Question
"Accounting information should be comparable”. Do you agreewith this statement? Give two reasons.
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2017
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April 1
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Cash Sales ₹ 18,000 |
| April 2 | Deposited into Bank ₹ 20,000 |
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April 3
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Purchased from Dinesh: |
| 300 metres Cotton @ ₹ 60 per metre | |
| 200 metres Silk @ ₹ 100 per metre | |
| April 5 | Cheque issued to Dinesh for ₹ 25,000 |
| April 6 | Accepted a bill at one month for ₹ 15,000 drawn by Dinesh |
| April 8 | Sold to Ashok: |
| 400 metres Cotton @ ₹ 80 per metre | |
| 250 metres Silk @ ₹ 140 per metre | |
| April 10 | Returned by Ashok 50 metres Silk |
| April 12 | Received Cash ₹ 8,000 and a Cheque for ₹ 40,000 from Ashok. Cheque was immediately sent to Bank. |
| April 13 | Received a B/R from Bahadur for ₹ 20,000 at one month |
| April 15 | Accepted a bill at two months drawn by Ekta for the amount due to her. |
| April 16 | Purchased a Computer for office use from Shiva Ltd. for ₹ 45,000 on Credit. |
| April 18 | Cash purchases ₹ 10,000 |
| April 19 | Received full payment from Charu by cheque, sent it to Bank. Discount allowed 2% |
| April 20 | Issued a cheque to Dinesh in full payment of his account after deducting 1% discount |
| April 22 | Settled the account of Shiva Ltd. by a cheque |
| April 24 | Proprietor took away goods worth ₹ 5,000 and Cash ₹ 6,000 |
| April 25 | Purchased from Ganesh 200 metres Cotton @ ₹ 70 per metre subject to trade discount of 5% |
| April 27 | Paid Rent ₹ 3,000 and Salaries ₹ 8,000 |
| April 30 | Interest allowed by bank ₹ 600 |
| 2017 | |
| Jan. 1 | Assets: Cash in hand ₹ 20,000; Debtors: Sri Gopal ₹ 15,000, Poonam & Co. ₹ 30,000; Stock ₹ 1,75,000, Machinery ₹ 1,20,000; Furniture ₹ 40,000 |
| Liabilities: Bank Overdraft ₹ 33,000; Creditors: Niranjan Lal ₹ 24,000, Bombay Trading Co. ₹ 16,000 | |
| Jan. 2 | Purchased from Manohar Lal & Sons goods of the list price of ₹ 20,000 at 10% trade discount |
| Jan. 5 | Returned to Manohar Lal & sons goods of the list price of ₹ 2,000 |
| Jan. 10 | Issued a Cheque to Manohar Lal & Sons in full settlement of their account |
| Jan. 12 | Sold to Sri Gopal, goods worth ₹ 25,000 |
| Jan. 15 | Received Cash ₹ 10,000 and a Cheque for ₹ 8,000 from Sir Gopal. The Cheque was immediately sent to bank |
| Jan. 16 | Withdrew for personal use: Cash ₹ 5,000 and goods ₹ 3,000 |
| Jan. 17 | Accepted a bill for 45 days drawn by Niranjan Lal for the amount due to him |
| Jan. 18 | Acceptance received from Poonam & Co. for the amount due from them payable after 30 days |
| Jan. 19 | Sold to Raghubir Brothers, goods valued ₹ 16,000 |
| Jan. 20 | Cash purchases ₹ 15,000 |
| Jan. 22 | Withdrew from bank fo office use ₹ 10,000 |
| Jan. 23 | Purchased from Bombay Trading Co., goods valued ₹ 24,000 |
| Jan. 24 | Sri Gopal returned goods worth ₹ 2,000 |
| Jan. 25 | Received from Raghubir Brothers ₹ 10,000 |
| Jan. 27 | Accepted a bill for ₹ 25,000 for 1 month drawn by Bombay Trading Co |
| Jan. 27 | Paid Rent by Cheque ₹ 2,800 |
| Received Commission in Cash ₹ 800 | |
| Jan. 31 | Paid salaries ₹ 5,000 |
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₹
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2013
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April 1
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Started business with
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45,000
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May 10
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Withdrew from business for personal use
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10,000
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July 15
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Further Capital introduced
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55,000
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Nov 30
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Income tax paid
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5,000
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2014
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Mar 31
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Profit for the year
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30,000
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