Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1) describe the functions of money and describe its importance in our day to day life.

problem 2) describe the factors that affect the demand for money in an economy.

problem 3) describe the recent developments related to the functioning of commercial banks in India.

problem 4) prepare brief notes on the following:

(i) Money Market

(ii) Inflation

(iii) Role of World Bank in poverty alleviation

(iv) Objectives of IMF

problem 5)(a) Describe the following:

(i) Money Measurement concept

(ii) Business entity concept

(iii) Realization concept

(b) What are Final Accounts? What function do they serve?

problem 7)(a) Differentiate “straight line method” and “diminishing balance method” of calculating depreciation. Which one of the above two methods will you recommend to compute depreciation on Plant and Machinery?

(b) From the following particulars, create Income and Expenditure Account:

                                                                                                                  Rs.

(i) Fees collected, including Rs. 80,000 on account of the previous year                   3,80,000
(ii) Fees for the year outstanding                                                                        10,000
(iii)Salary paid including Rs. 8,000 on account of the previous year                          98,000
(iv)Salary outstanding at the end of the year                                                         9,000
(v) Entertainment Expenses                                                                                 3,000
(vi)Tournament Expenses                                                                                    42,000
(vii)Meeting Expenses                                                                                          18,000
(viii)Traveling Expenses                                                                                        6,000
(IX) Purchase of Books and Periodicals (including Rs. 18,000for purchase of books)   28,000
(X) Rent paid                                                                                                      17,000
(XI) Advertising Expenses                                                                                     15,500
(XII) Postage and Stationery                                                                                   4,500
Donations received (50% of which is to be capitalized)                                              25,000

problem 8)(a) Rashid and Co. keeps his book on single entry system, his position on 1st January 2011 was as follows:

Cash in hand: Rs. 200, Cash at Bank: Rs. 3,000, Stock in trade: Rs. 20,000,
Sundry Debtors: Rs. 8,500, Furniture: Rs. 1,800, Machinery: Rs. 15,000,
Sundry Creditors: Rs. 22,000.
On 31st December, 2011 the financial position was as follows:
Cash in hand: Rs. 300, Cash at Bank: Rs. 2,000, Machinery: Rs. 27,000,
Furniture: Rs. 1,500, Sundry Debtors: Rs. 14,000, Stock in trade: Rs. 19,000,
Sundry Creditors: Rs. 29,000.

During the year Rashid introduced a new capital of Rs. 5,000 and withdrew for his personal expenditure Rs. 9,000.

From the above figure, prepare a statement showing the profit or loss made by him during 2011.

(b) Describe the meaning of a “Partnership Deed”. Mention the rights and duties of partners in the absence of partnership deed.

problem 9)(a) Differentiate between Hire Purchase System and Instalment System.

(b) A acquired on 1st January, 2009 a machine under a hire purchase agreement which provides for 5 half-yearly instalments of Rs. 6,000 each, the first instalment being due on 1st July, 2009. Assuming that the applicable rate of interest is 10 percent, find out the cash value of the machine.

problem 10) From the following particulars relating to Kolkata Branch for the year ended December 31, 2010 prepare Branch Account in the books of Head Office:

Rs. Stock at branch on January 1, 2010                                 10,000
Branch Debtors on January 1, 2010                                        4,000
Branch Debtors on Dec. 31, 2010                                           4,900
Petty cash at branch on January 1, 2010                                    500
Furniture at branch on January 1, 2010                                   2,000
Pre-paid fire insurance on January 1, 2010                                  150
Salaries outstanding at branch on January 1, 2010                       100
Goods sent to Branch during the year                                      80,000
Cash Sales during the year                                                    1,30,000
Credit Sales during the year                                                      40,000
Cash Received from Debtors                                                      35,000
Rs. Cash Paid by the branch debtors direct to Head Office               2,000
Discount allowed to debtors 100

Cash sent to branch for Expenses:
Rent                                                        2,000
Salaries                                                    2,400
Petty Cash                                               1,000
Insurance up to March 31,2011                     600                         6,000
Goods Returned by branch                                                          1,000
Goods Returned by debtors                                                         2,000
Stock on December 31                                                                5,000
Petty Expenses at Branch                                                               850
Provide Depreciation on furniture 10% p.a.

Goods costing Rs.1,200 were destroyed on account of fire and a sum of Rs. 1,000 was received from the Insurance Company.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M94786

Have any Question? 


Related Questions in Financial Accounting

Dickens corps fiscal year ends on december 31 it started

Dickens Corp.'s fiscal year ends on December 31. It started fiscal year 20X6 with $4,800 retained earnings. Below is its financial information as of December 31, 20X6. Cash $3,810 Depreciation expense  $1,005 Accumulated ...

Ratios assignmentthe new cfo e-mails you asking for your

Ratios Assignment The new CFO e-mails you, asking for your help this week analyzing some competitor's financial statements. Knowing that there are over 20 different ratios that can be used to monitor and assess the finan ...

Course projectfinancial statement analysislearning

COURSE PROJECT FINANCIAL STATEMENT ANALYSIS Learning Objectives • Analyze a company's financial statements in terms of liquidity, profitability and long-term solvency, and cash flows from operations. • Prepare in good fo ...

1 assignmentthe following data in thousands of dollars have

1. Assignment The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year. Sales ........................................................... ...

Discussion 4answer in 2-3 paragraphs and use

DISCUSSION 4 ANSWER IN 2-3 PARAGRAPHS AND USE SCHOLARLY SOURCE(S) Using the U.S. Securities and Exchange Commission's EDGAR database, select a public company that has consolidated subsidiaries. To minimize the chances of ...

Accounting and financial management assignment-this

Accounting and Financial Management Assignment- This assignment is designed to give you an opportunity: apply management accounting concepts and finance frameworks...to increase the effectiveness of management decision m ...

Nmims global accessschool for continuing education

NMIMS Global Access School for Continuing Education (NGA-SCE)  Course: Financial Accounting and Analysis  _____________________________________________________________________________ Question1. Following information is ...

1 wellplace hospital provides you with the following

1. Wellplace Hospital provides you with the following financial statements for 20X2 and 20X1: December 31 20X2 20X1 Cash $ 168 $ 211 Temporary investments 126 34 Receivables-patients, net 1,011 893 Inventory 296 315 Prep ...

Is there something in your life that is typically

Is there something in your life that is typically considered credible (product, tradition, performance technique, equipment, etc.) that you believe needs to be critically challenged? What and why?

Using the data that follows and assuming cost of goods sold

Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the mon ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro