Computerised Accounting System — Account STD 11 Commerce — Question

Why the statement of assets and liabilities prepared under Single Entry System at the end of the accounting period is called a Statement of Affairs instead of Balance Sheet?

From the following information, prepare trading account for the year ended 31st March, 2013

	Amt (Rs.)
Cost of goods sold	45,00,000
Sales	72,00,000
Closing Stock	2,40,000

How profit is calculated under Statement of Affairs Method?

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.
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.

What is meant by Rectification of Errors? State its objectives.

Calculate the Amount of annual Depreciation and Rate of Depreciation under Straight Line Method (SLM) from the following:
Purchased a second-hand machine for ₹ 96,000, spent ₹ 24,000 on its cartage, repairs and installation, estimated useful life of machine 4 years. Estimated residual value ₹ 72,000.

Following errors affecting the accounts of the year 2018-19 were detected in the books of Das & Co., Meerut:

1. Sale of old furniture for ₹ 5,000 was treated as sales of goods.
2. Rent of proprietor’s residence ₹ 6,000 was debited to Rent Account.
3. Cash received from Rajesh ₹ 2,150 was credited to Brajesh.

Pass the rectifying Journal entries. State the nature of each of these mistake

What is a Purchases Book?

Calculate Gross Profit from the following information:

	₹
Closing Stock	70,000
Wages	40,000
Salary	30,000
Sales	6,88,000
Adjusted Purchase	5,50,000