Define the following Terms with example: (1) Assets (2) Liabilities (3) Receipts (4) Payments (5) Profit
[5 marks]Explain in brief Accounting Concept related to Conservatism and Consistency.
[5 marks]Give Journal Entries for following transactions in the books of Mr. Umesh Joshi (1) Purchase of Furniture worth INR 30,000 for Cash from Rakesh Traders (2) Sales made to Mr. Ajay for INR 10,000 on 30 days Credit (3) Drawing from business made for personal purpose worth INR 6000 (4) Table of INR 10,000 sold for cash (5) INR 10,000 paid for Salary
[5 marks]Which are three Golden Rules of Journal Entries? Explain each with example.
[5 marks]Classify the following items as Real, Personal or Nominal (1) Building (2) Machinery (3) Mihir Account (4) Rent (5) Cash (6) Closing Stock (7) Bad Debts (8) Capital (9) Drawing (10) Depreciation Page 1 of
[3 marks]From the following ledger balances, prepare Trial Balance of Gopal Traders as on 31-03-2025 Particulars INR Capital 200000 Purchases 300000 Discount Allowed 4000 Sales 332000 Sales Return 2000 Expenses 20000 Trade Receivables 150000 Trade Payables 50000 Investment 30000 Cash at Bank 74000 Interest received on Investment 3000 Insurance Premium paid 5000
[5 marks]Write difference between Trial Balance and Balance Sheet (Any five)
[5 marks]What do you mean by Cash Flow Statement? What is the Importance of preparing the Cash Flow Statement?
[5 marks]Mahesh Pvt. Limited has purchased a machine for Rs. 1,94,000 on 1-4-23. Installation expense of this machine was Rs. 6,000. Depreciation is to be provided at 10% every year under reducing balance method. As certain amount of depreciation, prepare machine account and depreciation account for the first two years.
[5 marks]Define depreciation. Explain Straight Line Method (SLM) and Written Down Value (WDV).
[5 marks]A Manufacturer has following records of purchases and issues of a Circuits used for manufacturing of Television Sets Price DatePurchase Issue Per Unit Feb90050 Feb40052 Feb400 Feb40048 Feb1000 Compute value of Closing Stock using LIFO Method
[5 marks]Explain any Two Accounting Concepts. Page 2 of
[3 marks]Classify the following activities into Operating, Investing and Financing Activity. 1. Sold of old Machine 2. Rent Received 3. Redemption of Debenture 4. Interest received on investment 5. Dividend paid 6. Bad Debt 7. Sale of Equity Shares of ABC Ltd. 8. Increase in bank overdraft 9. Advertisement Expenses 10. Commission Received
[5 marks]Write down the formula for the followings: (1) Current Ratio (2) Debtors Ratio (3) Stock Turnover Ratio (4) Operating Profit Ratio (5) Proprietary Ratio
[5 marks]Write down Difference between Bookkeeping and Accounting.
[5 marks]Prepare Specimen of Profit & Loss Account for Mr. Jaimish with Imaginary figures.
[5 marks]From the below information, calculate Gross Profit Ratio, Net Profit Ratio and Stock Turnover Ratio. Sales INR 4,20,000 Purchase INR 2,80,000 Closing Stock INR 60,000 Opening Stock INR 30,000 Interest on Loan INR 15,000 Depreciation on Machinery INR 5,000 Page 3 of
[3 marks]