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problem 1: Pass adjustment entries for the given transactions:

a) Purchase of machinery = 50,000 wrongly debited to purchase account.

b) The proprietor employs materials = Rs.5,000 for his personal use.

c) Stock destroyed by fire Rs.7,000 and the insurance company admitted a claim = Rs.6,000.

d) Outstanding liabilities:

Wages Rs.1,000
Salaries Rs.2,000

e) Of sundry debtors of Rs.60,500, Rs.500 proved bad and the company maintained a provision of 5 percent on debtors.

problem 2: prepare detail notes on any two:

a) GAAP.

b) Amended cash book.

c) Doctrine of consistency.

d) Accounting-a language of business. 

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M912894

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