myclass24
myclass24your class. your pace.
Q&A BANK

every question.
answered.

215 answers across CBSE, ICSE, and State boards - Class 1 to 12, every subject.

CBSEICSEState
SUBJECT
CLASS

Filtered results

215 TOTAL
AccountancyClass 11CBSE

Enter the following transactions in Cash Book with Discount Columns: | S. No. | | 2002 | Rs. | | --- | --- | --- | --- | | 1. | Jan. 1 | Cash in hand | 1,500 | | 2. | Jan. 5 | Paid To Ram | 300 | | 3. | Jan. 5 | Discount Allowed by him | 10 | | 4. | Jan. 8 | Purchased goods | 400 | | 5. | Jan. 10 | Received from R. Gupta | 980 | | 6. | Jan. 10 | Discount Allowed | 20 | | 7. | Jan. 16 | Sold goods | 400 | | 8. | Jan. 21 | Paid to s. Sharma | 295 | | 9. | Jan. 22 | Discount received | 5 | | 10. | Jan. 25 | Paid Wages | 50 | | 11. | Jan. 31 | Paid to Narayan in full settlement of his account which shows a credit balance of Rs. 400 | 390 |

In the Books of ……. Receipts Payments | **Date** | **Particulars** | **L.F** | **Discount** **RS.** | **Cash** **RS.** | **Date ** | **Particulars ** | **L.F** | **Discounts ** **RS.** | **Cash** **RS.** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2002 | | | | | 2002 | | | | | | Jan. 1 | To Balance | | | | Jan. 5 | By Ram | | 10 | 300 | | | BID | | | 1,500 | Jan. 8 | By Purchases | | | 400 | | Jan. 10 | To R. Gupta | | 20 | 980 | Jan. 21 | By S.

AccountancyClass 11CBSE

Enter the Following in Shri Shambunath’s Cash Book and show the balance: 2002 Oct. 1 Balance of cash in hand Rs. 1,500 Oct 8 Purchases goods from for Rs. 320 Oct. 15 Sold Goods for Rs. 480 to Y Oct. 20 Received Commission Rs. 65 Oct. 20 Paid Commission Rs. 55 Oct. 28 Paid to Shantaram on Account Rs. 715 Oct. 31 Paid Salary to the office clerk Rs. 100 and office rent Rs. 60

In the books of Shambanth ** **Dr. **Cr. | **Date** | **Particulars** | **Amount** | **Date ** | **Particulars ** | **Amount ** | | --- | --- | --- | --- | --- | --- | | 2002 | | | 2002 | | | | Oct. 1 | To Balance b/d | 1,500 | Oct. 8 | By Purchases | 320 | | Oct. 20 | To Commission | 65 | Oct. 28 | By Commission | 55 | | | | | Oct. 28 | By Shantaram | 715 | | | | | Oct. 31 | By Salary | 100

AccountancyClass 11CBSE

How many kind of Cash – Book are there?

The main cash book maybe of three types;- - Simple Cash Book - Two- Column Cash Book - Three – column Cash Book

AccountancyClass 11CBSE

What do you mean by cash book?

It is necessary and useful for a business to know continuously the cash or bank balance on hand. For this propose and for facilitating the record of cash transactions, the cash book is maintained. Cash Book is a special journal. This book enables us to known the balance of cash in hand or at bank at any point of time.

AccountancyClass 11CBSE

What do you mean by sales Returns Book or Returns inward Book

If customers frequently return the goods sold to then it would be convenient to record returns in a separator book called the sales returns book or the returns inward book. The ruling of the book is similar to the purchases or the sales book and entries are also made in the same manner. # Q.10 Post the following into the ledger ** Returns inward book** | **Date** | **Particulars** | **L.F** | **Details** | **Amount** | | --- | --- | --- | --- | --- | | **2002** **Nov 10**

