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The root of financial accounting system is _________
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What are source documents?
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What is meant by closing entries? Why are they passed?
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After the preparation of ledger, the next step is the preparation of ____________.
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The account which has a debit balance and is shown in the debit column of the trial balance is ____________.
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Trial balance is prepared ____________.
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Prepare a trial balance with the following information:
| Name of the account | ₹ | Name of the account | ₹ |
| Purchases | 1,00,000 | Sales | 1,50,000 |
| Bank Loan | 75,000 | Creditors | 50,000 |
| Debtors | 1,50,000 | Cash | 90,000 |
| Stock | 35,000 | Capital | 1,00,000 |
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Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?
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State the account/s affected in the following error:
Goods purchased on credit from Saranya for ₹ 150 was posted to the debit side of her account.
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Rectify the following error before preparing the trial balance:
The total of purchases book was carried forward ₹ 90 less.
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Rectify the following error before preparing the trial balance:
The total of purchases book was carried forward ₹ 180 more
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Rectify the following error before preparing the trial balance:
The total sales book was carried forward ₹ 270 less.
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Rectify the following error before preparing the trial balance:
The total of sales returns book was carried forward ₹ 360 more.
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Rectify the following error before preparing the trial balance:
The total of purchases returns book was carried forward ₹ 450 less.
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Answer in One Sentence:
What is Net Profit?
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Adjusting the cash book before preparing the bank reconciliation statement is compulsory.
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From the following particulars prepare a bank reconciliation statement of Jayakumar as on 31st December, 2016.
- Balance as per cash book ₹ 7,130
- Cheque deposited but not cleared ₹ 1,000
- A customer has deposited ₹ 800 into the bank directly.
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From the following particulars of Kamakshi traders, prepare a bank reconciliation statement as on 31st March, 2018.
- Debit balance as per cash book ₹ 10,500
- Cheque deposited into bank amounting to ₹ 5,500 credited by bank, but entered twice in the cash book
- Cheques issued and presented for payment amounting to ₹ 7,000 omitted in the cash book
- Cheque book charges debited by the bank ₹ 200 not recorded in the cash book.
- Cash of ₹ 1,000 deposited by a customer of the business in cash deposit machine not recorded in the cash book.
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From the following information, prepare bank reconciliation statement to find out the bank statement balance as on 31st December, 2017.
| Particulars | ₹ |
| 1. Balance as per cash book | 15,000 |
| 2. Cheques deposited but not yet credited | 1,000 |
| 3. Cheques issued and entered in the cash book before 31st December 2017 but not presented for payment until that date | 1,500 |
| 4. Dividend directly received by bank | 200 |
| 5. Direct payment made by bank for rent | 1,000 |
| 6. Locker rent charged by the bank not recorded in cash book | 1,200 |
| 7. Wrong debit given by the bank on 30th December 2017 | 500 |
| 8. A payment made through net banking has been entered twice in the cash book | 300 |
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From the following particulars of Raheem traders, prepare a bank reconciliation statement as on 31st March, 2018.
- Overdraft as per cash book ₹ 2,500. On the same day the balance as per bank statement is ₹ 1,99,000.
- Interest on debentures of ₹ 700 was received by the bank directly.
- Amount received by bank through RTGS amounting to ₹ 2,00,000, omitted in the cash book.
- Two cheques issued for ₹ 1,800 and ₹ 2,000 on 29th March 2018. Only the second cheque is presented for payment.
- Insurance premium on car for ₹ 1,000 paid by the bank as per standing instruction not recorded in the cash book.
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