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I hope
one--= mobile Rs 10000
& shops BICYCLE of 4000 t.
and remains 1000 SHOP GIFT for mom-♡-dad

1)The answer is.. Current YEAR's profit will be overstated by 5000..if the Closing stock is overvalued by 5000...

Now Lets go by an example.... for example take... opening stock as 10000 closing stock is 40000..

then the profit will be 40000-10000=30000

so..if the Closing stock is overvalued by 5000(in the previous year).what will be the result..its simple..

45000-10000=35000..

What is the original(correct) profit=30000(current year)

what is the profit after jack's mistake=35000(wrong current year's profit)

..so profit will be overstated by 5000(35000-5000)..

2) it remains unaffected... because.

amount was paid to harry for rent..

Journal Entry will be...

Rent a/c Dr 1000

To cash a/c 1000

(being rent paid to harry)

but wrong entry made by jack is

Inshan a/c Dr 1000

To cash a/c 1000

(being cash paid to Debtor)

all assets and EXPENSES come under debit side of the trail balance..

rent is an expense ,cash,inshan are assets..so all of them will come under debit side of the trail balance only...
so 1000 in first case...and also 1000 in the second case(wrong entry) will not affect the balance know!..

But there will affect on profit.. profit will be overstated by 1000... because here revenue EXPENDITURE is treated as capital expenditure..(point three below)

3) The profit will be overstated by 2000 ... because..
the expenses will be understated..which leads to the overstatement of the Profit as well as overstatement of the asset(capital asset on which expenditure is capitalised)

eg.. take income 5000 and Rent(revenue expenditure example) paid 2000 is recorded as Furniture bought 2000..

if rent is correctly recorded..

then income - expenses= 5000-2000 = 3000 is the profit...

Now if rent is not recorded properly by jack

Rent(revenue expenditure example) paid 2000 is recorded as Furniture bought 2000..

then income - expenses= 5000 - 0 =5000..
(furniture is an asset.cost INCURRED on it is not deducted from income to arrive at profit)

And also furniture is overstated by 2000.

as u can see.. correct profit = 3000

Profit due to JACKS mistake= 5000

.. overstated profit = 5000-3000 =2000..

4) profit before the correction = 40000...

in the first case.. profit is wrongly overstated by 5000..so we should deduct it..

In the second case..the profit is overstated by 1000.s o we should deduct it..

in the third case.. profit is overstated by 2000..so we should deduct it...

so corrected profit will be

40000 - 5000 -1000- 2000=32000. is the answer (correct profit)

Heyaa,,
entry;
1. CASH a/c Dr.
to capital a/c.
(being BUSINESS COMMENCED with cash)
2.in second no any transaction happen so, there will be no entry...
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Note:- The mode of payment is not MENTIONED so i will take it as Cash/Bank

Opening a bank account..amounts to an asset (incoming)

Opening it with a Cash/Cheque..that means we are paying AMOUNT (cash in bank) via Cheque/cash.... so it Amounts to (outgoing) decrease in Asset...

so this transaction AFFECTS TWO accounts ...SBI Bank a/c (new)....and cash account /bank account (old) is a Real account (all ASSETS and Liabilities come under Real account)


we know that...

Real Account - Debit what comes in credit ,what goes out


so.... The Journal Entry will be..

SBI Bank(new) a/c Dr. ××××

To Bank/cash a/c. ×××××

(being account opened with Cheque/cash)

Sorrr I don't have the. ANS

But QUESTIONS KAHA HAI

A's Capital A/c ...Dr. 18,666
B's Capital A/c ...Dr. 14,000
C's Capital A/c ...Dr. 9,334
To Goodwill A/c 42,000
(Being the EXISTING VALUE
of Goodwill written off
in the OLD ratio)

Withdrawal of cash from atm for office use ..

even if the money is withdrawn from Atm...still AMOUNT is actually paid by BANK..so ATM a/c is an inappropriate thing..Bank a/c is the correct one..

so this transaction affects two accounts ... Cash a/c and Bank accounts are REAL accounts.. (they are because because cash(cash in hand) and Bank(cash at bank) are assets..and All assets and Liabilities come under Real account)


we know that...

Real account - Debit what comes in, CREDIT what GOES out..

so.... The Journal Entry will be..

Cash a/c Dr. ××××

To Bank a/c. ×××××

(being cash withdrawn from bank )

1. the LIQUID in which a solute is DISSOLVED to form a solution.

2. insufficient to pay all debts. an INSOLVENT estate.

Objectives of accounting in any business are; systematically record transactions, sort and ANALYZING them, PREPARE financial STATEMENTS, assessing financial position, and aid in decision making with financial data and information about the business.

You can Google it to search the official site of the school.

Simply, TYPE in the KEYWORDS and you will see a list, now look up for official site and click on it.

You can visit the page and search through it.

Also, there is an OPTION for an admission which MIGHT have your result.

