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Define revenues and expenses?
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What is the primary reason for the business students and others to familiarise themselves with the accounting discipline?
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What is accounting? Define its objectives
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Explain the meaning of gain and profit. Distinguish between these two term
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Describe the role of accounting in the modern world
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What is a journal? Give a specimen of journal showing at least five entries.
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Journalise the following transactions in the books of Himanshu:
| 2017 | ₹ | |
| Dec.01 | Business started with cash | 75,000 |
| Dec.07 | Purchased goods for cash | 10,000 |
| Dec.09 | Sold goods to Swati | 5,000 |
| Dec.12 | Purchased furniture | 3,000 |
| Dec.18 | Cash received from Swati In full settlement | 4,000 |
| Dec.25 | Paid rent | 1,000 |
| Dec.30 | Paid salary | 1,500 |
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Enter the following Transactions in the Journal of Mudit:
| 2017 | ₹ | |
| Jan.01 | Commenced business with cash | 1,75,000 |
| Jan.01 | Building | 1,00,000 |
| Jan.02 | Goods purchased for cash | 75,000 |
| Jan.03 | Sold goods to Ramesh | 30,000 |
| Jan.04 | Paid wages | 500 |
| Jan.06 | Sold goods for cash | 10,000 |
| Jan.10 | Paid for trade expenses | 700 |
| Jan.12 | Cash received from Ramesh 29,500 | 29,500 |
| Discount allowed | 500 | |
| Jan.14 | Goods purchased for Sudhir | 27,000 |
| Jan.18 | Cartage paid | 1,000 |
| Jan.20 | Drew cash for personal use | 5,000 |
| Jan.22 | Goods use for household | 2,000 |
| Jan.25 | Cash paid to Sudhir 26,700 | 26,700 |
| Discount allowed | 300 |
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Journalise the following transactions:
| 2017 | ₹ | |
| Dec.01 | Hema started business with cash | 1,00,000 |
| Dec.02 | Open a bank account with SBI | 30,000 |
| Dec.04 | Purchased goods from Ashu | 20,000 |
| Dec.06 | Sold goods to Rahul for cash | 15,000 |
| Dec.10 | Bought goods from Tara for cash | 40,000 |
| Dec.13 | Sold goods to Suman | 20,000 |
| Dec.16 | Received cheque from Suman | 19,500 |
| Discount allowed | 500 | |
| Dec.20 | Cheque given to Ashu on account | 10,000 |
| Dec.22 | Rent paid by cheque | 2,000 |
| Dec.23 | Deposited into bank | 16,000 |
| Dec.25 | Machine purchased from Parigya | 10,000 |
| Dec.26 | Trade expenses | 2,000 |
| Dec.28 | Cheque issued to Parigya | 10,000 |
| Dec.29 | Paid telephone expenses by cheque | 1,200 |
| Dec.31 | Paid salary | 4,500 |
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Jouranlise the following transactions in the books of Harpreet Bros:
(a) ₹ 1,000 due from Rohit are now bad debts.
(b) Goods worth ₹ 2,000 were used by the propriet
(c) Charge depreciation @ 10% p.a for two month on machine costing `30,000.
(d) Provide interest on capital of ₹ 1,50,000 at 6% p.a. for 9 months
(e) Rahul become insolvent, who owed is ₹ 2,000 a final dividend of 60 paise in a rupee is received from his estate.
