Question
Fill in the missing figures, assuming CGST @ SGST @ 6%:
✓
Answer
$15,000\times\frac{100}{6}=₹\ 2,50,000$$2,24,000\times\frac{100}{112}=₹\ 2,00,000$
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Cash Basis of Accounting is not a better basis for depicting the correct financial position of an enterprise. Do you agree? Give reasons in support of your answer.
From the following particulars, prepare the proprietor's Capital Account:
|
|
|
₹
|
|
2018
|
|
|
|
1 April
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Commenced business with cash
|
2,00,000
|
|
2019
|
|
|
|
31 march
|
Net Loss as per Profit and Loss Account
|
18,000
|
|
31 march
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Drawings during the period
|
15,000
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Prepare Accounting Equation from the following:
|
|
|
₹
|
|
i.
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Kunal started business with Cash
|
2,50,000
|
|
ii.
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He purchased furniture for cash
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35,000
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iii.
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He paid commission
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2,000
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iv.
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He purchased goods on credit
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40,000
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v.
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He sold goods (Costing ₹ 20,000) for cash
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26,000
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Open a 'T' shape account for machinery and put the following transactions on the proper side:
|
S.No
|
|
₹
|
|
i
|
Machinery purchased
|
40,000
|
|
ii
|
Machinery sold
|
10,000
|
|
iii
|
Machinery purchased
|
8,000
|
|
iv
|
Machinery discarded
|
14,000
|
|
v
|
Depreciation on machinery
|
1,000
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Journalise the following transactions, post to the ledger:
|
2017
|
|
₹
|
|
|
Nov. 01
|
Business started with
|
(i) Cash
|
1,50,000
|
|
|
|
(ii) Goods
|
50,000
|
|
Nov. 03
|
Purchased goods from Harish
|
30,000
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Nov. 05
|
Sold goods for cash
|
12,000
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|
|
Nov. 08
|
Purchase furniture for cash
|
5,000
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|
|
Nov. 10
|
Cash paid to Harish on account
|
15,000
|
|
|
Nov. 13
|
Paid sundry expenses
|
200
|
|
|
Nov. 15
|
Cash sales
|
15,000
|
|
|
Nov. 18
|
Deposited into bank
|
5,000
|
|
|
Nov. 20
|
Drew cash for personal use
|
1,000
|
|
|
Nov. 22
|
Cash paid to Harish in full settlement of account
|
14,700
|
|
|
Nov. 25
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Good sold to Nitesh
|
7,000
|
|
|
Nov. 26
|
Cartage paid
|
200
|
|
|
Nov. 27
|
Rent paid
|
1,500
|
|
|
Nov. 29
|
Received cash from Nitesh
|
6,800
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|
|
|
Discount allowed
|
200
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|
Nov. 30
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Salary paid
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3,000
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State with reasons whether the following receipts would be treated as Capital or Revenue:
- ₹ 5,000 received from a customer whose account was previously written off as bad.
- ₹ 20,000 received from sale of old machine.
- ₹ 2,60,000 received from sale of stock-in-trade.
- ₹ 5,00,000 is contributed by a partner as capital.
- Took a loan of ₹ 10 Lac from Punjab National Bank.
- Received ₹ 4 Lac as subsidy from State Government.
- Received ₹ 8 Lac as grant from State Government for the construction of quarters for the staff.
The assets of Standard Sugar Co. were acquired by the Government on 1st April, 2000 and the company received a compensation of ₹ 10 crores. The company did not have any other business as on the date of acquisition and has also not ventured into any other business after acquisition of assets. The company placed the amount so received in a fixed deposit with a bank, which is lying deposited with the bank as on date also. It has also filed a case in the Court seeking higher compensation. Is the company a going concern?
Explain in short the meaning of an Accounting Equation.
Prepare Bank Reconciliation Statement from the following:
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|
₹
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|
|
(i)
|
Debit balance as per the Cash Book.
|
15,000
|
|
(ii)
|
Cheques deposited but not cleared.
|
1,000
|
|
(iii)
|
Cheques issued but not presented.
|
1,500
|
|
(iv)
|
Bank interest.
|
200
|
From the following particulars, prepare the proprietor's Capital Account:
|
|
|
₹
|
|
2013
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|
|
|
April 1
|
Started business with
|
45,000
|
|
May 10
|
Withdrew from business for personal use
|
10,000
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|
July 15
|
Further Capital introduced
|
55,000
|
|
Nov 30
|
Income tax paid
|
5,000
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|
2014
|
|
|
|
Mar 31
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Profit for the year
|
30,000
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