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

Actual revenues and expenditures reported on a budget and

Actual revenues and expenditures reported on a budget and actual comparison schedule should be prepared on the same basis as budgeted revenues and expenditures, even if a cash basis is used.?? Do you agree with this stat ...

Nonfinancial performance measuresalpha university wishes to

Nonfinancial performance measures Alpha University wishes to monitor the efficiency and quality of its course registration process. a. Identify three input and three output measures for this process. b. Why would Alpha U ...

You may have to research more than 1 company to complete

You may have to research more than 1 company to complete the Key Assignment. Plan accordingly. The purpose of this Key Assignment is to get familiar with annual reports and to understand the financial implications of the ...

Accounting for managers- shareholders and lenders whilst

Accounting for Managers- Shareholders and lenders, whilst not being the only stakeholders, provide capital to companies because they seek a return commensurate with the level of risk that they are willing to take. You ar ...

Exercise 1making special pricing decisionssuppose the

Exercise 1 Making special pricing decisions Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Hungry-Cardz with a special order. The Hall of Fame wishes to purchase 55,000 baseball card packs for ...

Principles of accountingthis response must be 150-200 words

PRINCIPLES OF ACCOUNTING This response must be 150-200 words long Explain the difference between cash-basis and accrual-basis accounting. Assume you are a business owner of the type of business you would like to own, wha ...

A stock pays an annual dividend of 2 the dividend is

A stock pays an annual dividend of $2. The dividend is expected to increase by 2% per year (roughly the inflation rate) forever. The price of the stock is $40 per share. At what cost of capital is this stock priced?

Obtain the 2012 10-k annual report for overland storage inc

Obtain the 2012 10-K Annual Report for Overland Storage, Inc. (OVRL). Refer to Note 1 on page F-7. Based on management's discussion in the note, what type of audit report did Overland's audit firm likely issue? In this s ...

Accountingmoviesplus inc is in its third year of business

Accounting MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the ...

Big alrsquos pizza inc a new subsidiary of big alrsquos

Big Al’s Pizza, Inc., a new subsidiary of Big Al’s Pizza Emporium, has been established to produce partially baked, flash-frozen, 16-inch meat pizzas to be sold wholesale to grocery and convenience stores and school cafe ...

  • 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