Please select a subject first
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Answer in one sentence only.
How is the closing capital calculated under Single Entry System?
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Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.
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Select the most appropriate answer the alternatives given below and rewrite the Sentence
In statement of profit or loss interest on Capital in shown as _____________.
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Select the most appropriate answer the alternatives given below and rewrite the Sentence.
If Opening Capital is Rs 40,000, Closing Capital is 90,000 Rs, Withdrawals is Rs 5,000 and additional Capital brought in is Rs 10,000 Profit is Rs ______________.
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(b) credit
(c) asset
(d) liability
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State, whether the following statements is True or False.
In private placement shares are issued to public through prospectus.
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State, whether the following statements is True or False.
Private placement method saves time and cost.
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State True or False.
Drawings made during the year decreases the profit under single entry system.
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Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.
Receipts and Payments Account
for the year ended on 31 March, 2016
Dr. Cr.
| Receipts | Amount | Payments | Amount |
| To Balance b/d | By Salaries | 67,000 | |
| Cash in hand | 7,950 | By Electricity | 26,200 |
| Cash in bank | 50,800 | By Books | 41,300 |
| To Life membership fees | 20,500 | By Furniture | 45,000 |
| To Donations | 1,00,000 | By Stationery | 18,300 |
| To Tuition fees | 1,30,000 | By Fixed deposits | 2,00,000 |
| To Term fees | 1,00,000 | By Balance c/d | |
| To Admission fees | 40,000 | Cash | 1,450 |
| Bank | 50,000 | ||
| 4,49,250 | 4,49,250 |
Additional information :
| Particulars | 01.04.2015 Amount (Rs) | 31.03.2016 Amount (Rs) |
| Furniture | 40,000 | 75,000 |
| Building Fund | 1,50,000 | ............ |
| Fixed deposits | 1,60,000 | ............ |
| Capital Fund | 1,20,750 | ............ |
(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.
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Give one word/phrase/term which can substitute the following statement:
Fees charged by Notary Public for getting the fact of dishonour noted.
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Give one word/phrase/term which can substitute the following statement:-
Officer appointed by government for noting of dishonour of bill.
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Ganesh draws a bill for ₹ 40,260 on 15th Jan. 2020 for 50 days. He discounted the bill with Bank of India @15% p.a. on the same day. Calculate the amount of discount.
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Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months. Calculate amount of discount in the following cases:
i) Shefali Traders discounted the bill on the same day @ 12% p.a.
ii) Shefali Traders discounted the bill on 1st Nov. 2019 @ 12% p.a.
iii) Shefali Traders discounted the bill on 1st Dec. 2019 @ 12% p.a.
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Veena who had accepted Sudha’s bill for ₹ 28,000 was declared bankrupt and only 35 paise in a rupee could be recovered from her estste. Calculate the amount of bad debts.
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Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the balance plus interest @ 18% p.a. for 4 months. Calculate the amount of new bill.
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Nisha’s acceptance for ₹ 16,850 sent to bank for collection was honoured and bank charges debited were ₹ 125. Find out the amount actually received by Drawer.
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A bill of ₹ 16,000 was drawn by Keshav on Gopal on 12th June 2019 for 2 months. What will be the due date, if all of sudden, the legal due date is declared as an emergency holiday?
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On 1st Jan. 2020 Hemant sold goods of ₹ 18,500 to Nitin. On the same date, Hemant drew a bill of exchange for ₹ 18,500 at 2 months. On the due date, the bill was duly honoured.
Give Journal Entries in the Books of Hemant and Nitin. Prepare Hamant’s account in the books of Nitin.
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Neha sold goods to Rohan's ₹42,000 on 6th Sept. 2019. Neha drew a bill of exchange at 3 months for the amount which was accepted by Rohan. Neha disounted the bill with her bankers at ₹ 41,000. On the due date of the bill, Rohan dishonoured the bill and bank paid ₹ 300 as Noting Charges
Show Journal Entries in the Books of Neha and Rohan.
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Jyoti owes ₹ 31,000 to Swati for which was draws a bill on Jyoti for 2 months. The bill was duly accepted by Jyoti. Swati sends the bill to bank for collection. Jyoti honoured the bill on the due date and bank charges ₹ 475 as bank charges.
Give Journal Entries in the Books of Swati.
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