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Accountancy project class 11 story line
. Mr.Prem commenced business in electronic goods with a initial capital of Rs.1500000. Out of the said Rs.1500000 he paid Rs.1000000 towards purchase of goods. He further spent Rs.200000 on furnishing the shop and Rs.35000 for purchase of computer and printer. Rs.10000 in yet to paid to the supplier of computer.
He sold goods costing Rs.500000 for Rs.700000 in cash and goods costing Rs.250000 for Rs.310000 on credit. Goods sold on credit for Rs.25000 were returned being defective. These goods costing Rs.20000 were returned to the supplier. Looking into the response he decided to trade in home appliances for Rs.800000 out of which purchases of Rs.200000 were on credit.
Due to earthquake 2 LCD Television costing Rs.50000 were completely destroyed.
Mr.Prem received an insurance claim of Rs.30000.
A Customer purchased goods costing Rs.225000 for Rs.300000 and was allowed a discount of Rs.15000. He was further allowed discount of Rs.5000 for payment within agreed time.
He paid salary to shyam of Rs.55000, Rs.5000 yet to be paid. He insured the goods and paid insurance premium of Rs.10000 out of this Rs.5000 are for the next year.Mr Prem withdrew Rs.30000 for his personal use.
You are required to answer the following questions.
01. What is the amount of the capital?
02. What is the amount of the fixed assets?
03. What is the amount of purchases?
04. What is the amount of long term liabilities?
05. What is the amount current liabilities?
06. How much expenses incur during the year?
07. What is the amount of prepaid expenses?
08. What is the amount of outstanding expenses?
09. What is the income earned?
10. What is the amount due from debtors?
11. What is the amount due to creditors?
12. What is the value closing stock?
13. What is the amount of trade discount?
14. What is the amount of cash discount?
15. What is the amount of drawings?
16. What is the amount of sales return?
17. What is the amount of purchase return?
I Get 6.6 cgpa but how cani calculate the percentage ?
d k goel chapter 1 page no. 1.94 q44 solution
Which account(personal,real or nominal) is investment A/c and discount recievable A/c?Give explanation.
what is the difference between book keeping and accounting?
''Non-monetary transactions are not recorded in the books of accounts'' . explain .
"Accounting is not fully exact"- PLease explain the statement
what is the meaning of the terms credit and debit?what is the meaning of the line or phrase"credit in debit out"????explain with a suitable example i am not able to undrestand what these terms actually mean in a transaction pls explain thoroughly so that i can get the concept clear in my mind!!!!pls help guys!
Distinguish between trade discount and cash discount.
Which r the best guide books for commerce class 11 for subjects- Accountancy, Business Studies, Informatic Practices, Economics and English ?
closing stock is valued at lower of cost or market price.which concept of accounting is applied here.
speech on health and fitness
and how to maintain it.please help me
what is meant by financial character?
give solution of question of juneja chawla plz
what are the different types of accounts ? give three examples of each.
What are Contingent Liabilities? Explain with examples.
limitations of accounting-briefly explain
difference between single entry and double entry system of book keeping
paryavaran ko kese bachaye
mr.prakash started a business of buying and selling gift boxes with rs3,50,000 as an initial investment
how will you deal with the following items in accounting equation ?
(a) outstanding expenses
(b) prepaid expenses
types of vouchers
A firm has received a large order to supply the goods. Will it be recorded in the books of accounts? Why or why not?
HELP.I'm in 11th class and in Commerce with IP (CBSE)stream &My final exams are starting from 22nd Feb 2013, I'm really scared for Accountancy and Economics because I'm not good at it, the whole book is coming in the exams but I want to know what portions should I study to at least get passing marks? Because there's a lot to study and very little time,I hope you guys will help me out with this.
"The role of accounting has changed over the period of time " Explain.
who is father of accounting
Explain briefly the parties interested in accounting information?
the qualitative characteristics of accounting information.
WHAT IS MEANT BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ?
Accountancy project story line class 11 how to start a business
accounting and state its objectives.
list of 50 business transactions
briefly explain the functions of accounting
briefly explain different branches of accounting
what is ratio analysis.
