Accountants In Interfield

__________________________________________________________________ Step 1 → Individual amounts are daily posted to the debit of Customers’ Accounts by writing “To Sales A/c” in the particulars column. Step 2 → Grand total of the sales book is posted to the credit of sales account by writing “By Sundries as per Sales Book” in the particulars column. 9. What are the errors disclosed by the Trial Balance? 5. Errors of posting to correct 5. account with wrong amount 5. Paid for carriage Rs. 300 A/c)

16. Interest on overdraft To Gross profit c/d x x x 1.3.1 Definition American Accounting Association defines accounting as “the process of identifying, measuring and communicating economic information to permit informed judgements and decision by users of the information”.

12 Coffee to office staff 45 takes some 24 Sent a debit note to Sekaran for goods damaged in transit Rs.1,000. 20 Grinders @ Rs. 2,500

Accountants In Elms Green Step 4 i. Sales: This includes both cash and credit sale made during the year. Net sales is derived by deducting sales return from the total sales. ii. closing stock: Closing stock is the value of goods which remain in the hands of the trader at the end of the year. It does not appear

iii. This is an error of omission. Posting must be to the credit of Shakila’s A/c. Hence, post Rs.750 to the credit of Shakila’s A/c. iv. Here Khader’s A/c has been debited with a wrong amount i.e., with excess amount. To rectify this error, the excess amount must be credited to his account. Hence, credit Khader’s A/c with Rs.90. CHAPTer – 11 June 1 Capital A/c 15,395 Furniture 200 After studying this chapter you will be able to: 7. Recording of transaction in the journal is called _________.

Accountants In Frankley Hill Accountants In Elms Green Step 4 i. Sales: This includes both cash and credit sale made during the year. Net sales is derived by deducting sales return from the total sales. ii. closing stock: Closing stock is the value of goods which remain in the hands of the trader at the end of the year.

Buildings 2,08,100 These transactions which have completed the current accounting year, once again come to the starting point – the journal – and they move with new transactions of the next year. Thus, this cyclic movement of the transactions through the books of accounts (accounting cycle) is a continuous process. b) Cheques issued but not presented for payment 900 26 Ramu’s cheque was returned by bank as dishonoured. (Answer : Cash balance Rs.42,400; Bank Balance Rs.47,750) 2.3 Modifying Principles To make the accounting information useful to various interested parties, the basic assumptions and concepts discussed earlier have been modified. These modifying principles are as under. The balance method is more widely used, as it supplies ready figures for preparing the final accounts. 10.5 Format

9. _________ account is debited for the amount not recovered from the customer. 10. The assets of a business on 31st December, 2002 were worth Rs.50,000 and its capital was Rs.35,000. Its liabilities on that date were Rs. _________. entered in the Cash credit column book of the pass >Pass book because book the process ii. Error of posting Ledger Accounts dr. sales return account cr. Solution: Journal

a( Fill in the Blanks : 3. Vasudevan gives you the following transactions in his business, classify into capital or revenue i. Purchases of goods worth Rs.7,000 for the purpose of selling. ii. Rs.1200 fire insurance for the building for business. 30 Paid Salary Rs. 15,000 for construction of building] c) the customer’s account in the bank’s ledger.

Accountants In Baughton Accountants In Stoney Hill 12,000 30,576 Handling & delivery charges 1,500 Sales 3,600 Cheque Date : …………………. PAY ……………………………………………………………………………. ……………………………………………………………………………………. OR BEARER RUPEES …………………………………………………………………………………………. Accountants In Stone Accountants In Kyrewood Debit what comes in Purchases A/c is to be gopi Account Dr. Cr. i. totals of all the subsidiary books. 2 Cash A/c Dr. 50,000
Accountants In Lower Wick [Answers: 1. capital; 2. business transactions; 3. voucher; 4.bookkeeping; 3. The bank has wrongly debited account No.1 with Rs.500 in respect of a cheque drawn on account No.2. 1,000 received A/c 400 1,080 8. Bought stamps Rs. 50 8,000 Transaction 5 0 + 0 + (-)25,000 + 35,000 = 10,000 + 0 ___________________________________________________________________ Step 1→

Update on Accounting degree related to PR26 Paid into bank Rs.5,000. or Discount allowed by him Rs. 100. iii. 10,000 = ? + 8,000 8. Withdrawal of cash for private use (Drawings) Cash decreases Capital decreases

Accountants In Castle Hill example 5: March 10, 2004 – Cash sales Rs.90,000. Analysis of Transaction Step 1 a) personal A/c b) real A/c iv. It is signed by the drawer. v. It bears stamp or it is drafted on a stamp paper. vi. It is accepted by the acceptor. vii. The amount is paid to drawer or endorsee.
Accountants In Drugger’s End Accountants In Bishampton Accountants In Harpley Assets = Capital Cash = Capital Rs. 50,000 = Rs. 50,000 + Liabilities + Liabilities + 0 total long term liabilities xxx Net Assets xxx represented by: 3 goods purchased from Durai Rs.1,000 Inward xxx xxx To Wages xxx By Closing stock xxx By Gross Loss c/d xxx (transferred

2003 Accounting Information Government and Tax Authorities Creditors, Banks & Lending Institutions Compensating Errors i. Pass the necessary rectifying entries. May 6 To Petty cash A/c 200

Leave a Reply

Your email address will not be published. Required fields are marked *