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If the total of the Credit side exceeds the total of debit side, then this would be represented by a ………. Balance

Salary paid to Ramesh is Rs 20,000 per month. Salary is paid to him on 5th of next month for the services rendered by him during the previous month. What shall be the amount of outstanding salary as on 31st March 2018?

When a machinery is purchased for cash, the cash balance is reduced and to that extent, the amount of machinery as an asset is recorded. This is done to follow which of the following accounting principles:

On February 14, 2011, Rashmi sold good Rs. 7,500 to Alka. Alka paid Rs. 500 in cash and for the bank balance accepted a bill of exchange drawn upon her by Rashmi payable after two months. On April 10, 2011, Alka approached Rashmi to cancel the bill since she was short of funds. She further requested Rashmi to accept Rs. 2,000 in cash and draw a new bill for the balance including interest Rs. 500. Rashmi accepted Alka's request and drew a new bill for the amount due payable after 2 months. the bill was accepted by Alka. The new bill was duly met by alka on maturity.
Record the necessary Journal entries in the books of Rashmi and Alka and prepare Alka's Account in the books of Rashmi's and Rashmi's account in the books of Alka.

Explain briefly any six advantages of accounting.

The accountant of a firm is required to prepare a bank reconciliation statement for the month of March. The opening balance of cash on 1st March was Rs 1,20,000 while the opening balance as per bank column of cash book was Rs 9,50,000. The closing balance of cash as on 31st March was Rs 90,000 while the closing balance as per bank column of cash book was Rs 15,40,000. Which of the following shall be taken by him for starting the preparation of BRS?

Mr. Vijay has a business of selling of wheat, grains & pulses. Which of the following are goods for this business?

Vinod owed Rs.10,000 to Mohan. Mohan wrote a bill of exchange for Rs.10,000 on Vinod for three months, which was duly accepted by Vinod. Mohan discounted the bill with Bank at a discount of Rs.100. On maturity, Bill was dishonoured. Bank paid Rs.20 as noting charges. Pass journal entries in the books of Mohan.

Mr. X has borrowed a sum of Rs 10,000 from Mr. Y who has a business of selling pulses. Which of the following is correct?

The accountant's word to indicate that an entry will be recorded on the right-side of an account is ___.

Cancelling an old bill and drawing a new bill is called renewal of a bill. Do you agree?

Which of the following statements are incorrect with regard to the assets of any company?

Depreciation is a process of:

If unearned income is credited to the profit and loss account would it be correct?

What is the primary reason for the business students and others to familiarise themselves with the accounting discipline?

Discuss in detail the straight-line method and written down value method of depreciation. Distinguish between the two and also give situations where they are useful.

On January 1, 2011, Vibha sold goods worth Rs. 18,000 to Sudha and drew upon the latter a bill of exchange for the same amount payable after two months. Sudha accepted Vibha draft and returned the same to Vibha after acceptance. Vibha endorsed the bill immediately in favour of her creditor Geeta. Five days before the maturity of the bill Sudha requested Vibha to cancel the bill since she was short of funds. She further requested to draw a new bill upon her including interest of Rs. 200. Vibha accepted Sudha's request. Vibha took the bill from Geeta by making hte payment to her in cash and cancelled the same. Then, she drew a new bill upon Sudha as agreed. The new bill was payable after one month. The new bill was duly met by Sudha on maturity.
Record the necessary Journal entries in the books of Vibha.

In which of the following methods of charging depreciation, it is charged on Written down value of the asset?

Explain the double entry mechanism with an illustrative example.

Give the characteristics of Journal.
.

Name the software which is developed for a user in general?

If liabilities increase by 3,000 and equity increases by 2,000, what is the effect on assets?

Error of Principle arises when?

Give Journal entries for the following:

(i) Received only 60 paise in rupee from official receiver of Mr. Vinod who owed Rs. 10,000.

(ii) Paid Rs. 7,300 to Viond in full settlement of his acocunt of Rs. 7,500.

(iii) Received cash from Vinod for a bad debt written off last year Rs. 500.

Explain determinants of the amount of depreciation.

