Business Accounting

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Business Accounting November 2011 Part A 1. matching concept 2. purchase of goods on account (credit). 3. debit 4. error of principal 5.
6. written-down value 7. Personal 8. credit notes issued to the customers. 9. Imprest system
10 contingent liability 11. financial position 12. debited 13. Discount allowed or received along with receipts and payments 14.credited 15. debit 16. current assets 17. Journal proper is book of original entry (simple journal) in which miscellaneous credit

transactions which do not fit in any other books are recorded.

Error in computation or in recording of accounting data, that is neutralized (counter balanced) by an equal and opposite error.
18.
19. Retiring a bill means making payment before the date of maturity.

20. business should only record an accounting transaction if it can be expressed in terms of money. 21. a statement is prepared to reconcile the balances of Cash Book and Pass Book 22. All the accounts identified on the basis of transactions recorded in different journals/books such as Cash Book, Purchase Book, Sales Book etc. will be opened and maintained in a separate book called Ledger.

23. Provisions means setting aside a charge against income or revenue for a particular identified or

unidentified present or future event. 24. A trading account is an account which contains, " in summarized form, all the transactions, occurring, throughout the trading period, in commodities in which he deals" and which gives the gross trading result. In short, trading account is the account which is prepared to determine the gross profit or the gross loss of a trader. 25. Balance as per pass book Cheque paid, not collected Bank charges 3,500 180 60 -----------------3740 Less cheque issued, not presented 1500 Dividend 120 -------------------Balance as per cash book 2120 26.

Date

particulars

Dr Rs 100

date Jan 7 10 13 17 18 29

particulars stamp paper Taxi cartage printing telegram

cr RS 30 20 12 8 12 7 11 ------------100

Jan1 Cash received from cashier

31 balance c/f --------------100

27.

1) Building

a/c

dr

600 600

To law charges

2) Purchases Sales To Y 3) Monu

dr dr

150 150 300

dr

600 600

To mani

4)

28. Date particulars Disclunt allowed cash bank 400 700 Date particulars By Purchase bank Discount cash bank received 530 160

1/9/10 To balance b/f 3/9 sales

1600 4/9 9/9

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