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AccountancyClass 11CBSE

What do you understand by Double Entry System state its advantages.

“The double entry system is that system which recognizes and records both the aspects of transactions”. This system has been proved to be systematic and has been found √of great use or recording the financial affairs of are institutions requiring use of money. Advantages of Double Entry System: - 1) Scientific System – As a matter of fact, this system is the only scientific system of recording business transactions as compared to other systems of book-keeping, it helps attain the objectives o

AccountancyClass 11CBSE

From the following transactions of M/s Lal and Peela, write up the journal in proper form, post the ledger and take out a Trial Balance:

| **Year** | | **Rs. ** | | --- | --- | --- | | Jan. 1 | Assets: Cash in hand Rs. 200: Cash at bank Rs. 6,800; Stock of goods Rs. 4,000; Machinery Rs. 10,000; Furniture Rs. 1,000; M/s Narain Bros own Rs. 1,500; M/s B.K. Bros Owe Rs. 1,500 Liabilities : Loan 5,000;Sum owing to Jindal Bros. Ltd, Rs. 2,000 | | | Jan. 2 | Bought goods on credit from Samuel & Co. | 1,000 | | Jan. 3 | Sold goods for cash to Dhiraj & Co. | 4,00 | | Jan. 4 | Sold goods for Narain Bros. on credit | 1,000 | | Ja

AccountancyClass 11CBSE

What do you mean by Trial Balance?

After pasting the accounts in the Ledger, a statement is prepared to show separately the debit and credit balances. Such a Statement is known as the Trial Balance.

AccountancyClass 11CBSE

What is Ledger?

The book, which contains account, is known as the ledger. It is defined as a “ book or register which contains, in a summarized and classified form, a permanent record of all transactions”.

AccountancyClass 11CBSE

Write down the advantages of journal?

The main advantage of the use of the journal are : Journal reduces the possibility of error. The possibility of errors is reduced as the amounts to be debited and credited are written side by side and the two can be compared to see that they are equal. Journal provides an explanation of the transaction along with the entry in the journal, a complete explanation is written so that later it would be possible to understand the entry properly. Journal provides a chronological record of all tra

AccountancyClass 11CBSE

Pass Journal Entries for the following:- 1) Received Rs. 4,000 from Manish which were written off as bad debts in the previous year 2) Salari3es due to clerk Rs. 7,500 3) Out of the rent paid this year, Rs. 2,000 is related to next year 4) Provide 10% depreciation on furniture costing Rs. 5,000 5) Provide 10% interest on capital amounting to Rs. 1,00,000 6) Goods used in making of furniture ( Sales Prince Rs. 2,000, Cost Rs. 1,500)

JOURNAL ENTRIES | S. No. | Particular | L.F. | Dr. | Cr. | | --- | --- | --- | --- | --- | | (i) | Cash A/c Dr. To Bad Debts Recovered A/c ( for cash received from Mahesh, previously written off as bad debts | | 4,000 | 4,000 | | (ii) | Salaries A/c Dr. To outstanding salaries A/c (for salaries due to clerks) | | 7,500 | 7,500 | | (iii) | Prepaid rent A/c Dr. To Rent A/c (For

AccountancyClass 11CBSE

What do you mean by prepaid Expenses?

Prepaid Expenses normally payment of certain expenses, rent of shop etc. are paid in advance, such expenses are termed as advance or prepaid expenses.

AccountancyClass 11CBSE

Record the following transactions in Journal - paid rent in advance Rs 1,000. - Received cash from Ram for a bad debt written off last you Rs. 1100 - Paid Rs. 1450 to Anil on his account for Rs. 1500 - Bought goods of the list price of Rs. 25,000 from Rohit less 20% trade discount and 2% cash discount and paid 40% by cheque. - Sold goods to Rakesh of the list price of Rs. 50,000 less 20% trade discount and 2% trade discount and 2% cash discount and paid 50% by cheque.

