Finance And Accounts

2317 words 10 pages
Show More
Question 1- Analyze the following transaction under traditional approach.
18.1.2011 Received a cheque from a customer, Sanjay at 5 p.m. Rs.20,000
19.1.2011 Paid Ramu by cheque Rs.1,50,000
20.1.2011 Paid salary Rs. 30,000
20.1.2011 Paid rent by cheque Rs. 8,000
21.1.2011 Goods withdrawn for personal use Rs. 5,000
25.1.2011 Paid an advance to suppliers of goods Rs. 1,00,000
26.1.2011 Received an advance from customers Rs. 3,00,000
31.1.2011 Paid interest on loan Rs. 5,000
31.1.2011 Paid instalment of loan Rs. 25,000
31.1.2011 Interest allowed by bank Rs. 8,000
Analysis of transaction –with accounts involved-nature of account-affects and debit/credit
Solution:

Date
Accounts Involved
Nature of Account
Affects
Debit/credit …show more content…

Particulars
Rs.
To bal b/d
To Sundry Debtors
2000
1000
By bal c/d
3000
Total
3000
Total
3000
To bal b/d
3000

Sundry Debtors a/c
Particulars
Rs.
Particulars
Rs.
To bal b/d
To bal c/d
25000

By Bad Debts
By bal c/d
1000
24000
Total
25000
Total
25000
To bal b/d
24000

Taxes and Insurance a/c
Particulars
Rs.
Particulars
Rs.
To bal b/d
To bal c/d
5000
By Prepaid taxes and Insurance By bal c/d
2000
3000
Total
5000
Total
5000
To bal b/d
3000

Prepaid taxes and Insurance a/c
Particulars
Rs.
Particulars
Rs.
To Taxes and Insurance
2000
By bal c/d
2000
Total
2000
Total
2000
To bal b/d
2000

Salaries a/c
Particulars
Rs.
Particulars
Rs.
To bal b/d
To Outstanding Salaries
20000
5000
By bal c/d
25000
Total
25000
Total
25000
To bal b/d
25000

Outstanding Salaries a/c
Particulars
Rs.
Particulars
Rs.
To bal c/d
5000
By Salaries
5000
Total
5000
Total
5000

By bal b/d
5000
Depreciation a/c
Particulars
Rs.
Particulars
Rs.
To Furniture and fittings
To Buildings
1000
50000

By bal c/d

51000
Total
51000
Total
51000
To bal b/d
51000

Commission a/c
Particulars
Rs.
Particulars
Rs.
To Commission received in advance
To bal c/d
1000
4000
By bal b/d
5000
Total
5000
Total
5000

By bal b/d
4000
Commission received in advance a/c
Particulars
Rs.
Particulars
Rs.

To bal c/d

1000
By Commission
1000
Total
1000
Total
1000
To bal b/d

By bal b/d
1000

Adjusted Trial Balance as on 31.03.2011
Debit balances
Rs.
Adjustments
Adjusted

Related

  • Executive Plan of Top Quality Lighting Products Provider Atha
    3488 words | 14 pages

    Accounting and Finance Department Stephen Nystrom Professor Gotches Winter Quarter BUS 3011 Table of Contents 1. Executive Summary pages 3 - 4 2. Description of the Functional Area and Purpose Statement pages 4 - 6 A. Human Resource Area pages 4 - 5 B. Accounting and Finance Area….

    Show More
  • Manufactured Homes Case
    2038 words | 9 pages

    Question 1: Describe the key aspects of Manufactured Homes’ business. Does the company have a viable business? • Manufactured Homes sells affordable fully furnished and carpeted mobile homes in the southeast of the United States of America. These Potential customers for Manufactured Homes include individuals seeking a single-family primary residence but lacking the ability to purchase conventional housing, retirees, and those wanting a second home for vacation purposes. The company targets individuals….