AccountancyClass 11CBSE

Prepare a day book and on Invoice Book from the following particulars Jan.1 Bought from M/s Pohumall and Co. 20 carpets at Rs 750 each Jan.8 Sold to M/s J copper 5 carpets at Rs 800 each Jan.15 Purchases of M/S Persian trading co 12 carpets at Rs 1000 each Jan 18 Bought of M/S Delhi trading co 7 carpets at Rs 500 each Jan 20 sold for cash 11 carpets at Rs 700 each Jan.30 Bought for cash 3 carpets at Rs 100 each Jan 31 Sold to M/s Ross & co., 7 carpets at Rs 1100 each

| **Date ** | **Particulars ** | **L.F** | **Out ward invoice No** | **Amount ** **Rs** | | --- | --- | --- | --- | --- | | 2003 Jan 8 Jan31 | M/s J. Copper 5 carpets at Rs 800 each M/S Ross & co 7 carpets at Rs 1100 each Sales A/c Dr | | 1 2 | 4,000.00 7,700.00 | | | | | | 11,700.00 | # PURCHASES BOOK | **Date** | **Particulars ** | **L.F** | **Inward** **Invoice No** | **Amount

AccountancyClass 11CBSE

classify those points which should be remembered while making sales book

It should be remembered that - Cash sales are not recoded in this book since these will be recorded in the cask book - Credit sales of trading items only are recorded in the sales book

AccountancyClass 11CBSE

What are the sources of recording of sales Book?

The entries in the sales book are on the basis of invoices issued to the costumers with the amount of not of trade discount quantity discount.

AccountancyClass 11CBSE

What is sales book? Show the format of Sales book.

The Sales book is a register kept to record credit sales of goods dealt in by the firm. Cash sales will be entered in the cash book and not in the sales book. Credit sales of things other than the goods dealt in buy the firm are not entered in the sales book, they are journalized. The ruling is the sane as for the purchases book, as shown below: | **Date** | **Particulars ** | L.F | **Details** | **Amount ** | | --- | --- | --- | --- | --- | | | | | Rs | P | Rs | P |

AccountancyClass 11CBSE

The Rough Book of M/s Heeralal & Co. contains the following: 2000 July 1. Purchased form M/S Natraj & co on credit: 5 gross pens @ Rs 100 per gross 1 gross registers @ Rs 100 per Gross Less: Trade Discount @10% - Purchased for cash from the Laxmi Stationers 10 gross exercise books @ Rs. 60 per dozen - Purchased typewriter for office use from M/s Variety Corner Co. On credit for Rs. 1400 - Purchased on credit from the Paper Co. 5 reams of white paper @ Rs. 100 per ream 10 reams of ruled paper @ Rs. 65 per ream Less: Trade discount @ 10% - Purchased one dozen inkpots @ Rs. 10 each from M/s Mehta Bros. On credit Make out the purchase book of M/s Heeralal & Co.

| **Date ** | **Particulars ** | **L.F** | **Details** | **Amount** | | --- | --- | --- | --- | --- | | 2000 July 1 July 4 July 5 July 31 | M/S Natraj & Co 5 gross pens @ Rs100 per gross 1 gross register @ Rs 100 Per gross Less : Trade Discount @ 10% The paper Co 5 reams white paper @ Rs 100 l0 reams ruled Paper @Rs 65 Less: Trade discount @10% M/S Mehta Bros 1 dozen ink – pots @Rs 10each Purchases A/c Dr | | 500 2400 | | | | | | 2900 290 | | | | | | 500 650

AccountancyClass 11CBSE

What are the points, which should be kept in mind while maintaining purchases Book?

Purchases book should be maintained remembering the following - Cash purchases are not entered in this book since these will be entered in the cash book - Credit purchases other than good or material dealt in such as office furniture computers are journalized. They also are not entered in the purchases book. Only credit purchases of goods traded in or material used for production in a factory should be recorded in purchases book ## Q.3 Show the difference between trade discount and cash disc

AccountancyClass 11CBSE

What do you mean by 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 The ruling of a purchases book is given below :- PURCHASES BOOK | Date | Particulars | L.F | Details | Amout | | --- | --- | --- | --- | --- | | | | | Rs | P | Rs | P | | | | | | | | |

AccountancyClass 11CBSE

What are the journal entries, which are to be passed at the time of bank reconciliation statement?

