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Define a Promissory Note. What are the features of a Promissory Note?
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Mukesh found that the Trial Balance did not agree. He found the following errors:
- In the Sales Book for the month of January, total of Page No. 3 was carried forward to Page No. 4 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 7 was carried forward to Page No. 8 as ₹ 5,600 instead of ₹ 5,000.
- Goods returned to Anshuka ₹ 10,000 were recorded in the Sales Book.
- Bill Receivable for ₹ 800 from Riya was dishonoured and posted to the debit of Allowances Account.
Mayank does not keep proper records of his business, he gives you the following information:
Calculate the profit or loss for the year.
| ₹ | |
| Opening Capital | 1,00,000 |
| Closing Capital | 1,25,000 |
| Drawings during the year | 30,000 |
| Capital added during the year | 37,500 |
Why balance in GST Accounts is shown in the Balance Sheet?
Explain the following with examples:
- Capital Expenditure
- Revenue Expenditure
- Deferred Revenue Expenditure.
How profit is calculated under Statement of Affairs Method?
Write the various Assets in order of liquidity in a Balance Sheet.
Find out the amount of bills matured during the year on the basis of information given below:
| ₹ | |
| Bills payable dishonoured, | 37,000 |
| Closing balance of Bills payable, | 85,000 |
| Opening balance of Bills payable, | 70,000 |
| Bills payable accepted, | 90,000 |
| Cheque dishonoured, | 23,000 |
Calculate Stock in the beginning:
→| ₹ | |
| Sales | 80,000 |
| Purchases | 60,000 |
| Stock at the end | 8,000 |
| Loss on Cost | $\frac{1}{6}$ |
State by giving reasons whether the following items of expenditure are Capital or Revenue:
i. Expenditure incurred for raising loans.
ii. Expenditure of registration of a trade mark.
iii. Carriage paid on goods purchased.
iv. Commission paid on net profit of the company to manager.
v. Travelling expenses of a director for trip abroad for purchasing capital goods.
vi. Damages on account of contract.
vii. Compensation paid to a retrenched employee.
i. Expenditure incurred for raising loans.
ii. Expenditure of registration of a trade mark.
iii. Carriage paid on goods purchased.
iv. Commission paid on net profit of the company to manager.
v. Travelling expenses of a director for trip abroad for purchasing capital goods.
vi. Damages on account of contract.
vii. Compensation paid to a retrenched employee.
Calculate Closing Stock from the following:
