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. On April 1, 2013 Kunal Pant bought Machinery costing Rs. 80,000. On July 1, 2015 Machinery was sold for Rs.40,000. Prepare Machinery Account from April, 1 2013 till 31st March, 2015 assuming depreciation was charged @ 10% per annum on March 31, every year on the basis of Original cost method.

Posted by Mr Alex2Op 5 years ago

CBSE > Class 11 > Accountancy

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Distinguish between expense and expenditure

Posted by Muskan Prajapati 5 years ago

CBSE > Class 11 > Accountancy

2 answers

Amit Singh 5 years ago

Expenditure is of two types :- Capital expenditure and revenue expenditure revenue expenditure is also called expense

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Meghna Thapar 5 years ago

Expenditure will generate future economic benefits for the company, but the expenses will generate the benefit for the current period only. The major difference between Expense vs Expenditure is that the expenditure is a single time investment of money. ... Conversely, Expenses are of the shorter term. In terms of its accounting treatment, an expense is recorded immediately and impacts directly the income statement of the company, reducing its net profit. In contrast, a capital expenditure is capitalized, recorded as an asset and depreciated over time.

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Which of the following accounts will be be credited on giving cash donation

Posted by Himanshi Borana 5 years ago

CBSE > Class 11 > Accountancy

2 answers

Gaurav Seth 5 years ago

Which of the following account will be credited on giving cash donations?

Purchases A/c

Donation A/c

Bank A/c

Cash A/c

A n s w e r : Donation account

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Himanshi Borana 5 years ago

Cash ac

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XYZ Ltd. Purchase a machinery on 1 Oct 2015 for rs 110000.They charge depreciation by SLM method at the rate 10% p.a. prepare machine account for 4 years.

Posted by Shivi Sisodia 5 years ago

CBSE > Class 11 > Accountancy

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18. Calculate gross profit from the following Net Sales 2,00,000 ,Gross profit 25% on Cost.

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

1 answers

Rutu Patel 4 years, 11 months ago

Net sales =2,00,000 Gross Profit = 25 multiple by 2,00,000 dividend by 125 = 40,000 There for Sales - Gross Profit = 2,00,000 - 40,000 = 1,60,000

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Kumar Ltd. Purchase a machinery on 1 Apr 2014 for rs 1 lakh purchase a second machine on 1 Jan 2015 for rs 80000 on 1 Oct 2016 they sold first machinery ( purchased on 1 Apr 2014 ) for rs 45000 on the same date purchase a new machine for rs 150000 . They closes their books on 31 March every year . Show the balance of machine account as on 31 March 2018 . SLM 10%.

Posted by Shivi Sisodia 5 years ago

CBSE > Class 11 > Accountancy

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A Ltd. Purchase a machinery for rs 2 lakh on 1 Apr 2016 they charge depreciation by 10% with wdv method. Prepare machine account for 3 years.

Posted by Shivi Sisodia 5 years ago

CBSE > Class 11 > Accountancy

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26. A) The following is the extract from trial Balance Particulars Amount Dr Amount Cr Sundry Debtors Bad debts 1,01,000 2000 Additional information Write off further bad debt 1,000 and provision for bad debts 5% on Debtor . Show relevant extract from the Profit and Loss Account and the Balance Sheet. b) Difference between double entry system and single entry system .

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

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25. A) Calculate the value of opening stock from the following : Cash Sales 2,00,000 Sales Return ( out of credit sales ) 25,000 Purchase Return 20,000 Closing stock 1,80,000 Credit Sales 8,25,000 Purchases 6,20,000 Carriage inwards 40,000 Rate of gross profit 40% on sales b) What is meant by grouping or Marshalling a Balance Sheet ?

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

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24. Krishan started his business on 1st Jan 2008 with a capital of 1,00,000 . on 31st dec 2009 his assets were Cash 3200 Furniture 4000 Stock 32480 Debtors 31000 Plant 85000 He owned 12000 to sundry creditors and 10,000 to his brother on that date. He withdrew 2000 per month for his private expenses. Prepare a statement of Profit and Loss

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

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17. A sold goods to the value of 120,000 to B taking a bill at three months dated July 1 2010 on 4 th August , A discounted the bill at 5% per annum with his banker. At maturity the bill was returned by the bankers dushonoured with 1000 expenses. B paid 30000 and gave a another bill at three months for 93000 including expenses and interest. But before maturity he had become insolvent and ultimately paid his creditors 75 paise in the rupee. Make the entries in A’s Journal recording the above transactions.

