Question
Give six examples of specific reserve.
✓
Answer
Following are the example of specific reserve:
$(1)$ Dividend Equilization fund
$(2)$ Debenture Redemption fund
$(3)$ Investment Fluctuation fund
$(4)$ Workers accident compensation fund
$(5)$ Provision for Taxation, Gratuity and
$(6)$ Bad debt reserve, Discount reserve on debtors.
$(1)$ Dividend Equilization fund
$(2)$ Debenture Redemption fund
$(3)$ Investment Fluctuation fund
$(4)$ Workers accident compensation fund
$(5)$ Provision for Taxation, Gratuity and
$(6)$ Bad debt reserve, Discount reserve on debtors.
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Make classification of account type for the following:
(Sales return account, Opening stock account, Stationery stock account, Royalty account, Office expense account, Bharat University account, Computer acccount, Bajaj Company share account, Vashram & Sons account, Trade mark account, Brokerage account, Electricity account)
(Sales return account, Opening stock account, Stationery stock account, Royalty account, Office expense account, Bharat University account, Computer acccount, Bajaj Company share account, Vashram & Sons account, Trade mark account, Brokerage account, Electricity account)
Write short-note on :SamaDastakni Khatavahi
Explain internal and external transaction.
Write Journal in the books of shree Vasant Traders for the following transaction:$2014$ June
$1$ A current account is opened with $SBI$ bank by depositing $₹ 20,000.$
$2$ Goods sold for $₹ 5000$, the amount of which directly deposited in bank.
$4$ Furniture of $₹ 10,000$ is purchased, payment is made through cheque.
$8$ Withdrawn from bank $₹ 400$ for personal expense and $₹ 700$ for office expenses.
$10$ A cheque of $₹ 1500$ received from Virat.
$15$ Goods of $₹ 3000$ sold on cash to Parthiv, Out of which $50 \%$ amount received by cheque.
$18$ Fire insurance premium $₹ 450$ and life insurance premium of $₹300$ are paid by cheque.
$22$ A cheque of dividend warrant of $₹ 200$ deposited in bank
$25$ Bank has credited $₹ 100$ for bank interest and debited $₹ 50$ as bank charges to our account.
$28$ A cheque of $₹ 800$ issued to Param as final settlement
$30$ A cheque of $₹ 600$ is received from Shivaji
→$1$ A current account is opened with $SBI$ bank by depositing $₹ 20,000.$
$2$ Goods sold for $₹ 5000$, the amount of which directly deposited in bank.
$4$ Furniture of $₹ 10,000$ is purchased, payment is made through cheque.
$8$ Withdrawn from bank $₹ 400$ for personal expense and $₹ 700$ for office expenses.
$10$ A cheque of $₹ 1500$ received from Virat.
$15$ Goods of $₹ 3000$ sold on cash to Parthiv, Out of which $50 \%$ amount received by cheque.
$18$ Fire insurance premium $₹ 450$ and life insurance premium of $₹300$ are paid by cheque.
$22$ A cheque of dividend warrant of $₹ 200$ deposited in bank
$25$ Bank has credited $₹ 100$ for bank interest and debited $₹ 50$ as bank charges to our account.
$28$ A cheque of $₹ 800$ issued to Param as final settlement
$30$ A cheque of $₹ 600$ is received from Shivaji
Write short-note on: $(1)$ Transaction of Dual Aspect Concept:
→From the following transactions, prepare purchase book in the books of Mukesh.
$2018$
Dec.
$1$ Purchased goods of $₹ 8000$ from Meet at $10\%$ trade discount and $5 \%$ cash discount. Bill No. $251.$
$8$ Goods purchased of $₹ 40,000$ from Shreya at 10\% trade discount and $4 \%$ cash discount. Half of the amount paid by cheque. Invoice no. $95$
$15$ Goods purchased of $₹ 2000$ at $5 \%$ cash discount. Cash memo no. $119.$
$20$ Goods purchased of $₹ 18,000$ from Meena at $10 \%$ cash discount. Invoice no. $301.$
→$2018$
Dec.
$1$ Purchased goods of $₹ 8000$ from Meet at $10\%$ trade discount and $5 \%$ cash discount. Bill No. $251.$
$8$ Goods purchased of $₹ 40,000$ from Shreya at 10\% trade discount and $4 \%$ cash discount. Half of the amount paid by cheque. Invoice no. $95$
$15$ Goods purchased of $₹ 2000$ at $5 \%$ cash discount. Cash memo no. $119.$
$20$ Goods purchased of $₹ 18,000$ from Meena at $10 \%$ cash discount. Invoice no. $301.$
State with reasons whether the following are reserves or provisions:
$1.$ Provision for taxation $2.$ sinking fund $3.$ Investment fluctuation fund $4.$ Dividend equllization fund $5.$ Employees’ Bonus fund $6.$ Reserve for repairs and renovation $7.$ Capital or Debenture redemption fund
→$1.$ Provision for taxation $2.$ sinking fund $3.$ Investment fluctuation fund $4.$ Dividend equllization fund $5.$ Employees’ Bonus fund $6.$ Reserve for repairs and renovation $7.$ Capital or Debenture redemption fund
Explain the following terminologies :
$(a)$ Trade discount
$(b)$ Cash discount
$(c)$ Discount allowed
→$(a)$ Trade discount
$(b)$ Cash discount
$(c)$ Discount allowed
From the following transactions, prepare sales books in the books of Kalpesh.
$2018$
Oct.
$3$ Goods sold of $₹ 10,000$ to Vinod at $10 \%$ trade discount and $5 \%$ cash discount. Half of the amount received by cheque. Invoice no. $83.$
$7$ Goods sold of $₹ 5000.$ Cash memo no. $84.$
$12$ Goods sold of $₹ 4000$ to Batuk at $10 \%$ cash discount. Invoice no. $85.$
$18$ Goods sold of $₹ 12,000$ to Bharat at $5 \%$ trade discount. Sent bill no. $86$ with wages of $₹ 300.$
→$2018$
Oct.
$3$ Goods sold of $₹ 10,000$ to Vinod at $10 \%$ trade discount and $5 \%$ cash discount. Half of the amount received by cheque. Invoice no. $83.$
$7$ Goods sold of $₹ 5000.$ Cash memo no. $84.$
$12$ Goods sold of $₹ 4000$ to Batuk at $10 \%$ cash discount. Invoice no. $85.$
$18$ Goods sold of $₹ 12,000$ to Bharat at $5 \%$ trade discount. Sent bill no. $86$ with wages of $₹ 300.$
Trial Balance of Alay as on $31-03-2015.$
Adjustment: Out of insurance premium paid, $₹ 3,000$ insurance premiums is paid in advance.
→Adjustment: Out of insurance premium paid, $₹ 3,000$ insurance premiums is paid in advance.