Question
Explain the following terms: $(A)$ Account And $(B)$ Voucher
✓
Answer
$(A)$ Account: Transaction pertaining to respective item or person is recorded at one place and fromwhere the summary of transactions of that item or person can be obtained is known as anaccount.
$(B)$ Voucher: Written evidence of business transaction is known as voucher. Based on voucher, type of transaction is decided and by applying debit credit rules of account, transaction is recorded in the books.
$(B)$ Voucher: Written evidence of business transaction is known as voucher. Based on voucher, type of transaction is decided and by applying debit credit rules of account, transaction is recorded in the books.
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Record the following transactions in the sales book of $R. C.$ Stores.
$2018$
May
$5$ Sold goods of $₹ 15,000$ to Ved at $10\%$ trade discount on $1$ month credit and bill no.$290$ sent with this.
$11$ Sold goods of $₹ 6000$ to Bhagat at $10 \%$ trade discount and sent bill no. $291$ with railway freight of $₹ 200$.
$15$ Sold goods of $₹ 3000$ to Magan on cash. Cash memo no. $292.$
$18$ Sold goods of $₹ 20,000$ to Keval at $5 \%$ trade discount. Bill no. $293.$
→$2018$
May
$5$ Sold goods of $₹ 15,000$ to Ved at $10\%$ trade discount on $1$ month credit and bill no.$290$ sent with this.
$11$ Sold goods of $₹ 6000$ to Bhagat at $10 \%$ trade discount and sent bill no. $291$ with railway freight of $₹ 200$.
$15$ Sold goods of $₹ 3000$ to Magan on cash. Cash memo no. $292.$
$18$ Sold goods of $₹ 20,000$ to Keval at $5 \%$ trade discount. Bill no. $293.$
Write a short note on Accounting Standards.
Explain the following terms: $(A)$ Payables And $(B)$ Receivables
→Explain internal and external transaction.
Pass adjustment entry for the following and also show its effect in final accounts: Following revenues are receivable at the end of the year, Trainee employee's premium $Rs. 2,000,$ Commission $Rs. 1,000$.
→From the following transactions of Mansukh, write journal entries.
$2018$
May
$7$ Goods of $₹ 8000$ destroyed by fire. Insurance company admitted claim of $80 %$ amount.
$11$ Insurance company has issued chqeue of insurance claim.
$22\ ₹ 500$ realised from sale of goods destroyed by fire.
→$2018$
May
$7$ Goods of $₹ 8000$ destroyed by fire. Insurance company admitted claim of $80 %$ amount.
$11$ Insurance company has issued chqeue of insurance claim.
$22\ ₹ 500$ realised from sale of goods destroyed by fire.
To which account, the following transactions will be debited and credited in the books of Ganesh? Describe with reason.
$(1)$ $Rs.50,000$ brought in cash and started business.
$(2)$ A loan of $Rs.10,000$ taken from Jasleen.
$(3)$ Bank account opened by depositing $Rs.30,000.$
→$(1)$ $Rs.50,000$ brought in cash and started business.
$(2)$ A loan of $Rs.10,000$ taken from Jasleen.
$(3)$ Bank account opened by depositing $Rs.30,000.$
Write journal entries for the following transactions and explain accounting treatments basedon equation :
$(1)$ Withdrew $₹ 5000$ from bank.
$(2)$ Salary of $₹ 4000$ paid by cheque.
$(3)$ Commission received in cash $₹ 3000$ and $₹ 2500$ are outstanding.
→$(1)$ Withdrew $₹ 5000$ from bank.
$(2)$ Salary of $₹ 4000$ paid by cheque.
$(3)$ Commission received in cash $₹ 3000$ and $₹ 2500$ are outstanding.
What is single entry system ? Give the characterstics of single entry system.
Prepare trading account for the year ended on $31-03-2015$ from the following balances of Bhavesh :
Cost price of closing stock of goods as on $31-03-2015$ was $₹ 44,000,$ whereas its market value is $₹ 50,000.$
→Cost price of closing stock of goods as on $31-03-2015$ was $₹ 44,000,$ whereas its market value is $₹ 50,000.$