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

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15. Enter the following transactions in the Double column cash book with Bank column of Shri Daya Ram 1. Cash at office 1230 and Bank balance (Cr) 25750. 2. Discounted a bill for 500 at 1% through bank. 3. Deposited into bank 15000. 4. Mohan settle his account for 7500 by giving a cheque of 7300. 5. Mohan’s cheque deposited into bank. 6. Mohan’s cheque returned dishonoured . 7. Paid salary by cheque 1000.

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 5 years ago

Mr. M starts business with Rs. 20,000 on 1st April 2012. Of this he pays Rs. 15000 into his bank account. His cash transactions during the week were:
April 1 Purchased stationery for cash Rs. 100
April 2 Purchased goods for cash Rs. 2500
April 2 Cash Sales Rs.1500
April 3 Received from J Brown Cash on account Rs. 1000
April 4 Paid to J. R Cash Rs. 2200
April 5 Paid for Advertisement Rs. 400
April 6 Cash Sales Rs. 1800
April 6 Purchased old machinery Rs. 800
April 6 Purchase from sham on credit Rs. 6000

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Sharma and company whose book are closed on 31 december 2008 purchased a machinery for 300000 on Jan 1 2008 additional machinery was acquired for 100000 on 1st July 2008 certain machinery which was purchased for 100000 on July 1st 2008 was sold for 80000 on June 2010 prepare machinery account accumulated depreciation account and machinery disposal account for all the years up to the years ending 31st December 2010 depreciation is charged 10% per annum on straight line method

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

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What is the difference between T-shaped account and ledger

Posted by Raja Gupta 4 years, 8 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 4 years, 8 months ago

The key difference between T account and ledger is that T account is a graphical representation of a ledger account whereas ledger is a set financial accounts. Therefore, a ledger can also be interpreted as a collection of T accounts.

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Distinguish between straight line value method and written down value method of providing depreciation (any three)

Posted by Gourav Rawat 5 years ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 5 years ago

Straight line method	Written down value method
Depreciation is calculated on the original cost of an asset.	Depreciation is calculated on the reducing balance, i.e., the book value of an asset.
Equal amount of depreciation is charged each year over the useful life of the asset.	Diminishing amount of depreciation is charged each year over the useful life of the asset.
Book value of the asset becomes zero at the end of its effective life.	Book value of the asset can never be zero.
It is suitable for the assets such as patents, copyright, land and buildings which have lesser possibility of obsolescence and lesser repair charges.	It is suitable for assets which needs more repair in the later years such as plant and machinery, car.
As depreciation remains same over the years but repair cost increases in the later years, there will be unequal effect over the life of the asset.	As depreciation cost is high and repairs are less in the initial years but in the later years the repair costs increase and depreciation cost decreases, there will be equal effect over the life of the asset.
It is not recognized under the income tax act.	It is recognized under the income tax act.

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Can any one explain me petty cash book

Posted by Yogesh Pareek 5 years ago

CBSE > Class 11 > Accountancy

2 answers

Tripti Singh 5 years ago

The main cashier give some money known as imprest money on the beginning of weak or month to petty cashier and the petty cashier spent the money on petty expenses ....and in the last of week or month ...petty cashier total out the expenses ....and ask main cashier to again give the money for next week or month .....for example ...if the main cashier gives 500 Rs and this money is known as imprest money to petty cashier for the expenses in the beginning of week or month ...and let us suppose that the petty cashier spent 470 money for different expenses .. in a week or a month ...At the last date of month ... Petty cashier balance the money ...the money at last date left was 30 Rs ..then the petty cashier ask main cashier to again give some money for the expenses of next month ..the petty cashier has already 30 Rs so the main cashier give him 470 Rs and this money is known as imbrusement money ...and this whole system is known as Imprest System ..

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Tripti Singh 5 years ago

Petty cash book is made by petty cashier to record small and recurring expenses like wages , telephone paid etc to burden out the work of main cashier who maintain cash book ....petty cash book is a type of cash book in which only petty i.e small expenses are recorded ....

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ANSWER

Cheque dishonoured but not recorded in cash book meaning of the statement

Posted by Muskan Srivastava 5 years ago

CBSE > Class 11 > Accountancy

4 answers

Vitthal Anant 5 years ago

Due to certain reasons bank refuses to pay the amount written on the cheque

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Harshita Dhariwal 5 years ago

It means that the bank refuses to pay the amount written on the cheque due to certain reason... And this cheque cannot be further used

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Dhruv .. 5 years ago

Yes

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Tripti Singh 5 years ago

Cheque dishonoured means that the bank refuses to pay the amount mentioned on cheque to the payee.....and due to this transaction passbook will decrease ..

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Accountancy comprehensive problems with gst

Posted by Mishita Dodani 5 years ago

CBSE > Class 11 > Accountancy