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

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 :

Double entry accounting requires that:

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

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

Which of the following is not a business transaction?

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

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

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

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

Which of the following is not a business transaction?

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

Which is the last step of accounting as a process of information?

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

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

Which of the following is not a business transaction?

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

Which is the last step of accounting as a process of information?

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

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

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

Explain any three of the following:
(i) Full Disclosure Principle
(ii) Money Measurement Principle
(iii) Materiality Principle
(iv) Accounting Period Principle

Prepare the accounting equation on the basis of the following transactions:
(i) Commenced business with cash Rs.40,000 and building Rs.90,000
(ii) Purchased goods for cash Rs.15,000 and credit Rs.20,000
(iii) Sold goods to Vijay for Rs.50,000 (costing Rs.20,000)
(iv) Bought office furniture Rs.10,000.

Describe how account are used to record transactions and about the effects of transaction.

Journalizing the following transactions:

Explain in brief, the limitations of financial accounting.

Explain the following:
(i) Matching concept
(ii) Duality concept (Dual aspect concept).

Mohit has following transactions. Prepare Accounting Equation:

State the rules of debit and credit according to the nature of accounts.

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

Explain the characteristics (features) of the accounting.

What is stock or inventory?

Explain the accounting principle of matching.

Distinguish between fundamental accounting assumptions and accounting principles.

What is a transfer voucher?

Briefly explain the various components of a Computer Hardware.

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

What are the advantages of AIS?

What are the advantages of readymade accounting software?

What are the various levels of data abstraction in a database system?

Distinguish between statement of affairs and balance sheet

What are the practical difficulties that are encountered by a trader due to incompleteness of accounting records?

Manveer started his business on January 01, 2013 with a capital of Rs 4,50,000. On December 31, 2013 his position was as under:

He owned Rs 45,000 from his friend Susheel on the date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for the year ended December 31, 2013

From the information given below ascertain the profit for the year:

Mr. Arnav does not keep proper records of his business, he provided the following information, you are required to prepare a statement showing the profit or loss for the year.

Calculate the statement of affairs at the beginning and at the end of the year and calculate the statement of profit or loss.

What are the main disadvantages of computerized accounting?

What are the advantages of customized software?

How does a Laser Printer works?

What is the need for normalization? Define third normal form.

What is normalization? Define first normal form.

What are the practical difficulties that are encountered by a trader due to incompleteness of accounting records?

Following information is given to prepare the statement of profit or loss:

From the following information given below, calculate the dosing capital:

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given).

Mr. Akashat keeps his books on incomplete records, the following information is given to you:

During the year he withdrew Rs 45,000and introduced Rs 25,000as additional capital in the business. Compute the profit or loss of the business

From the following information, prepare the bills receivable account and total debtors account for the year ended December 31, 2013.

From the following Trial Balance of Rohit Sharma, prepare Trading and Profit & Loss Account for the year ending 31^st March 2016 and a Balance Sheet on the same date after making necessary adjustments :

Adjustments :
1. Closing stock was Rs. 16,000.
2. Wages Rs.2,000 and salaries Rs.1,200 are outstanding.
3. Rent for two months at the rate of Rs.500 per month is outstanding.
4. Depreciation Building by 5% and Machinery by 10%.
5. Prepaid insurance Rs. 200.

Show the effect of the following information in the Profit & loss Account and Balance Sheet, being prepared on March 31, 2014 :

Adjustments :
(i) Outstanding salaries amounted to Rs 1,000.
(ii) Prepaid rent amounted to Rs 2,000.
(iii) The value of plant and machinery be decreased by 10%.
(iv) The value of land and building be increased by 20%.
(v) Establishment expenses for Rs 700 are still to be paid.

Show the treatment of the following items in the Profit and Loss Account and Balance Sheet:

Adjustments :
(i) There was further bad debts of Rs 300.
(ii) Make a provision for doubtful debts @ 5%.
(ill) Create discount on debtors @ 2%.