| S. No. | Particular | L.F. | Dr. | Cr. | | --- | --- | --- | --- | --- | | (i) | Prepaid Rent A/c Dr. To Cash A/c (Being rent paid in advance) | | 10,000 | 10,000 | | (ii) | Cash A/c Dr To Bad Debts Recovered A/c (Being bad debts written off last year, nor recovered) | | 1100 | 1100 | | (iii) | Anil Dr. To Cash A/c (Being the Cash paid to

AccountancyClass 11CBSE

Journalise the following: - Goods worth Rs. 1300 were used by proprietor for domestic use - Rs. 800 due from Zaid are bad debts. - Goods uninsured worth Rs. 2800 were destroyed by fire

In the Books of.. Journal Entries | S. No. | Particulars | L.F. | Dr. | Cr. | | --- | --- | --- | --- | --- | | (i) | Drawings A/c Dr. To Purchase A/c (Being goods used for domestic purpose) | | 1300 | 1300 | | (ii) | Bad Debts A/c Dr. To Hari (Being bad debts written off) | | 800 | 800 | | (iii) | Loss by Fire A/c Dr. To Purchases A/c (Being goods destr

AccountancyClass 11CBSE

Define discounts. How many types of discounts are there?

Discount – A reduction in amount, whether to encourage more purchases or prompt payment is called discount, Discount may be classified into: - - Trade discount - Cash Discount - Trade discount. It is an allowance made to a customer it he purchases goods above a certain quantity or an amount. The discount so allowed is reduced from the sale value and the sale or purchase is recorded in the books at the net value. - Cash Discount. It is an allowance to encourage prompt payment of amount due

AccountancyClass 11CBSE

Journalize the following transactions:- - Sonam is declared insolvent. Received from his official Receiver a first and final dividend of 6op. In the rupee on a debt of Rs. 100 - Mohan who owed me Rs. 200 has failed. He pays me a composition of 50 p. in the rupee. - Received cash for a bad debt written off last year Rs. 70

In the books of……. Journal Entries | S.No. | Particulars | L.F. | Dr. | Cr. | | --- | --- | --- | --- | --- | | (i) | Cash A/c Dr. Bad Debts A/c Dr. To Sohan (For received a cash dividend of 60p. in the rupee out of his debt of Rs. 100 from Sohan on his in solvency) | | 60 40 | 100 | | (ii) | Cash A/c Dr. Bad Debts A/c

AccountancyClass 11CBSE

What is Compound entry? Give an example of compound entry?

Whenever a journal entry involves more than two accounts, it is called Compound Entry. In a compound entry, there may be two or more accounts to be debited and only one to be credited or vice versa. Example of Compound Entry: - | 2001 | | Rs. | | --- | --- | --- | | Jan. 1 | Paid to Mohan Rs. 95 in full settlement of his account of Rs. 100 | | | Jan. 5 | Received from Ram Rs. 120 in cash and allowed him discount | 10 | | Jan. 7 | Paid Salary | 500 | | Jan. 7` | Paid Rent | 300 | | Jan. 7 |

AccountancyClass 11CBSE

The following transactions took place M/s Nandi Ram Tailoring Shop, prepare debit vouchers : | 2004 | | Rs. | | --- | --- | --- | | March 1 | Bought tailoring materials for cash vide memo No. 338 | 7,200 | | March 28 | Wages Paid for the month of February,2004, wide wage sheet No. 39 | 5,000 |

**1)** | M/s Nandiram Tailoring Shop Voucher No. - 1 Date 1.3.2004 Amount Rs. | | --- | | **Debit : Purchases A/c** (Being the tailoring materials purchased vide cash memo no. 338) | 7,200 | | | 7,200 | | Sd/-

AccountancyClass 11CBSE

The following are some of the transactions of M/s Kishore & Sons as per waste Book. Make out their sales Book: Sold to M/s Gupta & Verma on Credit: 30 Shirts @ Rs. 150 20 Trousers @ 300 Less – Trade Discount @ 10 Sold old furniture to M/s Sehgal & Co. on credit Rs. 800 Sold 50 shirts on credit to M/s Jain & Sons @ Rs. 150 each Sold on credit to M/s Mathur & Jain : 10 Shirts @ Rs. 175 10 overcoats @ 1500 Less Trade Discount @ 10%

