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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Following information is given below: calculate the closing capital:
Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given).
| April 01, 2016 | March 31, 2017 | |
| ₹ | ₹ | |
| Creditors | 5,000 | 30,000 |
| Bills payable | 10,000 | — |
| Loan | — | 50,000 |
| Bills receivable | 30,000 | 50,000 |
| Stock | 5,000 | 30,000 |
| Cash | 2,000 | 20,000 |
When you proceed to reconcile the Bank Account starting with 'Debit' Cash Book balance. how is the following dealt with and why?
- Cheques issued but not presented for payment.
- Cheques deposited but not yet credited.
- Bank charges charged by the bank not recorded in the Cash Book.
- Interest allowed by the bank not recorded in the Cash Book.
A Trial Balance disclosed a difference of ₹ 417 placed on the credit side of the Suspense Account. Later on the following errors were located:
- Goods worth ₹ 200 purchased from Sohan had been posted to his account as ₹ 250.
- A purchase of furniture for ₹ 500 was recorded in the Purchases Book.
- Instead of crediting Gian’s Account with ₹ 512, it was debited with ₹ 215.
- Goods worth ₹ 130 returned by Gian were entered in the Sales Book and posted therefrom to the credit of Gian’s Personal Account.
Write short note on the following:
Readymade Accounting Software.
Readymade Accounting Software.
Pass Journal entries rectifying the following errors:
- A cheque for ₹ 10,000 was received from Ranjan on which ₹ 200 Cash Discount was allowed. The cheque was not honoured on due date and the amount of discount was credited to Discount Received Account.
- ₹ 2,000 paid as wages for machinery installation was debited to Wages Account.
- ₹ 5,000 received from Rakesh were credited to his Personal Account. The amount had been written off as bad debts earlier.
- Repair bill of machinery was recorded as ₹ 100 against the bill amount of ₹ 1,000.
Define a Trial Balance. Why is it prepared?
There was a difference in the Trial Balance of M/s. Jain & Sons, prepared for the year ended 31st March, 2009. The accountant put the difference in Suspense Account.
The following errors were found:
The following errors were found:
- Purchases Return Book total ₹ 400 has not been posted to Ledger Account.
- ₹ 5,100 spent on legal expense for the newly acquired Building was debited to the Building Account as ₹ 1,500.
- A sale of ₹ 6,540 to Rajat has been credited to his account.
- Rectify the errors and show the Suspense Account with Nil closing balance.
What is the purpose of preparing trading and profit and loss account?
From the following particulars, prepare Balance Sheet as at $31^{st} $March, 2019:
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