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introductory financial accounting

Accountancy Financial Accounting Part I 1st Edition NCERT - Solutions

On Nov. 01, 2005 Sonia drawn a bill on sunny for Rs. 15,000 for 3 months for mutual accommodation. Sunny accepts the bill and return it to sonia. Sonia discounted the same with his bankers @ 6% p.a.
On Jan. 01, 2006, bhanu and Naman drew on each other a bill for Rs.8,000 payable 3 months after the due date for their Mutual benefit. On January 02 they discounted with their bank each other’s
Ritesh and Naina were in need of funds temporarily. On August 01 2005 Ritesh drew upon Naina a bill for Rs. 12,000 for 4 months. Naina Accepted the bill and returned to Ritesh. Ritesh discounted the
On Jan. 01, 2006 Harsh accepted a months bill for Rs. 10,000 drawn on him by tanu for latter’s benefit. Tanu discounted the bill on same day @ 8% p.a On the due date tanu sent a cheque to Harsh for
On Jan 01, 2006 Vibha sold goods worth Rs.18,000 to Sudha and drew upon the latter a bill of exchange for the same amount payable after two months. Sudha accepted Vibha’s draft and returned the
Nikhil sold goods for Rs.23,000 to Akhil on Dec. 01, 2005. He drew upon Akhil a bill of exchange for the same amount payable after 2 months. Akhil accepted the bill and sent it back to Nikhil. Nikhil
On Feb. 14, 2006 Rashmi sold good Rs.7,500 to Alka. Alka paid Rs.500 in cash and for the bank balance accepted a bill of exchange drawn upon her by Rashmi payable after two months. On Apr.10, 2006
Kapil purchased goods for Rs.21,000 from Gaurav on 1.2.2006 and accepted a bill of exchange drawn by Gaurav for the same amount. The bill was payable after one month. On 25.2.2002 Gaurav sent the
Lilly sold goods to Methew on 1.3.2006 for Rs.12,000 and drew upon Methew a bill of exchange for the same amount payable after two months.Lilly immediately discounted the bill with her bank at 9%
On Feb. 02, 2006, Verma purchased from Sharma goods for Rs.17,500.Verma paid Rs.2,500 immediately and for the balance gave a promissory note to Sharma payable after 60 days. Sharma immediately
Asha sold goods worth Rs.19,000 to Nisha on March 02, 2006. Rs.4,000 were paid by Nisha immediately and for the balance she accepted a bill of exchange drawn upon her by Asha payable after three
Abdula sold goods to Tahir on Jan 17, 2006 for Rs.18,000. He drew a bill of exchange for the same amount on Tahir for 45 days. On the same date Tahir accepted the bill and returned it to Abdulla. On
Viaml purchased goods Rs.25,000 from Kamal on Jan 15, 2006 and accepted a bill of exchange drawn upon him by Kamal payable after two months. On the date of the maturity the bill was duly presented
On Jan 15, 2006 Raghu sold goods worth Rs. 35,000 to Devendra and drew upto the latter three bills of exchanges. The first bill was for Rs.5,000 payable after one month, the second bill was for
On Jan 01, 2006 Neha sold goods for Rs.20,000 to Muskan and drew upon her a bill of exchange payable after two months. One month before the maturity of the bill Muskan approached Neha to accept the
Ravi sold goods for Rs.40,000 to Sudershan on Feb 13, 2006. He drew four bills of exchange upon Sudershan. The first bill was for Rs.5,000 payable after one month. The second bill was for Rs.10,000
Narayanan purchased goods for Rs.25,000 from Ravinderan on Feb.01, 2006. Ravinderan drew upon Narayanan a bill of exchange for the same amount payable after 30 days. On the due date Narayanan
Bansal Traders allow a trade discount of 10% on the list price of the goods purchased from them. Mohan traders, who runs a retail shop made the following purchases from Bansal Traders.Date
Darshan sold goods for Rs. 40,000 to Varun on 8.1.2006 and drew upon him a bill of exchange payable after two months. Varun accepted the bill and returned the same to Darshan. On the due date the
On Jan. 01, 2006 Arun sold goods for Rs.30,000 to Sunil. 50% of the payment was made immediately by Sunil on which Arun allowed a cash discount of 2%. For the balance Sunil drew a promissory note in
On Jan 15, 2006, Kartar Sold goods for Rs.30,000 to Bhagwan and drew upon him three bills of exchanges of Rs.10,000 each payable after one month, two month, and three months respectively. The first
On Feb 01, 2006, John purchased goods for Rs.15,000 from Jimmi. He immediately made a payment of Rs.5,000 by cheque and for the balance accepted the bill of exchange drawn upon him by Jimmi. The bill
Vishal sold goods for Rs.7,000 to Manju on Jan 05, 2006 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal’s draft and handed over the same to Vishal after
On Jan 01,2006, Shankar purchased goods from Parvati for Rs.8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note,
On Jan 01, 2006 Rao sold goods Rs.10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the
Briefly explain the benefits of maintaining a Bills Payable Book and state how is its posting is done in the ledger?
