Accounting Process-Books of Accounts - Preparation of Trial Balance (CA Foundation Principles of Accounting): Questions 1 - 4 of 31

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Question number: 1

» Accounting Process » Books of Accounts - Preparation of Trial Balance

Essay Question▾

Describe in Detail

How will you determine profit or loss earned or incurred by a business during an accounting period?

Explanation

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Question number: 2

» Accounting Process » Books of Accounts - Preparation of Trial Balance

Essay Question▾

Describe in Detail

Describe the classification of accounts briefly?

Explanation

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Question number: 3

» Accounting Process » Books of Accounts - Preparation of Trial Balance

Essay Question▾

Describe in Detail

The following details were extracted from the books of Mr. Makes on March 31st 2015. Prepare a trial balance as on that date keeping in mind the classification of accounts and the rules involving them.

Table shows the Details of Mr. Makes

Details were extracted from the books of Mr. Makes on March 31st 2015

Particulars

Amount

Particulars

Amount

Salaries

726400

Return inwards

20000

Sales

3470000

Return outwards

8000

Plant and machinery

686000

Discount allowed

23000

Commission paid

37600

Rent

64400

Purchases

2893400

Sundry creditors

285200

Opening stock

222000

Carriage inward

4800

Repairs

33400

Travelling expenses

52600

Sundry expenses

9200

Drawings

70000

Sundry debtors

28600

Investments

120000

Cash

21800

Capital

1250000

Explanation

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Question number: 4

» Accounting Process » Books of Accounts - Preparation of Trial Balance

Short Answer Question▾

Write in Short

Classify the following accounts in terms of real, personal, nominal, and valuation accounts in the books of Mehta and Co:

  1. Machinery

  2. Trademark

  3. Mohan lal

  4. investment

  5. Provision for bad debts

  6. Rent

  7. Return outward

  8. Capital

  9. Provision for depreciation

  10. import duty

  11. Tata iron & Steel co Ltd

  12. Commission

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