Which of the following is not a business transaction?

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:

When information about two different enterprises have been prepared presented in a similar manner the information exhibits the characteristic of :

When a entry is made in journal

Voucher is prepared from:

Goods purchased on cash are recorded in the:

Balancing of account means:

Favourable bank balance means:

A bank reconciliation statement is mainly prepared for:

Which of the following is not an error of commission:

Which of following errors will be rectified through suspense account:

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

Which of the following is correct

If the rent of one month is still to be paid the adjustment entry will be

If the opening capital is Rs 50,000 as on April 01.2014 and additional capital introduced Rs 10,000 on January 01.2015. Interest charge on capital 10% p.a. The amount of interest on capital shown in profit and loss account as on March 31.2015 will be :

Explain the following:
(i) Bills Receivable,
(ii) Bills Payable,
(ill) Income.

Rajaram Ltd. purchased goods worth 20 Lakh and sold 3/4^th of such goods during year 2008 - 09. The market price of the remaining goods was Rs 3.5 lakh on 31^st March, 2009. The Balance Sheet of the company shows the closing stock of goods at Rs 5 lakh. Explain the accounting principle which has been violated.

What is a pay-in-slip?

Explain the meaning of posting of journal Entries.

On March 31, 2014 the cash book showed a balance of Rs 3,700 as cash at bank, but the bank pass book made up to same date showed that cheques for 700,Rs 300 and Rs 180 respectively had not presented for payment, also cheque amounting to Rs 1200 deposited into the account had not been credited. Prepare a bank reconciliation statement.

Is depreciation affected by obsolescence? Give reason.

Name any two types of commonly used negotiable instruments.

Give one example of Error of Commission.

What are the items to be shown on the liabilities side of the Balance Sheet?

What is meant by Prepaid Expenses? How is it adjusted in final accounts?

State the different elements of a computer system.

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

Explain the meaning and significance of Accounting Entity Principle.

Prepare accounting equation on the basis of the following:

How will you make posting into ledger from a Simple Cash Book?

Overdraft shown by the pass book of Mr. Murli is Rs 20,000 Prepare Bank Reconciliation Statement on dated December 31,2005
(i) Bank charges debited as per pass book Rs 500.
(ii) Cheque recorded in the cash book but not sent to the bank for collection Rs 2,500.
(iii) Received a payment directly from customer Rs 4,600.
(iv) Cheque issued but not presented for payment Rs 6,980.
(v) Interested credited by pass book Rs 100.
(vi) LIC paid by bank Rs 2,500.
(vii) Cheques deposited with the bank but not collected Rs 3,500.

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.

Rectify the following errors:
(i) Goods withdrawn by proprietor for personal use Rs 2,000were debited to trade expenses account.
(ii) Sales returns book overcast by Rs 400.
(Hi) Credit sales to Mohan Rs 11,000were recorded in purchases book.
(iv) Credit purchases from Rohan Rs 6,500were not posted to his account.

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

Define the term Accounting. Explain in brief any four objectives of Accounting.

The accounting concepts and accounting standards are generally referred to as the essence of financial accounting-comment?

Journalise the following transactions

Determine the missing values of the Cash Book with Bank Column of Yashika the basis of following transactions:

What is a bank reconciliation Statement? Why is it prepared?

On 1st January, 2009, a firm purchased machinery worth Rs. 50,000. On 1st July, 2011, it buys additional machinery worth Rs.10,000 and spends Rs.1,000 on its erection. The accounts are dosed each year on 31st December. Assuming that the annual depreciation is 10 percent, show the machinery account for 5 years under the straight line method.

On January 15, 2015, Niru sold goods of Rs 30,000to Shibu and drew upon later a bill which was accepted by Shibu. Bill was discounted by Niru for his bank, for Rs 29,250 on Jan 31, 2015. On maturnity the bill was dishonowed. He fwther agreed to pay Rs 10,500 in cash including 500 interest and accept a new bill for two months for the remaining Rs 20,000 The new bill was endorsed by Niru in favour of her creditor Kamal for setting a debit of Rs 20,000. The new bill was duty met by Shibu on maturity. Record the necessary journal entries in the books of Niru.

Trial Balance of Anurag did not agree. It showed an excess credit Rs 10,000. Anurag put the difference to suspense account. He located the following errors:
(i) Sales Returns book overcast by Rs 1,000.
(ii) Purchases book was undercast by Rs 600.
(iii) In the sales book, total of page No.4 was carried forward to page No.5 as Rs 1,000 instead of Rs 1,200 and total of page No.8 was carried forward to page No.9 as Rs 5,600 instead of Rs 5,000.
(iv) Goods returned to Ram Rs 1,000 were recorded through Sales Book.
(v) Credit purchases from M & Co. Rs 8,000 were recorded through Sales Book.
(vi) Credit purchases from S & Co. Rs 5,000 were recorded through sales Book. However, S & Co. were correctly credited.
(vii) Salary paid Rs 2,000 was debited to Employee's Personal Account. Rectify the above errors and prepare suspense Nc.

Discuss the need of preparing the Balance Sheet

From the following balances for the year ended 31 March, 2014 and additional information, prepare Trading and Profit and Loss Account and Balance Sheet of Mis Ram Lal and Sons:

Additional information:
(i) Closing stock was valued as Rs 20,000
(ii) Provide depreciation on building @ 5% and on furniture @ 10%
(ill) Outstanding salaries Rs 1,000
(iv) Unexpired (prepaid) insurance Rs 50
(v) Accrued commission Rs 300
(vi) Provide for Manager's Commission at 5% on Net Profit after charging such commission.

Explain briefly any six advantages of computerized accounting system over the manual system.