On 1st April, 2013, a merchant purchased a furniture costing Rs. 55,000. It is estimated that its life is 10 years at the end of which it will be sold for Rs. 5,000. Additions are made on 1st April, 2014 and 1st April, 2016 to the value of Rs. 9,500 and Rs. 8,800 (Residual values Rs.500 and Rs. 400 respectively). Show the furniture account for the first four years, if depreciation is written off according to the straight line method, and the merchant closes his books on 31st March, every year, assuming that the additions made to the furniture are an integral part of the furniture and will lose their utility with the expiration of the useful life of the original furniture.

All direct expenses related to business are charged to:

Why are e-business and outsourcing referred to as the emerging modes of business? Discuss the factors responsible for the growing importance of these trends.

A written explanation below each journal entry is known as:

When it is certain that a debt won’t be recovered, which of the following is correct?

Sales book records ___ sales only.

Carriage inwards is charged to the trading account because:

What is the unit of time used to classify different computers based on speed?

When computer is purchased for cash, what will be the impact on accounting equation?

A fort provisioned for 42 days, after 10 days, a reinforcement of 200 men arrives and the food will now last for 24 more days. How many men were there in the fort?

Salvage value means ___

The owner writes a cheque in his favor for withdrawal of money from bank for business. Which account shall be debited in this case?

Goods purchased from Sohan for Rs 300 has been recorded as Rs 3000. To rectify the same, which of the following is correct?

The total of Sales book is posted to the ___ of sales account.

Question 30

___ expenses are the additional expenses incurred by a buyer for an item over and above its cost of purchase.

Rectify the following errors.

(a) Furniture purchased for Rs. 10,000 wrongly debited to purchase account.

(b) Machinery purchased on credit from Raman for Rs. 20,000 was recorded through purchase book.

(c) Repairs on machinery Rs. 1,400 debited to machinery account.

(d) Repairs on overhauling of second hand machinery purchased Rs. 2,000 was debited to repair account.

(e) Sales of old machinery at book value of Rs. 3,000 was credited to sales account.

Enter the following transactions in purchase book of M/s Ram Singh and pass the journal entry showing effect of all the transactions.

$\begin{array}{cc}2016& \\ \text{Jan 1}& \text{Purchased goods from Vansh Brothers on credit vide Invoice No.210;}\\ & \text{10 Philips tubelights Rs 40 each, paid GST 10 \%}\\ & \text{50 Crompton bulbs Rs 10 each, paid GST 10 \%}\\ \text{Jan 10}& \text{Purchased goods from Mayur Electric Store vide Invoice No.18;}\\ & \text{25 Heaters Rs 160 each, paid GST 10\%}\\ & \text{15 Sunny fans Rs 600 each, paid GST 10\%, 10\% trade discount,}\\ \text{Jan 16}& \text{Purchased goods from Ganpat Electric Store vide Invoice No. 125};\\ & \text{5 Dozen Philips bulbs Rs 10 each, paid GGST 10\%}\\ & \text{20 power plugs Rs 25 each, paid GST 10\%}\\ & \text{The trade discount is 10\% and feight charges are Rs 75.}\end{array}$

Note Here, we have taken the assumed rate of GST.

Explain the concept of depreciation. What is the need for charging depreciation and what are the causes of depreciation?

Distinguish between 'provision' and 'reserve'.

What is the accounting period principle? Who is required to adopt this principle compulsorily?

Ascertain the appropriate missing figure from the following information :

Bills receivables as on March 31, 2018 Rs. 20,000,
Bills receivables as on March 31, 2017 Rs. 16,000,
Bills collected Rs. 21,000,
Bills receivable of Rs. 1,00,000 discounted with a bank at a discount of Rs. 4,000,
Bills receivable of Rs. 50,000 endorsed in favour of creditors.
Bills receivable (which were retained ) dishonoured Rs. 25,000.

Explain "Economic Feasibility".

If the true value for a result is 2.00 g and a student takes 2 measurements and reports the results as 1.95 g and 1.93 g, then we can conclude that:

Name three components of a Transaction Processing System.