Topics
Financial Accounting
Introduction to Accounting
Financial Accounting 1
Theory Base of Accounting
Financial Accounting 2
Recording of Transactions - I
Recording of Transactions - II
Bank Reconciliation Statement
Trial Balance and Rectification of Errors
Depreciation, Provisions and Reserves
- Depreciation, Provisions and Reserves
- Depreciation
- Depreciation and Other Similar Terms
- Causes of Depreciation
- Need for Depreciation
- Factors Affecting the Amount of Depreciation
- Methods of Calculating Depreciation Amount
- Straight Line Method and Written Down Method: a Comparative Analysis
- Methods of Recording Depreciation
- Disposal of Asset
- Effect of Any Addition Or Extension to the Existing Asset
- Provisions
- Reserves
- Types of Reserves-Secret Reserves
Bill of Exchange
Financial Statements - I
Financial Statements - II
- Need for Adjustments
- Effects of Adjustments-Closing Stock
- Effects of Adjustments-Outstanding Expenses
- Effects of Adjustments-Prepaid Expenses
- Effects of Adjustments-Accrued Income
- Effects of Adjustments-Income Received in Advance
- Effects of Adjustments-Depreciation
- Effects of Adjustments-Bad and Doubtful Debts
- Provision for Bad and Doubtful Debts
- Effects of Adjustments-Provision for Discount on Debtors and Creditors
- Manager's Commission
- Interest on Capital
Accounts from Incomplete Records
Applications of Computers in Accounting
Computerised Accounting System
Theoretical Frame Work
- Basis of Accounting System - Cash Basis
- Basis of Accounting System - Accrual Or Mercantile Basis
- Qualitative Characteristics of Accounting Information
- Business Transaction-Cash Transactions
- Business Transaction-Credit Transactions
- Goods
- Profit
- Loss
- Difference Between Profit and Income
- Non-current and Current Asset
- Assets
- Fixed Assets
- Liabilities
- Capital and Drawings
- Capital Expenditure
- Revenue and Deferred Revenue Expenditure
- Cash Discount
- Trade Discount
- Stock
- Concept of Accounting and Objectives
- Advantages and Limitations of Accounting
- Accounting Information Types and Needs
- Inventory
- Trade Receivables (Debtors and Bills Receivable)
- Trade Payables(Creditors and Bills Payable)
- Fundamental Accounting Assumptions-Going Concern
- Fundamental Accounting Assumptions-Consistency
- Fundamental Accounting Assumptions-Accrual
- Accounting Standards (AS)
- Study of Double Entry Book-keeping System
- Explanation About IFRS (International Financial Reporting Standards)
- Accounting Principles Or GAAP-Accounting Entity
- Accounting Principles Or GAAP-Accounting Period
- Accounting Principles Or GAAP-Full Disclosure
- Accounting Principles Or GAAP-Materiality Concept
- Accounting Principles Or GAAP-Prudence,
- Accounting Principles Or GAAP-Cost Concept
- Accounting Principles Or GAAP-Matching Concept
- Accounting Principles Or GAAP-Dual Aspect Concept
- Purchases
- Purchases Returns
- Sales
- Sales Return
- Capital Expenditure
- Revenue and Deferred Revenue Expenditure
Accounting Process
- Vouchers
- Cash Memo
- Debit and Credit Note
- Cheque
- Cash Book with Cash Column
- Cash Book with Cash and Bank Columns
- Petty Cash Book
- Purchase Book Or Purchases Day Book
- Sales Book Or Sales Day Book
- Purchase Return Book Or Purchases Return Day Book
- Sales Return Book Or Sales Return Day Book
- Journal Proper
- Analysis of Transactions Using Accounting Equation.
- Rules of Debit and Credit for Assets
- Rules of Debit and Credit for Liabilities
- Rules of Debit and Credit for Capital
- Rules of Debit and Credit for Revenue and Expenses.
- Origin of Transactions
- Preparation of Accounting Vouchers- Cash (Debit and Credit)
- Preparation of Accounting Vouchers- Non Cash (Transfer).