At the time of preparing bank reconciliation for those transactions which are not recorded in our book. These entries can be passed as following: - - In the case of bank charges: Bank charges A/c Dr. To Bank A/c (Being bank charges charged by the bank as shown in the passbook) - On the collection of interest and dividend by the bank Bank A/c Dr To interest and dividend A/c (Being amount of intere

AccountancyClass 11CBSE

On checking Ram’s cashbook with the bank statement of his overdraft current account for the month of November 2001 you find the following - Cash Book showed on over draft of Rs 45,000 - The payment side of the cash Book had been under cast by Rs 1500 - A cheque for Rs 7500 drawn on his saving account has been shown as drawn on current account - Cheques amounting to Rs 70000 drawn and entered in the cash book had not yet been presented - Cheques amounting to Rs 60000 sent to the bank for collection thank entered in the cash book had not been credited by the bank - Bank charges of Rs 750 as per Bank statement had not been taken into the cash Book - Dividends the amount of Rs 25,000 had been paid direct into bank and not entered in the cash Book Your are required to prepare a Bank reconciliation statement on 30th November 2001 BANK RECONCLIATION STATEMENT AS ON 30TH NOVERMEBR 2001

| Particulars | Plus items Rs | Minus Items Rs | | --- | --- | --- | | Over draft as per cash Book Payment side of cash Book Cheques drawn on saving account but wrongly shown as drawn on current account Cheques issued but not yet presented for payment Cheques paid into bank but not yet credited Bank charges Direct payment of dividend into bank Over draft as per pass book | 7,500 70,000 750 25,000 | 45,000 1500 60,000 | | | 1,02,500 | 1,07250 | | | | 4,750 |

AccountancyClass 11CBSE

Define need and importance for Bank Reconciliation statement

The bank reconciliation statement is needed and also important because of the following - The bank reconciliation will bring out only errors that may have been committed either in the cash book or in the pass book - Any undue delay in the clearance of cheques will be shown up by the reconciliation - A regular reconciliation discourages the staff of the customer or even that of the bank form embezzlement. There have been many cases when the cashiers merely made entries in the cash in the ba

AccountancyClass 11CBSE

From the following particular, prepare a Bank Reconciliation Statement as 31st March 2002: - - Overdraft as per Bank Pass Book Rs. 32,000 - A Cheque of Rs. 2,600 was entered in the Cash Book in March, 2002, but was sent to the Bank in April, 2002 (iii) Amount of Rs. 2,400 paid into the Bank was not entered in the Cash Book. (iv) A deposit of Rs. 5,200 on March 31, 2002 was not included in the Bank pass Book. (v) A cheque of Rs. 2,500 was credited by the Bank but was not entered in the Cash Book. (vi) The bank erroneously debited customer’s account for a cheque of Rs. 800 (vii) A cheque of Rs. 36,000 paid into the bank was returned dishonoured but no Intimation was received from the bank till March 2002.

| Particulars | **Plus Items ** | **Minus Items ** | | --- | --- | --- | | Overdraft as per Pass Book | | 32,000 | | Cheque entered in the Cash Book but not yet sent to bank | 2,600 | | | Cash Paid into Bank but yet entered in the Pass Book | 5,200 | | | A wrong debit in Pass Book | 800 | | | A cheque returned dishonoured | 36,000 | | | Cheque sent to the bank but not yet entered in the Cash Book | | 2.500 | | Cash paid into bank but not yet entered in the Cash Book | | 2,400 | | Bank Bal

AccountancyClass 11CBSE

What is Accounting Information System (AIS)?

Accounting information system is a collection of resources designed to transform financial and other data into information. This information is communicated to a wide variety of decision-makers. Accounting information systems perform this transformation whether they are essentially manual systems or thoroughly computerized.

AccountancyClass 11CBSE

What are the various steps involved in designing accounting reports from accounting data?

Steps involved in designing accounting reports from accounting data:Definition of objectives – The objectives of the report must be clearly defined, identifying who the users of the report are and the decisions to be taken on the basis of the report.Structure of the report – The information to be contained therein and the style of presentation.Querying with the database – The accounting information queries must b

AccountancyClass 11CBSE

Explain the accounting related MIS report.

Following are the reports followed by the accounting related MIS:Summary Reports – Summarize all activities of the organisation and present them in the form of a summary report.Demand Reports – This report is prepared only when the management requests them, e.g. Bad Debts Report for a given product, Stock Valuation report.Customer/Supplier Reports – Prepared according to the specification of the management.<

AccountancyClass 11CBSE

What are the essential criterions that should be covered by every accounting report?

Essential criterions covered by every accounting report:RelevanceTimelinessAccuracyCompletenessSummarisation

STILL STUCK?

Get a tutor for just your question.

One-on-one help, verified tutors. Matched within 24 hours.

Get Started →