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Business
Accounting
Hon.

Hon.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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te any two causes of depreciation. re a short note on dual aspect concept. arnal the following transactions:- Jan 1 purchased goods for cash Rs. 10,000 Jan 3 sold goods to Madan Rs. 15,000 Jan 5 Commenced business with Rs. 50,000 Jan 7 cash withdrew from bank 1,000 Jan 10 commission paid to Mr. A 100. What is average due date? What is account current? Write a note on straight line method of depreciation. Rectify the following errors: Purchased furniture from Raghu Rs. 464 on credit debited as Rs.404 Sales book has been under cast by Rs. 200 Purchase book is over cast by Rs. 300. 10. what is suspense account? Part B (5 x 5 = 25) Answer all questions, choosing either or (a) or (b). 11. (a) Prepare trial balances from the following. Particulars Amount Capital 75,000 Sales 1,25,000 Stock 30,000 Debtors 40,000 Purchases 50,000 Salary 10,000 Interest (cr) 5,000 Loan 25,000 Wages 3,000 Bad debts 2,000 Cash 12,000 Bills payable 9,000 Or From the following transactions pass journal entries Commenced business with cash 50,000 Goods purchased for cash 1,00,000 Sold goods for cash 90,000 Paid into bank 40,000 Cash withdrew for personal use 500 (b)
Transcribed Image Text:te any two causes of depreciation. re a short note on dual aspect concept. arnal the following transactions:- Jan 1 purchased goods for cash Rs. 10,000 Jan 3 sold goods to Madan Rs. 15,000 Jan 5 Commenced business with Rs. 50,000 Jan 7 cash withdrew from bank 1,000 Jan 10 commission paid to Mr. A 100. What is average due date? What is account current? Write a note on straight line method of depreciation. Rectify the following errors: Purchased furniture from Raghu Rs. 464 on credit debited as Rs.404 Sales book has been under cast by Rs. 200 Purchase book is over cast by Rs. 300. 10. what is suspense account? Part B (5 x 5 = 25) Answer all questions, choosing either or (a) or (b). 11. (a) Prepare trial balances from the following. Particulars Amount Capital 75,000 Sales 1,25,000 Stock 30,000 Debtors 40,000 Purchases 50,000 Salary 10,000 Interest (cr) 5,000 Loan 25,000 Wages 3,000 Bad debts 2,000 Cash 12,000 Bills payable 9,000 Or From the following transactions pass journal entries Commenced business with cash 50,000 Goods purchased for cash 1,00,000 Sold goods for cash 90,000 Paid into bank 40,000 Cash withdrew for personal use 500 (b)
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