Solutions: - | **Date ** | **Particulars ** | **L.F. ** | **Details** | **Amounts** | | --- | --- | --- | --- | --- | | | M/s Gupta & Verma 30 shirts @ Rs. 150 20 trousers @ Rs. 300 Less: Trade Discount @ 10 Sales as per invoice No.. dated.. | | 4,500 6,000 | 00 00 | 9,450 7500 20.250 | 00 00 00 00 | | | | | 10,500 1,050 | 00 00 | | | | | | | 17,500 5,000 | | | | | | M/s Jain & Sons 50 Shirts @ Rs. 150 Sales as per invoice No.. dated.. | | | | | | | | M/s Mathur

AccountancyClass 11CBSE

Write down the difference between Trade Discount and Cash Discount.

| Trade Discount | Cash Discount | | --- | --- | | 1) | It is allowed on a certain quantity being purchased | It is allowed on payment being made before a certain date | | 2) | Trade discount is not recorded in the ledger account | A ledger account has to be maintained for cash discount in the ledger | | 3) | The amount of the trade discount is deducted from the invoice | It is not deducted from the invoice |

AccountancyClass 11CBSE

What is Purchases Book?

Credit purchases of goods dealt in or of materials and stores used in the factory are recorded in a separate register, called the purchases book or the purchase journal.

AccountancyClass 11CBSE

Prepare a petty Cash Book on the Imprest System from the following: | 2002 | | Rs. | | --- | --- | --- | | Jan. 1 | Received Rs. 1,000 for petty cash | | | Jan. 2 | Paid bus fare | 5.00 | | Jan. 2 | Paid Cartage | 25.00 | | Jan. 3 | Paid for Postage and telegrams | 50.00 | | Jan. 3 | Paid wages for casual laborers | 60.00 | | Jan. 4 | Paid for stationery | 40.00 | | Jan. 4 | Paid tonga charges | 20,00 | | Jan. 5 | Paid for repairs to chairs | 150.00 | | Jan. 5 | Bus fare | 10.00 | | Jan. 6 | Cartage | 40.00 | | Jan. 6 | Postage and telegrams | 70.00 | | Jan. 6 | Tonga Charges | 30.00 | | Jan. 6 | Cartage | 30.00 | | Jan. 6 | Stationery | 20.00 | | Jan. 6 | Refreshment to Customers | 50.00 |

| Receipts | Date | **Voucher No.** | **Particulars** | **Total ** | **Conveyanc**e | **Cartage ** | **Stationery ** | **Postage ****&**** Telegrams ** | **Wages ** | **Sundines ** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rs. P | | | | Rs. P | Rs. P | Rs. P | Rs P | Rs P | Rs P | Rs. P | | | | 2002 | | | | | | | | | | | | | | | | | | 1000 | 00 | Jan. 1 | 1 | To Cash | | | | | | | | | |

AccountancyClass 11CBSE

What are the advantages of Petty Cash Book?

There are mainly four advantages of maintaining a petty cash book:- - Saving of time. Saving of time of the chief cashier - Saving of labour. Saving of labour in writing into the ledger. - Control. It provides control over small payments - Convenience in preparing ledger accounts. The Totals are not only taken to post them into ledger. No unnecessary details are to be given.

AccountancyClass 11CBSE

What do you mean by ‘ Imprest System of petty cash’ ?

It is convenient to entrust a definite sum of money to the petty cashier in the beginning of a period and to reimburse him for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the period. Such a system is known as the ‘Imprest system of petty cash.’

AccountancyClass 11CBSE

Enter the following transaction in Cash Book with Discount and Bank Columns. Cheques are first treated as cash receipts:

**Receipts ** **Payments ** | **S.No.** | **Date** | **Particulars** | **L.F** | **Discount** | **Amount** | **Date** | **Particulars** | **L.F** | **Discount** | **Amount** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | Cash RS. | Bank RS. | | | | | Cash RS. | Bank RS. | | | 2002 | | | | | | 2002 | | | | | | | 1. | Jan. 1 | To Capital A/c | | | 20,000 | | Jan.3 | By Bank A/c | C | | 19000 | | | 2. | Jan. 3 | To Cash A/c | C |

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