A trader maintained provision for doubtful debts @ 20.% and a provision for discount 1% on debtors which on 1^st April, 2012 stood at Rs 1,500 and Rs 500 respectively. His balances on 31.03.2013 and on 31.03.2014 were as
follows:

Required: Prepare Bad Debts A/c, Provision for Doubtful Debts A/c, Discount Allowed A/c, Provision for Discount on Debtors A/c and Profit & Loss A/c.

Following is the Trial Balance extracted from the books of Aashima Mehra on 31^st March, 2016:

Adjustments :
(i) Salaries Rs 800 and Taxes Rs 550 are outstanding.
(ii) Depreciation on Building @ 5% , Furniture and Fittings @ 10% and Motor Vehicle @ 20% .
(iii) Rs 450 is due for interest on bank overdraft.
(iv) One third of the commission received is in respect of work to be done in the next year.
(v) Stock in hand on 31st March, 2016 was Rs 11,000.
(vi) Write off further Rs 300 as Bad debts and provision made further 5% on Sundry Debtors.
Prepare Trading and Profit & Loss Account for the year ending 31st March, 2016 and Balance Sheet as at that date.

Calculate Closing Stock from the following details:
Opening stock Rs. 80000; Cash sales Rs. 240000; Credit sales Rs. 160000; Purchases Rs. 280000. Rate of gross profit on cost \(33\frac { 1 }{ 3 } \)%.

S. Sharma doses their financial books on 31 December, 2013. Stock taking takes about two weeks. In 2014 the, value of dosing stock thus arrived at was ~ 25,000. During the two weeks in which stock taking took place, purchases made were Rs. 1,000 and sales totalled Rs. 4,000. The firm makes a Gross Profit of 30% on sales. Ascertain the value of dosing stock of 31st Dec., 2013.

What is an Operating Profit?

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

Operating profit earned by M/s Arora and Sachdeva in 2013-14 was Rs.17,00,000. Its non-operating incomes were Rs.1,50,000 and non-operating expenses were Rs.3,75,000. Calculate the amount of net profit earned by the firm.

Describe the functions of a Trial Balance

State the limitations of Trial Balance?

What are the uses/advantages of preparing Suspense Account?

What is a suspense account? Is it necessary that suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?

What kinds of errors would cause difference in the trial balance. Also List examples that would not be revealed by trial balances.

Define Bill of Exchange. Explain its advantages.

Write note on following:
(i) Renewal of a Bill
(ii) Noting Charge.

Explain the following terms regarding Bills of Exchange:
(i) Endorsement
(ii) Paying Bill of Exchange before maturity date.

Prakash received from Mohan an acceptance for Rs 30,000 on 1st July, 2014 at 3 months. Prakash got this acceptance discounted at 12% per annum at his bank. On the due date, Mohan paid the required amount Give Journal entries in the books of Prakash and Mohan.

On 1^st January, 2014, A sold goods to B for Rs 5,000 and on the same day drew upon him a bill at three months for the amount. B accepted the bill and returned it to A. On 4^th January, 2014, A discounted the bill with his bank at Rs 4,900. On the due date, the bill was dishonoured and bank paid Rs 100 as noting charges. Record these transactions in the Journals of A and B.

Describe in detail two methods of recording depreciation. Also give the necessary journal entries.

On April 1,2011 X Ltd. Purchased Machinery for Rs.1,00,000with CGST and SGST @ 6%each. The accounting year of the Company ends on 31st Dec. every year. Depreciation @ 10%p.a. on the initial cost is charged to P & L Account and credited to a separate account known as 'provision for depreciation' account. On 1st July 2013,the machine purchased on 1st April 2011was sold for Rs. 60,000.You are required to prepare machinery Account and Provision for Depreciation Account upto 2013.

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.

A Maruti van was purchased on 01/01/2000 for Rs.60,000 and Rs.5,000 was spent on its repair and registration. On 01/07/2001 another van was purchased for Rs. 70,000
On 01/01/2002, the van purchased on 01/01/2000 was sold for Rs.45,000 and a new van costing Rs.1,70,000 was purchased on the same date. Show the Maruti van Account from 2000-2002 on the basis of Straight Line Method, if the rate of depreciation charged @ 10% p.a. Assume that books are closed on 31^st Dec. every year.