- Books of Original Entry
- Specimen of Ledger
- Balancing of Ledger Accounts
- Ledger-Posting from Journal
- Need and Importance of Bank Reconciliation Statement
- Preparation of Bank Reconciliation Statement
- Calculating Bank Balance at an Accounting Date
- Corrected Cash Book Balanced
- Meaning and Purpose of Trial Balance
- Preparation of the Trial Balance by the Balance Method
- Meaning and Effects of Errors
- Types of Errors-Errors of Principles
- Types of Errors-Errors of Ommission
- Types of Errors-Errors of Commission
- Types of Errors-Compensating Errors
- Errors Affecting and Not Affecting Trial Balance
- Treatment of Balance of Suspense Account
- Rectification Entries
- Detection of Error
- Depreciation
- Methods of Depreciation-Straight Line Method
- Methods of Depreciation-Written Down Value Method
- Accounting Treatment of Depreciation-By Charging to Asset Account
- Accounting Treatment of Depreciation-By Creating Provision for Depreciation
- Accounting Treatment of Depreciation-Accumulated Depreciation Account
- Accounting Treatment of Depreciation-Treatment of Disposal of Asset
- Provisions and Reserves
- Difference Between Provisions and Reserves
- Types of Reserves-Revenue Reserve
- Types of Reserves-Capital Reserve
- Types of Reserves-General Reserve
- Types of Reserves-Specific Reserves
- Promissory Note
- Important Terms of Bills of Exchange - Term of Bill
- Important Terms of Bills of Exchange - Due Date
- Important Terms of Bills of Exchange - Days of Grace
- Important Terms of Bills of Exchange - Date of Maturity
- Important Terms of Bills of Exchange - Discounting of Bill,
- Important Terms of Bills of Exchange - Endorsement of Bill
- Important Terms of Bills of Exchange - Bill Sent for Collection
- Important Terms of Bills of Exchange - Dishonor of Bill
- Important Terms of Bills of Exchange - Noting of Bill
- Important Terms of Bills of Exchange - Retirement and Renewal of a Bill
- Accounting Treatment of Bill Transactions
Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
- Financial Statements of a Company
- Preparation of Trading Account
- Preparation of Profit and Loss Account
- Gross Profit
- Preparation of Balance Sheet
- Effects of Adjustments-Closing Stock
- Effects of Adjustments-Outstanding Expenses
- Effects of Adjustments-Prepaid Expenses
- Effects of Adjustments-Accrued Income
- Effects of Adjustments-Income Received in Advance
- Effects of Adjustments-Goods Distributed as Free Sample
- Adjustments of Financial Statements - Abnormal Loss
- Effects of Adjustments-Depreciation
- Adjustments of Financial Statements - Goods Taken for Personal Use
- Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission
- Incomplete Records
- Ascertainment of Profit or Loss by Statement of Affairs Method
- Marshalling of a Balance Sheet Or Assets and Liabilities
- Preparation of Trading and Profit and Loss Account and Balance Sheet of Sole Proprietorship
Financial Statements of Not-for-profit Organizations
- Concept of Not-for-profit Organizations
- Feature of Receipts and Payments Account
- Preparation of Receipts and Payments Account
- Difference Between Receipts and Payments Account and Cash Book
- Feature of Income and Expenditure Account
- Preparation of Income and Expenditure Account
- Balance Sheet from the Given Receipts
- Payments Account with Additional Information
Computers in Accounting
- Introduction to Operating Software, Utility Software and Application Software
- Introduction to Computers
- Introduction to Accounting Information System (AIS) as a Part of MIS
- Stages in Automation - Accounting Process in a Computerised Environment
- Comparison Between Manual Accounting Process and Computerised Accounting Process
- Stages in Automation - Sourcing of Accounting Software
- Kinds of Software - Readymade Software
- Kinds of Software - Customised Software
- Kinds of Software - Tailor-made Software
- Generic Considerations before Sourcing Accounting Software
- Stages in Automation - Creation of Account Groups and Hierarchy
- Stages in Automation - Generation of Reports - Trial Balance, Profit and Loss Account and Balance Sheet
description
- Ascertaining Credit Purchases
- Ascertainment of Credit Sales
- Ascertainment of Bills Receivable and Bills payable
- Ascertainment of Missing Information through Summary of Cash
Related QuestionsVIEW ALL [16]
From the details given below, find out the credit sales and total sales.
