Explain the term transactions

Briefly explain the following terms
a) Account
b) Voucher
c) Invoice

Write short notes on
a) Capital
b) Assets
c) Liabilities

What are the informational needs of internal users?

Explain the objectives of Accounting?

What is the process of accounting?

Non-monetary transactions are not recorded in the books of accounts. Give reason and explain

Is accounting an art or a Science?

'Accounting information should be comparable'. Do you agree with this statement? Give two reasons.

Write short notes on cash basis of accounting.

Write short notes on accrual basis of accounting.

Write a note on (a) purchases, (b) sales.

What is the difference between cash transaction and credit transactions?

What is the difference between voucher and invoice?

Explain the external users of accounting.

Describe the various steps involved in accounting process?

Explain the importance of Human resource accounting and social responsibility accounting in business.

Describe the cash basis and accrual basis of accounting.

Evolution of accounting results in modern accounting approach - explain.

What are the limitations of Book keeping

What do you mean by IFRS?

Explain the Process of Accounting cycle.

What are the objectives of book-keeping?

What is the need for accounting standards?

Do you think that the principle of conservatism results in creating of secret reserve?

Which value is reflected in the Accounting standards issued by ICAI?

How does matching principle apply to depreciation?

What are the features of book-keeping?

Briefly explain the relationship among accounting, accountancy and book-keeping.

What is Accounting Standards in the words of Kohler?

State the different approaches in recording business transactions.

Supply the missing amounts on the basis of accounting equation.

Assets	=	Liabilities + Capital
?	=	Rs.5,000 + Rs.10,000

Radhika Traders started Business with the following on pt April 2017.
Assets: Cash Rs.8,000; Bank Rs.7,000; Stock Rs.30,000; Debtors Rs.40,000;
(Mono Rs.25,000 and Suman Rs.15,000) Furniture Rs.5,000 and Building Rs.25,000
Liabilities: Creditors Rs.18,000 (Suresh Rs.10,000 and Ramesh Rs.8,000) Pass the Journal Entry.

Transactions of Sunil for the month of April are given below Journalise them.

2018 January		Rs
1	Sumy started business with cash	3,00,000
3	Bought goods for cash	15,000
13	Sold goods to Abisha	4,500
20	Bought goods from Sumy	6,750
24	Received from Abisha	4,500
28	Paid cash to Sumy	6,450
30	Cash Sales for the month	24,000
30	Paid salary to Ram	9,000
30	Goods were returned to Karthick	10,000

Write the transactions from the Journal Entries
Cash A/c Dr.
To Bank A/c

Write the transactions from the Journal Entries
Cash A/c Dr.
Discount Alc Dr.
To Aravind A/c

Write the transactions from the Journal Entries.
Cash A/c Dr
To Bad debts recovered A/c

Write the transactions from the Journal Entries.
Drawings A/c   Dr
To Purchases

What are the different types of Journal entries?

What are the advantages of Journal?

State the nature of account and show which account will be debited and which account will be credited? (1) Rent received, (2) building purchased, (3) Machinery sold, (4) Discount allowed, (5) Discount received.

Think: A customer has returned the goods to his supplier along with a debit note. But, the supplier does not agree with the customer's claim that the goods are damaged. Can the customer consider his debit note as a valid source document and enter the purchases returns?

Write the narration with reference to the following journal entries

Date	Particulars	L.F	Debit Rs	Credit Rs
2018
April 1	Cash A/c    Dr		3,00,000
	To Shyam's Capital A/c			3,00,000
	(...........................................)
2	Bank A/c    Dr		2,70,000
	To Cash A/c			2,70,000
	(...........................................)

 

Explain the features of double entry system.

Explain the meaning of source documents

Explain the meaning of Accounting Equation.

Bring out the advantages and the limitations of journal.

'Ledger is a principal Book of a Business' - Explain.

Explain the significance of debit and credit balances of various types of accounts.

Explain the posting of a compound journal entry with an example.

Whatis the need for preparing trial balance?

What are the features of trial balance?

Prepare the trial balance from the following-balances of Ms Chitra as on 31.03.2015.

	Rs		Rs
Capital	2,50,000	Bank	2,75,000
Bills payable	50,000	Debtors	1,00,000
Opening Stock	75,000	Discount received	5,000
Loan	1,50,000	Sales	50,000
Salaries	10,000	Purchases	45,000

The following balances extracted from the books of Mr. Murali, as on 30.03.2016. Prepare trial balance.

	Rs		Rs
Sales	35,000	Audit Fees	1,000
Interest paid	350	Octroi duty	8,000
Returns inward	2,500	Land	90,000
Depreciation	2,400	Capital	60,000
Office rent	2,000	Bank overdraft	11,250

The following balances are extracted from the books of Mr. Saran, as on 31.03.2017. Prepare trial balance transfer the different if any to suspense account.

	Rs		Rs
Discount allowed	350	Loan borrowed	12,000
Cash in hand	4,100	Commission paid	3,000
Capital	45,000	Purchases	29,050
Salaries	10,000	Sales	35,000
Furniture	9,500

Explain the various methods of preparing trial balance.

Explain the need for preparing trial balance.

Explain the features of trial balance.

What is Suspense Account? When is it opened?

What are the difference between Cash Discount and Trade Discount?

What are the features of a bill of exchange?

Write a note on
(i) Bills Receivable Book
(ii) Bills Payable Book.

Write Short notes on 
(i) Renewal of a bill
(ii) Retiring of a BiII.

Explain any three advantages of subsidiary books.

Visit some business units in your area. Find out the books maintained by them. Do they maintain special subsidiary books? If not, discuss with them the need and guide them on maintaining the special subsidiary books.

