CA Foundation Principles of Accounting: Questions 35 - 43 of 502

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Question number: 35

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

Short Answer Question▾

Write in Short

What is meant by the term provision?

Question number: 36

» Accounting Process » Books of Accounts - Capital and Revenue Expenditures

Short Answer Question▾

Write in Short

How is replacement of fixed assets treated?

Question number: 37

» Theoretical Framework » Accounting Policies

Short Answer Question▾

Write in Short

What does AS 1 of accounting standard state about disclosure of accounting policy?

Question number: 38

» Accounting Process » Books of Accounts - Fundamental Errors

Short Answer Question▾

Write in Short

State the three questions which decide the criteria for rectification of errors?

Question number: 39

» Theoretical Framework » Accounting Concepts, Principles and Conventions

Short Answer Question▾

Write in Short

What is the difference between the term concepts and conventions?

Question number: 40

» Accounting Process » Books of Accounts - Capital and Revenue Expenditures

Short Answer Question▾

Write in Short

In what cases can an expenditure of revenue nature be treated as of capital nature?

Question number: 41

» Theoretical Framework » Accounting Standards

Essay Question▾

Describe in Detail

Mention the accounting standards in India briefly?

Explanation

  • In India there are total of 32 accounting standards laid down by the ASB.
  • They are as follows:

Accounting standards in India

Brief title of the accounting standards in India with their numbers.

S. no

Number of Accounting Standard

Title of the accounting standard

1

AS 1

Disclosure of accounting

… (230 more words) …

Question number: 42

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

Short Answer Question▾

Write in Short

Write a short note on contingent assets?

Question number: 43

» Accounting Process » Books of Accounts - Fundamental Errors

Essay Question▾

Describe in Detail

Mr. Tendulkar’s trial balance showed a suspense A/C of Rs. 32600 on the debit side. On rechecking the books, the following errors were discovered:

  • An amount of Rs. 10000 received from Mr. Ganguly was posted to the debit side of Mr. Ashwin as Rs. 12000.

  • Salary paid to driver Rs. 4000 was debited to his personal A/C as Rs. 2400

  • Drawings of Rs. 2000 was credited to sales A/C as Rs. 3200

  • An amount of Rs. 6000 accounting for depreciation on car was posted as Rs. 600

  • Sale of an old bat Rs. 20000 was credited to sales A/C as Rs. 12000. Pass the journal entries to rectify the errors

Explanation

The journal entries in the books of Mr. Tendulkar would be as follows:

Rectification of errors

Journal entries in the books of Mr. Tendulkar

Date

Particulars

L. F

Debit Amount

Credit Amount

(i)

Suspense A/C Dr

2000

Ganguly A/C Dr

10000

To Ashwin A/C

12000

(Being the excess amount received

… (67 more words) …

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