Explain briefly the purpose and advantages of maintaining of a Bills Receivable Book.
Briefly explain the purpose and benefits of retiring a bill of exchange to the debtor and the creditor.
Distinguish between bill of exchange and promissory note.
Explain briefly the procedure of calculating the date of maturity of a bill of exchange? Give example.
Briefly explain the effects of dishonour and noting of a bill of exchange.
A bill of exchange must contain “an unconditional promise to pay” Do you agree with a statement?
Give the performa of a Bill of Exchange.
Give the meaning of rebate.
What is meant by insolvency?
What is retirement of a bill of exchange?
Give the performa of a Bills Payable Book.
Give the performa of a Bills Receivable Book.
What is meant by renewal of a bill of exchange?
What is Noting of a bill of exchange.
What is meant by acceptance of a bill of exchange?
Name the parties to a promissory note
What is meant by dishonour of a bill of exchange?
What is meant by maturity of a bill of exchange?
State the three parties involved in a bill of exchange.
State any four essential features of bill of exchange.
Write two points of distinction between bills of exchange and promissory note.
Name any two types of commonly used negotiable instruments.
The following information are extract from the Trial Balance of M/s Nisha traders on 31 December 2005.Sundry Debtors 80,500 Bad debts 1,000 Provision for bad debts 5,000 Additional Information Bad
An extract of Trial balance from the books of Tahiliani and Sons Enterprises on December 31 2005 is given below:Name of the Account Debit Amount Credit Amount Rs. Rs.Sundry debtors. 50,000 Bad debts
A Plant was purchased on 1st July, 2000 at a cost of Rs. 3,00,000 and Rs. 50,000 were spent on its installation. The depreciation is written off at 15% p.a. on the straight line method. The plant was
On January 01, 2000, a Limited Company purchased machinery for Rs. 20,00,000. Depreciation is provided @15% p.a. on diminishing balance method. On March 01, 2002, one fourth of machinery was damaged
Shri Krishan Manufacturing Company purchased 10 machines for Rs. 75,000 each on July 01, 2000. On October 01, 2002, one of the machines got destroyed by fire and an insurance claim of Rs. 45,000 was
A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2001 is Rs. 40,00,000. On October 01, 2001 it sold one of its cranes whose value was Rs.
Give the truck account from 2001 to 2004.Loss on IInd Truck Rs. 5,53,000.Balance of Truck account as on 31.03.04 Rs. 11,80,000).
On October 01, 2001 Juneja Transport Company purchased 2 Trucks for Rs. 10,00,000 each. On July 01, 2003, One Truck was involved in an accident and was completely destroyed and Rs. 6,00,000 were
On January 01, 2001, Satkar Transport Ltd, purchased 3 buses for Rs. 10,00,000 each. On July 01, 2003, one bus was involved in an accident and was completely destroyed and Rs. 7,00,000 were received
Kapil Ltd. purchased a machinery on July 01, 2001 for Rs. 3,50,000. It purchased two additional machines, on April 01, 2002 costing Rs. 1,50,000 and on October 01, 2002 costing Rs. 1,00,000.