Write notes on closing entries.

Explain the purposes of various subsidiary books.

Explain the purpose of journal proper with examples.

What are the importance of cash book?

Enter the following transactions in Cash book with Cash and Discount column of Mr. Nandakumar.

2016 Feb 1	Cash in hand	Rs.60,000
3	Bought goods from premnath	Rs.10,000
4	Opened a current account with bank	Rs.15,000
7	Withdrew from bank	Rs.5,000
8	Sold goods to Kandan for Rs.10,000 credit on terms 2% cash discount if payable within two weeks
10	Paid cash to Premnath, less 1% C.D.
14	Received a cheque from Arul Rs.3,400, allowed him discount Rs.100
15	Kandan settled his account

When his business becomes large, what other books will he be maintaining?

What purpose does an analytical petty cash book serve?

What is the need for bank reconciliation Statement?

List the five items having the effect of higher balance in the Cash book.

What are the causes of difference between bank column of the cash book and bank statement?

Observe the above format. Why the withdrawals are shown as debit and deposits are shown as credit in a bank statement?

In the following illustration, what will be the bank statement balance if the cash book balance is unfavourable?

	Particulars	Rs
(i)	Cheques deposited but not yet collected by the bank	500
(ii)	Cheque issued but not yet presented for-payment	1000
(iii)	Bank interest charged	100
(iv)	Rent paid by bank as per standing instruction	200
(v)	Cash book balance	300

Rectify the following errors.
(i) The Sales book of December was added short by Rs. 500.
(ii) A periodical total of the Purchases book was short by Rs. 5,000.
(iii) The total of Purchases return Book has been undercast by Rs. 1,500.
(iv) The Sales return book is added Rs. 200 short.

Pass the journal entries rectifying the following errors:
(i) Purchases of office furniture of Rs. 10,000 was recorded in Purchases book.
(ii) Office rent of Rs. 15,000 was debited to the personal account of the landlord.
(iii) Old machine was sold for Rs. 5,000 was credited to Sales account.

Write a short note on - Insurance Policy Method

Write a short note on Machine hour rate method.

What are the Factors determining the amount of depreciation?

Akbar & Co. purchased a Plant for Rs. 80,000 on 01-04-2001. It is Depreciated at 10% p.a. on reducing Balance method for three years. Accounts are closed on 31^st March every year. Pass the Journal Entries.

Sunil & company purchased a fixed asset on 1.4.2002 for Rs. 5,00,000. Depreciation is to be provided @ 15% per annum according to straight line method. The books are closed on 31^st March every year. Prepare fixed asset account and depreciation account for three years.

What are the need for preparation of trading account?

What are the characteristics of balance sheet?

Explain the types. of liabilities.

What are the difference between trial balance and balance sheet.

The following Balances are taken from the books of M/s. Riya Ltd. Prepar Profit and Loss Account for the year ended 31^st march 2005.

Particulars	Rs.	Particulars	Rs.
Gross profit	5,25,000	Salaries & Wages	1,00,000
Rent	10,000	Depreciation	5,000
Interest on Loan	5,000	Office expenses	1,500
Distribution Charges	2,500	Salesman salary	8,000
Bad debts	2,200	Stationery and printing	500
Commission received	3,000	Discount received	2,000
Interest received	5,000	Advertising	9,000
Taxes and Insurance	2,000

Opening stock Rs. 30,000, Purchases Rs. 54,600, Expenses Rs. 6,000, Sales Rs.90,000, Expenses on sales Rs. 3,000, Closing stock Rs. 36,000. Calculate Cost of goods sold and Gross profit.

Explain the concept of Matching Principle.

What is Credit balance?

The Trial balance shows the followings:
Capital as on 31-03-2013     Rs.6,00,000 .
Drawings as on 31-03-2013  Rs.50,000
Charge interest on drawings @ 5% pass adjusting entry. Show how this item appear in the final accounts.

From the following particulars prepare a Balance sheet of Mr. X for the year ended 31^st March, 2015.

Capital	Rs.2,00,000	Sundry debtors	Rs.80,000
Drawings	Rs.40,000	Land and building	Rs.50,000
Cash in hand	Rs.15,000	Plant and machinery	Rs.80,000
Loan from bank	Rs.40,000	Investment	Rs.20,000
Sundry creditors	Rs.40,000	Bills receivable	Rs.10,000
Bills payable	Rs.20,0.00	Cash at bank	Rs.25,000
Goodwill	Rs.60,000

The following adjustments are made at the time of preparing Final accounts.
(i) Outstanding Liabilities for Salaries Rs.10,000; Wages Rs. 20,000; Interest on Bank overdraft Rs. 3,000; and Interest on bank loan Rs. 6,000.
(ii) Provide Interest on capital @ 10% p.a
(iii) Depreciation on plant and machinery by 10% p.a.
(iv) Bad debts amounted to Rs. 10,000 and make a provision for Bad debts @ 10% on sundry debtors.
(v) Closing stock amounted to Rs. 1,20,000.
Net Profit for the year amounted to Rs. 96,000 after considering all the above adjustments.

Pass necessary Adjusting entries for the following adjustments:
a) Interest on loan outstanding Rs.5,000
b) Depreciation @ 5% on furniture Rs.50,000
c) Write off bad and doubtful debts Rs.3,000
d) Provide provision for bad and doubtful debts @ 5% on sundry debtors Rs.4,00,000
f) Provide provision for discount on creditors @ 2% on sundry creditors Rs.3,50,000

Give the Block diagram of computer.

Explain the types of People Interact.

Explain the three types of Procedures.

Explain the codification of accounts.