Machine was purchased on 1st Jan., 2000 for Rs. 19,400 and Rs.600 were spent on its installation. On 1st July 2000, in the same year, additional machinery costing Rs.10,000 was purchased. On 1st July, 2002, the machine purchased on January 2000, having become useless was sold for Rs. 8,000 and on the same date a new, machine was purchased at a cost of Rs.15,000. Depreciation is provided annually on 31st December @ 10% per annum on original cost.

From the following information, prepare Bank Reconciliation Statement as on 31st March, 2016
(i) Bank overdraft as per Cash Book   1,70,000
(ii) Directly deposited to the bank. by Sudhir (customer)   12,000
(ill) Cheques issued but not presented by payment  83,000
(iv) Cheques entered in Cash book but not banked   42,000

Prepare bank reconciliation statement.
(i) Overdraft shown as per cash book on December 31, 2014 Rs 10,000.
(ii) Bank charges for the above period also debited in the pass book Rs 100.
(iii) Interest on overdraft for six month ending December 31, 2014 Rs 380 debited in the pass book.
(iv) Cheques issued but not cashed prior to December, 31,2014amounted to Rs 2,150.
(v) Intere~t on Investment collected by the bank and credited in the pass book Rs 600.
(vi) Cheques paid into bank but not cleared before December, 31 2014were Rs 1,100.

Kumar find that the bank balance shown by their cash book on December, 21,2014 is Rs 90,600 (Credit) but the pass book shows a difference due to the following reason.
A cheque (post dated) for Rs 1,000 has been debited in the bank column of the cash book but it could not have been presented in any case, a cheque of Rs 8,000 drawn in favour of Manohar has not yet been presented for payment. Cheques totalling of Rs 1,500 deposited in bank have not yet been collected and cheque for Rs 5,000 has been dishonoured.

Prepare Bank Reconciliation Statement of Shri Bhandari as on December 31, 2014.
(i) The Payment of cheques for Rs 550 was recorded twice in the pass book.
(ii) Withdrawal column of the pass book under cast by Rs 200.
(iii) A Cheque of Rs 200 has been debited in the bank column of the Cash Book but it was not sent to bank at all.
(iv) A Cheque of Rs 300 debited to Bank account of the pass book had been omitted to be banked.
(v) Rs 500 in respect of dishonoured Cheque were entered in the pass book but not in the cash book. Overdraft as per pass book is Rs 20,000

Prepare a Bank reconciliation Statement from the following; particular and shows the balance as per cash book.
(i) Balance as per pass book on December, 31 2014 overdrawn Rs 20,000
(ii) Interest on Bank overdraft not entered,in the cash book Rs 2,000
(iii) Rs 200 Insurance premium paid by bank has not been entered in the cash book
(iv) Cheques drawn in the last week of December 2014, but not cleared till date for Rs 3,000 and  Rs 3,500
(v) Cheques deposited into bank on November 2014, but yet to be credited on dated into bank on November 2014, but yet to be credited on dated December, 31 2014 Rs 6,000
(vi) Wrongly debited by bank Rs 500

Enter the following transactions in a two column cash book:
(i) Commenced business with cash Rs 50,000.
(ii) Deposited in bank Rs 40,000.
(iii) Received cash from Mohan Rs 950 in full settlement of a debt of Rs 1,000.
(iv) Bought goods for cash Rs 10,000.

Prepare a Cash Book with Cash and Bank Columns from the following transaction:

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

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.

In the following Sales Book, determine the missing information:

From the following Trial Balance of Rohit Sharma, prepare Trading and Profit & Loss Account for the year ending 31^st March 2016 and a Balance Sheet on the same date after making necessary adjustments :

Adjustments :
1. Closing stock was Rs. 16,000.
2. Wages Rs.2,000 and salaries Rs.1,200 are outstanding.
3. Rent for two months at the rate of Rs.500 per month is outstanding.
4. Depreciation Building by 5% and Machinery by 10%.
5. Prepaid insurance Rs. 200.

Show the following items in Profit & Loss Account and Balance Sheet.

Adjustments :
1. Further Bad Debts amounted of Rs 1,000.
2. Create a provision for doubtful debts on Sundry Debtors @ 5%.
3. Make a provision of discount on Sundry Debtors @ 2% .
You are also required to pass Journal Entries for the above transactions.

Show the treatment of following information in the Profit & Loss Account and Balance Sheet as on March 31,2014.

On 1^st January, 2012 Mis Kanti Bros. had a bad debts provision of Rs 1,650. On 31^st December, 2012 the total debtors amounted to Rs 28,400 out of which Rs 400 were bad and had to be written off. The firm wants to maintain the Bad debts provision of 5 per cent on the debtors.
On 31^st December, 2013 total debtors amounted to Rs 20,500 out of which Rs 500 had to be written off as bad debts. The provision is to be maintained at 5% of the debtors. Show the bad debts account and the bad debts provision account for 2012 and 2013.

Prepare Trading and Profit & Loss Account for the year ending 31^st March, 2015 and a Balance Sheet as on that date from the following Trial Balance:

Adjustments :
(i) Closing Stock was Rs 52,000
(ii) Rs 1,000were as bad debts and Provision for doubtful debts be created on sundry debtors @5%
(ill) Interest on capital is to be provided  @ 6%p.a.
(iv) An additional capital of Rs 20,000 introduced by proprietor on 1^st Oct., 2014.
(v) Plant & Fixtures to be depreciated by 10% p.a.
(vi) Salaries outstanding on 31st March, 2015 amounted to Rs 1,000.
(vii) Accrued Interest on investment amounted to 1,500

Prepare a Trading Account from the following particulars for the year ended March 31, 2012:

Prepare a Trading Account of M/s Pushpanjali from the following information related to 2013-14:

Calculate Gross Profit from the following information:

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

From the following balances obtained from the few accounts of Mr. K. Kaushik. Prepare the Trading and Profit & Loss Account for the year ended 31^st March, 2014 :

From the following Ledger Balances draw up the Trial Balance:

Following Trial Balance has been prepared wrongly. You are required to prepare a correct Trial Balance:

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.

Describe the purpose for the preparation of Trial Balance.

Explain Errors of Principle and give two examples with measures to rectify them.

A two months Bill for Rs 60,000 is drawn by B & Company and accepted by C & Co., payable at the Bank of India. B & Co. give the bill to their banker for collection. On due date, bill is honoured. Show the entries will be passed in the books of B & Co.

On 1^st January, 2014, A sold goods to B for Rs 5,000 and on the same day drew upon him a bill at three months for the amount. B accepted the bill and returned it to A. On 4^th January, 2014, A discounted the bill with his bank at Rs 4,900. On the due date, the bill was dishonoured and bank paid Rs 100 as noting charges. Record these transactions in the Journals of A and B.

On 1^st January, 2014, A sold goods to B for Rs 10,000 and drew upon him a bill at three months for the amount B accepted the bill and returned it to A. On 4th March, 2014, B retired the Bill under rebate of 6% per annum. Record these transactions in the Journal of A and B.

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.

On 1^st January, 2014, A and B drew on each other a bill for Rs 20,000, payable three months after date for their mutual benefit. On 4^th January, they discounted with their bank each other's bill at 18%per annum. On the due date, each met their own acceptance. Record transactions in the Journal of A and B.

Explain the development and role of accounting.

Explain in brief four limitations of financial Accounting.

Explain the qualitative characteristics of accounting information.

State the following:
(i) Decrepitation
(ii) Revenue
(ill) Trade Discount
(iv) Current Assets.

Differentiate between Book keeping and Accounting.

Explain briefly with appropriate example the Money measurement concept.

Explain the meaning and significance of Accounting Entity Principle.

Explain the Accounting Period Concept.

What is meant by Accounting Standard? State any two benefits of it.

