Accounting Process-Books of Accounts - Preparation of Trial Balance (CA Foundation Principles of Accounting): Questions 5 - 10 of 31

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 502 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 950.00 or

Question number: 5

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

Short Answer Question▾

Write in Short

What is an accounting equation?

Question number: 6

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

Essay Question▾

Describe in Detail

What is meant by a compound journal entry?

Explanation

… (163 more words) …

Question number: 7

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

Essay Question▾

Describe in Detail

At the end of the accounting period 31st December 2015, Jackson Ltd, had assets of Rs. 16, 00, 000 and liabilities of Rs. 7, 00, 000.

Using the accounting equation, you are required to find out

(a) The owner’s equity as on 31st December 2015 and

(b) The owner’s equity as on 31st December 2016, assuming that the assets had increased by Rs. 2, 60, 000 and the liabilities had decreased by Rs. 50000 during that year

Explanation

… (118 more words) …

Question number: 8

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

Essay Question▾

Describe in Detail

Calculate total equity and owner’s equity of Monish Ltd. , at the end of year if

  • Owner’s equity in the beginning is Rs. 50000,

  • Equity of the creditors at the end of year is Rs. 20000

  • Revenue during the year is Rs. 30000

  • Expenses during the same year is Rs. 25000

Explanation

… (88 more words) …

Question number: 9

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

Short Answer Question▾

Write in Short

During the financial year 2015 - 16, Santosh had cash sales of Rs. 200000 and credit sale of Rs. 100000. His expenses for the year were Rs. 50000 out of which Rs. 25000 is still to be paid. Find the Santosh income for 2015 - 16 under Cash Basis of Accounting as well as in Accrual Basis of Accounting.

Question number: 10

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

Essay Question▾

Describe in Detail

What is meant by the golden rules of accounting?

Explanation

… (142 more words) …

f Page
Sign In