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Bank account is debited when a bill is sent to the bank for collection.
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Following incomplete information is available from the records maintained by Mr. Premnath.
|
Particulars |
1.4.2009 |
31.3.2010 |
|
Cash Balance Bank Balance Sundry Debtors Stock Furniture Creditors 10% Bank Loan |
12,000 26,000 20,000 24,000 24,000 20,000 20,000 |
13,000 30,000 26,000 26,000 24,000 20,000 20,000 |
(1) Mr. Premnath introduced additional capital in the business amounted to Rs 15,000 on 1st January, 2010.
(2) He has paid life insurance premium Rs 10,000 from the business account and withdrawn goods worth Rs 5,000 for his personal use.
(3) Write off Rs 1,000 as bad debts and maintain reserve for doubtful debts at 5% on remaining debtors.
(4) Provide depreciation at 5% p.a. on furniture.
(5) The closing balance of sundry creditors has been overvalued by Rs 2,000 in the books of account.
(6) Provide Interest on Capital and Bank Loan @ 10% p.a.
(i) Statement of Affairs as on 1.4.2009.
(ii) Statement of Affairs as on 31.3.2010.
(iii) Statement of Profit or Loss for the year ended 31st March, 2010.
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The main objective of not for profit organizations is to earn profit.
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State whether following statement are true or false :
Financial statements include only balance sheet.
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State whether following statement is true or false :
Analysis of financial statement is a tool but not a remedy.
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State whether following statement is true or false :
Government is not interested in analysis of financial statement.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement:
The methodical classification of financial statement is called _____________.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement
Cash proceeds from issue of debentures is _______________.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement
Bills payable is _____________.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement
From financial statement analysis, the creditors are interested to know _____________.
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Give one word/term/ phrase for the following statement
Critical evaluation of financial statement to measure profitability.
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Answer the following in brief :
What do you mean by analysis of financial statements?
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Answer the following in brief :
State any three limitations of Analysis of financial statement.
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Answer the following question in one sentence only.
What is inland bill exchange?
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Answer the following question in one sentence only.
What is foreign bill of exchange?
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Give word / term or phrase for the following statement.
A bill of exchange drawn and accepted for a value received.
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Give word / term or phrase for the following statement.
The bill which is drawn in one country and payable in other country.
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Write True or False.
The inland bill which is drawn in and payable in the same country.
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Write one Word / Term / Phrase for the following statement.
Such concerns, which are formed for rendering some useful services to its members without having profit motive.
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