Describe the status of IFRS in India.

State the rules of debit and credit according to the nature of accounts.

Journalise the following transactions:
(i) Goods destroyed by fire for Rs.4,500.
(ii) Paid Rs.1,500 in cash as wages on installation of machinery.
(iii) Issue a cheque in favour of M/s. Parmatma Saran & Sons on accounts of purchase of goods Rs.7,500.
(iv) Goods sold costing Rs.6,000 of M/s. Kalu sons at an invoice price of 10% above cost less 5% Trade Discount,

Pass necessary Journal Entries in the books of Rohit Industries:
(i) Wages due but not paid Rs.1,000
(ii) Received Rs.600 from Mohan, which were written off as bad debts 2 years ago.
(iii) Shyamlal who owed us Rs.4,000 becomes insolvent and a final dividend of 40 paise in a rupee is received from his house.
(iv) Goods distributed as free sample Rs.3,000.

What are the various subsidiary books of accounts which may replace a journal to an extent? Explain in brief the transactions which are recorded in these books

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

Chhabra & Sons find that overdraft shown by their Cash Book on 31st March 2013 is 30,500 but the Pass Book shows a difference due to the following reasons.
(i) A cheque for 6,000 drawn in favour of Shyam has not been presented for payment.
(ii) A post-dated cheque for 1,000 has been debited in the Bank column of the Cash Book but it could not have been presented in Bank.
(ii) Cheque totalling 12,000 deposited with the bank. have not yet been collected.
(iv) A bill for 5,000 was retired by the bank. under a rebate of 120 but the full amount of the bill was credited in the bank. column of the Cash Book. Prepare a Bank. reconciliation statement and find out the balance as per pass book.

From the following information, prepare BRS as on 31st July 2011 :
(i) Balances as per Cash Book is Rs 25,000 as on 31st July, 2011.
(ii) Cheque for Rs 15,000 were deposited into the Bank in the month of July but only cheques for Rs 11,000 were credited by the bank till 31st July 2011.
(iii) Cheques issued for Rs 13,000 in July, out of which a cheque for Rs 9,200 was presented for payment on 3rd August Bank charged Rs 50 as Bank charges and credited interest of Rs 370.

Prepare a Bank Reconciliation Statement from the following:

Prepare Bank Reconciliation statement from the following:

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.

An asset is purchased for Rs.,10,000. Depreciation is to be provided annually according to the straight line method. The useful life of the asset is 10 years and the residual value is Rs.10,000. You are required to find out the amount of annual depreciation and prepare asset account for the first three years.

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.

Machine was purchased on 1st Jan., 2000 for Rs. 19,400 and Rs.600 were spent on its installation. On 1st July 2000, in the same year, additional machinery costing Rs.10,000 was purchased. On 1st July, 2002, the machine purchased on January 2000, having become useless was sold for Rs. 8,000 and on the same date a new, machine was purchased at a cost of Rs.15,000. Depreciation is provided annually on 31st December @ 10% per annum on original cost.

After purchasing a second hand machine for Rs.50,000, it was overhauled and installed on 1.1.2011; overhauling expenses being Rs.8,000. On 1.7.2011 another machine was purchased for Rs.30,000. On 1.7.2013 the Machine installed on 1.1.2011 was sold for Rs.25,000 dismantling charges being Rs.1,000. On the same date another machine was purchased for Rs.75,000 which was erected on 30.09.2013. Accounts are closed on 31 st December. Depreciation at 10% per annum on the original cost was written off. Show the Machinery Account from 2011 to 2013.

A company writes off depreciation on straight line basis on machinery at 10%. On 31st March, 2013 the position was as under :

During 2013-14 an addition of Rs.2,480 was made to machinery. A machine bought in 2009-10 for Rs. 2,800 was sold for Rs. 800 during the year.
You are required to show the Machinery Account for the year 2013-14. (Show your workings fully).

Explain the Tailor-made software.

Explain the structure and working of CPU.

What do you mean by single-tasking and multi-tasking operating system?

Lists the distinctive advantages of a computer system over a manual system.

Draw block diagram showing the main components of a Computer.

What are the features of incomplete records?

Mr.A started business with a capital of Rs 2,50,000on 1st April, 2013.He withdrew Rs 40,000 for his personal use on 31^st March, 2014.He sold his personal invesbnent for Rs 25,000 and brought the amount into the business. On 31^st March, 2014,his assets stood at Rs 1,25,000and creditors at Rs  20,000.Youare required to prepare statement of profit or loss for the year ended 31^st March, 2014

Ravi, who keeps his books on Single Entry System, has his capital on 31st March, 2016 Rs 20,000 and on 1st April, 2015 was Rs 16,700.He further informs that during the year, he withdrew for his personal expenses Rs 9,400.He also sold his personal investment of Rs 10,000 at 5%premium and brought that money into the business.
Prepare a statement of Profit or Loss

Ajay started business with a capital of Rs 2,25,000on 1st April, 2013. During the year he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March, 2014,his position of assets and liabilities stood as follows :

Youare required to prepare statement of profit or loss for the year ended 31 March, 2014

Complete the missing figures in the following Statement of Profit or Loss:

What do you understand by closing stock?

What is outstanding expenses ? What is its adjusting entries ?

Define accrued income. What is its adjusting entry ?

How will you treat provision for bad and doubtful debts in final accounts?

How will you treat provision for discount on creditors?

Give three examples of Capital Expenditure.

Give examples of Revenue Expenditure.

What do you mean by Deferred Revenue Expenditure?

What do you mean by 'Final Accounts'?

State the equation of Cost of Goods Sold.

What do you mean by Revenue Expenditure?

State whether the following statements are items of capital or revenue expenditure.
(i) The expenditure incurred in erecting a platform on which a machine will be fixed.
(ii) Depreciation charged on a plant.
(iii) Registration fees paid at the time of purchase of building.

What do you mean by Deferred Revenue Expenditure?

Give examples of Deferred Revenue Expenditure?

Explain Capital Receipts Vs Revenue Receipts.

State the three objectives of Trial Balance.

Distinguish between Errors of Commission and Errors of Principle.

Classify Accounting Errors.

Under which side of the Trial Balance the following ledger balances will appear:
(i) Purchases
(ii) Capital
(iii) Trade Receivable
(iv) Drawings
(v) Discount Received
(vi) Buildings

What do you mean by Trial Balance? An accountant of a company in order to match the trial balance passed a dummy entry without any proof of the transaction and did not even inform the seniors about it. Identify the value being violated by the accountant.

Name any two types of commonly used negotiable instruments.

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

State any four essential features of Bills of Exchange.

State the three parties involved in a Bill of Exchange.

What is meant by maturity of a Bill of Exchange?

Prepare a two column Cash Book with cash and bank column with following information:

From the following transactions, prepare Cash Book with Cash and Bank columns:

Enter the following transaction in Cash Book with bank column :

Explain the need for drawing up the special books.

What is contra entry in Cash book? How can you deal this entry while preparing double colurnn cash book?

The following transactions took place in the business of Mahender:
(i) Withdrew Cash Rs.10,000 for personal use
(ii) Depreciation charged on plant and machinery Rs.20,000
Prepare accounting vouchers for recording the above transactions.

Prepare the accounting equation on the basis of the following transactions:
(i) Commenced business with cash Rs.50,000 and goods Rs.30,000
(ii) Paid Salary Rs.5,000
(iii) Purchased goods for cash Rs.10,000 and on credit Rs.20,000
(iv) Goods costing Rs.25,000 sold at profit of 20% on cost out of which Rs.10,000 received in cash.

Prepare accounting equation on the basis of the following transactions:

Journalise the following transactions:
(i) Lakhan started business with cash Rs.50,000 and furniture Rs.10,000.
(ii) Purchased goods from Deepak on credit Rs.20,000
(iii) Draw cash from office for his personal use Rs.5,000
(iv) Goods given as charity Rs.1,000
(v) Paid Rs.1,000 for life insurance premium of Lakhan
(vi) Goods return to Deepak Rs.4,000.