What Is Double Entry System Of Accounting? (2marks)
What is Journal Proper ?(2 marks)
What is Concept? (2marks)
What is a Cash Discount ? (2 marks)
Who is a debtor? (2 marks)
Explain qualitative characteristics of accounting information
what type of information is required by iong term lenders.
what is creditworthiness
how is accounting influenced by personel judgement
.1ghyansham is a furniture dealer .which of the following is not recorded in his bookk $what is the reason
a.purchase of timber for rs10000
b.sofa set worth rs20000 taken to his home
c.sale of household furniture for rs2000
d.dining table of rs15000 given to his friend as gift
1.1 which f the following tranaction is of a financial character& will be recorde in the business
a.goods taken from the business by the propieter for her personel use
b.interviewing the candidate for employment
c.sale of household furniture rs5000
d.receved an order for sales of goods
2.confidence $ trust that the reported information is a reasonable representation of the actual items and events ,that have ocurred, depicts which qualitative characteristic of accounting information
solutions of subsidiary books-cash book
define: internal and external liability
what is double entry system of bookkeeping?
Q1. Name the branch of commerce, which keeps a record of monetary transactions in a set of books.
Q2. On 1st January, Mr. Vinit was appointed as marketing manager of the firm with a salary of 50,000 per month .State whether this event will be recorded in the books of accounts?
Q3. A firm follows a practice of giving the figures of previous year along with the figures of current year. Now the accountant of the firm wants to discontinue this practice. Do you justify this decision?
Q4. Principal of a public school conducted an interview of candidate for selection of an accountancy teacher Miss. Aruba was selected and was given an appointment letter wherein her salary was stated as 30,000 per month. Will it be recorded in the books of accounts?
Q5. What is the value involved in adopting the same method of depreciation year after year?
Q6. Ms.Preeti, an electronic goods dealer, gifted a washing machine valued 25,000 to her friend Suruchi. Will it be recorded in the books of accounts?
Balancing T-AccountsThe last element of the account that we need to cover is itsbalance.
An accountsbalanceis the amount of that item at a particular point in time.
In a T-account we show the balance of the item at the start of the period (month or year) and at the end of the period.
Lets say that for our examples regardingGeorge's Catering, this was not the first period (year) covered. Lets sayGeorges Cateringhad actually been operating for 3 years before this year, and that the bank account had anopening balance(the balance at the beginning of a period) of $4,300.
This would be shown as follows:
At the end of the period (month or year) a brief calculation is done to work out theclosing balance(the balance at the end of a period) of the account.
This is done as follows:
It should be fairly apparent that the debit side is the bigger side.
This comes to $20,700 in this example.
$39,800 $20,700 = $19,100
This will ensure that the smaller side also adds up to the total.
Indeed, one could merely have taken the total of the debit side ($39,800) and subtracted the total of the credit side ($20,700) from this. We would arrive at the same answer: the bank account has a balance of $19,100 on the debit side.
However, the steps taken above represent the system that is used in accounting to work out the closing balances, and thus should be learned and practiced so that one knows what is going on with ones accounts when one examines them.
So, we have our opening balance (debit) of $4,300 and our closing balance (debit) of $19,100. Once again, this can be determined by a quick examination of the account.Lets try another account the account "loan". There were two journals involving the loan:
What would the T-account look like?
One can easily cross-reference between two accounts because of the contra account being used as the description of the transaction. In the "loan" account, "bank" is used as the description for the credit on the 7th of April. If you look in the "bank" account above, "loan" is inserted on the debit side of the T-account on the same date. We thus have an easy cross-reference.
With an account with one entry on one side, we do the following to show the closing balance:
We do not make any further entries to work out the closing balance the $4,000 balance is self-evident from the single entry.
Remember, each account has its own code or number (called a folio number), and this would normally be inserted next to the account name. So the final prepared T-account would look like this:
difference between goods and stock
recording of transaction and events correctly and preparing financial statement are the only objective of accounting. do u agree?
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