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Certain ASSETS are reported in FINANCIAL STATEMENTS at the amount is the right answer is way of the most is the of cash or it's equivalent that would have to be paid if the same or equivalent assets were is the acquired CURRENTLY they is the name of the REPORTING concept is the right answer hai

Hey mate this MIGHT help u...
it's a income from NON - operations hence considered as Other incomes , so it will be TREATED in Profit and loss A/C only...
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In the ABSENCE of INFORMATION in 2ND journal entry amount is assuming as X

BAD Debt a/c   DR    2500

  To DEBTORS a/c              2500

P & L a/c  Dr.           2500

 To Bad Debts a/c           2500

Drawings a/c   DR.   5000

   To CASH a/c                     2000

   To Bank a/c                     3000

Proprietor CAPITAL a/c  Dr.     5000

  To Drawings  a/c                         5000

Cash A/c. Dr. 2,000

Goods A/c.. Dr. 3,000.

.... TO CAPITAL A/c.. 5,000


( being BUSINESS STARTED with cash and goods]

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QR=1.8:1, CA= 80000, CL= 30000. Inventory=26,000

So here depreciation is to be provided at 10% on Fixed BASE Installment Method, i.e we need to calculate 10% on the purchase VALUE and provide same depreciation every year, for 3 years. So depreciation will be as follow:

1/7/2010-->Machine1-->

First year--> RS. 2250[(30000*10%)=3000](3000*9/12)

RS. 3000(30000*10/100)

1/1/2011-->Machine2-->

RS. 2000(20000*10/100)

1/10/2011-->Machine3-->

RS. 300(10000*10/10)

Now provide this depreciation for next 3 years from the date of purchase. This will be done as follow:

Machine 1 --> Till date 31/3/2012(as we are going to sell the machinery on the 1st. Date of next financial year.

Machine 2 --> Till date 1/1/2014

Machine 3 --> Till date 1/10/2014

The machine 1 gets absolute on 1/4/12 and it is SOLD at RS. 3000. So depreciation is only to be provided for 2 years. So on 1/4/12 the BOOK value of machinery will be rs. 24,750[2250+3000]. Therefore there is a loss on sale of machinery of RS. 21,750(24750-3000).

PLZ GIVE me ANSWER SIR

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Amalgamation is the process of combining or uniting multiple entities into one form.
Amalgamation, amalgam, and other derivatives may refer to:

Mathematics and scienceEdit

Amalgam (chemistry), the combination of mercury with ANOTHER metal

Patio process, the use of mercury amalgamation to extract silver

Pan amalgamation, another extraction method with additional compound

Amalgamation (geology), the creation of a stable continent or craton by the union of two continents, blocks or terranes

Amalgamation paradox in probability and statistics, ALSO known as SIMPSON's paradox

Amalgamation property in model theory

Free product with amalgamation, in mathematics, ESPECIALLY group theory, an important construction

To KNOW PROFIT & LOSS, GROSS profit &loss and Balance sheet.

ANSWER:

to CAPITAL a/c 15000

by PURCHASE a/c 450

by bank a/c 10500

to bank a/c 750

to ram 1935 (discount-35)

by KISHAN 325

by salary a/c 225

HEY Friend

A MARKET in business or accountancy is an actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to TRADE GOODS, services, or contracts or instruments, for money or barter.

Hope it helps ☺☺☺

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A fixed asset is a long-term tangible piece of PROPERTY that a firm owns and uses in its OPERATIONS to generate income. Fixed assets are not expected to be consumed or converted into cash within a year. Fixed assets are known as property, plant, and EQUIPMENT (PP&E). They are also referred to as capital assets.

The PROVISION for doubtful DEBTS. THEPROVISION for doubtful debts is the estimated amount of BAD debt that will arise from accounts receivable that have been issued but not yet COLLECTED. It is identical to the allowance fordoubtful accounts.

SALES = 50L GP Ratio = 40% which implies,

COGS = 30L

inventory TURNOVER ratio is = COGS/ avg inventory

8 = 30L/avg inventory

avg inventory = 3,75,000

opening inventory = x

closing inventory = 2x

x+2x / 2 = 375000

on solving

x = 250000

opening inventory = 250000

closing inventory = 500000

As we all PROUD and is a HONOUR to all who LIVED in a INDIA.

Heyaa,,
:'(^^) For the above question there will be two ENTRY;
1. bank a/c Dr 3000
to cash a/c 3000.
(cash withdrawn form bank)
______________________
2. DRAWING a/c Dr 3000
to cash a/c 3000.
(camera purchased for personal USE.)
______________________
☺️☺️

The place where the shares of a company are actually issued is called share market.

What basically happens in a STOCK market is that people can trade various financial stuffs like  bond,mutual investments etc and the only difference is that in a share market one can trade in shares of a company.

The share market is a place where INVESTORS can buy part OWNERSHIP to grow their business.

*Here in this QUESTION NEWS clippings means various news paper articles and to give information regarding those*.

What is the Profit and Loss Account?

The profit and loss account is OPENED by recording the gross profit on the credit side or gross loss on the debit side.

For earning the NET profit, a businessman has to incur many more expenses in addition to the direct expenses. Those expenses are DEDUCTED from profit or added to gross loss and thus, the resultant figure will be net profit or net loss.

