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Concept of rectification of errors

Posted by Sandhya Gaur Gaur 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Rajat Singh 7 years ago

Rectification Of Accounting Errors Once an error is located, it should be properly corrected. The correction of accounting errors in a systematic manner is called the rectification of errors. In other words, the process of systematically correcting the accounting errors is known as rectification of errors. The presence of accounting errors affects accuracy of the profit and loss and the financial position of the business shown by the final accounts, therefore, no error should be left uncorrected.

ANSWER

Capital at the end of the year was Rs 400000 withdrew Rs5000 per month fou household. Owner sold his personal investment of Rs80000 at a profit and introduced into business. Profit for the current year Rs80000 . calculate at beginning

Posted by Brajesh Singh 7 years ago

CBSE > Class 11 > Accountancy

5 answers

Rajat Singh 7 years ago

Answer is 3,00,000 because. Profit=closing capital+drawings-opening capital. So 80,000=4,00,000+60,000-80,000. So 4,60,000-1,60,000=3,00,000

Sakshi Sharma??️??️ 7 years ago

Opening capital = ₹4,00,000 + ₹(5,000*12) - ₹80,000 - ₹80,000 = ₹4,00,000 + ₹60,000 - ₹80,000 - ₹80,000 = ₹3,00,000

D J 7 years ago

2,45,0000

D J 7 years ago

400000+5000-80000-80000

D J 7 years ago

Opening capital =closing capital +drawings -addtional capital - profit

ANSWER

Diffrence between statement of affairs and balance sheet??

Posted by Bhavika Kotak 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Rajat Singh 7 years ago

Small traders and partnership firms, do not maintain their books of accounts as per double entry system. They used to keep a track of cash and credit transactions only. However, at the end of the financial year, these firms also want to know the position of business. For this purpose, statement of affairs is prepared at the beginning and at the ends of the period, so as to determine the overall change in the capital, during the financial year.

ANSWER

A commenced business on 1st April 2011 with a capital of Rs. 5,00,000 on 31st march 2012 his assets were worth Rs. 7,80,000 and liabilities Rs. 70,000 . Find out his closing capital and profits earned during the year.

Posted by Shivam Singh 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Shubham Jain 7 years ago

closing capital will be 7,10,000 and profit is 2,10,000

ANSWER

marking scheme of chapters

Posted by Shresth Brar 7 years ago

CBSE > Class 11 > Accountancy

4 answers

Khushii Verma 7 years ago

Yes different school have different marking scheme

Shubham Jain 7 years ago

6 marks of brs

Rajat Singh 7 years ago

It differ from school to school

Khushii Verma 7 years ago

Financial statement with and without adjustment is of 12-15marks

ANSWER

A vehicle bought earlier for Rs. 10,000 met with an accident resulting in complete loss. its salvage was sold for Rs. 500. how can we pass journal entry

Posted by Anurag Bharat 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Rajat Singh 7 years ago

I think there will be two journal entry will be passed Vehicle ac dr.10,000 To cash 10,000 Cash ac dr. 500 To salvage ac 500

ANSWER

Who is endorsee ?

Posted by Gurjot Dhanoa 7 years ago

CBSE > Class 11 > Accountancy

2 answers

Rajat Singh 7 years ago

Ya the person to whom bill is endorsed

Divyanshi Malhotra 7 years ago

Endorsee is the third person to whom bill is given .

ANSWER

A purchase of ₹400 has been passed through sales book. However, the customer's account has been correctly credited. RECTIFYING ENTRY

Posted by Sakshi Sharma??️??️ 7 years ago

CBSE > Class 11 > Accountancy

3 answers

Rajat Singh 7 years ago

Khushi is right

Khushii Verma 7 years ago

Purchase a/c dr 400 Sales a/c dr 400 To suspense a/c 800

Dhanuja Shri 7 years ago

Correct entry: purchase a/c dr 400 To cash a/c 400 Wrong entry: cash a/c dr 400 To sales a/c 400 Rectifying entry: purchase a/c dr 400 Sales a/c dr 400 To cash a/c 800

ANSWER

Cogs

Posted by Somya Bang 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Sakshi Sharma??️??️ 7 years ago

Cost of goods sold

ANSWER

What is bill pay bill and build Cena

Posted by Gaganjeet Singh 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Explain the reasons where tha balance show by the pass book

Posted by Narayan Jat 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Due to labour strike in a factory the production had to stop for a week the accountant distributed the loss of production and likely loss of profit and recorded in the book of accounts is the accountant is correct give reason

Posted by Shivam Pathak 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

What is meant by marshalling of assets and liabilities?Name the ways in which a balance sheet may be marshalled.

Posted by Arsh Dullat 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Vani Gupta 7 years ago

Marshalling means arranging the assets and liabilities in a sequence.... It can be marshalled in two ways 1 order of liquidity 2 order of permanance

ANSWER

Cash basis of accounting is not a better basis for depicting the correct financial position of an enterprise.Do you agree?Give reasons for your Answer

Posted by Arsh Dullat 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Preksha G 7 years ago

Yes. As it avoids credit basis and other non cash basis such as skills.

