Who is considered to be the internal user of the financial information?

The term TDS in taxation refers to _______

In India, Accounting Standards are issued by

In double entry system of book keeping, every business transaction affects  

Capital account is classified under________.

J. F. means ___________

Merchandise stolen by someone should be debited to_______

The trial balance contains the balances of_____

Purchases of fixed assets on credit basis is recorded in_______

On 1^st January 2013, Chandran draws a bill on Sundar for 3 months, its due date is___________.

Cash book is a_______

Balance as per bank statement is Rs. 1,000. Cheque deposited, but not yet credited by the bank is Rs. 2,000. What is the balance as per bank column of the cash book?

When cheque  is not paid by the bank it is called as_______

A credit purchase of furniture from Athiyaman was debited to purchases account. Which of the following accounts should be debited while rectifying this error?

If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is ____.

____________ method is appropriate for the fixed assets having certain period of working life.

Transaction which provide benefit to the business for more than one year is called as ___________

Balance sheet shows the ________ of the business.

Outstanding expense account is a representative ______ account.

One of the limitations of computerised accounting system is _______.

What is credit transaction?

Write anyone transaction which:
a) Decreases the assets and decreases the liabilities
b) Increases one asset and decreases another asset

Analyse the Trial Balance. Can you identify accounts that have only debit balances/credit balances always?

What is purchases returns book?

Which values are involved in the preparation of bank reconciliation statements?

Pass necessary journal entries to rectify the following errors located after the preparation of trial balance:
(a) Sales book was undercast by Rs.1,000.
(b) A amount of Rs.500 paid for wages was wrongly posted to machinery Account.

A firm purchased a plant for Rs. 40,000. Erection charges amounted to Rs. 2,000. Effective life of the plant is 5 years. Calculate the amount of depreciation per year under straight line method

State whether the following are capital, revenue or deferred revenue expenditure.
i) Carriage of Rs.1,000 spent on machinery purchased and installed.
ii) Office rent paid Rs.2,000.
iii) Wages of Rs.5,000 paid to machine operators.
iv) Hire charges for the use of motor vehicle, hired for five years, but paid yearly.

Give adjusting entry for depreciation at 10% p.a. on machinery of Rs.25,000.

Name any two accounting packages.

Discuss briefly the branches of accounting.

What are the limitations of Book keeping

Show the accounting equation on the basis of the following transactions:
i) Ramya started business with Cash   Rs.25,000
ii) Purchases goods from Harsha   Rs.20,000
iii) Sold goods to Amala costing Rs.18,000    Rs.25,000
iv) Ramya withdrew from business   Rs.5,000

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

Explain any three advantages of subsidiary books.

Briefly explain about contra entry with examples.

The following errors were located after the preparation of trial balance. The difference in trial balance has been taken to suspense account. Rectify them.
(a) The total of purchases book was carried forward Rs.70 less.
(b) The total of sales book was carried forward Rs.340 more.
(c) The total of purchases book was carried forward Rs.150 more.
(d) The total of sales book was carried forward Rs.200 less.
(e) The total of purchase returns book was carried forward Rs.350 less

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 how closing stock is treated in final accounts.

Mr. Vivek took a loan of Rs.2,00,000 from State Bank of India, Chennai and number of instalments is 84 months. Calculate the rate assuming payments Rs.3,300 per month using the appropriate function.

Briefly explain the functions of accounting

Karthick opened a provisions store on pt April, 2017. Journalise the following transactions in his books:

Journalise the following transactions and post them to Ledger.

From the following balances extracted from the books of Ashok, a merchant of Chennai, prepare trial balance as on 31st December, 2017.

Record the following transactions in the sales book and sales returns book of M/s. Ponni & Co., and post them to ledger.

Enter the following transactions of Fathima in the cash book with cash, bank and discount columns for the month of May, 2017

Enter the following transactions in the single column cash book of Mrs. Lalitha.

From the following particulars, ascertain the cash book balance as on 31^st December, 2016.
(i) Overdraft balance as per bank statement Rs.1,26,640
(ii) Interest on overdraft entered in the bank statement, but not yet recorded in cash book Rs. 3,200
(iii) Bank charges entered in bank statement, but not found in cash book Rs. 600
(iv) Cheques issued, but not yet presented for payment Rs. 23,360
(v) Cheques deposited into the bank but not yet credited Rs. 43,400
(vi) Interest on investment collected by the bank Rs. 24,000.

A book-keeper finds that the debit column of the trial balance is short by Rs.308 and the difference is put to a suspense account. Subsequently, the following errors were located.
(a) An entry for sale of goods on credit for Rs.102 to Mekala was posted to her account as Rs.120.
(b) Rs.100 being the monthly total of discount allowed to customers was credited to discount received account in the ledger.
(c) Rs.275 paid by Mannan was credited to Kannan account.
(d) Rs. 26 appearing in the cash book as paid for the purchase of stationery for office use has not been posted to ledger.
(e) The purchases book was undercast by Rs.100.
Rectify the errors and prepare suspense account.

An asset is purchased on 1.1.2016 for Rs. 25,000. Depreciation is to be provided annually according to straight line method. The useful life of the asset is 10 years and its residual value is Rs. 1,000. Accounts are closed on 31^st December every year. You are required to find out the rate of depreciation and give journal entries for first two years.

Classify the following into capital and revenue.
i) Rs.300 paid for carriage on goods purchased.
ii) Rs.700 paid for repairs on second hand machinery as soon as it was purchased.
iii) Rs.1000 paid for repairs on a machinery for maintenance.
iv) Second hand asset purchased for Rs.10,000
v) Rent paid to the landlord Rs.8,000

From the Trial balance, given by Saif, prepare final accounts for the year ended 31st March 2018 in his books.

Closing stock (31-12-2017) Rs. 14,500.

Following are the extracts from the trial balance.

Additional information:
(a) Additional bad debts Rs. 1,000
(b) Create a provision for doubtful debts @ 5% on sundry debtors.
(c) Create a provision for discount on debtors @ 2% on sundry debtors.
You are required to pass necessary journal entries and show how these items will appear in the final accounts.

Calculate depreciation under Straight Line Method using Spreadsheet based on the details given below.