Question
Explain any two benefits of $GST.$
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Answer
SELF
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Explain the following terms: $(A)$ Account And $(B)$ Voucher
→State the name of the accounting principle, concept or convention which is followed in the practices or statements given below :
$(1)$ Closing stock is valued at the cost price or market price whichever is less.
$(2)$ Revenue from sales is recorded in book of accounts even if goods are sold on credit and the amount is not yet received in cash.
$(3)$ Fixed assets of business are shown in balance sheet at their depreciated value and not at their realisable values.
→$(1)$ Closing stock is valued at the cost price or market price whichever is less.
$(2)$ Revenue from sales is recorded in book of accounts even if goods are sold on credit and the amount is not yet received in cash.
$(3)$ Fixed assets of business are shown in balance sheet at their depreciated value and not at their realisable values.
Trial Balance of Sanket as on $31-03-2015$
Adjustment : Rent receivable $₹ 2000.$
→Adjustment : Rent receivable $₹ 2000.$
Components of computerised accounting system :
Explain the following terminologies :
$(a)$ Current assets
$(b)$ Liquid assets
$(c)$ Tangible assets
→$(a)$ Current assets
$(b)$ Liquid assets
$(c)$ Tangible assets
Write Journal Entry for Krishna for the following transaction :
→| 1 | $Rs.20,000$ deposited with bank and opened account. |
| 2 | A cheque of $Rs.5,000$ received from Hari, which immediately deposited with bank. |
| 3 | A cheque of $Rs.2,000$ received from Ramanlal for dues. |
What is Single Entry System? Give the characteristics of Single Entry System.
Explain the following terms: Ublek Rakam
Biju Limited has purchased a machine on $1- 4- ‘16$. By charging depreciation at $10 \%$ under reducing balance method, $Rs. 14,400$ is recorded as depreciation on $31 – 3- ‘18$, determine cost price of machine.
→Pass adjustment entry for the following and also show its effect in final accounts: Closing stock of $Rs. 1,00,000$ out of which $Rs. 2000$ stationery stock. Out of total goods, goods of $Rs.50,000$ required repairing expense of $Rs.2,000.$
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