Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Management Expert

Solve the following problems.

problem 1) Describe the concepts of accounting with exs.

problem 2) Prove that accounting equation is satisfied in all the following transactions of Mr.X

1) Commenced business with cash – Rs.80,000 (10 marks)

2) Purchased goods for cash – Rs.40,000 and on credit Rs.30,000

3) Sold goods for cash – Rs.40,000 costing Rs.25,000

4) Paid salary – Rs.2,000 and salary outstanding Rs.1,000

5) Bought scooter for personal use for cash at Rs.20,000

problem 3) Show rectification entries for the following:

a) Sales account is undercast by Rs.15,000

b) Goods returned by the customer Mr.X of Rs.5650 has been posted in the Return Inward Account as Rs.5560 and in Mr.X a/c as Rs.6,550.

c) Salary paid Rs.6,000 has been posted to Rent account

d) Cash received from Ram posted to Shyam account Rs.7,000

e) Cash received from Jadu Rs.8,640 has been posted to the debit of Madhu’s a/c

problem 4) The following balances are extracted from the books of Kiran Trading Co on 31st March2000. You are needed to prepare trading and profit and loss account and a balance sheet as on that date:

Opening Stock        5,000               Commission received    2,000
B/R                       22,500             Return Outward       2,500
Purchases              1,95,000          Trade Expenses        1,000

Wages                  14,000             Office furniture         5,000
Insurance               5,500             Cash in hand            2,500
Sundry Debtors     1,50,000         Cash at bank              23,750
Carriage Inwards     4,000            Rent and Taxes           5,500
Commission Paid      4,000           Carriage Outward        7,250
Interest on Capital   3,500            Sales                        2,50,000
Stationery              2,250            Bills Payable               15,000
Return Inwards       6,500            Creditors                   98,250
                                                 Capital                       89,500

The closing stock was valued at Rs.1,25,000

problem 5)  prepare brief notes on :

a) Outstanding Expenses

b) Prepaid Expenses

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M94867

Have any Question? 


Related Questions in Financial Management

What is the base interest rate suppose the yield on a

What is the base interest rate? Suppose the yield on a 10-year corporate bond is 6.2% and the yield on a similar-maturity Treasury security is 4.5%. a. What is the yield spread for this corporate bond? b. Why is there a ...

Estimating debt jarrod has an old tv worth about 100

Estimating Debt. Jarrod has an old TV worth about $100. Jarrod's other assets total about $150. What is Jarrod's debt-to-asset ratio? What does this indicate about Jarrod's financial position? Problem Estimating Liquidit ...

Options the exercise price on one of flanagan companys

Options The exercise price on one of Flanagan Company's options is $15, its exercise value is $22, and its time value is $7. What are the option's market value and the price of the stock? Option's market value $ Price of ...

Carey enterprises sold equipment on january 1 2015 for

Carey Enterprises sold equipment on January 1, 2015 for $10,000. The equipment had cost $48,000. The balance in Accumulated Depreciation at January 1 is $40,000. What entry would Carey make to record the sale of the equi ...

Explain how each situation could indicate a fraud risk and

Explain how each situation could indicate a fraud risk and how the auditor could confirm or dispel it. a. An employee can authorize medical insurance claims and enter them into the system for payment without supervisory ...

You have 118000 to invest in a portfolio containing stock x

You have $118,000 to invest in a portfolio containing Stock X and Stock Y. Your goal is to create a portfolio that has an expected return of 18.4 percent. Stock X has an expected return of 16.8 percent and a beta of 1.25 ...

1 which of the following statements is true about using the

1. Which of the following statements is true about using the internal rate of return (IRR)? a. You do not need to know the discount rate to compute the IRR. b. A single project can have only one IRR. c. Any investment op ...

Zorp corporation also has some bonds for sale that your

Zorp Corporation also has some bonds for sale that your company is considering. These bonds have a $1,000 par value and will mature in 16 years. The coupon rate on the bonds is 5% paid annually, and they are currently se ...

Sankey inc has current assets of 5000 net fixed assets of

Sankey, Inc., has current assets of $5,000, net fixed assets of $23,800, current liabilities of $4,000, and long-term debt of $8,900. (Do not round intermediate calculations.) What is the value of the shareholders' equit ...

1 what is a project finance loan what role does a vehicle

1. What is a project finance loan? What role does a vehicle company play in the typical project finance deal? 2. What is a debenture? Why do you think that this is the most common form of corporate bond in the United Sta ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen