Please select a subject first
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Do you agree with the following statement?
Statement of Profit is just like Profit and Loss Account.
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Fill in the blank:
Single Entry System is more popular for __________.
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Fill in the blank:
Single Entity System is suitable for ________business.
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Answer in One Sentence:
What is meant by rectification of errors?
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Do you agree or disagree with the following statement:
The unintentional omission or commission of amounts and accounts while recording the transactions are known as an error.
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Do you agree or disagree with the following statement:
The errors committed due to wrong recording, wrong posting, wrong totalling, wrong balancing, wrong calculations are known as Arithmetical errors.
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Complete the following sentence:
______ is assured only when there are no errors in the books of accounts.
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Complete the following sentence:
Errors are caused due to ______ recording of transactions.
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Complete the following table:
| Sr. No. | Transactions | Debit Amount (₹) | Credit Amount (₹) |
|
1 |
Paid Income Tax ₹ 5,000 by cheque | ? | Bank A/c |
| 2 | Received from Sonali ₹ 20,000 by RTGS | Bank A/c | ? |
| 3 | Sanjay became insolvent and not received ₹ 500 | ? | Sanjay A/c |
| 4 | Purchased Horse for ₹ 10,000 |
? |
Cash A/c |
| 5 | Transferred from Fixed deposit A/c of proprietor to business Bank A/c ₹ 50,000 | Bank A/c | ? |
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Correct the following sentences and rewrite the same:
Small and large business records all transaction in subsidiary books.
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Prepare proper Subsidiary Books and post them to the ledger from the following transactions for the month of February 2018.
| 2018 February | Amt (₹) | |
| 01 | Goods sold to Virat | 5,000 |
| 04 | Purchased goods from Khushboo Traders | 2,480 |
| 06 | Sold goods to Shankar Traders | 2,100 |
| 07 | Virat returned goods | 600 |
| 08 | Returns goods to Khusboo Traders | 280 |
| 10 | Sold goods to Mahesh | 3,300 |
| 14 | Purchased from Kunti Traders | 5,200 |
| 15 | Furniture purchased from Arun | 3,200 |
| 17 | Bought goods from Kunti Traders | 4,060 |
| 20 | Return goods to Kunti Traders | 200 |
| 22 | Return goods from Mahesh | 250 |
| 24 | Purchased goods from Kirti less 10% T.D. | 5,700 |
| 25 | Sold goods to Shri Surya goods less 5% T.D. | 6,600 |
| 26 | Sold goods to Prakash Brothers | 4,000 |
| 28 | Return goods to Kirti less 10% T.D. | 1,000 |
| 28 | Prakash Brothers returned goods | 500 |
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Enter the following transactions in the Subsidiary Book of Kamal Traders.
2018 April
01 Bought from Suhas goods of ₹ 12,000 as per his Invoice No. 41.
04 Purchased from Virat goods of ₹ 11,870 less 10% Trade Discount vide Bill No. 12.
07 Bought from Kuldip goods of ₹ 11,000 less 25% Trade Discount vide Bill No. 12.
08 Bought from M/s. Art Furniture Works, Furniture for ₹ 13,000 vide Invoice No. 84.
12 Sold to Dhiraj goods of ₹ 11,500 vide Sales Invoice No. 27
13 Sold to Raja goods of ₹ 12,780 less 5% Trade Discount, vide invoice No. 88
21 Sold to Suresh goods of ₹ 8,000 less 20% Trade Discount
23 Dhiraj returned goods of ₹ 500 vide our Credit note No. 14
26 Suresh returned goods of ₹ 150 (gross) vide our Credit Note No. 115
28 Returned to Suhas goods ₹ 1,200 vide our Debit Note No. 09
30 Returned to Virat goods of ₹ 1,300 (Gross) vide our Debit Note No. 10.
30 Returned to Kuldip goods of ₹ 1,100 (Gross) vide our Debit Note No. 11.
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Enter the following transactions in the Subsidiary Books of Navyug Traders:
2018 March
01 Sold to Bharat Patil goods ₹ 10,000 at 10% Trade discount.
04 Purchased from Naresh goods of ₹ 11,000 less 10% Trade discount.
06 Purchased Furniture from M/s. Sham Furniture Works, of ₹ 15,000 for office use.
07 Bharat Patil returned 20% of the goods bought by him on 1st March above and we gave him fresh goods in exchange.
08 Sold to Sundar goods of ₹ 13,000 less 15% Trade Discount.
10 Sold to Sumit Computer for ₹ 23,800 with a book value of ₹ 24,000.
12 Placed an order with Sajan for goods of ₹ 12,000.
17 Purchased from Naresh goods of ₹ 14,000 and sold them to Kamesh for ₹ 16,000.
19 Kamesh returned us goods of ₹ 1,600 and immediately returned the same to Naresh.
23 Sold to Rakesh for ₹ 4,500 old Furniture with a book value of ₹ 4,800.
26 Returned to M/s. Sham Furniture Works, office Furniture of ₹ 4,500.
28 Sajan executed our order dated 12th March, 2018.
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Complete the following table:
| Reasons | When Normal balance as per Cash Book is given Add/Less | When Normal balance as per Pass Book is given Add/Less |
| 1) Interest debited in Pass Book only. | ||
| 2) Direct deposit made by customer in bank recorded in Pass Book | (+) | |
| 3) Cheque deposited into bank but not yet collected by bank | ||
| 4) Cheque deposited into bank is dishonoured | (+) | |
| 5) Cheque issued but not presented for payment. | (-) |
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Under Single Entry System, Profit = Closing Capital Less ______.
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Mr. Poonawala keeps his books under the Single Entry System and gives the following information.
Capital as of 31.3.2017 – ₹ 60,000
Capital as on 31.3.2018 – ₹ 1,00,000
Drawings made during the year ₹ 2,000
Additional capital introduced during the year ₹ 12,000
Calculate Profit or Loss during the year.
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Interest in Drawings decreases the amount of profit under the Single Entry System.
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Under Single Entry System, Profit = Closing Capital Less ______.
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Under Single Entry System, Profit = Closing Capital Less ______.
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Under Single Entry System, Profit = Closing Capital Less ______.
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