Ask Question, Ask an Expert


Ask Accounting Basics Expert

problem 1: What do you mean by the term business? Describe the different forms of business organization?

problem 2: ‘Accounting Equation is true beneath all circumstances’. Justify this statement with the help of five exs.

problem 3: prepare short notes on the given terms:

a) Narration
b) Ledger Folio
c) Opening Entry
d) Compound Entry (4 × 3)

problem 4: Prepare a Bank Reconciliation Statement in the books of Neha Ltd. As on 30th June, 2010 from the given information
A) Credit Balance (Overdraft) as per Cash Book as on 30th June, 2010               15,000
B) Cheque deposited but not yet credited by the Bank                                     8,500
C) Another Cheque deposited but dishonored                                                  1,200
D) Cheques issued but not yet presented for payment                                      6,000
E) Interest on overdraft not recorded in Cash Book                                           780
F) A cheque of Rs. 2,420 received from a customer, although entered in the Cash Book, was not sent to bank.

problem 5: ‘Is Trial Balance just a proof of Arithmetical accuracy’? Describe the errors which are not disclosed through a trial balance.

problem 6: What do you meant by the term Suspence Account? Why is it opened and how is it closed?

problem 7: From the given Trail balance of Shri Rai Bahadur prepare Trading and Profit and Loss A/c for the year ending 31st December, 2010 and Balance Sheet as on that date. The Closing Stock on 31st December, 2010 was valued at Rs. 25,000.

1651_Balance sheet.jpg

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92249

Have any Question? 

Related Questions in Accounting Basics

Problem 1a two four-year-old companies are identical in all

Problem 1: a. Two four-year-old companies are identical in all respects except that Company A has used straight-line depreciation exclusively since inception while Company B has used double-declining balance depreciation ...

1 a share of common stock is not a derivative but an option

1. A share of common stock is not a derivative, but an option to buy the stock is a derivative because the value of the option is derived from the value of the stock. True False 2. Hedge funds are somewhat similar to mut ...

During the month a company started 300000 units of product

During the month a company started 300,000 units of product in a particular manufacturing process. The beginning work in process inventory was 50,000 units, and the ending inventory was 40,000 units. Direct materials are ...

Question 1 ali goes to the bank to take out a personal loan

Question 1: Ali goes to the bank to take out a personal loan. The stated annual interest rate is 12%, but interest is compounded monthly and he will make monthly payments. The effective annual interest rate (EAR) of the ...

Assignment changing the aismigrating to a new accounting

Assignment: Changing the AIS Migrating to a new accounting information system is not an easy task. Many firms have struggled with this process, even though our textbook makes the process seem quite straightforward. Recen ...

Research problem you are interviewing a client before

Research Problem : You are interviewing a client before preparing his tax return. He indicates that he did not list as income $96,000 received as a recovery for false imprisonment. What should you do with respect to this ...

The project -this project gives a companys starting balance

The project - This project gives a company's starting balance sheet, and lists 18 transactions. Center Company January 1, 2017, Balance Sheet Cash 800,000 Accounts receivable 700,000 Less: Allowance for doubtful accounts ...

Rayburn industries is evaluating the investment of 144900

Rayburn Industries is evaluating the investment of $144,900 in a new packing machine that should provide annual cash operating inflows of $31,060 for 6 years. At the end of 6 years, the packing machine will be sold for $ ...

Questionthato and mdeva were in partnership and traded as

QUESTION: Thato and Mdeva were in partnership and traded as LEPARA Traders and shared profits/losses in the ratio of 5:3 respectively. Thato and Mdeva decided to admit Lenyora to the partnership. The following informatio ...

Test 1 write the word correct if the statement is true and

Test 1: Write the word CORRECT if the statement is true and the word WRONG if the statement is false. Print in CAPITAL letters why. 1. All partners, whether capitalist or industrialist, are to share on whatever partnersh ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate