Question
Prepare a ‘Total Creditors Account with imaginary figures.
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Answer
Prepare Total Creditors Account: Total Creditors Account is prepared in the same manner as Total Debtors Account to find the missing value (figure) of credit purchases or closing balance of creditors or cash paid to creditors or opening balance of creditors as given below:
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In the following Machinery Account, determine the missing values, if depreciation is to be charged @ 10% p.a. on the Original Cost. On 1st October, 2018, the machinery was sold for ₹ 1,20,000.
Why is Balance Sheet prepared?
What do you understand by Customised Software?
A merchant has earned a Net Profit of ₹ 57,200 for the year ended 31st March, 2017. Other balances in his Ledger are as under:
Prepare his Balance Sheet as at 31st March, 2017.
Prepare his Balance Sheet as at 31st March, 2017.Calculate Total Sales from the following information:
| ₹ | |
| Bills Receivables as on 1st April, 2017 | 7,800 |
| Debtors as on 1st April, 2017 | 30,800 |
| Cash received on maturity of Bills Receivable during the year | 20,900 |
| Cash received from Debtors | 70,000 |
| Bad Debts written off | 4,800 |
| Returns Inward | 8,700 |
| Bills Receivable dishonoured | 1,800 |
| Bills Receivable on 31st March, 2018 | 6,000 |
| Debtors as on 31st March, 2018 | 25,500 |
| Cash Sales during the year | 15,900 |
What is the need for database normalisation?
Record the following transactions in Double Columns Cash Book and balance the book on 31st March, 2019:
|
2019
|
|
₹
|
||
|
March 1
|
Cash in Hand
|
12,750
|
||
|
|
Cash at Bank
|
72,400
|
||
|
March 4
|
Received from Asha cash ₹ 1,200 and a cheque for ₹ 3,200, allowed discount ₹ 400
|
|
||
|
March 7
|
Paid salary to staff by cheque
|
25,600
|
||
|
March 9
|
Withdrawn cash from bank for office use
|
21,900
|
||
|
March 12
|
Interest paid by bank on bank balance
|
1,200
|
||
|
March 16
|
Purchased furniture in cash
|
16,500
|
||
|
March 21
|
Paid Mohan & Co. by cheque, discount received ₹ 100
|
10,900
|
||
|
March 24
|
Proprietor withdrew from office cash for his personal use
|
11,600
|
||
|
March 29
|
Sold goods to Manoj for cash
|
14,800
|
||
|
March 31
|
Deposited office cash into bank
|
21,200
|
||
Give any three advantages of Single Entry System of Accounting.
From the following information, prepare Profit and Loss Account for the year ended $31^{st}$ March,$ 2019:$
→On 10th March, 2019, A draws on B a bill at 3 months for ₹ 20,000 which B accepts immediately and returns to A. The bill is honoured due date.
Pass necessary Journal entries in the books of both the parties.
Pass necessary Journal entries in the books of both the parties.