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3
What is Elasticity of demand? Discuss various methods for measurement of elasticity of demand. This question has 1 answers so far.
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b) Differentiate between Accounting Concepts and Accounting Conventions Name any four Accounting Standards issued by Institute of Chartered Accountants of India.

 This question has 2 answers so far.
3

Journalise the following transactions for the of Dec. 2015. Also state the nature of each account involved in the Journal entry.

1     Dec 1: Ajit started business with Cash Rs. 40.000

2    Dec 3. He paid into the Bank Rs. 2.000.

3    Dec 5: He purchased goods for cash Rs. 15.000

4    Dec 8: He sold goods for cash Rs 6.000

5.   Dec 10: He purchased furniture and paid by cheque Rs. 5,000

6.   Dec 12. He sold goods to Arvind Rs. 4,000

7    Dec . He purchased goods from Art RS 10.000

8    Dec 15. He returned goods to Amrits 5.000

9    Dec 16. He received from Arvind Rs. 3,960 in full settlement.

10. Dec. 18. He withdrew goods for personal use Rs. 1.000

11. Dec. 20: He withdrew cash from business for personal use Rs. 2,000

12. Dec 24: He paid telephone charge Rs. 1,000

13 Dec. 26. Cash paid to Amrit in full settlement Rs 4.900

14. Dec 31: Paid for stationary Rs. 200, rent 1.500 and salaries to staff Rs. 2.000

15. Dec. 31: Goods distributed by way of free samples Rs. 1,000 (15)

This question has 5 answers so far.
2

A company offered to public subscription 10,000 shares of Rs. 10 each at

      Rs. 11 per shave. Money was payable as follows

      Rs. 3  on application 

      Rs. 4 on allotment

      Rs. 4 on first and final call.

Applications were received for Rs. 12,000 shares and the directors made prorata allotment

A. an applicant for 120 shares, could not pay the allotment and call money. B, a holder of 200 shares, failed to pay the call. All these shares were later on forfeited.

Out of the forgieted shares, 150 shares the whole of A's shares being included) were issued at Rs. 9 per shared Pass journal entries for the above transactions.

 This question has 0 answers so far.
1

Write is a Trial Balance? Explain its objectives.

 This question has 29 answers so far.
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Distinguish between FIFO and LIFO method of inventory valuation." This question has 0 answers so far.
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What is importance of the study of cost of capital? This question has 0 answers so far.
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Distinguish between Explicit and implicit cost. This question has 0 answers so far.
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From the following data, calculate- How many units must be sold to earn a net income of 10% of sales?Selling price Rs. 20 per unit. Variable manufactures cost Rs. 11/unit. Variable selling cost Rs. 3/unit. Fixed factory overheads Rs. 5,40,000year. Fixed selling costs Rs. 2,52,000 year. This question has 0 answers so far.
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From the following data, calculate- Number of units that must be sold to earn a profit of Rs. 60,000 per year. This question has 0 answers so far.
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From the following data, calculate- Break even point expressed in amount of sales in rupees. This question has 0 answers so far.
0
Explain the importance and limitation of ratio analysis. This question has 0 answers so far.
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Journalise the following transactions- (i)Shyam became insolvent first and final dividend received 75 paise in the rupee He owed us a debt of Rs. 1000 (ii)Received cash for a bad debt written off last year Rs. 250 (iii)Depreciation on plant Rs. 2000, furniture Rs 200 (iv)Rent paid to landlord Rs 2000 (V) Salaries due to clerk Rs. 5000 (vi) Purchased goods worth Rs. 5000 for cash less 20% trade discount and 5% cash discount (vii) Withdrew goods from business for personal use worth Rs. 1000 (viii) X, who owes Rs. 1000 pays Rs. 990 in full settlement (ix) Returned goods to Sigma Lid of the value of Rs. 600 (x)Paid interest on loan to B Rs 500 This question has 0 answers so far.
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Differentiate between capital expenditure and revenue expenditure. This question has 0 answers so far.
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Explain Accounting period concept accounting concept (Principles) with example. This question has 0 answers so far.
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Explain Accrual concept accounting concept (Principles) with example. This question has 0 answers so far.
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Explain Convention of conservations accounting concept (Principles) with example. This question has 0 answers so far.
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Distinguish between Equity share and preference share. This question has 0 answers so far.
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Explain the concept of working capital. This question has 0 answers so far.
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Explain dual aspect concept accounting concept (Principles) with example. This question has 0 answers so far.
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A company has issued debenture having coupon rate 14%, floatation cost 5% and face value 100. The company is in the tax bracket of 35%. The debenture would be redeemed after 5 years at a premium of 5%. Find the cost of debt. This question has 0 answers so far.
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a) Define Accounting. How does it differ from Book Keeping?

 This question has 3 answers so far.
0

Differentiate  between a Capital Expenditure and Revenue Expenditure

 This question has 1 answers so far.
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Differentiate between perpetual  Inventory System and Periodic Inventory system.

 This question has 1 answers so far.
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 The following are the details regarding inventories manufacturing concern as on 31st December, 2015


You are required to determine inventory value using lower of cost or market value basis, according to each of the following methods

(i) Aggregate or total inventory method (ii) Group method and (iii) Item by item method.

 This question has 0 answers so far.
0

A firm purchased on 1 January, 2014 certain Machinery for Is. 58,200 and spent Rs. 1.800 on its erection On 1st July, 2014 additional machinery costing Rs. 20.000 was purchased. On 1st July, 2016 the machinery purchased on 1st January, 2014 having become obsolete was auctioned for Rs. 28,500 and on the same date fresh machinery was purchased at a cost of Rs. 40,000.

Depreciation was provided for annual on 31st December at the rate of 10 per cent on written down values. In 2017, however, the firm chaned this method of providing depreciation on the original cost of the machinery w.a.f January 1, 2017 .

Give the Machinery Account as it would stand at the end of each year from 2014 to 2017.

 This question has 0 answers so far.
0

A Ltd. made the following issue of debentures

a) For cash at 90 per cent but payable at 110 per cent; debentures of Rs. 10,000

b) To a creditor who supplied machinery costing Rs. 1,00,000: 1.100 debentures of Rs. 100 each

c) To bank for a loan of Rs. 7,00,000 as collateral security, 10,000 debentures of Rs. 100 Journalise the transactions

 This question has 0 answers so far.
0

Write short notes on any three of the following:

a) Provisions regarding issue of Bonus Shares

b) Utilisation of securities Premium

c) Voucher System

d) Ledger. Meaning and objectives

e) Methods of Redemption of Debentures 

 This question has 1 answers so far.
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Distinguish between perpetual and periodical systems of systems of stock taking. This question has 0 answers so far.
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State giving reasons in brief, whether the statements is 'true' or 'false'. Accounting records the qualitative aspect of business enterprises This question has 0 answers so far.
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State giving reasons in brief, whether the statements is 'true' or 'false'. Trade discount is not recorded in journal proper. This question has 0 answers so far.
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State giving reasons in brief, whether the statements is 'true' or 'false'. Manufacturing Account is prepared to find gross profit. This question has 0 answers so far.
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State giving reasons in brief, whether the statements is 'true' or 'false'. A contra entry is made in the cash book when the owner introduces additional capital This question has 0 answers so far.
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What do you mean by Accounting? Who are the parties interested in accounting information? This question has 0 answers so far.
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What are the limitations of accounting? This question has 0 answers so far.
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Explain the Matching Cost and Revenue concept of accounting. This question has 0 answers so far.
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Give a brief description of the procedure for issuing accounting standards in India. This question has 0 answers so far.
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Distinguish between Capital Expenditure and Revenue Expenditure. This question has 0 answers so far.
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Explain briefly the salient features of Accounting Standard-2 as recommended by ICA relating to inventory valuation This question has 0 answers so far.
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What do you mean by Depreciation? What are causes and objectives of providing Depreciation? This question has 0 answers so far.
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On 1 January 2000, a machinery was purchased by a trader for Rs.20,000. On 1 July 2001,additions were made to the extent of Rs.1000. on 19 April 2002 further a machine costing Rs.2560 was purchased. On June 30, 2003 a machine the original value of which was Rs.3200on 1-1-200was sold for Rs.2400. The trader closes his books on 31" December each year. Prepare machinery account for four years from 2000 to 2003, if depreciation is charged at 10% per annum under original cost method. This question has 0 answers so far.
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State giving reasons in brief, whether the statements is 'true' or 'false'. Accounting is only an art and not a science. This question has 0 answers so far.
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Journalize the following transactions of a trader and post them to ledger and draw out a trial balance. This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Financial statements disclose only monetary facts. This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Going concern concept explains that business will be there for few years only. This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Cash and bank account are real accounts. This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Premium paid on the life policy of the proprietor is debited to profit and loss account This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Ratio analysis is technique of planning and control. This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Fund flow statement and cash flow statement are one and the same This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Inventory is valued at net realizable value or cost, whichever is lower. This question has 0 answers so far.
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State with reasons whether the following statements is true or false. The break even point is the point of maximum profit This question has 0 answers so far.
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State with reasons whether the following statements is true or false. A sources of funds have same cost of capital This question has 0 answers so far.
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State with reasons whether the following statements is true or false. Working capital deals with the short term liquidity position of the firm. This question has 0 answers so far.
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What is financial accounting? What are its objectives and limitations? This question has 0 answers so far.