Q2.
Show the
classification of the following accounts under traditional and accounting
equation approach:
|
a
|
Rent outstanding
|
g
|
capital
|
|
b
|
Closing inventory
|
h
|
Sales tax payable
|
|
c
|
sales
|
i
|
Trade receivables
|
|
d
|
Bank fixed deposits
|
j
|
Depreciation
|
|
e
|
cash
|
k
|
drawings
|
|
f
|
Bad debts
|
|
|
see in detail
Q4.
calculate
the missing amount for the following.
|
|
Assets
|
Liabilities
|
Capital
|
|
(a)
|
1,50,000
|
2,50,000
|
?
|
|
(b)
|
?
|
1,50,000
|
75,000
|
|
(c)
|
14,50,000
|
?
|
13,75,000
|
|
(d)
|
57,00,000
|
-2,80,000
|
?
|
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Q5.
Show the
effect of increase and =(+), decrease = (-) and no change=(0) on the assets of
the following transactions:
a. Purchased office furniture, payment
to be made next month.
b. Collected cash for repair services
c. Goods sold on credit.
d. Withdrawal of cash by the owner for personal
use.
e. Hired an employee as sales manager
of the north wing.
f. Returned
goods worth Rs. 50,000
g. One of our debtor agreed to pay his
dues to Mr. C who is the creditor of the company with the same amount being due
to him.
h. Entered into an agreement with Mehta
& co. To purchase all Raw materials from their company from next year.
Also give reasons for your answers.
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