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 Categories >> Accounting >> Accounting AllOther
 
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Question Asked @ Answers Views     Select
what happens if LIFO Price Increases?    4  1300
what is the opposite journal of account receivables?    0  399
what is the main link between the income statement and the balance sheet?    0  266
what happens to each of the three financial statements when working capital increases?    1  667
what happens to each of the three primary financial statements when gross margin decreases?    0  271
what happens to each of the three primary financial statements when capital expenditures decrease? tcs   0  259
how are the 3 financial statements related to each other?    1  2934
you buy a $100 asset. $25 cash, $50 debt, and $25 new equity. Explain how the 3 financial statements (IS, BS, CFS) will change. kpmg   0  505
what is meant by debit and credit ibm   19  8921
what is budgetory control and what are the types    0  515
what are valuation accounts? niit   0  209
what is internal audit    0  230
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account. ignou   0  387
3. You are required to show the effect of each of the following changes on profit and Break-Even-Volume from the information given below: Sales 50,000 units Rs. 5.00 per unit Variable cost Rs. 3.00 per unit Fixed cost Rs. 70,000 Changes: (i) Price changes by 20%. (ii) Volume decreases to 40,000 units. (iii) Variable cost increases to Rs 3.50 per unit. (iv) Fixed cost decreases by 10%. ignou   0  237
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. ignou   0  1105
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Un-Answered Questions
 
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do we have to learn all the shortcutkeys in tally.i am from non commerce background ,where should i start from. 184
Expand CCIT? 161
WHAT IS THE DIFFERENCE BETWEEN PUBLIC COMPANY AND PRIVATE COMPANY? MUTUAL FUNDS? GOOD WILL? ABOUT YOUR PROJECTS? 225
what is the opposite journal of account receivables? 399
Whatis new GL & Odd G.L What is the difference between these two. 232
pl send me SBI previous question papers for clerical post to my email id :jahnavi_devi@yahoo.com 199
what is article of association? what is memorandum of association? 446
define fixed assets 162
in which group under we will open donation and hamali weekly payment account or ledger 241
1.tell about urself? 2.wt is BRS? 3.VAT? 4.Golden principle of accounting? 306
i want to know the TDS deduction Chart for 2008/09 Eg : professional fee ,contractors ,subcontroctors. rent . ............ 645
explain the financialand economic meaning of investment? 293
What do you mean by Revenue? does it include the Service Tax,VAT etc., by any chance ? 207
how to prepare the balance sheet of private ltd. company & what roll should be play by Income tax, compnay law & accounting standard in India & world. 207
What are the things are not Included in Annual Reports? 134
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