Ask Question, Ask an Expert


Ask Financial Accounting Expert

problem 1: What do you mean by Book keeping? Describe the main objectives and significance of Book keeping.

problem 2: What are the golden rules of accounts? Give five illustrations of each kind of account.

problem 3:

a) Differentiate between Trading and Non Trading organization.
b) Define the term Depreciation. What are the causes of depreciation?

problem 4: prepare Short notes on any four:

a) Objectives of Accountancy.
b) Benefits of Cash Book.
c) Bank Reconciliation Statement.
d) Capital Expenditure.
e) Fixed Installment Method.

problem 5: Rectify the given errors.

a) A machine purchased Rs. 33,100 is debited to Purchases account.
b) Wages paid for erection of new machinery Rs. 3,500 are debited to Wages account.
c) Material of Rs. 10,500 and wages of Rs. 5,500 paid for additions to building were debited to Purchases and Wages account.
d) Land acquisition charges paid Rs. 10,800 were debited to Legal Charges account.
e) Carriage paid on purchases of goods Rs. 4,000 was debited to Goods account.
f) Rs. 1,000 paid for repairs to Machinery were debited to Machinery account.
g) Salaries of Rs. 1,800 paid to Mr. A were debited to Mr. A’s account.
h) Goods sold to Mr. A Rs. 1,000 are recorded in the Purchase book.
i) Wages paid Rs. 4,100 are posted to Salaries Account.
j) Goods purchased from Mr. A Rs. 2,400 on credit were recorded as Rs. 240 in the Purchase Book.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M95758

Have any Question? 

Related Questions in Financial Accounting

Boilermaker house painting company1 sep 3 paint houses in

Boilermaker House Painting Company 1. Sep 3 Paint houses in the current month for $20,000 on account. 2. Sep 8 Purchase painting equipment for $21,000 cash. 3. Sep 12 Purchase office supplies on account for $3,500. 4. Se ...

Milestone two guidelinesfor this assignment due in module

Milestone Two Guidelines For this assignment, due in Module Six, you will submit the Ratio Analysis portion of the final project. For this milestone, you will be analyzing the financial performance of Starbucks using the ...

Friedman company uses the aging of accounts receivable

Friedman Company uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging analysis equals $26,000. The unadjusted credit balance in the Allowance for Doubtful Accou ...

The uniform commercial code covers goods but sometimes you

The Uniform Commercial Code covers goods, but sometimes you have a contract that has a mix of goods and services so you have to determine what is the predominant. How do you determine if a contract is predominantly a goo ...

Accounting 26e chapter 15 comprehensive problem 4selected

Accounting 26e chapter 15 Comprehensive Problem 4 Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2014, were as follows: a. Issued 15,000 shares of $20 par common stock ...

Dm components is organized with two service departments s1

DM Components is organized with two service departments (S1 and S2) and two production departments (P1 and P2). The company uses the step method to allocate service department costs, allocating from S1 to S2, P1, and P2 ...

To raise operating funds north american courier corporation

To raise operating funds, North American Courier Corporation sold its building on January 1, 2016, to an insurance company for $540,000 and immediately leased the building back. The lease is for a 10-year period ending D ...

You have been asked to compare the sales and assets of four

You have been asked to compare the sales and assets of four companies that make computer chips to determine which company is the largest in each category. You have gathered the following data, but they cannot be used for ...

In its annual report for the year ended january 31 2011

In its annual report for the year ended January 31, 2011, Virco Manufacturing Corporation, a producer of school desks and other furniture, provided the following information regarding a change in inventory method (in par ...

Determining acquisition cost tarpley inc acquired land for

Determining Acquisition cost. Tarpley, Inc. acquired land for $400,000. The closing costs amounted to $11,000 and the firm paid $7,250 for the current period's property taxes at the end of the year. Tarpley plans to buil ...

  • 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