Q.1. Journalise the following transaction: 2014 April1 Rama started business with cash ₹2,00,000/-, Goods ₹50,000/- and Motorcar ₹2,50,000/- April2 Deposited into bank ₹50,000/- April5 Received a cheque of ₹10,000/- from Vivek and deposited to bank....
Q.1. The Trial Balance given below contains certain mistakes. Redraft the Trial Balance: (10) Particulars Debit (Rs.) Particulars Credit (Rs.) Machinery 17,000/- Capital 73,600/- Bad Debts 2,800/- Interest received 2,600/- Bank overdraft 10,000/- Sales 1,04,000/-...
Q.1. What are Golden Rules of Accounts? Explain them with the help of a chart and examples. (10) The Golden Rules of Accounting 1. Debit The Receiver, Credit The Giver This principle is used in the case of personal accounts. When a person gives something to the...
Q.1. Define Double Entry System. Describe its features and advantages. The double entry system is a method of bookkeeping and accounting that records each financial transaction with two corresponding entries: a debit and a credit. These entries are made in two...