Question 1) State Double entry system. Describe its advantages.
Question 2) Describe few accounting concepts and conventions.
Question 3) What is the procedure of posting the business transactions?
Question 4) Enter the following transactions in Cash Book.
(a) Cash in hand Rs. 1000 and Bank overdraft Rs. 4000.
(b) Paid into bank Rs. 6000.
(c) Drew for office use Rs. 500.
(d) Paid to Basant Rs. 980 in full settlement of his account of Rs. 1000.
(e) Cash sales Rs. 9000.
Question 5) Describe purchase book and sales book. Why these are prepared?
Question 6) Create Balance sheet by using imaginary figures.
Question 7) Describe the nature and scope of management Accounting.
Question 8) What is the procedure of forfeiture and re-issue of shares?
Question 9) A company issues 10,000 shares @ Rs. 10 per share payable as follows:
Rs. 4 on Application.
Rs. 3 on Allotment.
Rs. 3 on first call.
Pass journal entries in the books of company.
Question 10) Describe the main advantages of computerized accounting.
Question 11) What do you mean by Journal? How it is prepared?
Question 12) Distinguish between Gross profit and Net profit. How Net profit is ascertained?