Erection and Instalation charges of Rs 7500 to Lift was
debited to repairs and maintenance account. Rectify it
27
What are 15 major mistake done while writing books of
account? What are 5 major fraud done by Junior Accountant?
35
what do you mean by return in taxes
90
2. Contingent liabilities should be recorded in the
books when;
a) It is probable that the future events will occur
b) The amount of the liability can be reasonable
estimated.
c) Both (a) and (b)
d) Either (a) or (b)
What are the golden principles of accounting? Give an
example for each.
20
what is CDD’s configuration
80
From the following information you are to prepare a
Cash Budget for the period from July to December 2008.
(i) The estimated sales and expenses are
as follows:
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Sales
35,000
40,000
40,000
50,000
50,000
60,000
65,000
Purchases
14,000
16,000
17,000
20,000
20,000
25,000
28,000
Wages & Salaries
12,000
14,000
14,000
18,000
18,000
20,000
22,000
Expenses
5,000
6,000
6,000
6,000
7,000
7,000
7,000
Interest Received
2,000
-
-
2,000
-
-
2,000
Sale of Fixed Assets
-
-
20,000
-
-
-
-
(ii) Sales are 20% in cash and balance on
credit. 50% of the debtors are collected in the month of
sales and the remaining in the next month.
(iii) The time lag in payment of purchases
and expenses is 1 month. However, wages and salaries are
paid fortnightly with a time lag of 15 days.
(iv) The company maintains a minimum cash
balance of Rs. 5,000. The cash balance in excess of Rs.
7,000 is invested in government securities in multiples of
Rs. 1,000. Short falls in cash balance are made good by
borrowing from banks. The interest received as well as paid
is to be ignored.
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