Question
What is Contra Entry?
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Answer
Contra Entry means withdrawal of cash from bank for official use or cash deposited in the bank. As both the accounts are in the Cash Book it is signified by writing 'C' in the column for Ledger Folio.
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State by giving reasons whether the following items of expenditure are Capital or Revenue:
i. Expenditure incurred for raising loans.
ii. Expenditure of registration of a trade mark.
iii. Carriage paid on goods purchased.
iv. Commission paid on net profit of the company to manager.
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i. Expenditure incurred for raising loans.
ii. Expenditure of registration of a trade mark.
iii. Carriage paid on goods purchased.
iv. Commission paid on net profit of the company to manager.
v. Travelling expenses of a director for trip abroad for purchasing capital goods.
vi. Damages on account of contract.
vii. Compensation paid to a retrenched employee.
Why balance in GST Accounts is shown in the Balance Sheet?
From the following, calculate the amount of bills accepted during the year.
| ₹ | |
| Bills payable as on April 01, 2016. | 1,80,000 |
| Bills payable as on March 31, 2017. | 2,20,000 |
| Bills payable dishonoured during the year. | 28,000 |
| Bills payable honoured during the year. | 50,000 |
What is meant by closing stock? Show its treatment in final accounts?
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₹
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Opening Stock
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1,20,000
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Purchases during the year
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9,30,000
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Sales during the year
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15,60,000
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Rate of Gross Profit
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Write up the Ledger Accounts.
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2018
|
|
|
July 1
|
Sohan & Sons returned 2 Laptops HP sold @ ₹ 40,000 each plus CGST and SGST @ 6% each
|
|
July 2
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Ramesh 2 'Ricoh' printers sold @ ₹ 10,000 each plus IGST @ 12%
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July 25
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Dinesh, Chandigarh returned 10 HP Desktops sold @ ₹ 20,000 each plus IGST @ 12% for delayed supply
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July 26
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Computer Mouse returned by Ravi, Delhi sold to him for cash ₹ 2,000 plus CGST and SGST @ 6% each
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