Question
Explain the difference between Single Entry and Double Entry System.
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Write Journal Entry for Radha for the following transaction :
→| $1$ | Life insurance premium $Rs.300$ and fire insurance premium $Rs.450$ paid by cheque. |
| $2$ | Bank has approved over draft of $Rs.25,000.$ |
| $3$ | Bank has credited interest of $Rs.250$ and debited bank charges of $Rs.100.$ |
| $4$ | A cheque of $Rs.5,000$ issued for foreign visit of son of owner from business. |
What are the objectives for charging Depreciation ?
Disclose the following information in Income — Expenditure Account for the year ending $31-3-2015.$
→Write journal entry for transaction and explain its accounting treatment of individual transaction as per equation method :
Commission received by cheque $₹ 6000.$
→Commission received by cheque $₹ 6000.$
Disclose the following information in the Income-Expenditure Account ending on $31-03-2015$ and Balance Sheet as of that day. Subscription received in the year $2014-15$ is $Rs. 80,000.$
→| Particulars | $1-4-2014$ Amt.(Rs.) | $31-3-2015$ Amt.(Rs.) |
| Subscription outstanding | $12,000$ | $15,000$ |
| Subscription received in advance | $8,000$ | $6,000$ |
From the following transactions of Rajkot Oil Depo, write journal entries.
$2018$
June
$1$ Goods of $₹ 1000$ given for Railway relief fund.
$8$ Furniture of $₹ 4000$ purchased and against which goods given of $₹ 3500.$
$10$ Goods of $₹ 400$ withdrawn for personal use.
→$2018$
June
$1$ Goods of $₹ 1000$ given for Railway relief fund.
$8$ Furniture of $₹ 4000$ purchased and against which goods given of $₹ 3500.$
$10$ Goods of $₹ 400$ withdrawn for personal use.
| Pass necessary rectification entries to rectify the following journal entries written by Ishwarlal: | |||||
| Date | Particulars | L.F. | Debit(Rs.) | Credit (Rs.) | |
| $1$ | Kishan’s A/c. | Dr. | $7,000$ | ||
| To Cash A/c. | $7,000$ | ||||
| (Being the salary of current month $Rs.7,000$ paid to Kishan) | |||||
| $2$ | Purchase A/c. | Dr. | $9,500$ | ||
| To Clinton's A/c. | $9,500$ | ||||
| (Being the goods of $Rs.9,500$ sold to Clinton on credit) | |||||
| $3$ | Purchase A/c. | Dr. | $17,100$ | ||
| To Cash A/c. | $17,100$ | ||||
| (Being the goods worth $Rs.20,000$ purchased at $10\%$ trade discount and $5\%$ cash discount) | |||||
| Total | $33,600$ | $33,600$ | |||
What is the importance of Provision ?
Distinguish between : $(1)$ General Reserve and Capital Reserve :
→Explain classification of expenses of a non-trading concern with illustrations.