briefly list the generic considerations before sourcing accounting software.

What is a statement of financial position produced from incomplete accounting record known as?

The trial balance of Raju showed an excess debit of Rs. 10000. He put the difference to the suspense account and discovered the following errors.

(a) Depreciation written off the furniture Rs. 6,000 was not posted to furniture account.

(b) Credit sales to Rupam Rs. 10,000 were recorded as Rs. 7,000.

(c) Purchase book undercast by Rs. 2,000

(d) Cash sales to Rana Rs. 5,000 were not posted.

(e) Old machinery sold for Rs. 7,000 was credited to sales account.

(f) Discount received Rs. 800 from Kanan on playing cash to him was not posted.

Rectify the errors and prepare a suspense account.

If payment is made to a creditor, indicate how accounting equation will be affected?

Q. भू-वैज्ञानिक समय मापक के संदर्भ में, निम्नलिखित में से कौन-सा/से कथन सही है/हैं?

नीचे दिए गए कूट का प्रयोग कर सही उत्तर चुनिए:

The company purchases land by paying half in cash and signing a note payable for the other half. What shall be the effect?

Increase in revenue will be _______ and decrease in revenue will be __________.

All expenses are shown on _______ side of profit or loss account.

If the bill is encashed from the bank before the date of maturity it is termed as

Which of the following statements does not help to describe a fixed asset?

In a RD, the depositor gets a lumpsum after the ____________ period.