Question
Explain the difference between Single Entry and Double Entry System.
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Write short-note on : $(A)$ Equal Instalment Method
→Pass journal entries in the books of Shri Rohan Rangani for the following tansactions in the journal proper.
$(1)$ $₹ 2000$ received from Rahul for bad debt written off in past, which is credited to his personal account.
$(2)$ $₹ 4500$ received from Sohan is recorded in Mohan's account.
$(3)$ $₹ 1200$ paid for life insurance premium is debited to insurance premium account.
$(4)$ $₹ 6000$ paid for salary to Parag is debited to his personal account.
$(5)$ $₹ 1000$ paid for installation charges for machinery is wrongly debited to wages account.
$(6)$ Old furniture sold of $₹ 4000$, is entered in the sales account.
→$(1)$ $₹ 2000$ received from Rahul for bad debt written off in past, which is credited to his personal account.
$(2)$ $₹ 4500$ received from Sohan is recorded in Mohan's account.
$(3)$ $₹ 1200$ paid for life insurance premium is debited to insurance premium account.
$(4)$ $₹ 6000$ paid for salary to Parag is debited to his personal account.
$(5)$ $₹ 1000$ paid for installation charges for machinery is wrongly debited to wages account.
$(6)$ Old furniture sold of $₹ 4000$, is entered in the sales account.
State the importance of financial statement.
Journalise the following transactions and post them in the ledger: 2019 July 1 Purchased goods of ₹ 45,000 on cash 3 Brought additional capital of ₹ 60,000 in the business.
Explain classification of expenses of a non-trading concern with illustrations.
What is bills receivable and bills payable ?
Explain the concept of accounting entity with example.
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.
To which account, the following transactions will be debited and credited in the books of Ganesh? Describe with reason.
$(1)$ Purchase is made of $Rs.30,000$ from Raman.
$(2)$ Goods of $Rs.15,000$, sold on cash for $Rs.28,000.$
$(3)$ Goods of $Rs.8,000$ sold to Nila for $Rs.15,000.$
→$(1)$ Purchase is made of $Rs.30,000$ from Raman.
$(2)$ Goods of $Rs.15,000$, sold on cash for $Rs.28,000.$
$(3)$ Goods of $Rs.8,000$ sold to Nila for $Rs.15,000.$
Explain the concept of money measurement with example.