At FIRST COMPLETE the QUESTION then I will EDIT my ANSWER..

A ledger is the PRINCIPAL book or computer file for recording and totaling economic transactions MEASURED in terms of a monetary unit of account by account TYPE, with debits and credits in separate columns and a beginning monetary BALANCE and ENDING monetary balance for each account

INTRODUCTION

In this article we are going to discuss the process of rectification of errors which can crop up into the bookkeeping process.  Since bookkeeping is a manual process, when transactions are recorded it may so happen that some mistakes or errors creep into the records.

The errors maybe either clerical or related to accounting principles.

Some of these errors will affect the agreement of the trial balance and some others will not.

Watch Our Video Tutorials [Hindi]here

WHY RECTIFICATION OF ERRORS IS REQUIRED?

It is the primary objective of the accounting process to provide correct information to the users of FINANCIAL statements. If any material error remains UNIDENTIFIED then the results communicated by the financial statements will be misleading.

Whenever an error occurs, it should be rectified through proper rectification. Otherwise the books of accounts cannot exhibit the true and correct view of the state of affairs of a business and its financial results.

So it is very important that we identify and rectify all material errors in the books of accounts.

 

POINTS OF TIME AT WHICH ERRORS CAN BE DETECTED

The errors may be detected:

Before preparation of the trial balance;After preparation of the trial balance but before preparation of final accounts; andAfter preparation of final accounts.



The rectification of the errors will be guided by

the nature and effect of the errors and

the point of time at which the errors have been detected.

TYPES OF ERRORS



A. ON THE BASIS OF NATURE

1. ERROR OF OMISSION:

It results from a complete or partial omission of RECORDING a transaction.

For example, a transaction may be recorded in the subsidiary book but omitted to be posted to any of the ledger accounts.  This is a case of partial omission.

However, if a transaction is totally omitted to be entered in the books then it is a case of complete omission.

A complete omission will not affect the agreement of the trial balance but a partial omission will affect the agreement of a trial balance.

2. ERROR OF COMMISSION:

It results from an act of commission i.e. entries wrongly made in the journal or ledger.  It may be an

error of posting,error of casting,entering wrong amounts,entering a transaction in a wrong subsidiary book etc.  

Unless the effects of errors of commission counterbalance each other, the agreement of the trial balance becomes affected.

3. ERROR OF PRINCIPLE:

It Is an error occurring due to wrong application of basic Accounting Principles.  The main reason behind such an error is incorrect classification of capital and revenue items.

For example,  purchase of an Asset may be recorded through the Purchase day book instead of debiting the Asset account.  Or wages paid for the installation of an asset may be debited to the wages account  instead of debiting the asset account with the amount of wages.

An error of principle will not affect the agreement of a trial balance. However, it will result in misrepresentation of the state of affairs and operational results of a business.

4. COMPENSATING ERRORS:

If the effect of an error is counterbalanced or cancelled out by the effect of another error or errors  then such errors are known as compensating errors.  Since the compensating errors as a whole cancel out the effect of each other,  the agreement of trial balance is not affected. Thus it becomes difficult to detect such errors.

B. ON THE BASIS OF EFFECTS:

1. ONE SIDED ERRORS:

One sided error is an error whose effect falls on only one account.  It may arise due to

Wrong casting of any day book;Posting made to the Wrong SIDE of the relevant account;Duplicate posting of the same amount  in an account.

One Sided errors cause a disagreement of the trial balance and hence are easy to detect.

2.  TWO SIDED ERRORS:

A Two sided error maybe

Affecting two accounts at the same direction and not affecting the agreement of the trial balance.  For example Mr A’s account creditedinstead of Mr B account for an amount received from Mr B.Affecting two accounts at opposite direction and affecting the agreement of the trial balance.  For example, Mr A’s account debitedinstead of Mr B account being credited for an amount received from Mr B.

The main intention of preparing APROFIT and loss appropriation ACCOUNTIS to show the DISTRIBUTION of profitsamong the partners. It is DEBITED with INTEREST on capital and remuneration to partners and credited with the netprofits b/d from the profit and loss account and interest on drawings.

MAINLY ACC EQUATION , TALLYING AND JOURNAL ENTRIES

ANSWER:

no PAR . mummy Ka le SAKTA h

Cash a/c ., dr 10000
STOCK a/c ., dr 5000
Machinery a/c ., dr 70000
Debtors a/c ., dr 25000
To Capital 105000
To Creditors 5000

Heyaa,,
no one should be declared insolvent. because here money is RECEIVED so, we can't say that the AMOUNT is baddebts. if she is unable to pay the next installment then shabana will be declared as insolvent and the rest amount is WRITTEN as bad DEBTS.
entry;
bad debts a/c DR
to shabana a/c
(being shabana declared insolvent)


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Journal ENTRY for This TRANSACTION :-

Drawings A/c---------Dr. [Amount ]
To Purchase A/c [ Amount ]

(Being , goods taken by the proprietor for household/ PERSONAL use )

Explanation :-

Drawings means cash , goods or services DRAWN by the owner , investor for self consumption....i hope it helps you

==============================

Purchases a C Dr.
To CREDITORS a c

Plz mark it as BRAINLIEST.

