3. Classify the following into Assets, Liabilities, Capital, Revenue and Expenses: (i) Plant and Machinery: (ii) Bank Loan; (iii) Sales; (iv) Rent; (v) Discount Received; (vi) Carriage Inwards; (vii) Carriage Outwards; (viii) Purchases; (ix) Wages; (x) Advance Income; (xi) Accrued Income: (xii) Goodwill; (xiii) Furniture and Fixtures; (xiv) Outstanding Expenses; (xv) Capital. T.S.Grewal/2024 Edition/Practical … Read more
2. Classify the following into Assets, Liabilities, Capital, Expenses and Revenue: (i) Land; (ii) Investments; (iii) Building; (iv) Interest Received; (v) Salary; (vi) Bank Overdraft; (vii) Debtors; (viii) Creditors; (ix) Bad Debts; (x) Capital; (xi) Depreciation; (xii) Motor Vehicles; (xiii) Freight; (xiv) Wages; (xv) Goodwill; (xvi) Repairs. T.S.Grewal/2024 Edition/Practical Problems/Q-02 For full question, please … Read more
1. Following accounts are being maintained in the books of Shri Ashok. Classify them into Personal, Real and Nominal Accounts: (i) Land and Building (viii) Salary (xv) Interest Received (ii) Excise Duty (ix) Debtors (xvi) Bank Overdraft (iii) Creditors (x) Bad Debts (xvii) Purchase Returns (iv) Capital (xi) Depreciation (xviii) Drawings (v) Motor Vehicles (xii) … Read more
10. Bobby opened a consulting firm and completed these transactions during November, 2017: (a) Invested ₹4,00,000 cash and office equipment with ₹1,50,000 in a business called Bobbie Consulting. (b) Purchased land and a small office building. The land was worth ₹1,50,000 and the building worth ₹3, 50,000. The purchase price was paid with ₹2,00,000 cash … Read more
9. Transactions of M/s Vipin Traders are given below. Show the effects on Assets, Liabilities and Capital with the help of Accounting Equation. (a) Business started with cash ₹1,25,000 (b) Purchased goods for cash ₹50,000 (c) Purchase furniture from R.K. Furniture ₹10,000 (d) Sold goods to Parul Traders (Costing ₹7,000 vide ₹9,000 bill no. 5674) … Read more
8. Show the effect of following transaction on the accounting equation: (a) Manoj started business with (i) Cash ₹2,30,000 (ii) Goods ₹1,00,000 (iii) Building ₹2,00,000 (b) He purchased goods for cash ₹50,000 (c) He sold goods (costing ₹20,000) ₹35,000 (d) He purchased goods from Rahul ₹55,000 (e) He sold goods to Varun (Costing ₹52,000) ₹60,000 … Read more
7. Show the effect of the following transactions on Assets, Liabilities and Capital through accounting equation: (a) Started business with cash ₹1,20,000 (b) Rent received ₹10,000 (c) Invested in shares ₹50,000 (d) Received dividend ₹5,000 (e) Purchase goods on credit from Ragani ₹35,000 (f) Paid cash for house hold Expenses ₹7,000 (g) Sold goods for … Read more
6. Show the accounting equation on the basis of the following transaction: (a) Udit started business with: (i) Cash ₹5,00,000 (ii) Goods ₹1,00,000 (b) Purchased building for cash ₹2,00,000 (c) Purchased goods from Himani ₹50,000 (d) Sold goods to Ashu (Cost ₹25,000) ₹36,000 (e) Paid insurance premium ₹3,000 (f) Rent outstanding ₹5,000 (g) Depreciation on … Read more
5. Use accounting equation to show the effect of the following transactions of M/s Royal Traders: (a) Commenced business with cash ₹1,50,000 (b) Purchased machinery on credit ₹40,000 (c) Purchased goods for cash ₹20,000 (d) Purchased car for personal use ₹80,000 (e) Paid to creditors in full settlement ₹38,000 (f) Sold goods for cash costing … Read more
4. Rohit has the following transactions: (a) Commenced business with cash ₹1,50,000 (b) Purchased machinery on credit ₹40,000 (c) Purchased goods for cash ₹20,000 (d) Purchased car for personal use ₹80,000 (e) Paid to creditors in full settlement ₹38,000 (f) Sold goods for cash costing ₹5,000 ₹4,500 (g) Paid rent ₹1,000 (h) Commission received in … Read more