Write down Difference between Bookkeeping and Accounting
[5 marks]From the following transactions, pass Journal Entries for M/s Shree& Co. 2023 4 Introduced capital of Rs. 50,000 and commenced business. 4 Brought goods of Rs. 10,000, furniture of Rs. 2000 and debtors of Rs. 30,000 in business. 10 Sold bike of Rs. 20,000 for Rs. 15,000 out of which Rs. 10,000 introduced in the business. 14 Brought in business personal receivable of Rs. 6000 and Payables Rs. 4000 16 Paid of income tax Rs. 500. 20 Withdrawn Rs. 1000 from business for personal use. 22 Paid Rs. 200 for life insurance premium from business. 25 Withdrawn goods of Rs. 400 for personal use from business. 31 College tuition fees of son Rs. 500 paid from business.
[5 marks]Classify the following accounts under Real, Personal or Nominal Account 1. Raj & company Ltd. A/c 2. SBI Bank A/c 3. Salary A/c 4. Furniture A/c 5. Stock A/c
[5 marks]Salman and Usman Bros. acquired a machine on July 1,2008 at a cost of Rs. 70,000 and spent Rs. 5,000 on its installation. The firm writes off depreciation @ 10% on straight line method. The boks are closed on December 31 every year. Show the Machinery and Depreciation Account for three years.
[5 marks]Classify the following activities into Operating, Investing and Financing Activity. 1. Purchase of Furniture 2. Amount received from debtors 3. Sale of machine 4. Income tax paid 5. Manufacturing expenses 6. Sales-distribution expenses 7. Paid for trade mark 8. Dividend payment 9. Rent received 10. Income tax refund1
[5 marks]Jan. 1 Opening Balance 500 units @ Rs. Jan. 4 Issued 200 units - Jan. 5 Received from vendor 200 units @ Rs. 4.25 Jan. 10 Issued 400 units - Jan. 12 Received from vendor 150 units @ Rs. 4.10 Jan. 15 Issued 100 units - Jan. 19 Issued 100 units - Jan. 20 Received from vendor 300 units@ Rs. 4.50 Jan. 25 Received from vendor 400 units @ Rs. Jan. 26 issued 200 units - Jan. 30 Issued 250 units - Prepare Stock Register as per FIFO method.
[4 marks]The following balances are extended from the book of Shri Amit on 31-3-2016. Prepare a Trial Balance of Shri Amit. Name of A/c Amount Rs. Name of A/c Amount Rs. Owner’s capital 48,000 Drawings 2000 Bank balance 14,000 Cash balance 4800 Travelling expenses 480 Salary 800 Debtors 14,040 Interest received 200 Rent 600 Sales returns 2200 Purchase return 1400 Sales 36,800 Purchase 28,000 Provident fund contribution Provident fund 1000 Loan borrowed 320 Machines 7200 Stock of goods Creditors 8640 Advertisement expenses 9200 Stationery expenses 400 Furniture 34,000 Discount received 280 Discount allowed 480 Bills payable 3000 Bills receivable 98 Commission received 4000 Bad debts 00 Loan from friend 6000 Expenses outstanding 4006000
[10 marks]Write down any two Accounting Concepts.
[10 marks]What is Depreciation? Explain factors of depreciation.
[ marks]From the following information prepare purchase book, sales book, purchase return book and sales return book in the books of Shri Hasmukhbhai. January,2015 1 Purchase goods of Rs.10,000 from Dhruvil at 10% trade discount. Bill no. 110. 3 Purchase goods of Rs.4000 from Komal at 10 % cash discount. Credit for 2 months. 7 Sold goods of rs. 8000 to Sajan at 5% trade discount and 2% cash discount. Invoice no. 90. 10 Purchase goods of Rs.4000. Cash memo no. 30. 11 Goods of Rs. 2000 returned to Sajan for which credit note no. 15 was sent to him. 15 10% goods returned to Dhruvil and debit note no. 16 sent to him. 16 Purchased furniture of Rs. 5000 from Shree Bahuchar furniture mart. 18 Purchased goods of Rs. 30,000 from Nirmi and half of the amount paod immediately.2 19 The entire goods purchased from Nirmi sold to Haily for Rs. 36,000 at 10% trade discount. Invoice no. 100. Credit period of 3 months. 20 Haily returned half of the goods sold to her and same were returned to Nirmi. 21 Kanu placed an order for supplying goods of Rs. 12,000 at 10% trade discount. 24 Supplied goods to Kanu for his order. Rs. 300 added for labour. Invoice 102. 25 Cash purchase Rs. 20,000 and cash sales Rs. 25,000. 31 Kanu returned half of the goods sold to him and it was agreed to give rebate of carriage in proportion.
[10 marks]Explain the types of Accounts with golden rules.
[5 marks]Write down the formula for the followings: (1) Current Ratio (2) Debtors Turnover Ratio (3) Stock Turnover Ratio (4) Operating Profit Ratio (5) Proprietary Ratio
[5 marks]Prepare Final Accounts from the Trial Balance and Adjustments of PRATIBHA as on 31-03-23 Name of Account Debit Rs. Credit Rs. Capital – Drawings 15,000 1,39,000 Adjusted Purchase and Sales 5,00,000 8,50,000 Goods Return 40,000 - Discount 4000 6000 Rent 5000 Debtors- Creditors 1,00,000 80,000 Commission 6000 Bills 15,000 25,000 Cash Balance 10,000 Bank Balance 25,000 Building 1,00,000 Furniture 30,000 Machinery 2,00,000 Wages 5000 Carriage inward 5000 10% Bank Loan and Bank Loan Interest 10,000 1,00,000 Closing Stock 30,000 Office Expenses 1,00,000 Total 12,00,000 12,00,000 Adjustments: (1) Goods of Rs.10,000 lost due to theft. (2) Goods of Rs. 5,000 distributed as sample. (3) Goods of Rs. 6000 burnt by Fire. (4) Goods of Rs. 3000 given as charity.
[10 marks]