Which of the following is not a business transaction?

Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?

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

A concept that a business enterprise will not be sold or liquidated in the near future is known as :

A purchase of machine for cash should be debited to

The book in which all accounts are maintained is known as:

Goods purchased on cash are recorded in the:

The periodic total sales return journal is posted to :

A bank reconciliation statement is prepared by

A bank reconciliation statement is mainly prepared for:

If the trial balance agrees, it implies that:

Trial balance is:

The financial statement consist of

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

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 :

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 characteristics (features) of the accounting.

Explain the duality principle of accounting.

Why are the rules of debit and credit same for both liability and capital?

State briefly the important special purpose subsidiary books.

From the following particulars, prepare a, bank reconciliation statement as on March 31, 2014.
(i) Balance as per cash book Rs 3,200.
(ii) Cheque issued but not presented for payment Rs 1,800.
(iii) Cheques deposited but not collected upto March 31, 2005 Rs 2000.
(iv) Bank Charges debited by Bank Rs 150

What is Obsolescence?

What is meant by maturity of a Bill of Exchange?

Give two examples of Error of Principle.

Distinguish between Capital Expenditure and Revenue Expenditure?

How will you treat interest on capital in final accounts

Explain any three advantages of DBMS.

Explain in brief, the limitations of financial accounting.

Describe the status of IFRS in India.

Rohit has the following Transactions:

 Prepare the Accounting equation to show the effect of the above transactions on the Assets, Liabilities and capital.

Name the books of original entry where the following transactions will be recorded with reasons thereof:
(i) Goods purchased form Geeta Rs 50,000 on credit.
(ii) Purchase of furniture on credit for use in shop.
(ill) Provision for doubtful debts created @ 5% on debtors with book value of Rs 10,000.
(iv) Defective goods sold to Bina on credit worth Rs 7,000 were returned by her.

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.

Define Bill of Exchange. Explain its advantages.

State the limitation of Trial Balance?

Opening Stock Rs. 5,000, Sales Rs. 16,000, Carriage Inward Rs.1,000, Sales Returns Rs. 1,000,Gross Profit Rs. 6,000, Purchases Rs. 10,000, Purchases Returns Rs.900. Calculate Stock and the cost of Goods Sold.

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

What is matching concept? Why should a business concern follow this concept?

Journalise the following transactions:
2014
April 1 Rohit the proprietor of the business invested Rs.1,00,000 cash and furniture of Rs.50,000.
April 4 Opened a bank account by depositing Rs.50,000.
April 10 Bought machinery from Mukesh Rs.50,000.Paid carriage Rs.1,000 and installation charges Rs.2,000 in cash.
April 15 Purchased goods for Rs.20,000 and paid carriage Rs.500
April 20 Sold goods costing Rs.10,000 at a profit of 20% on cost
April 25 Goods given away for charity Rs.2,000.

The following balances of ledger of M/s Marble Traders on April 01, 2017.

Journalise the above transactions and post them to the ledger.

From the following particulars, ascertain the Bank Balance that would appear in the Bank Pass Book:
(i) Balance as per Cash Book as on March 31, 2014 Rs12,000.
(ii) Out of the total cheques amounting to Rs 10,000 drawn, cheques aggregating Rs 3,000 were encashed in March, 2014, cheques aggregating Rs 4,000were encashed in April, 2014 and the rest have not been presented at all.
(iii)Out of the total cheques amounting to Rs 5,000 deposited, cheques aggregating Rs 1,500 were credited in March, 2014, cheques aggregating Rs 2,000were credited in April, 2014 and the rest have not been collected at all.
(iv) The bank has debited Rs 100 as Bank charges and has credited Rs 200 on account of Interest.

On April 01, 2015 a machinery which was purchased on Jan 01, 2002 for Rs 2,00,000 was sold for Rs 75,000. A new machine was purchased on July 01, 2005 for Rs 6,00,000. Depreciation is provided on Machinery at 20% p.a. on Straight line method and books are closed on December 31 every year. Prepare the Machinery Account and Provision for Depreciation Account for the year ending December 31, 2015.

Lilly sold goods to Mathew on 1.3.2017 for Rs 12,000 and drew upon Mathew a bill of exchange for the same amount payable after two months. Lilly immediately discounted the bill with her bank at 9% p.a. The maturity date of the bill was a non business day (holiday), therefore, Lilly had to present the bill as per the provisions of the Indian Instruments Act, 1881, The bill was dishonoured by Mathew and Lilly paid Rs 45 as noting charges. Mathew settled the claim of Lilly five days after the dishonour of the bill by a cheque, which includes interest @ 12 % for the term of the bill.
Journalise the above transactions in the books of Lilly and Mathew and prepare Mathew's account in the books of Lilly and Lilly's account in the books of Mathew.

Rectify the following errors:
Credit purchases from Raghu Rs 20,000.
(i) were not recorded.
(ii) were recorded as Rs 10,000.
(iii) were recorded as Rs 25,000.
(iv)were not posted to his A/c.
(v) were posted to his account as Rs 2,000.
(vi) were posted to Raghav's A/c.
(vii) were posted to the debit of Raghu's A/c.
(viii) were posted to the debit of Raghav.
(ix) were recorded through sales book.

Prepare trading and Profit and Loss account of M/s Sports Equipments for the year ended March 31, 2014 and Balance sheet as on that date.

Closing stock as on March 31, 2014 Rs.2,500

On 31^st March 2014 the following Trial Balance was extracted from the books of Mohan :

Prepare Trading and Profit & Loss Account for the year ended on 31^st March, 2014 and Balance Sheet as on that date after taking adjustments for the following:
(i) Depreciate Land and Building at \(2\frac { 1 }{ 2 } \)% p.a. and Motor Vehicles at 20% p.a.
(ii) Salaries outstanding Rs 200.
(iii) Prepaid Insurance Rs 200.
(iv) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors.
(v) Stock-in-hand on 31^st March, 2014 was valued at Rs 7,000

Krishna Kulkarni has not kept proper books of accounts, prepare the statement of profit or loss for the year ending December 31,2013 from the following information:

The following adjustments were made:
(i)Krishna withdrew cash Rs 5,000 per month for private use.
(ii) Depreciation @ 5 % on car and furniture @ 10 %
(iii) Outstanding Rent Rs 6,000.
(iv) Fresh Capital introduced during the year Rs 30,000

What are the advantages of AIS?