Complete the following Accounting Equation by filling the missing amounts.

Explain any two accounting Concepts/Principles :
(i) Dual Aspect, (ii) Accrual, (iii)Conservatism

Explain briefly with appropriate example the Money measurement concept.

Discuss the advantages or benefits of accounting standards.

Explain the usefulness or importance of IFRS.

Explain any three of the following with examples.
(i) Money Measurement Concept
(ii) Principle of full Discloser
(iii) Accounting Standards
(iv) Principle of Dual Aspect

Explain the development and role of accounting.

Explain in brief four limitations of financial Accounting.

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

Differentiate between Book keeping and Accounting.

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

What are the causes of depreciation?

Explain basic factors affecting the amount depreciation.

Distinguish between straight line method and written down value method of calculating depreciation.

In case of a long term asset, repair and maintenance expenses are rise in later years than in earlier year Which method is suitable for charging depreciation is the management does not want to increase burden on profits and loss account of depreciation and repair.

What are the effects of depreciation on profit and loss and balance sheet?

"Cash Book is a subsidiary book as well as principle book." Explain.

What are the advantages of Petty Cash Book?

Name the subsidiary books.

State briefly the important special purpose subsidiary books.

Give the Proforma of a Bills Receivable Book.

What is a cheque?

What is debit note?

What is a credit note?

What is a voucher?

What is a cash voucher?

Explain the accounting principles of revenue recognition.

What are the exceptions of revenue recognition principle? Explain in brief.

Explain 'Accounting Period Assumption'.

Define Accounting Standard and state any two advantages.

What do you mean by accounting standards? Explain the nature of accounting standards.

What do you mean by Financial Accounting? Explain its one main function.

What is 'Cost Accounting'?

Who are the external users of information?

What is the importance of financial statements for various parties?

Who are the users of accounting information? Why do they need accounting information?

Incomplete record mechanism of book keeping is:

Opening capital is ascertained by preparing:

Credit purchase, during the year is ascertained by preparing:

If opening capital is Rs 60,000, drawings Rs 5,000, capital introduced during the period Rs 10,000 closing capital Rs 90,000.The value of profit earned during the period will be :

Credit sales can be ascertained as the balancing figure in the.............. 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 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 :

How is closing stock recorded?

State the meaning of outstanding expenses.

Language syntax is checked by software called as_________.

Database is implemented using_____________.

A sequence of actions taken to transform the data into decision useful information is called________.

An appropriate accounting software for a small business organisation having only one single office location would be__________.

Mention any two types of software.

The financial statement consist of

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.

Which of the following is correct

Gross profit is total revenue.

The person to whom the amount mentioned in the promissory note is payable is known as _________.

Transfer of a negotiable instrument to another person by signing on it, is known as ________.

In a promissory note, the person who makes the promise to pay is called as _________.

A bill of exchange is a ____________ instrument.

A bill of exchange is drawn by the ________ upon his _________.

Agreement of trial balance is affected by:

Which of the following is not an error of commission:

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:

Trial balance is:

Depreciation is decline in the value of ________.

Installation, freight and transport expenses are a part of __________.

Depreciation is decline in the market value of tangible fixed assets.

Depreciation must be charged so as to ascertain true profit or loss of the business.

Depreciation provides fund for replacement.

A bank reconciliation statement is prepared by

Passbook is a copy of :

A bank reconciliation statement is mainly prepared for:

Normally, the cash book shows a debit balance, passbook shows__________ balance

If the overdraft as per the passbook is taken as the starting point, the cheques issued but not presented are to be______ in the bank reconciliation statement

When a firm maintains a cash book, it need not maintain:

Goods purchased on cash are recorded in the:

The periodic total of purchases return journal is posted to:

Cash book does not record the _____________ transactions are also recorded.

In double column cash book ______________ transactions are also recorded.

