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Sonu, Sumit and Sahil are partners of sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st December, 2014 was as follows :

$\begin{array}{cccc}\text{Liabilities}& \text{Amount}& \text{Assets}& \text{Amount}\\ & \left(\text{Rs}\right)& & \left(\text{Rs}\right)\\ \text{Sundry Creditors}& 50,000& \text{Cash at Bank}& 25,000\\ \text{Capital A/c's}:& & \text{Sundry Creditors}& 50,000\\ \text{Sonu}& 2,00,000& \text{Stock}& 75,000\\ \text{Sumit}& 80,000& \text{Machinery}& 1,00,000\\ \text{Sahil}& 70,000& \text{Building}& 1,50,000\\ & 4,00,000& & 4,00,000\end{array}$

Partners decided that with effect from 1st January, 2015, they would share profits and losses in the ratio 3 : 2 : 1. It was agreed that :

(a) Stock be valued at Rs 70,000.

(b) Machinery to be depreciated by 20$\%$

(c) A provision for doubtful debts be made on debtors 5$\%$.

(d) Building to be appreciated by 15$\%$.

(e) A liability for Rs 9,500 included in Sundry Creditors is not likely to arise.

(f) Goodwill of the firm is to be valued at Rs 90,000.

Partners agreed that the revised values of assets and liabilities are not to be recorded in the books. You are required to record the change by passing a single Journal entry with necessary working note. Also prepare the revised Balance Sheet.

Describe the events recorded in accounting systems and the importance of source documents in those systems?

Madhukar Ltd. purchased a truck for Rs.7,50,000 on 1st July, 2014. Depreciation is charged on truck 15 % per annum on straight line method. On 1st October, 2016, the truck met with an accident. It was sold for Rs.2,00,000. Prepare truck account for three years assuming that the company closes its books on 31st December every year.

A business firm creates provisions against doubtful debt under which of the following conventions

Describe how accounts are used to record information about the effects of transactions.

The Modern Enterprises reported all assets in the balance sheet at current market value. This action is a violation of:

State the meaning of a trial balance.

A journal entry in which two or more account is debited or credited is referred as ___.

The managerial commission is classified as:

Trial Balance is prepared with a view to verify arithmetical accuracy.

Prepaid expense is treated as ______

Owner's funds comes under the category _______

Prepare single column cash book for the month of April 2016 of Lalit, a trade from the following particulars and post them into ledger.

$\begin{array}{ccc}2016& \text{Particular}& \text{Amt(Rs)}\\ \text{Apr 1}& \text{Cash in hand}& 75,000\\ \text{Apr 2}& \text{Cash sales}& 7,80,000\\ \text{Apr 3}& \text{Deposited cash into bank}& 6,00,000\\ \text{Apr 3}& \text{Paid Cheque to creditors of Rs 1,49,700 after deducting cash discount of}& 9,300\\ \text{Apr 4}& \text{Wages paid in cash}& 67,500\\ \text{Apr 4}& \text{Cash sales of Rs 5,40,000 of which Rs 4,50,000 were banked on 7th April}& \\ \text{Apr 9}& \text{Paid cash to tranport corporation of India Rs 13,500 against their bill number 265}& \\ \text{Apr 15}& \text{Cash sales Rs 4,50,000 of which 3,60,000 were banked on 16th April}& \\ \text{Apr 17}& \text{Paid to cleaner in cash}& 10,800\\ \text{Apr 19}& \text{Cash sales}& 3,42,000\\ \text{Apr 20}& \text{Deposited cash into bank}& 2,25,000\\ \text{Apr 20}& \text{Paid cash for window cleaning}& 5,400\\ \text{Apr 21}& \text{Purchased goods on credit}& 45,000\\ \text{Apr 25}& \text{Paid csh for rates}& 1,08,000\\ \text{Apr 26}& \text{Cash sales}& 5,76,000\\ \text{Apr 28}& \text{Paid cash to Dharma, a creditor after deducting discount Rs1,500}& 28,500\\ \text{Apr 29}& \text{Paid electricity bill in cash}& 27,000\\ \text{Apr 30}& \text{Cash collected from Karun (Debtor)Rs 1,35,000 after allowing discount of Rs 7,500}& \end{array}$

Briefly explain in steps the method of creating a query, using wizard.

Invoices/ Bills are the basis of recording ___ book.

What are the features of reconciliation?

What is meant by provision for doubtful debts? How are the relevant accounts prepared and what journal entries are recorded in final accounts? How is the amount for provision for doubtful debts calculated?

Which of the following accounts are not balanced?

Roshan,a Chartered Accountant earned Rs.12,00,000 during the financial year 2015-2016,out of which he received Rs.10,50,000.He incurred expenses of Rs.5,10,000,out of which Rs.1,20,000 are outstanding.He also received his fees relating to previous year Rs.1,35,000 and also paid Rs.60,000 due on expenses of last year.Find out Roshan's income for 2015-2016 following the cash basis and accrual basis of accounting.

The final outcome of the process of normalisation is called ________.

