Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem 1) Answer all the problems:

(i) describe accounting. Give the major objectives of accounting.

(ii) What do you understand by depreciation? Give reasons of decrease in the value of assets.

(iii) What is income and expenditure account? How is it differentiate for receipt and payment account?

(iv) Define share. Describe the various type of shares.

(v) What do you understand by redemption of debenture?

problem2) What do you understand by accounting concepts and conventions? Describe briefly important accounting concept.

problem3) What are redeemable reference shares? Describe the different methods of redeeming the redeemable preference shares.

problem4) From the following Trial Balance and other information of Hari Lal, create Trading Account and Profit & Loss Account for the year ended 31st March, 2012 and a Balance Sheet as on that date:

Trial Balance as on 31st March, 2012

Name of Accounts                               Debit Rs.                                 Credit Rs.
Drawing and Capital                              24,000                                   1,00,000
Purchase and Sales                            1,50,000                                   3,12,000
Debtors and Creditors                        2,00,000                                   1,20,000
Opening Stock                                                                                      50,000   
Returned Inwards/ Outwards                 10,000                                         5,000
Bad Debts                                             7,000   
Salaries                                                30,000   
Office expenses                                     12,000   
Provision for depreciation                                                                          2,000
Interest                                                                                                   4,000
Printing and Stationary                             8,000   
Furniture                                               20,000   
Provision for doubtful debts                                                                        6,000
Wages                                                  20,000   
Insurance                                              12,000   
Rent                                                     15,000   
                                                           5,58,000                                      5,58,000
Adjustment:

1) Closing Stock Rs. 60,000

2) Depreciate furniture by 10% on original cost.

3) Salaries for the month of March, 2012 amounting to Rs. 3,000 were unpaid which must be provided for. However salaries included Rs. 2,000 is prepaid.

4) Insurance amounting to Rs. 2,000 is prepaid.

5) Outstanding office expenses Rs. 8,000.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M94307

Have any Question? 


Related Questions in Accounting Basics

Infrastructure and gasb statement1 answer the following

Infrastructure and GASB Statement 1. Answer the following questions with regard to infrastructure: A) What is infrastructure? B) What are two methods that might be used to record infrastructure expense from year to year? ...

Hildebrand consumer products incas you know we have

Hildebrand Consumer Products, Inc. As you know, we have recently experienced stagnant growth. In preparation for my upcoming meeting with the Board of Directors, I am asking you to prepare a formal report that will brief ...

Accounting questions1 if cash is 2345 in 20x2 and 3671 in

Accounting Questions 1. If Cash is $2,345 in 20X2 and $3,671 in 20X1, what is the percentage of increase or (decrease) from 20X1 to 20X2? A. 56.55%******* B. (56.55%) C. 36.12% D. (36.12%) 2. Gross profit by department a ...

Question 1 ldquoaccountancy is an information systemrdquo

Question 1. “Accountancy is an Information System”. Do you agree? Substantiate your answer with reasons. How does an Accountant help in planning and controlling a large commercial organization? Explain.    Question 2. Th ...

Part 1problem 2aagrichem industries manufactures fertilizer

Part 1 PROBLEM 2A AgriChem Industries manufactures fertilizer concentrate and uses cost standards. The fertilizer is produced in 500-pound batches; the normal level of production is 250 batches of fertilizer per month. T ...

Fasb ongoing projectproject objectivedescribe the history

FASB Ongoing Project Project Objective Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project. Requirements The FASB has several ongoing projects that in ...

Assignment accounting qualitybased on the requirements of

Assignment: Accounting Quality Based on the requirements of the Sarbanes-Oxley Act and SEC reporting requirements for publically traded companies, Write a five page paper in which you: 1. Assess the roles of the Board of ...

Accounting essayypou must identify a company that has

Accounting essay YPou must identify a company that has implemented "LEAN" or "Lean Six Sigma" technology in their organization. Clearly Identify the fundamental difference between LEAN and Six Sigma. Be certain to includ ...

Auditing and ethical practice and auditing and ethics

Auditing and Ethical Practice and Auditing and Ethics Assessment Task The object of this assignment is to assist students to develop critical analysis skills in relation to auditor independence and issues in accepting au ...

This assignment will assess the following learning

This assignment will assess the following learning outcomes: - Demonstrate the impact on the financial statements and the implication for different users of accounts of alternative ways of treating controversial accounti ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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