Question
Write any three characteristics of Single Entry System.
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Answer
Characteristics of Single Entry System:
- Suitability: This system is suitable for small-size businesses where the number of transactions is less.
- No Uniformity: This system may differ from firm to firm as it is a mere adjustment of Double Entry System according to requirements and convenience.
- Maintenance of Personal Accounts: Usually under this system, only personal accounts are maintained and real and nominal accounts are avoided. Therefore sometimes, it is defined as a system where only personal accounts are kept.
- Maintenance of Cash Book: Generally, a Cash Book is maintained in this system which mixes up business as well as personal transactions.
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On 15th June, 2019, Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his bank for ₹ 1,960. On the due date the bill was dishonoured and Mohan paid to the bank the amount due plus the noting charges of ₹ 10.
Draft the Journal entries in the books of all parties.
Draft the Journal entries in the books of all parties.
Amar sells goods to Bhola for ₹ 10,000 and draws upon him a bill for the amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bankers at a discount of ₹ 150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his banker and his expenses amounting to ₹ 100. Bhola gives a fresh bill, 2 months' date to Amar for ₹ 10,250, which he met at maturity.
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The following are the extracts from the trial balance of M/s Bhola & Sons as on March 31, 2017
Closing Stock as on date was valued at ₹ 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola & Sons.
Closing Stock as on date was valued at ₹ 3,00,000.
You are required to record the necessary journal entries and show how the above items will appear in the trading and profit and loss account and balance sheet of M/s Bhola & Sons.
From the following figures, calculate Operating Profit:
Prepare a “Total Debtors Account' with imaginary figures.
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| ₹ | |
| Opening balance of debtors. | 14,00,000 |
| Opening balance of bills receivable. | 7,00,000 |
| Closing balance of bills receivable. | 3,50,000 |
| Cheque dishonoured. | 27,00 |
| Cash received from debtors. | 10,75,00 |
| Cheque received and deposited in the bank. | 8,25,00 |
| Discount allowed. | 37,50 |
| Irrecoverable amount. | 17,500 |
| Returns inwards. | 28000 |
| Bills receivable received from customers. | 1,05,000 |
| Bills receivable matured. | 2,80,000 |
| Bills discounted. | 65,000 |
| Bills endorsed to creditors. | 70,000 |