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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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Give any three examples of revenues
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Distinguish between debtors and creditors; Profit and Gain
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The role of accounting has changed over the period of time”- Do you agree? Explain
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Giving example, explain the following accounting term:
Fixed assets
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Giving example, explain the following accounting term:
Revenue
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Giving example, explain the following accounting term:
Expenses
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Giving example, explain the following accounting term:
Short-term liability
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Giving example, explain the following accounting term:
Capital
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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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