Double entry accounting requires that:

The ledger folio column of journal is used to :

If a transaction is properly analysed and recorded

Voucher is prepared for

Issued a cheque for Rs.8,000 to pay rent. The account to be debited is _______

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

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

The________concept state that if straight line method of depreciation is used in one year, then it should also be used in the next year.

An accountant always charges depreciation on fixed assets @ 15% p.a. which principle is followed by the accountant?

What is the effect of going concern assumption?

Which of the following is not a business transaction?

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

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

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

Information in financial reports is based on __________ transactions.

The financial statement consist of

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.

Which of the following is correct

Gross profit is total revenue.

Agreement of trial balance is affected by:

Which of the following is not an error of principle:

Which of the following is not an error of commission:

Which of following errors will be rectified through suspense account:

If the trial balance agrees, it implies that:

The person to whom the amount mentioned in the promissory note is payable is known as _________.

Transfer of a negotiable instrument to another person by signing on it, is known as ________.

In a promissory note, the person who makes the promise to pay is called as _________.

A bill of exchange is a ____________ instrument.

A bill of exchange is drawn by the ________ upon his _________.

Depreciation is decline in the value of ________.

Installation, freight and transport expenses are a part of __________.

Provision is a _________ against profit.

Reserve created for maintaining a stable rate of dividend is termed as _________.

Depreciation is also a non-cash expense.

A bank reconciliation statement is prepared by

A bank reconciliation statement is prepared with the balance

Unfavourable bank balance means

Favourable bank balance means:

A bank reconciliation statement is mainly prepared for:

When a firm maintains a cash book, it need not maintain:

Double column cash book records;

Goods purchased on cash are recorded in the:

Cash book does not record transaction of:

Total of these transactions is posted in purchase account:

Double entry accounting requires that:

The journal entry to record the sale of services on credit should include:

When a entry is made in journal

If a transaction is properly analysed and recorded

The journal entry to record payment of monthly bill will include:

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 :

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

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

Recognition of expenses in the same period as associated revenues is called_______concept.

Which of the following is not a business transaction?

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

Which is the last step of accounting as a process of information?

Information in financial reports is based on __________ transactions.

Internal users are the _____________ of the business entity.

Incomplete record mechanism of book keeping is:

Credit purchase, during the year is ascertained by preparing:

If opening capital is Rs 60,000, drawings Rs 5,000, capital introduced during the period Rs 10,000 closing capital Rs 90,000.The value of profit earned during the period will be :

Credit sales can be ascertained as the balancing figure in the.............. account

Excess of............. over............... represents loss sustained during the period

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

If the rent received in advance Rs 2,000. 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 :

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 :

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.

Which of the following is correct

Gross profit is total revenue.

In trading and profit and loss account, opening stock appears on the debit side because it forms the part of the cost of sales for the current accounting year.

Agreement of trial balance is affected by:

If the trial balance agrees, it implies that:

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:

Trial balance is:

The person to whom the amount mentioned in the promissory note is payable is known as _________.

In a promissory note, the person who makes the promise to pay is called as _________.

A promissory note is drawn by __________ in favour of his ___________.

There are _________ parties to a promissory note.

Bill of exchange in India languages is called _________.

Depreciation is decline in the value of ________.

Installation, freight and transport expenses are a part of __________.

Provision is a _________ against profit.

Reserve created for maintaining a stable rate of dividend is termed as _________.

Depreciation is also a non-cash expense.

A bank reconciliation statement is prepared by

A bank reconciliation statement is prepared with the balance

Favourable bank balance means:

A bank reconciliation statement is mainly prepared for:

Passbook is a copy________ of as it appears in the ledger of the bank.

When a firm maintains a cash book, it need not maintain:

Credit balance of bank account in cash book shows:

The periodic total of purchases return journal is posted to:

Balancing of account means:

Cash book is a _____________ journal.

Double entry accounting requires that:

The ledger folio column of journal is used to :

The journal entry to record the sale of services on credit should include:

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

When a entry is made in journal

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 :

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

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

Recognition of expenses in the same period as associated revenues is called_______concept.

Which of the following is not a business transaction?

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

Which is the last step of accounting as a process of information?

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

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