    Show More
  • Fin580 Midterm
    1613 words | 7 pages

    Grade Details - All Questions Question 1. Question : (TCO A) Jean and Jim have liquid assets of $3,600 and other assets of $42,800. Their total liabilities equal $26,000. What is their net worth? (Show all work.) Total Assets $46,400 Less: Total Liabilities 26,000 Equal: Net Worth $20,400 Liquidity: $3,600 +Other Assets: $42,800 Total Assets: $46,400 -Total liabilities: $26,000 Net Worth: $20,400 Student Answer: Instructor Explanation: Total Assets $46,400 Less: Total Liabilities 26….

    Show More
  • Atha Corporation Executive Plan
    3413 words | 14 pages

    Atha Corporation: Doubling Sales Account & Finance, Human Resources Table Of Contents Executive Summary………………………………………………………………………….. 3 Executive Plan………………………………………………………………………………….. 4 Account and Finance Department…………………………………… 4 Human Resources Department……………………………………….. 6 Conclusion……………………………………………………………………………………….. 8 Appendices 1……………………………………………………………………………………. 9 Account and Finance Department SAW…………………………….9 Organizational Chart…………………………………………………….14….

    Show More
  • Knottyville Case
    1396 words | 6 pages

    charge of maintaining the accounting records. She did the monthly bank reconciliation as well. Every three months Fancy would meet with the finance committee of the board and report about the financial situation. She would prepare simple profit and loss statements and a balance sheet. Working with the treasurer, she also presented the annual budget to the finance committee for its approval. Because Fancy was in charge of ordering supplies, she would often insist that they buy alcoholic beverages from….

    Show More
  • Healthcare Finance Chapter 1 and 2
    2342 words | 10 pages

    Chapter 1- Question and Answers 1.1 a. What are some of the industries in the healthcare sector? Some of the industries in the healthcare sector are health insurance, pharmaceuticals and biotechnology, medical equipment and supplies and health services. Others include education institutions, government and private research agencies. b. What is meant by the term healthcare finance as used in this book? Healthcare finance is a term used in this book to describe accounting and financial….

    Show More
  • The Analysis of Financial Position of Heineken, Carlsberg and Saigon Beer Company
    15716 words | 63 pages

    financial position of Heineken, Carlsberg and Saigon Beer Company The analysis of financial position of Heineken, Carlsberg and Saigon Beer Company Le Dinh Quang | Do Thi Tra Mi | SAXION UNIVERSITY OF APPLIED SCIENCE Academy of International Finance and Accounting Education: Accountancy The analysis of financial position of Heineken, Carlsberg and Saigon Beer Company Le Dinh Quang (Leo) | St.No. 153452 | Do Thi Tra Mi (Kathy) | St.No. 154723 | Students: Mr Harm.Postma | Mr J….

    Show More
  • Unit 2 MFRD AB Daniel
    2224 words | 9 pages

    no. Evidence (Page no) LO1 Understand the sources of finance available to a business 1.1 Identify the sources of finance available to a business 1.2 Assess the implications of the different sources. 1.3 Evaluate appropriate sources of finance for a business project….

    Show More
  • Fair Credit Reporting Act and Personal Finance
    1885 words | 8 pages

    Syllabus College of Humanities FP/120 Version 3 Essentials of Personal Finance Copyright © 2012, 2011, 2009 by University of Phoenix. All rights reserved. Course Description This course provides an overview of the elements necessary for effective personal financial planning and the opportunity to apply the techniques and strategies essential to this understanding. Primary areas of study include creating and managing a personal budget, understanding and paying taxes, working with financial….

    Show More
  • Personal Development
    2731 words | 11 pages

    me backward when I am answering to the questions in the class. All these weaknesses are internal negative factor. Opportunities: There are many opportunities to improve my strengths because with globalization business development creates vacancies and new technology creates new software for accountancy. Also I can find cheaper courses for improve communication skill. Threats: Also some external negative factors are such as more people involve in finance field very difficult to have a job due to….

    Show More

Popular Essays