Question
Explain the following terminologies :
$(a)$ Solvent
$(b)$ Drawings
$(c)$ Insolvent
$(a)$ Solvent
$(b)$ Drawings
$(c)$ Insolvent
✓
Answer
self
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Journal entries are written as follows and effect of transaction is explained in equation form.
$1$. Brought $Rs. 50,000$ and commenced business.
$2.$ Furniture purchased for $Rs. 10,000$
$3.$ Goods for $Rs. 12,000$ purchased in cash.
→$1$. Brought $Rs. 50,000$ and commenced business.
$2.$ Furniture purchased for $Rs. 10,000$
$3.$ Goods for $Rs. 12,000$ purchased in cash.
State the objective and utility of accounting standards.
Classify the following accounts:
$1.$ Postage and telegram expense account
$2.$ Cartage account
$3.$ Brokerage account
$4.$ Gujarat Vidyapith’s account
$5.$ Household expense account
$6.$ Bad-debts reserve account
→$1.$ Postage and telegram expense account
$2.$ Cartage account
$3.$ Brokerage account
$4.$ Gujarat Vidyapith’s account
$5.$ Household expense account
$6.$ Bad-debts reserve account
Classify the following accounts:
$1.$ Bills payable account
$2.$ Bills receivable account
$3.$ Demurrage account
$4.$ Closing goods stock account
$5.$ Trade mark account
$6.$ Bank overdraft account
→$1.$ Bills payable account
$2.$ Bills receivable account
$3.$ Demurrage account
$4.$ Closing goods stock account
$5.$ Trade mark account
$6.$ Bank overdraft account
From the following transactions, prepare the purchase book of Shri Meenakumari and post them in ledger:
On 1 – 7 – 2019, Goods of ₹ 9,000 are purchased from Heema at 20% trade discount.
On 5 – 7- 2019, Goods of ₹ 20,000 purchased from Jaya at 10% cash discount and paid half of the amount immediately.
On 1 – 7 – 2019, Goods of ₹ 9,000 are purchased from Heema at 20% trade discount.
On 5 – 7- 2019, Goods of ₹ 20,000 purchased from Jaya at 10% cash discount and paid half of the amount immediately.
Write journal entries for the following transactions and explain accounting treatments basedon equation :
$(1)$ Rent paid in cash $₹ 4000$ and $₹ 1500$ are outstanding.
$(2)$ Goods donated $₹ 2000.$
$(3)$ Furniture of $₹ 15,000$ purchased from Prexa Furniture Mart.
→$(1)$ Rent paid in cash $₹ 4000$ and $₹ 1500$ are outstanding.
$(2)$ Goods donated $₹ 2000.$
$(3)$ Furniture of $₹ 15,000$ purchased from Prexa Furniture Mart.
What is single entry system ? Give the characterstics of single entry system.
Classify the following accounts:
$1$. Navneet Education Limited account
$2$. Cash account
$3$. Computer account
$4$. Vikas Book Stores account
$5$. Carriage inward account
$6. IFFCO’S$ account
→$1$. Navneet Education Limited account
$2$. Cash account
$3$. Computer account
$4$. Vikas Book Stores account
$5$. Carriage inward account
$6. IFFCO’S$ account
What are the objectives for charging Depreciation ?
Trial Balance of Sanket as on $31-03-2015$
Adjustment : Rent receivable $₹ 2000.$
→Adjustment : Rent receivable $₹ 2000.$