ANSWER

Sample paper including gst

Posted by Arsh Dullat 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Please give me Sample paper

Posted by Harsh Singh 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Not in revised syllabus??

Posted by Vani Gupta 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Whose exam is over

Posted by Sakshi Sharma??️??️ 7 years ago

CBSE > Class 11 > Accountancy

2 answers

Shivani Tiwari 7 years ago

My exam is over

D J 7 years ago

My accountancy is over

ANSWER

"Accounting is the art of recording, classifying and summarising financial transaction and evnts." State the name of statement prepared to summarize the accounting information.

Posted by Harsh Kumar 7 years ago

CBSE > Class 11 > Accountancy

2 answers

Arsh Dullat 7 years ago

?

Khushii Verma 7 years ago

Balance sheet hai shayad se

ANSWER

Diff bw trade discount and cash discount

Posted by Hero Animesh 7 years ago

CBSE > Class 11 > Accountancy

2 answers

Gaurav Seth 7 years ago

<th>BASIS FOR COMPARISON</th> <th>TRADE DISCOUNT</th> <th>CASH DISCOUNT</th>

Meaning	A discount given by the seller to the buyer as a deduction in the list price of the commodity is trade discount.	A deduction in the amount of invoice allowed by the seller to the buyer in return for immediate payment is cash discount.
Purpose	To facilitate a bulk sales.	To facilitate a prompt payment.
Invoice	It is shown in invoice as a deduction itself.	It is not shown in invoice.
When allowed?	At the time of purchase.	At the time of payment.
Allowed to all customers	Yes	No
Entry in books	No	Yes
Vary with	Time period, when payment is made.	Quantity of goods purchased or amount of purchases made.

Norah V 7 years ago

Trade discount is a discount allowded by the seller on purchase of goods in large quantity. Cash discont is a discount which is given by the seller of goods to encourage prompt or early payment.

ANSWER

What is financial statements? What information do they provide .

Posted by Pawan Kumar 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Rectify the following.. Purchase book is overcast by rupess 10000

Posted by Amarpreet Kaur 7 years ago

CBSE > Class 11 > Accountancy

3 answers

Khushii Verma 7 years ago

Suspense a/c dr 10000 To purchase a/c 10000

Sakshi Sharma??️??️ 7 years ago

Suspense A/c dr ₹ 10,000 To purchases A/c ₹ 10,000

D J 7 years ago

Suspense a/c Dr 10000 To purchase a/c 10000

ANSWER

How to make finiacial accounr

Posted by Vansh Agarwal 7 years ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

what is entry of outstanding expense?

Posted by Tanishq Tekchandani 7 years ago

CBSE > Class 11 > Accountancy

2 answers

Khushii Verma 7 years ago

Expenses a/c dr To outstanding expenses a/c

Amarpreet Kaur 7 years ago

Expense a/c dr. to outstanding expense a/c..

ANSWER

what is business identity

Posted by Kavya Gupta 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Khushii Verma 7 years ago

Business identity ya entity

ANSWER

Purchased goods from rohit=50000

Posted by Aniket Ak 7 years ago

CBSE > Class 11 > Accountancy

3 answers

Khushii Verma 7 years ago

Purchase a/c dr 50000 To rohit 50000

Kavya Gupta 7 years ago

Aniket A/c dr 50,000 To Rohit A/c 50,000

Sakshi Sharma??️??️ 7 years ago

Purchase A/c dr 50,000 To Rohit A/c 50,000

ANSWER

Where will commission on purchase will go if it is written inside the trial balance

Posted by Rubik'S Cube 5 years, 11 months ago

CBSE > Class 11 > Accountancy

3 answers

Sakshi Sharma??️??️ 7 years ago

Dr side of trading account

D J 7 years ago

Dr side of trading A/c

Khushii Verma 7 years ago

Trading a/c mein aayga

ANSWER

Insurance includes permium of 170 on a policy expiring on 30 th sep 2014 when we are preparing financial statements with adjustment closed in31 march 2014

Posted by Mansi Rawat 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Shaina Rajput 7 years ago

It is deducted from insurance policy amount as prepaid insurance in the P&L a/c.

ANSWER

Gross profit formula

Posted by Ayan Bhootra 7 years ago

CBSE > Class 11 > Accountancy

1 answers

Dhanuja Shri 7 years ago

Gross Profit = Net Sales - Cost of Goods Sold Cost of Goods Sold = Net Sales - Gross Profit OR = Opening Stock + Purchases + Direct Expenses - Closing Stock.

ANSWER

Explain four limitations of accounting

Posted by Vimal Katoch 7 years ago

CBSE > Class 11 > Accountancy

3 answers

Divyanshu Jha 7 years ago

It is mentioned in the book you can check the accounts book don't ask such questions just read out once your book

Shaina Rajput 7 years ago

Accounting may lead to window dressing

Sakshi Sharma??️??️ 7 years ago

(1) Accounting is not fully exact (2) Unrealistic Information (3) Accounting ignores the qualitative elements (4) Accounting ignores the effect of price level changes.

ANSWER

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