Financial accounting information helps to understand the following aspects of an entity c The balances in the nominal accounts are

transferred to this Account b A list of all closing balances of all financial accounts with the debit and cred it balances written separately is called the c Sheik and Co had a current account balance of Rs.3500000 and a demand loan outst anding of Rs.3000000\- .They issued a cheque from the current account to close t he demand loan b while posting the above entry Jayesh transferred the funds from kamlesh. How wou ld Jayesh reverse this entry a The golden rule we follow while accounting in our journal book for nominal accou nts is c Certain internationally accepted conventions and principles that are strictly fo llowed while recording a transactions in the books of accounts and in preparing financial statements are (tick all the ones which you think are accepted convent ions) 125 The interest payment on savings account will reduce the profit figure T The left hand side of the journal book records entries which are in cr Branch A has a total deposit figure of Rs.8000000 as on 30.3.2008. The branch ma nager wants to reach a deposit figure of Rs.1 crore in his balance sheet as on 3 1.3.2008.He can try to get 3 All the entries in the journal book are Not written in a chronological order. Is this statement correct f Identify the items which appear in the journal book 1235 Balances in Real accounts like cash, furniture, land etc will appear a If the interest on homeloan increases, it will increase the profit of the bank t Exchange on DD is an income for the bank t The total of debit and credit balances should tally in a trial balance. Is this statement correct t The Bank branch has total savings deposits of 125000000 as on 30.3.2008. On 31.3 .2008, the deposits into savings account was Rs.2500000 and withdrawals were Rs. 1900000. The savings account figure in the branch balance sheet as on 31.3.2008 would be a the abbreviation of `Dr.` while recording in the journal book represents debit The total deposits figure of a branch as on 30.3.2008 was Rs.780000000. On 31.3. 2008, one current account customer transferred Rs.100000000 from his current acc ount to fixed deposit. The total deposit figure of the branch as on 31.3.2008 wo uld be a The bank incurs expenses towards repair of airconditioner. The repair is done by AC Nath and Co who maintain a current account with the bank. The bill amount is Rs.4200\- The accounting entry would be

from their current account number 9 .000 as on 30.67.b Sulaiman has a savings account with a balance of Rs.This means 13 The Bank has to pay the telephone bill amounting to Rs. the balance in the profit and loss account is gen erally a Going by the principle of conservatism. He has a savings Bank account with ABC from where he wants the a mount to be transferred. Is this statement correct false Balances in personal accounts in which amount is owed by the business to its cre ditors will appear on the b Sindubad has a car loan account outstanding of Rs.. siddanth wants to place a Fixed Deposit in the Bank for Rs.2008 the new deposits created were for Rs. He withdraws Rs.2008.2008 wo 461700000 Jayesh as the customer executive was posting a transfer cheque deposited by Lath a of RS.9000\=.50000 \. The bank would pass the following bank entry b Balances in Real Accounts represent __________ of the business a The closed balances of the nominal accounts will feature in the Balance Sheet`. credit the giver. The balance after the transaction is c Sanjay has taken a housing loan from XY Bank and they are disbursing the amount today of Rs. Cash account to be debit ed with Rs. He deposits cash MTNL.450000. He deposits cash Rs. 450000.00. 3.It is requ ired to pay the bill by issue of payorder favouring MTNL The accounting entry wo uld be b The trading account is constructed to find out the b Zuben Musicals have deposited cash for credit of Rs.4500 for credit to the account of Mr. What entries will you pass b CAPITAL` reflects on the which side of the balance sheet b . 3000 into the account.15 lacs.4 0000 into the account. Latha had received this chq from her friend Rajesh.478657.49500 true The Bank branch has total fixed deposits of 45. the closing stock is normally valued at a Venkat has a fixed deposit of Rs.45000 into their current acc ount and Rs. b Sekhar and Co issue a cheque for Rs.from the Fixed deposit towards an emergency.12500000 and deposits closed were to the tune of Rs.Zubin. The journal entry that would be passed is a LF in a ledger book a The golden rule to be followed for funds transfer between two customer accounts in a bank branch is debit the receiver .3.5000\.The fixed deposit figure in the branch balance sheet as on 31.5000\= for one ye ar in ABC Bank. The car loan outstanding after the transaction is c Mr. On 31. The balance in the fixed deposit after the premat ure withdrawal would be c When a debt becomes irrecoverable and has to be written off.450000\.liabilities In the case of organisations.3.

What is the rectification entry ? b Sancheti and Co have a balance of Rs.250000 fav ouring Sudhama a\c 450001000100 .The Bank inadvertently credits the account of S udhima a\c 450001000010 .25000\= cash in his Savings account no 001101008567.456790 in their account.2008. The balance afte r the transaction will be c 411790 Balance with Reserve Bank of India will appear in the asset Mr.20000000.from their account.3400000 00.2008 would be 320000000 Provison for Bad debt appears on the asset Krishna has a savings account 450001000001 and issues a cheque for Rs. The acc ounting entry would be b .3.3. Singh had deposited Rs.3. What ent ry would you pass to rectify this situation b The credit balance in the Balance sheet is written in the b-liab When a customer deposits cash. the bill amount is Rs. On 31.100.The homeloans figure in t he branch balance sheet as on 31.The accounting entry would be a The home loans figure in the branch balance sheet as on 30. the golden rule for debiting cash is c The Bank buys some stationery for office use. 45000\ . They have issued a cheque for cash withdrawal of Rs.00105000017 with instructions for transferring the funds to their current accoun t 600105467890 at another branch .2008 was Rs. there was a repayment of Rs. the teller by mistake entered the a\c no as 001101008657 erroneously.

Sign up to vote on this title
UsefulNot useful