|
Rs |
Opening debtors |
45,000 |
Closing debtors |
56,000 |
Discount allowed |
2,500 |
Sales returns |
8,500 |
Irrecoverable amount |
4,000 |
Bills receivables received |
12,000 |
Bills receivable dishonoured |
3,000 |
Cheque dishonoured |
7,700 |
Cash sales |
80,000 |
Cash received from debtors |
2,30,000 |
Cheque received from debtors |
25,000 |
From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.
|
Rs |
Opening balance of debtors |
1,80,000 |
Opening balance of bills receivable |
55,000 |
Cash sales made during the year |
95,000 |
Credit sales made during the year |
14,50,000 |
Return inwards |
78,000 |
Cash received from debtors |
10,25,000 |
Discount allowed to debtors |
55,000 |
Bills receivable endorsed to creditors |
60,000 |
Cash received (bills matured) |
80,500 |
Irrecoverable amount |
10,000 |
Closing balance of bills receivable on March. 31, 2017 |
75,500 |
Prepare the suitable accounts and find out the missing figure if any.
|
Rs |
Opening balance of debtors |
14,00,000 |
Opening balance of bills receivable |
7,00,000 |
Closing balance of bills receivable |
3,50,000 |
Cheque dishonoured |
27,000 |
Cash received from debtors |
10,75,000 |
Cheque received and deposited in the bank |
8,25,000 |
Discount allowed |
37,500 |
Irrecoverable amount |
17,500 |
Returns inwards |
28,000 |
Bills receivable received from customers |
1,05,000 |
Bills receivable matured |
2,80,000 |
Bills discounted |
65,000 |
Bills endorsed to creditors |
70,000 |
From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors
|
Rs |
Opening stock |
30,000 |
Closing stock |
25,000 |
Opening creditors |
50,000 |
Closing debtors |
75,000 |
Discount allowed by creditors |
1,500 |
Discount allowed to customers |
2,500 |
Cash paid to creditors |
1,35,000 |
Bills payable accepted during the period |
30,000 |
Bills receivable received during the period |
75,000 |
Cash received from customers |
2,20,000 |
Bills receivable dishonoured |
3,500 |
Purchases |
2,95,000 |
The rate of gross profit is 25% on selling price and out of the total sales Rs 85,000 was for cash sales.
(Hint: Total sales = 4,00,000 = 3,00,000 × 100 × `100/75`)
Mrs Bhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars:
Summary of Cash |
|||
Dr. |
Cr. |
||
Receipts |
Amount |
Payments |
Amount |
Opening balance of cash |
12,000 |
Paid to creditors |
53,000 |
Further capital |
20,000 |
Business expenses |
12,000 |
Received from debtors |
1,20,000 |
Wage paid |
30,000 |
Bhavana’s drawings |
15,000 |
||
Balance at bank on |
35,000 |
||
March. 31,2017 |
|||
Cash in hand |
7,000 |
||
1,52,000 |
1,52,000 |
The following information is also available:
April. 01, 2016 |
March. 31, 2017 |
|
Rs |
Rs |
|
Debtors |
55,000 |
85,000 |
Creditors |
22,000 |
29,000 |
Stock |
35,000 |
70,000 |
Plant |
10,00,000 |
1,00,000 |
Machinery |
50,000 |
50,000 |
Land and Building |
2,50,000 |
2,50,000 |
Investment |
20,000 |
20,000 |
All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%.
What practical difficulties are encountered by a trader due to incompleteness of accounting records?
From the following information, calculate capital at the beginning:
|
Rs |
Capital at the end of the year |
4,00,000 |
Drawings made during the year |
60,000 |
Fresh capital introduce during the year |
1,00,000 |
Profit of the current year |
80,000 |
From the following information calculate the amount to be paid to creditors:
|
Rs |
Sundry creditors as on March 31, 2017 |
1,80,425 |
Discount received |
26,000 |
Discount allowed |
24,000 |
Return outwards |
37,200 |
Return inward |
32,200 |
Bills accepted |
1,99,000 |
Bills endorsed to creditors |
26,000 |
Creditors as on April 01, 2016 |
2,09,050 |
Total purchases |
8,97,000 |
Cash purchases |
1,40,000 |