On October 01, 2000, a Truck was purchased for Rs. 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% p.a. on the diminishing balance basis on this truck. On December 31, 2003 this
On July 01, 2001 Ashwani purchased a machine for Rs. 2,00,000 on credit.Installation expenses Rs. 25,000 are paid by cheque. The estimated life is 5 years and its scrap value after 5 years will be
Saraswati Ltd. purchased a machinery costing Rs. 10,00,000 on January 01, 2001. A new machinery was purchased on 01 May, 2002 for Rs. 15,00,000 and another on July 01, 2004 for Rs. 12,00,000. A part
Carriage Transport Company purchased 5 trucks at the cost of Rs. 2,00,000 each on April 01, 2001. The company writes off depreciation @ 20% p.a. on original cost and closes its books on December 31,
M/s. Excel Computers has a debit balance of Rs. 50,000 (original cost Rs. 1,20,000) in computers account on April 01, 2000. On July 01, 2000 it purchased another computer costing Rs. 2,50,000. One
The following balances appear in the books of Crystal Ltd, on Jan 01, 2005 Rs.Machinery account on 15,00,000 Provision for depreciation account 5,50,000 On April 01, 2005 a machinery which was
M/s Lokesh Fabrics purchased a Textile Machine on April 01, 2001 for Rs. 1,00,000. On July 01, 2002 another machine costing Rs. 2,50,000 was purchased . The machine purchased on April 01, 2001 was
Prepare furniture account, and accumulated depreciation account for the years ended on March 31,2003, March 31,2004 and March 31,2005. Also give the above two accounts if furniture disposal account
Azad Ltd. purchased furniture on October 01, 2002 for Rs. 4,50,000. On March 01, 2003 it purchased another furniture for Rs. 3,00,000. On July 01, 2004 it sold off the first furniture purchased in
Prepare:(a) Machinery account and depreciation account for the years 2001, 2002, 2003 and 2004.(b) If depreciation is accumulated in provision for Depreciation account then prepare machine account
Ganga Ltd. purchased a machinery on January 01, 2001 for Rs. 5,50,000 and spent Rs. 50,000 on its installation. On September 01, 2001 it purchased another machine for Rs. 3,70,000. On May 01, 2002 it
Prepare machinery account and depreciation account from the year 2001 to 2004.(b) Prepare machinery account and depreciation account from the year 2001 to 2004, if depreciation is provided on
Berlia Ltd. Purchased a second hand machine for Rs. 56,000 on July 01, 2001 and spent Rs. 24,000 on its repair and installation and Rs. 5,000 for its carriage. On September 01, 2002, it purchased
Reliance Ltd. Purchased a second hand machine for Rs. 56,000 on October 01, 2001 and spent Rs. 28,000 on its overhaul and installation before putting it to operation. It is expected that the machine
On July 01, 2000, Ashok Ltd. Purchased a Machine for Rs. 1,08,000 and spent Rs. 12,000 on its installation. At the time of purchase it was estimated that the effective commercial life of the machine
On April 01, 2000, Bajrang Marbles purchased a Machine for Rs. 2,80,000 and spent Rs. 10,000 on its carriage and Rs. 10,000 on its installation. It is estimated that its working life is 10 years and
What are ‘provisions’. How are they created? Give accounting treatment in case of provision for doubtful Debts.
Name and explain different types of reserves in details.
Explain determinants of the amount of depreciation.
Describe in detail two methods of recording depreciation. Also give the necessary journal entries.
Discuss in detail the straight line method and written down value method of depreciation. Distinguish between the two and also give situations where they are useful.
Explain the concept of depreciation. What is the need for charging depreciation and what are the causes of depreciation?
Explain the concept of ‘secret reserve’.
Distinguish between ‘general reserve’ and ‘specific reserve’.
Give four examples each of ‘revenue reserve’ and ‘capital reserves’.
Distinguish between ‘revenue reserve’ and ‘capital reserve’.
Give four examples each of ‘provision’ and ‘reserves’.
Distinguish between ‘provision’ and ‘reserve’ .
What are the effects of depreciation on profit and loss account and balance sheet?
“In case of a long term asset, repair and maintenance expenses are expected to rise in later years than in earlier year”. Which method is suitable for charging depreciation if the management does
Distinguish between straight line method and written down value method of calculating depreciation.
Explain basic factors affecting the amount of depreciation.
What are the causes of depreciation?
State briefly the need for providing depreciation.
What is ‘Depreciation’?
Trial balance of John did not agree. He put the difference to suspense account and discovered the following errors :(a) In the sales book for the month of January total of page 2 was carried forward
Trial balance of Khatau did not agree. He put the difference to suspense account and discovered the following errors :(a) Credit sales to Manas Rs. 16,000 were recorded in the purchases book as Rs.
Give journal entries to rectify the following errors assuming that suspense account had been opened.(a) Goods distributed as free sample Rs. 5,000 were not recorded in the books.(b) Goods withdrawn
Trial balance of Kohli did not agree and showed an excess debit of Rs.16,300. He put the difference to a suspense account and discovered the following errors:(a) Cash received from Rajat Rs. 5,000
Trial balance of Madan did not agree and he put the difference to suspense account. He discovered the following errors:(a) Sales return book overcast by Rs. 800.(b) Purchases return to Sahu Rs. 2,000
Trial balance of Raju showed an excess debit of Rs. 10,000. He put the difference to suspense account and discovered the following errors :(a) Depreciation written-off the furniture Rs. 6,000 was not
Trial balance of Anuj did not agree. It showed an excess credit of Rs. 6,000.He put the difference to suspense account. He discovered the following errors.(a) Cash received from Ravish Rs. 8,000

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