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

Identify and describe the five environmental differences

Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Boards Why Governmental Accounting and Financial Rep ...

Kasper inc sponsors a defined-benefit pension plan the

Kasper, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2013. Service cost $210,000 Contributions to the plan $190,000 Actual return on plan assets $165, ...

The winston company estimates that the factory overhead for

The Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50 ...

On june 30 2014 freeman companyrsquos total current assets

On June 30, 2014, Freeman Company’s total current assets were $496,500 and its total current liabilities were $274,500. On July 1, 2014, Freeman issued a short-term note to a bank for $39,800 cash. Required a. Compute Fr ...

Open the following t accountscash repair supplies repair

Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; T. Ornega, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the ...

Jennyrsquos cutting station is a new concept in haircuts

Jenny’s Cutting Station is a new concept in haircuts; low cost and very quick. Set in a local mall, Jenny’s offers 15 minute haircuts for harried shoppers who do not have time for lengthy appointments. To ensure that the ...

What do you think the impact of leadership on quality is

What do you think the impact of leadership on quality is? From your own experience can you describe a situation where leadership behavior had a positive impact on quality? How about a negative impact?

Sydney incorporation produced wooden tables it reported the

Sydney Incorporation produced wooden tables. It reported the following data for 2015: Materials: Beginning inventory of wood $ 200000 Purchases of wood $616000 Ending inventory of wood $104000 manufacturing labor cost (t ...

Practice questionsjulies jardinieres manufactures a range

Practice questions: Julies Jardinieres manufactures a range of ornamental plant pots. The business plans to produce 2.000 units over the next month. Each variety takes about the same amount of materials and time to produ ...

Which of these cycles would you as an auditor spend more

Which of these cycles would you, as an auditor, spend more time with? Would you suspect more misstatements in the revenues and collection cycle or in the purchases and payments cycle? Why? Give some examples to support y ...

  • 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