Q.1 Generate income-tax return from the
data given below –
Income details – Income detail are given below:-
Assets
details – Assest detail are given below (wealth-tax return never filed) -
Wednesday, October 17, 2018
Sunday, September 23, 2018
Assignment- Journal (II)
Q-1 Journalise the Following Transactions:
1. ABC ltd. Commenced business with
cash 50,000.
2. Purchased goods for cash Rs 10,000.
3. Purchased goods from Mohan Rs
5,000.
4. Purchased Furniture for cash Rs
2000.
5. Sold goods for cash Rs 7000.
6. Sold goods to Ram Rs 5000.
7. Paid Wages Rs 800 and rent paid
Rs 700.
8. Ram returned goods for Rs 1000.
9. Paid into Bank Rs 2100.
10. Return Outward Worth Rs 700.
11. Purchased goods for Rs 1000 and received
Discount of Rs 50.
12. Sold goods Worth Rs 1500 and allowed a
Discount of Rs 150.
13. Goods taken by the Proprietor for his Personal
use of Rs 1400.
14. Salary Payable to Ankit of Rs 1200.
15. Income Tax Paid of Rs 500.
16. Bank Charged for of services Rs 450 and
allowed interest Rs 650.
17. Goods given as charity Rs 5,000.
18. ABC ltd. Received advance Rs 1500 for
delivered goods after a month.
19. Paid customs duty Rs 1100 in cash on import of
a New Machinery.
20. Provided Interest on Capital of Rs 1000 and
Charged interest of Drawing of Rs 1500.
21. Goods lost by fire of Rs 5000 and insurance
co. Provide claim of Rs 4000.
22. Out of Insurance Paid this year, Rs 15000
relate to next year.
23. Paid errection expenses on Machine Rs 5000.
24. Issue cheque for rent Rs 4000.
25. Withdrawn cash from bank for Domestic Purpose
of Rs 2500.
26. Purchased
goods from Sonu Rs 2000 less Trade Discount at 20% plus VAT @ 10%.
27. Sold goods costing Rs 7000 to Krish for Rs
9000 plus VAT @ 10%.
28. VAT was deposited into Government Account on
due date.
29. Sohan is declared insolvent. Recieved from his
Official Receiver a Dividend of 60 Paise in the rupee on a debt Rs 1000.
30. Purchased goods from Sanjay of Rs 40,000 at
terms 10% Trade Discount and 5% cash Discount. Paid amount at the time of
Purchase itself.
31. Sold goods to Anil Rs 20,000, allowed him 10%
Trade Discount and 10% cash Discount.
Assignment - Rules of Debit and Credit
Q-1 classifying the nature of Accounts:
I. Prepaid Salary Account.
II. Bills Payable Account.
III. Rent Account.
IV. Proprietors Account.
V. Patents Account?
a) Real a/c b)
Nominal a/c c) Personal a/c d) None
Q-2 Interest
Receivable From Karan,borrower a/c in :
a) Artificial Personal a/c
b) Natural Personal a/c
c)
Representative Personal
d) None
Q-3 Classify
each of the following items under :
I. Salaries
II. Equipment
III. Accounts payable
IV. Membership Fees earned
V. Inventory
a) Revenue b) Expense c) Assets d) Liability
Q-4 Open a
“T” shape Account for furniture and write the following transaction on the
Proper Side :
1. Furniture Purchased for Rs 50,000.
2. Furniture sold for Rs 10,000.
3. Furniture Purchased Rs 15,000.
4. Old Furniture Discarded Rs 5,000.
5. Depreciation on furniture for Rs 3,000.
Q-5 Open a
“T” shape account of a creditor, Mohan, and write the following transaction on
the Proper Side:
1. Purchased goods from Mohan on credit Rs
50,000.
2. Paid to Mohan Rs 30,000.
3. Goods returned to Mohan for Rs
3,000.
4. Repurchased goods from Mohan on credit Rs
10,000.
Q-6 Open a
“T” shape Cash account. Put the following transactions on the Proper side:
1. Mohan started business with cash Rs
40,000.
2. Purchased goods Rs 20,000.
3. Sold goods Rs 24,000.
Assignment - Accounting Equation
Q-1. If Total assets are Rs 4,00,000 and Net
Worth is Rs 1,20,000 and Profit Rs 25,000.Compute the creditors.
Q-2. (a) A starts a Business and invests Rs 50,000 on 1st
April 2017. On 31st March 2018 his Assets are Rs 65,000 and
Liabilities are Rs 6,000. Find out the amount of capital on 31st
march 2018.
(b) In the above case ,if the Proprietor had
introduced Rs 5,000 as additional capital and withdrawn Rs 2,000.What will be
your answer.
Q-3. X started a business on 1st
April 2017 with a Capital of Rs 50,000 and a loan of Rs 25,000 borrowed from Y.
During 2017-18,he had introduced additional capital of Rs 25,000 and had withdrawn
Rs 15,000 for personal use. On 31st March 2018 his assets were Rs
1,50,000.Find out his capital as on 31st March 2018 and profit made
or loss incurred during the year 2017-18.
Q-4. On 31st March 2018 the total
Assets and External Liabilities were Rs 1,00,000 and Rs 3,000 respectively .
During the Year ,the proprietor had introduced additional capital of Rs 10,000
and had withdrawn Rs 6,000 for Personal use. He made a Profit of Rs 10,000
during the year . Calculate the Capital as on 1st April 2017.
Q-5. Show an Accounting Equation on the
Basis of the Following transactions :
I. Vikram Kapoor Started business
with cash Rs 1,50,000 and Furniture Rs 1,00,000 and Goods Rs 50,000 and Cheque
Rs 40,000.
II. He Purchased a Building for Rs
1,00,000 and Sold Furniture Rs 90,000(Costing Rs 1,00,000 ).
III. He Purchased Goods from Ram Rs
45,000.
IV. Paid Cartage Rs 5,000 and Rent
Paid to Landlord Rs 4,000.
V. Received Rent from tenants Rs
5,000 and Received Security Deposits From Tenants Rs 4K.
VI. Invested in Shares ( Personal )
Rs 5,000.
VII. Goods Destroyed by Fire Rs 5,000.
VIII. Introduced Fresh Capital Rs
20,000.
Also,Prepare a Balanced Sheet.
Assignment- Principles of Accounting
Q-1 Proprietor
Personal Expenditure not recorded in the books of accounts due to :
a)
Materiality
b)
Conservatism
c) Going Concern d)
Business Entity Concept
Q-2 Two
primary qualitative characteristics of financial statements are :
a)
Understandability
and Materiality b) Relevance and Reliability
c) Neutrality d) Materiality and Reliability
Q-3 Assets
are held in the business for the purpose of :
a)
Resale
b)
Conversion into cash
c) Earning Revenue d)
none of the above
Q-4 Decrease
in the amount of Trade Payables
a)
Increase
in cash b) Decrease in
Bank over draft account
c) Decrease in cash d) No change in assets
Q-5 Explain
the following Principles :
(i)
Verifiable Objective Concept
(ii)
Revenue
Recognition Concept
(iii)
Matching
Concept
(iv)
Prudence
Concept
(v)
Accounting
Period Principle
(vi)
Materiality
Principles
(vii)
Business
entity Concept
Q-6 "Only
Financial Transactions are recorded in accounting". Explain.
Assignment-Introduction to Accounting
Q-1 which of
the following is not a sub-field of accounting?
1.
Management
accounting
2.
Cost
accounting
3.
Financial
accounting
4.
Book-keeping
Q-2 Book-keeping is mainly concerned with :
1.
Recording
of the financial data
2.
Interpreting
the data for internal and external users.
3.
Designing
the systems in recording, classifying and summarizing the recorded data.
4.
None
of the above
Q-3 Financial Position of the business is
ascertained on the basis of :
1.
Records
prepared under book-keeping process.
2.
Trial
Balance
3.
Accounting
reports
4.
None
of the above
Q-4 Full Form
of ICAI.
Q-5 Explain
the functions of accounting.
Q-6 Explain
the limitations of accounting.
Q-7 Write
any three examples of revenue and capital expenditure.
Q-8 Explain
the objectives of accounting.
Q-9 Explain
the users of accounting.
Q-10 Explain
the process of accounting.
