Financial Accounting

What is matching concept of accounting?

State the meaning of book keeping accounting.

Define the meaning of NFRS.

Write down the meaning of contingent liabilities.

What is Trial Balance?

On January 1, a Company borrowed Rs. 600,000 from bank by signing a 6-month, 12% notes payable. It paid the principal and interest at due date. Required: Journal entries for issue and retirement of note

The following information are provided to you: Sales Rs.800,000 Opening stock of finished goods Rs.150,000 Closing stock of finished goods Rs.50,000 Materials purchased Rs.500,000 Store supplies Rs.200,000 Power and fuel Rs.80,000

Required: Amount of value added

The following information are given:

• Started business with cash of Rs.50,000 and goods of Rs.150,000
• Received commission Rs.26,000 including advance commission of Rs.2,000 Required: Accounting equation

The following transactions of the Furniture House are given below: Feb 7: Returned by SS Furniture and Company

• 10 Chairs @ Rs.2,000 each
• 3 Sofa sets @ Rs.30,000 each (Trade discount 10%) Feb 16: Returned from KK Furniture 8 Tables for Rs.5,000 each Feb 28: Returned to MM Furniture 2 Study Tables for Rs.6,000 each

Required: Return Inward Book

The following information is provided:

Trial Balance:

Adjustment:

• Additional bad debts to be written off Rs.20,000
• New provision for doubtful debts @ 5% on debtor Required: Provision for doubtful debt account