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

Partnership characteristicsindicate whether each statement

Partnership Characteristics Indicate whether each statement below is a reflection of (a) voluntary association, (b) a partnership agreement, (c) limited life, (d) mutual agency, or (e) unlimited liability. 1. A written c ...

Practical assessment- case study assignment question 1 case

Practical Assessment- Case Study Assignment Question 1: Case study You are a financial adviser and the following information is an extract of data you gathered as part of fact finding during an initial client consultatio ...

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 ...

Question 1 75000 year needed during retirementretirement

Question 1. $75,000 /year needed during retirement Retirement will last 25 years 30 years until retirement 6.0% return before and during retirement 3.25% inflation rate - Use the present value of an annuity (annuity due) ...

This is a comprehensive problem all contained on this

This is a comprehensive problem all contained on this spreadsheet tab. You are to prepare a cash flow statement, a vertical analysis, a horizontal analysis, and some ratio calculations. Scroll down the spreadsheet to com ...

Q1 kay corporation is engaged in the furniture

Q1. Kay Corporation is engaged in the furniture manufacturing business. Following are some of the financial figures of company: Sales                                      Rs. 760,000 Net Profit                            ...

In this assignment complete sections iii and iv of the

In this assignment, complete Sections III and IV of the project. For this part of the assessment prepare a Word document that addresses the critical elements below. Make sure answer each question in a substantive way and ...

Problem -a firm is considering the purchase of one machine

Problem - A firm is considering the purchase of ONE machine (i.e., A and B are mutually exclusive). Machine A will cost $40,000, generate sales of $20,000 per year for 5 years and have annual costs of $7,500.  Machine B ...

Casedavid sutherland a partner and fraud examiner in rachin

Case David Sutherland, a partner and fraud examiner in Rachin Cohen & Holtz LLP, was driving to a client when he heard a CNN announcement that LucidCom, a newly emerged provider of network infrastructure and connectivity ...

Taskin april 2016 the fair work ombusman released a report

Task In April 2016, the Fair Work Ombusman released a report on the findings of this inquiry on the 7 Eleven franchise network. The inquiry was prompted by allegations of systemic non-compliance with federal workplace la ...

  • 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