Advertisements
Advertisements
Differentiate between E-Commerce and Traditional commerce. State any five points.
Concept: Benefits of E-commerce Over Traditional Commerce
Expenses incurred for construction of a building are classified as ______.
Concept: Capital Expenditure
What is a Balance Sheet?
Concept: Balance Sheet
What are the features of a Balance Sheet?
Concept: Balance Sheet
Closing stock appears in the Final Accounts in the ______.
Concept: Trading Account
Given below is the Trial Balance of M/s. Krishna & Sons Pvt. Ltd. as on 31st March, 2023. Prepare a Trading and Profit and Loss account for the year ending 31st March, 2023 and a Balance Sheet as on the same date.
Trial Balance of M/s. Krishna & Sons Pvt Ltd. as on 31st March 2023.
| Particulars | Dr. | Cr. |
| Capital | - | 50,000 |
| Drawings | 1,000 | - |
| Debtors and Creditors | 25,000 | 15,000 |
| Loan | - | 20,000 |
| Discounts | 4,750 | 300 |
| Purchases and Sales | 90,000 | 1,72,000 |
| Land and Buildings | 88,000 | - |
| Salaries | 33,000 | - |
| Cash in hand | 2,700 | - |
| Stock as on 01-04-2022 | 28,000 | - |
| Commission Received | - | 18,550 |
| Sales Return and Purchase Return | 750 | 550 |
| Carriage inward | 1,200 | - |
| Bills receivable and Bills payable | 7,500 | 5,500 |
| Total | 2,81,900 | 2,81,900 |
Closing Stock was valued at ₹ 25,000
Concept: Profit and Loss Account
Imagine you are an accountant of Shah & Company. You have to pass an entry of interest received by the company. What will be the accounting treatment?
Concept: Profit and Loss Account
Prepare a Trading, Profit and Loss account of Mr. ABC for the year ending on 31st March, 2023 and a Balance Sheet as on 31st March, 2023.
| Particulars | Amount (Dr.) Rs. | Amount (Cr.) Rs. |
| Capital | 80,000 | |
| Drawings | 4,000 | |
| Cash at Bank | 4,700 | |
| Purchase | 66,000 | |
| Sales | 1,15,000 | |
| Purchase Returns | 3,000 | |
| Sales Returns | 6,000 | |
| Discount | 1,200 | |
| Carriage Outwards | 1,800 | |
| Salaries | 18,000 | |
| Trade expenses | 3,600 | |
| Opening stock | 15,000 | |
| Bad debts | 1,800 | |
| Rent | 4,500 | |
| Machinery | 1,08,000 | |
| Furniture | 18,000 | |
| Debtors | 12,000 | |
| Creditors | 30,000 | |
| Stationery | 7,500 | |
| Commission received | 900 | |
| Loan | 43,200 | |
| 2,72,100 | 2,72,100 |
Closing stock on 31st March, 2023 was valued at Rs. 78,000.
Concept: Trading Account
Distinguish between Fixed cost and Variable cost.
Concept: Classification of Costs
Give one example of Variable cost.
Concept: Classification of Costs > On the Basis of Behaviour
Describe cost on the basis of behaviour.
Concept: Classification of Costs
What is Variable cost?
Concept: Classification of Costs > On the Basis of Behaviour
The ______ budget contains an estimate of the total volume of production week wise, month wise and product-wise.
Concept: Budgeting
The budget that forms the fundamental basis of all budgets and lays down the revenue goals of an enterprise is the ______.
Concept: Budgeting
A budget is a statement that can be expressed:
Concept: Budgeting
______ market consists of all organizations, institutions and instruments that provide long term funds.
Concept: Capital Market
The capital of the company is divided into equal parts called ______.
Concept: Equity Shares
______ shares do not carry voting rights.
Concept: Sources of Raising Capital
