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Mr. Girdhari Lal does not keep full double entry records. His balance as on April 01, 2016 is as.
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry creditors |
35,000 |
Cash in hand |
5,000 |
|
Bills payable |
15,000 |
Cash at bank |
20,000 |
|
Capital |
40,000 |
Sundry debtors |
18,000 |
|
Stock |
22,000 |
||
|
Furniture |
8,000 |
||
|
Plant |
17,000 |
||
|
90,000 |
90,000 |
His position at the end of the year is:
|
|
Rs |
|
Cash in hand |
7,000 |
|
Stock |
8,600 |
|
Debtors |
23,800 |
|
Furniture |
15,000 |
|
Plant |
20,350 |
|
Bills payable |
20,200 |
|
Creditors |
15,000 |
He withdrew Rs 500 per month out of which to spent Rs 1,500 for business purpose. Prepare the statement of profit or loss.
Concept: undefined >> undefined
Mr. Ashok does not keep his books properly. Following information is available from his books.
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
|
Sundry creditors |
45,000 |
93,000 |
|
Loan from wife |
66,000 |
57,000 |
|
Sundry debtors |
22,500 |
– |
|
Land and Building |
89,600 |
90,000 |
|
Cash in hand |
7,500 |
8,700 |
|
Bank overdraft |
25,000 |
– |
|
Furniture |
1,300 |
1,300 |
|
Stock |
34,000 |
25,000 |
During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.
Concept: undefined >> undefined
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Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
10,000 |
36,000 |
|
Debtors |
20,000 |
80,000 |
|
Creditors |
10,000 |
46,000 |
|
Bills receivable |
20,000 |
24,000 |
|
Bills payable |
4,000 |
42,000 |
|
Car |
– |
80,000 |
|
Stock |
40,000 |
30,000 |
|
Furniture |
8,000 |
48,000 |
|
Investment |
40,000 |
50,000 |
|
Bank balance |
1,00,000 |
90,000 |
The following adjustments were made:
(a) Krishna withdrew cash Rs 5,000 per month for private use.
(b) Depreciation @ 5% on car and furniture @10%.
(c) Outstanding Rent Rs 6,000.
(d) Fresh Capital introduced during the year Rs 30,000.
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M/s Saniya Sports Equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended March 31, 2017.
| Items | April. 31, 2016 (₹) | March. 31, 2017 (₹) |
| Cash in hand | 6,000 | 24,000 |
| Bank Overdraft | 30,000 | − |
| Stock | 50,000 | 80,000 |
| Sundry creditors | 26,000 | 40,000 |
| Sundry debtors | 60,000 | 1,40,000 |
| Bills payable | 6,000 | 12,000 |
| Furniture | 40,000 | 60,000 |
| Bills receivable | 8,000 | 28,000 |
| Machinery | 50,000 | 1,00,000 |
| Investment | 30,000 | 80,000 |
Drawing Rs. 10,000 p.m. for personal use, fresh capital introduce during the year Rs. 2,00,000. A bad debts of Rs. 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs. 2,400, prepaid insurance Rs. 700, depreciation charged on furniture and machine @ 10% p.a.
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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 |
Concept: undefined >> undefined
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 |
Concept: undefined >> undefined
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 |
Concept: undefined >> undefined
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 |
Concept: undefined >> undefined
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 |
Concept: undefined >> undefined
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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Briefly explain the term favourable balance as per cash book
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Enumerate the steps to ascertain the correct cash book balance
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What is a bank reconciliation statement? Why is it prepared?
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Explain the process of preparing bank reconciliation statement with amended cash balance
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From the following particulars, prepare a, bank reconciliation statement as at March 31, 2017.
(i) Balance as per cash book ₹ 3,200.
(ii) Cheque issued but not presented for payment ₹ 1,800.
(iii) Cheque deposited but not collected upto March 31, 2017 ₹ 2,000.
(iv) Bank charges debited by bank ₹ 150.
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On March 31 2017 the cash book showed a balance of ₹ 3,700 as cash at bank, but the bank passbook made up to same date showed that cheques for ₹ 700, ₹ 300 and ₹ 180 respectively had not presented for payment, Also, cheque amounting to ₹ 1,200 deposited into the account had not been credited. Prepare a bank reconciliation statement
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The cash book shows a bank balance of ₹ 7,800. On comparing the cash book with passbook the following discrepancies were noted:
- Cheque deposited in bank but not credited ₹ 3,000.
- Cheque issued but not yet present for payment ₹ 1,500.
- Insurance premium paid by the bank ₹ 2,000.
- Bank interest credit by the bank ₹ 400.
- Bank charges ₹ 100.
- Directly deposited by a customer ₹ 4,000.
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