Tag: elements of book keeping and accountancy

The process of recording transaction in journal is termed as ___________.

X Ltd., purchased goods for Rs.5,00,000 and sold 9/$10^{th}$ of the value of goods for Rs. 6,00,000. Net expenses during the year were Rs. 25,000. The company reported its net profit as Rs. 75,000. Which of the following concept is violated by the company?

A businessman purchased goods for Rs.25,00,000 and sold 80% of such goods during the accounting year ended $31^{st}$ March, 2019. the market value of the remaining goods was Rs.4,00,000. He valued the closing stock at cost. He violated the concept of _________________.

A debit note for Rs $20,000$ issued to Mr. Z for goods returned by us is to be accounted for in _______________.

Mohan purchased a machinery amounting Rs.10,000 on 1.4.2010.
On 31.3.2019, similar machinery could be purchased for Rs.20,000 but the realizable value of the machinery (purchased on 1.4.2010) was estimated at Rs.15,000. The present discounted value of the future net cash inflows that the machinery was expected to generate in the normal course of business, was calculated as Rs 12,000.
The present value of machinery is ______________.

_______ is used to record the details of bills receivable by the business organization. 

A purchase of goods from Nathan amounting to Rs. 3,000 has been wrongly entered in the Sales Book. However Nathan Account has been correctly credited. Which of the following rectification entry is correct? 

_______is used to record the particulars of all the bills payable accepted by the business organization for the purpose of paying amounts due to its creditors.

A contractor's bill for extension of premises amounting to Rs. 27,500 has been debited to Building Repairs Account. Which of the following rectification entry is correct?

A cheque for Rs. 7,330 was received from Rao after allowing him a discount of Rs. 70. It was endorsed in favour of Sen in full settlement of Rs. 7,500. The cheque was dishonoured, but no entry for dishonour was passed in the books. If this error located after preparation of final account then which of the following rectification entry is correct?