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Prepare Journal from the transactions given below:
| (a) | Cash paid for installation of machine | ₹ 500 |
| (b) | Goods given as charity | ₹ 2,000 |
| (c) | Interest charge on capital @7% p.a. when total capital were | ₹ 70,000 |
| (d) | Received ₹ 1,200 of a bad debts written-off last year | |
| (e) | Goods destroyed by fire | ₹ 2,000 |
| (f) | Rent outstanding | ₹ 1,000 |
| (g) | Interest on drawings | ₹ 900 |
| (h) | Sudhir Kumar who owed me ₹ 3,000 has failed to pay the amount. He pays me a compensation of 45 paise in a rupee. | |
| (i) | Commission received in advance | ₹ 7,000 |
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Journalise the following transactions, post to the ledger:
| 2017 | ₹ | |
| Nov.01 | Business started with | |
| (i) Cash | 1,50,000 | |
| (ii) Goods | 50,000 | |
| Nov.03 | Purchased goods from Harish | 30,000 |
| Nov.05 | Sold goods for cash | 12,000 |
| Nov.08 | Purchase furniture for cash | 5,000 |
| Nov.10 | Cash paid to Harish on account | 15,000 |
| Nov.13 | Paid sundry expenses | 200 |
| Nov.15 | Cash sales | 15,000 |
| Nov.18 | Deposited into bank | 5,000 |
| Nov.20 | Drew cash for personal use | 1,000 |
| Nov.22 | Cash paid to Harish in full settlement of account | 14,700 |
| Nov.25 | Good sold to Nitesh | 7,000 |
| Nov.26 | Cartage paid | 200 |
| Nov.27 | Rent paid | 1,500 |
| Nov.29 | Received cash from Nitesh | 6,800 |
| Discount allowed | 200 | |
| Nov.30 | Salary paid | 3,000 |
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Journalise the following transactions is the journal of M/s. Goel Brothers and post them to the ledger:
| 2017 | ₹ | |
| Jan.01 | Started business with cash | 1,65,000 |
| Jan.02 | Opened bank account in PNB | 80,000 |
| Jan.04 | Goods purchased from Tara | 22,000 |
| Jan.05 | Goods purchased for cash | 30,000 |
| Jan.18 | Goods sold to Naman | 12,000 |
| Jan.10 | Cash paid to Tara | 22,000 |
| Jan.15 | Cash received from Naman | 11,700 |
| Discount allowed | 300 | |
| Jan.16 | Paid wages | 200 |
| Jan.18 | Furniture purchased for office use | 5,000 |
| Jan.20 | Withdrawn from bank for personal use | 4,000 |
| Jan.22 | Issued cheque for rent | 3,000 |
| Jan.23 | Goods issued for household purpose | 2,000 |
| Jan.24 | Drawn cash from bank for office use | 6,000 |
| Jan.26 | Commission received | 1,000 |
| Jan.27 | Bank charges | 200 |
| Jan.28 | Cheque given for insurance premium | 3,000 |
| Jan.29 | Paid salary | 7,000 |
| Jan.30 | Cash sales | 10,000 |
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Journalise the following transaction in the Books of the M/s Bhanu Traders and Post them into the Ledger.
| December 2017 |
₹ | |
| 1. | Started business with cash | 92,000 |
| 2. | Deposited into bank | 60,000 |
| 3. | Bought goods on credit from Himani | 40,000 |
| 6. | Purchased goods from cash | 20,000 |
| 8. | Returned goods to Himani | 4,000 |
| 10. | Sold goods for cash | 20,000 |
| 14. | Cheque given to Himani | 36,000 |
| 17. | Goods sold to M/s Goyal Traders | 3,50,000 |
| 19. | Drew cash from bank for personal use | 2,000 |
| 21. | Goyal traders returned goods | 3,500 |
| 22. | Cash deposited into bank | 20,000 |
| 26. | Cheque received from Goyal Traders | 31,500 |
| 28. | Goods given as charity | 2,000 |
| 29. | Rent paid | 3,000 |
| 30. | Salary paid | 7,000 |
| 31. | Office machine purchased for cash | 3,000 |
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Enter the following transactions in sales (journal) book of M/s. Bansal electronics 2014:
September
|
01 |
Sold to Amit Traders as per bill no.4321 |
|
20 Pocket Radio @ 70 per Radio |
|
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2, T.V. set, B and W.(6'') @ 800 Per T.V. |
|
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10. Sold to Arun Electronics as per bill no.4351 |
|
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5 T.V. sets (20'') B and W @ ₹ 3,000 per T.V. |
|
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2 T.V. sets (21'') Colour @ ₹ 4,800 per T.V. |
|
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22 |
Sold to Handa Electronics as per bill no.4,399 |
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10 Tape recorders @ ₹ 600 each |
|
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5 Walkman @ ₹ 300 each |
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28 |
Sold to Harish Trader as per bill no.4430 |
|
10 Mixer Juicer Grinder @ ₹ 800 each. |
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Give two examples of errors of principle?
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Give two examples of errors of commission?
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What kinds of errors would cause difference in the trial balance. Also list examples that would not be revealed by a trial balance?
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State the limitations of trial balance?
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Explain errors of principle and give two examples with measures to rectify them
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