Errors that affect one account will affect the agreement of the Trail balance. If the errors cannot be located immediately and rectified, then the difference in trial balance is kept in a separate account called ___

According to which concept, Financial statements are prepared on regular intervals which is generally yearly.

What is the difference between the final standings of Blue house and Gray house?

An amount of Rs 20,000 was received from Mr. X for the goods he purchased on credit but at the time of recording the transaction, Rs 20,000 was credited to the account of Mr. Y. Which type of error is this?

Raj's father wants to save Rs. 1,00,000 so that he can gift the money to Raj on his graduation day. Which type of deposit should he open with the bank?

Information about an item is ___ , if its omission or misstatement might influence the decisions of the users of financial statements taken on the basis of that information.

Which of the following accounting concepts or principles require the calculation of depreciation of the fixed assets?

Calculate the gross profit /loss if:

Sales Rs. 60,000; Cost of sales Rs. 50,000; Opening stock Rs. 10,000; Purchases Rs.40,000; Wages Rs. 20,000 and Office rent Rs. 10,000.

A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account

The accounts you would find in a Sales Ledger are those of :

Credit Sales to A of Rs.600 not recorded in the books would effect:

Kapil purchased goods for Rs. 21,000 from Gaurav on 01.02.2011 and accepted a bill of exchange drawn by Gaurav for the same amount. The bill was payable after one month. On 25.02.2008, Gaurav sent the bill to his bank for collection. The bill was duly presented by he bank. Kapil dishonoured the bill and the bank paid Rs. 100 as noting charges.
Record the necessary Journal entries for the above trransactions in the books of kapil and Gaurav.

What is meant by dishonour of a bill of exchange?

Rohit has the following transactions

$\begin{array}{cc}& \\ & \left(Rs\right)\\ \text{(a)Commenced business with cash}& 1,50,000\\ \text{(b) Purchased machinery on credit}& 40,000\\ \text{(c) Purchased goods for cash}& 20,000\\ \text{(d) Purchased car for personal use}& 80,000\\ \text{(e) Paid to Creditors in full settlement}& 38,000\\ \text{(f) Sold goods for cash costing Rs 5,000}& 4,500\\ \text{(g) Paid rent}& 1,000\\ \text{(h) Commission received}& 2,000\end{array}$

Prepare the accounting equation to show the effect of the above transactions on the assets, liabilities and capital.

A company sells an old delivery van for Rs8,000 at the end of the year. The company uses the straight-line depreciation method. The delivery van cost Rs30,000. The accumulated depreciation is Rs20,000. Which of the following is correct

Dishonour of a bill is recorded in:

If the manager is entitled to a commission of 5% on profit before deducting the commission and the profit before deducting the commission is Rs. 18,900, what will be the commission?

Closing capital= Rs. 2,00,000, Profit = Rs. 50,000, Drawings = Rs. 5,000, what will be the opening capital ?

What will be the entry to record depreciation, if accumulated depreciation account is used by company?

A currency trader quotes the following on 11 November 2010 at 2:30 p.m. On the basis of the data, answer the following questions.

Q11. A man wants to convert Rs.1,00,000 into foreign currency other than Y. He wants to buy that currency, which will give him the maximum number of units of that currency. Which currency should he buy?

Explain any six points highlighting the utility of accounting standards.

Failure to differentiate between capital and revenue expenditures is called _________________.

Which of the following is not CLEAR?

Increase in expense will be shown on _____ side of expenses account.

Under vertical presentation, the final accounts are prepared in a form of the statement with different items being shown one _____ the other.

Which of the following would not appear on the balance sheet?

Rs Ltd purchased a vechile for Rs. 4,00,000. After 4 years its salvage value is estimated at Rs. 40,000. Find out the amount of depreciation to be charged every year based on straight line basis, and also show the vehicle account as would appear for four years assuming it is sold for Rs. 50,000 at the end of the fourth year when depreciation is charged to asset account. Prepare the ledger in the books of account of RS. Ltd.

Prepare accounting equation from the following

$\begin{array}{cc}|& \\ & \left(Rs\right)\\ \text{(a) Kunal started business with cash}& 2,50,000\\ \text{(b)He purchased furniture for cash}& 35,000\\ \text{(c) He paid commission}& 2,000\\ \text{(d) He purchase goods on credit}& 40,000\\ \text{(e) He sold goods(costing Rs 20,000) for cash}& 26,000\end{array}$

Carriage Transport Company purchased 5 trucks at the cost of Rs 2,00,000 each on April 1, 2001. The company writes off depreciation $20\%$ per annum on original cost and closes its books on December 31st, every year. On October 1, 2003, one of the trucks is involved in an accident and is completely destroyed. The insurance company has agreed to pay Rs 70,000 in full settlement of the claim. On the same date, the company purchased a second-hand truck for Rs 1,00,000 and spent Rs 20,000 on its overhauling. Prepare Truck account and Provision for depreciation account for the three years ended on December 31, 2003. Also, give Truck account if truck disposal account is prepared.

Amortization of intangible assets and depletion of natural resources is conceptually similar to depreciation of constructed assets. Is the statement correct?