Answer:

GOOD to hear that you're having such good to know that you're enjoying your TIME off WELL and enjoying it ty6777 you know the way it was seen

Objectives of Cost Accounting

1.Cost Accounting is used for estimating the profit and loss of every OPERATION. It also helps to determine the management about the unit cost of SERVICE, department or job and product.
2.It is used for taking necessary financial decisions by collecting and contributing appropriate data.
3.For fixing an accurate selling price of a product, cost accounting provides necessary instructions.
4.It helps in the administration of future production policies.
5.Cost Accounting helps the administrative body to prepare and take important steps regarding the budget. It also assists them to execute budget control MEASURES for their company.
6.It provides distinguished cost audit services.
7.Cost Accounting helps in interpreting and presenting data related to planning, performance appraisal and control, assisting the administrative body.
8.It helps the management steer towards proposed capital PROJECTS and future expansion programmes.
9.Along with various departmenth eads, it helps to COMBINE the cost reduction programme.

Advantages of Cost Accounting

1.Cost Accounting is very advantageous to the government.
2.Every information on the basis of which tenders and estimates rest, is due to cost accounting.
3.It helps in revealing both moneymaking and unprofitable activities of a firm.
4.It supports an organisation by providing appropriate guidance for reducing prices even less than the total cost.
5.It helps management take apropos decision regarding expenditure towards machineries and labours.
6.Cost Accounting assists the management (administrative body) to make steadfast checks on the precision of a financial account.
7.It also helps in detecting losses in a business and also various reasons for the loss.

I think this hlps u .
Cpd frm google

The ORGANISATION, you can you PLEASE TAKE a look at the moment, but it would LIKE

Accounting is an art of recording,classifying, and summarizing in a SIGNIFICANT manner and in the term of MONEY,transaction and events which are,in part,at least,of a financial character,and interpretation the RESULTS thereof

The Accounting Equation is ASSETS = Liabilities + Equity. With accurate financial RECORDS, the equation balances.

Firstly to MAKE a journal then U make a LEDGER WITHOUT u make a journal u not make a ledger

Journal entry of rent is Received.

Rent received is an income.

Example: Rent received from tenant is of RS 5,000. If you are RENTING a room then it is a business.

In the above example, Rent is an income from the business THEREFORE shown on the credit side as rent is nominal account.

Cash A/c Dr 5,000

To Rent A/c 5,000

(being rent received from the tenant)

Intrest A/c..................DR. 500
To cash A/c 500
(Being INTEREST browwed from RADHIKA)

The SEBI was established in 1988 but was only given regulatory powers on April 12, 1992, through the SECURITIES and Exchange Board of India Act, 1992. It plays a key role in ENSURING the stability of the FINANCIAL markets in India, by attracting FOREIGN INVESTORS and protecting Indian investors.

An IPO is the first time that the stock of PRIVATE COMPANY is offered to public.

It will HELP you
mark it as BRAINLIST ANSWER

Shyam & KHAN start a business with 200000 each. Shyam add the furniture of 50000.

Khan add the COMPUTER Of 70000. Both of them did not offer equal PART in the parternership of the financial.

Shyam & Khan now could implement more research on the financial aspects that would normally GIVE more option for INCREASING the amount.

Karan ’s OLD SHARE = 3/5

Share surrendered by karan = 1/3*3/5

=3/15

Karan's NEW share = 3/5-3/15

=(3/5*3/3)-3/15

=9/15-3/15

=6/15

arjun ’s old share = 2/5

Share surrendered by arjun = 1/10*2/5

=1/25

arjun’s new share = 2/5-1/25

=(2/5*5/5)-1/25

=10/25-1/25

=9/25

bheem's new share = karan's SCARIFIES + arjun's scarifies

=3/15+1/25

=(3/15*5/5 ) + (1/25*3/3)

=15/75+3/75

=18/75

New ratio

Karan,s new ratio =6/15*5/5

=30/75

Arjun’s new ratio = 9/25*3/3

=27/75

Bheem’s new ratio = 18/75

New ratio = 30:27:18

(Or)

=10:9:6

Hope its USEFUL..!!

So that we can revaluate the NET loss or GAIN due to HAPPENING of any event like incoming of PARTNER, death of partner, chnge of ratio,etc. these give the idea of loss or profit ARISING due to an event.

___________________________________
|Date | Particular | AMOUNT | Amount |
| | | RS.(Dr.) | Rs.(Cr.) |
|--------|-------------------------------|--------------|-------------|
| | Cash A/C Dr. | XXX | |
| | To capital A/C | | XXX |
| | (Being cash in HAND)| | |
|____|_______________|_______|_______|