Question
Explain the following terminologies :
$(a)$ Intangible assets
$(b)$ Real assets
$(c)$ Discount
$(a)$ Intangible assets
$(b)$ Real assets
$(c)$ Discount
✓
Answer
self
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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 $Rs.30,000.$
State the limitations of Computerised Accounting System.
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$(1)$ $₹ 2000$ 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.
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→$(1)$ $₹ 2000$ 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.
Trial Balance of Sanket as on $31-03-2015$
Adjustment : Rent receivable $₹ 2000.$
→Adjustment : Rent receivable $₹ 2000.$
What is Statement of Affairs? Give specimen to explain.
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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. $85.$
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Explain the following terms: Ublek Rakam
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$(i)$ Goods of $Rs.1,000$ purchased from Parth.
$(ii)$ Goods of $Rs.2,000$ sold to Zalak.
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→$(i)$ Goods of $Rs.1,000$ purchased from Parth.
$(ii)$ Goods of $Rs.2,000$ sold to Zalak.
$(iii)$ Salary of $Rs.1,500$ paid to Amee.
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$(2)$ Sales return account $Rs. 3,000$
$(3)$ Purchase return account $Rs. 2,000$
→$(1)$ Interest expense account $Rs.1,000$
$(2)$ Sales return account $Rs. 3,000$
$(3)$ Purchase return account $Rs. 2,000$