Deepti wants to buy a building form her business today. Which of the following is the relevant data for his decision?

Use of common unit of measurement and common format of reporting promotes;

During the life-time of an entity accounting produce financial statements in accordance with which basic accounting concept:

The primary qualities that make accounting information useful for decision-making are:

The journal entry to record purchase of equipment for Rs.2,00,000 cash and a balance of Rs. 8,00,000 due in 30 days include

Find the correct statement

Goods purchased on cash are recorded in the:

The periodic total of purchases return journal is posted to:

Favourable bank balance means:

A bank reconciliation statement is mainly prepared for:

If suspense account does not balance off even after rectification of errors it implies that

If wages paid for installation of new machinery is debited to wages Account, it is:

Choose the correct chronological order of ascertainment of the following profits from the profit and loss account:

While calculating operating profit, the following are not taken into account.

Rahul's trial balance provide you the following information:
Debtors                                Rs 8,000
Bad debts                            Rs 2,000
Provision for doubtful debts Rs 4,000
It is desired to maintain a provision for bad debts of Rs 1,000
State the amount to be debited/credited in profit and loss account:

If the insurance premium paid Rs 1,000 pre-paid insurance Rs 300. The amount of insurance premium shown in profit and loss account will be :

Explain the meaning of gain & profit? Distinguish between these two terms.

What is meant by cash basis of accounting? Why is cash basis of accounting not popular as a system of accounting?

Show an accounting equation on the basis of the following transactions:
(i) Started business with cash Rs.80,000 and goods Rs.70,000.
(ii) Withdraw cash for personal use Rs.20,000.
(iii) Bought furniture for Rs.15,000 on credit and paid salaries Rs.8,000.

Briefly state how the cash book is both journal and a ledger.

In the following Bank Reconciliation Statement, determine the missing amounts:

Is depreciation affected by obsolescence? Give reason.

Write two points of distinction between Bills of Exchange and Promissory Note.

Give one example of Error of Commission.

Explain Capital Receipts Vs Revenue Receipts.

What is meant by provision for discount on debtors?

Give three examples of a transaction processing system.

Explain the following terms:
(i) Account
(ii) Sales
(iii) Goods
(iv) Vouchers.

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across globe. Give any two objectives of International Financial Reporting Standards (IFRS).

Describe how accounts are used to record information about the effects of transactions?

In the following Sales Book, determine the missing information:

The cash book shows a bank balance of Rs 7,800 on comparing the cash book with pass book the following discrepancies were noted:

Rajan purchased a machine on 1 October, 2017 for Rs. 500,000 plus CGST and SGST @ 6% each. He paid Rs. 20,000 for loading/unloading and carriage expenses to bring the machine to factory. He further incurred Rs. 25000 for installing the machine. Determine:
(i) How much amount did Rajan pay to vendor of machine?
(ii) How much amount will be debited to Machinery Account?
(iii) Pass the Journal Entries giving effect to the transection.

Define Bill of Exchange. Explain its advantages.

Describe the functions of a Trial Balance

From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of :
(i) Cost of goods available for sale
(ii) Cost of goods sold during the year
(iii) Gross Profit

Mr. Sunrise started a business for buying and selling of stationery with Rs 5,00,000 as an initial invesbnent. Of which he paid Rs 1,00,000 for furniture. Rs 2,00,000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid Rs 5,000 as their salaries. Out of the stationery bought he sold some stationery for Rs 1,50,000 for cash and some other stationery for Rs 1,00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of Rs 1,50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost Rs 30,000 worth of stationery. A part of the machinery. Which cost Rs 40,000, was sold for Rs 45,000.
From the above, answer the following:
(i) What is the amount of capital with which Mr. Sunrise started business.
(ii) What are the fixed assets he bought?
(iii) What is the value of the goods purchased?
(iv) Who is the creditor and state the amount payable to him?
(v) What are the expenses?
(vi) What is the gain he earned?
(vii) What is the loss he incurred?
(vill) Who is the debtor? What is the amount receivable from him?
(ix) What is the total amount of expenses and losses incurred?
(x) Determine if the following are assets, liabilities, revenues, expenses or none of the these : sales, debtors, creditors, salary to manager, discount to debtors, drawing by the owner.

What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?

Prepare accounting equation on the basis of the following transactions:

Prepare Double Column Cash Book from the following information for the year July 2017  :

Explain the process of preparing bank reconciliation statement with amended cash balance

A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2011 is Rs 40,00,000. On October 01, 2011 it sold one of its cranes whose value was Rs 5,00,000 on April 01, 2001 at a 10% profit. On the same day it purchased 2 cranes for Rs 4.50,000 each.
Prepare Cranes Account. It closes the books on December 31 and provides for depreciation on 10% written down value.

Ravi sold goods for Rs 40,000 to Sudershan on Feb. 13, 2016. He drew four bills of exchange upon Sudershan. The first bill was for Rs 5,000 payable after one month. The second bill was for Rs 10,000 payable after 40 days; the third bill was for Rs 12,000 payable after three months and fourth bill was for the balance amount payable after 19 days. Sudershan accepted all the bills and returned the same to Ravi, Ravi discounted the first bill with his bank at 6% p.a. He endorsed the second bill to his creditor Mustaq for the full settlement of a debt of Rs 10,200. The third bill was kept by Ravi with him till the date of maturity. Five days before the maturity of the fourth bill, Ravi sent the bill to his bank for collection. All the four bills were dishonoured by sudershan on maturity. Sudershan settled Ravi's claim in case three days after the dishonour of each bill along with interest @ 12%p.a. for the terms of the bills.
You are requested to record the necessary journal entries in the books of Ravi, Sudershan, Mustaq and bank for the above transaction.
Also prepare Sudershan's account and Mustaq's account in the books of Ravi.

Trial Balance of Rahul did not agree. Rahul put the difference to Suspense Account. Subsequently, he located the following errors:
(i) Wages paid for installation of Machinery Rs 600 was posted to Wages A/c.
(ii) Repairs to Machinery Rs 400 debited to Machinery A/c.
(iii) Repairs paid for the overhauling of second hand machinery purchased Rs 1,000 was debited to Repairs A/c.
(iv) Own business material Rs 8,000 and wages Rs 2,000 were used for construction of building. No adjustment was made in the books.
(v) Furniture purchased for Rs 5,000 was posted to Purchases A/c as Rs 500.
(vi) Old machinery sold to Karim at its Book value of Rs 2,000 was recorded through sales book.
(vii) Total of Sales Returns Book Rs 3,000 was not posted to the ledger. Rectify the above errors and prepare Suspense Account to ascertain the original difference in Trial Balance.

Prepare trading account only from the following Trial Balance of Priyanka Hotel as on 31^st March, 2014:

Closing Stock was estimated at Rs.12,000

Identify whether following receipts are capital or revenue. How will they be treated in final accounts :
(i) Sale proceeds of goods Rs 20,000.
(ii) Commencement of business with Rs 60,000.
(iii) Rent received from premises sublet Rs 4,000.
(iv) Profit on sale of land and building Rs 5,000.
(v) Amount received from sale of assets Rs 80,000.
(vi) Amount received from sale of scraps, i.e., newspapers, boxes, grass, bottles, etc Rs 300.

What are the advantages of AIS?