Expenses included in the profit and loss account are Selling and distribution expenses, Freight & carriage on sales, Sales tax, ADMINISTRATIVE Expenses, Financial Expenses, Maintenance, depreciation and Provisions and more. On the credit side, Discount RECEIVED, Commission received, Profit on sale of assets and more appear.

Solved Question for You

Question: The following trial balance has been taken out from the books of XYZ as on 31st December 2009.

 ParticularsDr.Cr.Plant and Machinery100,000Opening stock60,000Purchases160,000Building170,000Carriage inward3,400Carriage outward5,000Wages32,000Sundry debtors100,000Salaries24,000Furniture36,000Trade expense12,000Discount on sales1,900Advertisement5,000Bad debts1,800Drawings10,000Bills receivable50,000Insurance4,400Bank balances20,000Sales480,000Interest received2,000Sundry creditors40,000Bank loan100,000Discount on purchases2,000Capital171,500

Final accounts gives an IDEA about the profitability and financial position of a business to its management, OWNERS, and other INTERESTED parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period. The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this it is compulsory to make TRADING account, the profit and loss account and balance SHEET.

The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.

Thanks...... MS...

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Hey mate here is the answer -

INCOME Statement means the FINANCIAL STATEMENTS of a company and shows the company’s revenues and expenses during a PARTICULAR period. 

hope this HELPS you

➡️wages A/c. DR
To cashA/c.
,➡️salary. A/c. Dr
To cashA/c

It is the DIFFRENCE between your CURRENT ASSET and current LIABILITIES

ANSWER: Cash A/c Dr.

To BANK A/c

Explanation: SINCE, withdrawing cash from bank REDUCES bank balance, so it is credited. Cash COMES in, so it is debitted.

Hey Friend

Your answer is below in the ATTACHMENT. ⬇⬇⬇

Hope it HELPS ☺☺

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Concepts covered in this chapter –

Meaning and characteristics of Non PROFIT organisation

Accounting records of NPO.

Balance sheet.

Incidental trading activity.

Income and expenditure ACCOUNT based on the trial balance.

Income and Expenditure account.

PLEASE MARK MY ANSWER AS A BRAINLIEST ANSWER.

The ANSWER should be 30000

MOHAN ACCOUNT DR

To BANK account

In bookkeeping and accounting, a ledger is a book (or record) for collecting historical transaction data from a journal and organizing entries by account. ... The Balance SHEET is mostly a summary of the current balances in the firm's ASSETS, Liabilities, and Equities accounts, as they STAND at the PERIOD end

The term 'accounting conventions' includes those customs or traditions which guide the accountant while COMMUNICATING the accounting information.

Important accounting conventions are:

Conservatism convention

Full disclosure

consistency

Materiality

These accounting conventions are explained below:

1. Conservatism:

According to this convention, accounts follow the rule "anticipate no profit but provide for all possible losses", while recording business transactions. In other words, the Accountant follows the policy of "playing safe". On account of this convention, the inventory is valued at cost or market price whichever is less! Similarly a provision is made for possible bad and doubtful debts out of current year's profits. This concept affects principally the category of current assets.

The convention of conservation has been criticized these days as it goes against the convention of full disclosure. It encourages the accountant to create secret reserves (e.g. by creating excess provision for bad and doubtful debts, depreciation etc.), and the financial statements do not show a true and fair view of state of affairs of the business.

2. Full Disclosure:

According to this convention the users of financial statements (proprietors, creditors and investors) are informed of any facts necessary for the proper interpretation of the statements. Full disclosure may be made either in the body of financial statements, or in notes accompanying the statements. Significant financial events occurring after the balance sheet date, but before the financial statements have been issued to outsiders require full disclosure.

The practice of appending notes to the financial statements (such as about contingent liabilities or market value, of investments or law suits against the company is in pursuant to the convention of full disclosure.

3. Consistency:

This convention states that once an entity has decided on one method, it should use the same method for all subsequent events of the same character unless it has a sound reason to change methods. If an entity made frequent changes in the manner of handling a given class of events in the accounting records, comparison of its financial statements for one period with those of another period would be difficult.

Consistency, as used here, has a narrow meaning. It refers only to consistency over time, not to logical consistency at a given moment of time. For example fixed assets are recorded at cost, but inventories are recorded at the lower of their cost or market value. Some people ARGUE that this is inconsistent. Whatever the logical merits of this argument, it does not involve the accounting concept of consistency. This convention does not mean that the treatment of different categories of transactions must be consistent with one another but only that transactions in a given category must be treated consistently from one accounting period to the next.

4. Materiality:

The term materiality refers to the relative importance of an item or an event. An item is "material" if knowledge of the item might reasonably influence the decisions of users of financial statements. Accountants must be SURE that all material items are properly reported in the financial statement.

However, the financial reporting process should be cost-effective - that is, the value of the information should exceed the cost of its preparation. In short, the convention of materiality allows accountants to ignore other accounting principles with respect to items that are not material. An example of the materiality convention is found in the manner in which most companies account for low-cost PLANT assets, such as pencil sharpness or wastebaskets. Although the matching concept calls for depreciating plant assets over their USEFUL life, these low-cost items usually are charged immediately to an expense account the resulting "distortion" in the financial statement is too small to be of any importance.

Option 4 is correct answer..................... hamna paid KIYA H hamara pass se GAYA h

( 4 ) the assets sode of balance sheet is the RIGHT answer.


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I THINK it is a LIABILITY....