Ledger Creation and Accounting Entries in Tally. A. Create Following Ledger accounts in tally in Osaka Corporation:- (5 Marks) Account Name Type (under) Capital A/C Capital Account Bank A/C Bank Account Sales A/C Sales Account Purchases A/C Purchases Account Rent Expenses A/C Expenses (Indirect) XYZ Inc Sundry Creditor ABC & Co. Sundry Debtor Commission Received A/C Income (Indirect) Commission Receivable A/C Current asset.

/in /by

Ledger Creation and Accounting Entries in Tally.

A. Create Following Ledger accounts in tally in Osaka Corporation:-
(5 Marks)

Account Name  Type (under)

Capital A/C Capital Account

Bank A/C Bank Account

Sales A/C Sales Account

Purchases A/C Purchases Account

Rent Expenses A/C Expenses (Indirect)

XYZ Inc Sundry Creditor

ABC & Co. Sundry Debtor

Commission Received A/C Income (Indirect)

Commission Receivable A/C Current asset.

You might also like
Balance Sheets of ABC Ltd as on 31st December, 2019 and 31st December 2020, respectively: Balance Sheets as at 31st December 2019 2020 (Rs. In thousands) Assets: Freehold Property at Cost 33.00 24.00 Plant and machinery (cost less depreciation) 20.80 60.30 Inventories 30.35 32.85 Sundry Debtors 20.10 24.75 Cash and Bank 9.25 16.80 Preliminary Expenses 1.20 114.70 0.60 159.30 Liabilities: Issued Share Capital 60.00 75.00 Share Premium Account - 5.00 Capital Reserve - 17.00 Profit & Loss Account 21.50 21.20 Sundry Creditors 27.20 32.60 Proposed Dividends 6.00 8.50 114.70 159.30 No plant and machinery was sold during the year 2020. Depreciation written off during 2020 was Rs 7,500. Net Profit for the year was Rs. 8,200. dividend paid during 2020 in respect of previous year was Rs. 6,000 . Capital reserve represented a profit on sale of freehold premises.prepare: (i) a Statement showing Changes of Working Capital during 2020; and (ii) A Funds Flow Statement for the same period
Explain the usefulness of each of the following ratios in reviewing the performance of a business: i) Current Ratio (2 marks) ii) Acid Test Ratio (2 marks) iii) Receivables Collection Period (2 marks) iv) Payables Settlement Period (2 marks) v) Inventory Turnover Rate (2 marks)
Explain the significance of a ‘true and fair view’ in relation to the accounts and financial statements of a company or other incorporated business
Differentiate between fiscal policy and monetary policy.
Ledger Creation and Accounting Entries in Tally. a. Create Following Ledger accounts in tally in Zen Foundation: - Account Name Type (under) Capital A/C Capital Account Bank A/C Bank Account Sales A/C Sales Account Purchases A/C Purchases Account Rent Expenses A/C Expenses (Indirect) Commission Received A/C Income (Indirect) Commission Receivable A/C Current asset. b. Pass the Following Entries in Zen Foundation. 1. Capital Introduced in organization in Bank Rs. 1,20,000/- & in Cash Rs. 30,000/- on 1st April 2020. 2. Cash Deposited in bank on 2nd April 2020 Rs. 15,000/-. 3. Cash purchase of Rs. 40,000/- on 1st May 2020.(Paid From Bank) 4. Cash Sales of Rs. 30,000/- on 31st May 2020.(Received In bank) 5. Rent Paid Rs. 10,000/- by Cheque on 2nd June 2020. 6. Commission receivable dues on 1st July 2020. 7. Commission received in bank Rs. 4,000/- on 31st July 2020. 8. Cash withdrawn from Bank Rs. 10,000/- on 2nd August 2020. 9. Debit Note Sent to Supplier For Rs. 2,000/- on 1st Oct 2020. 10. Debit Note Received from customer for Rs. 3,000/- on 1st Nov 2020. (To be enter in Credit Note.)
The following analysis of the cash transactions for the year was gathered from the incomplete records of N. Carroll, a merchant:Receipts: Received from sundry debtors 300 000 Additional investment of capital 45 000 Payments: Payments to sundry creditors 185 000 General expenses 50 000 Wages 77 500 Drawings 95 000 1 Jan. 31 Dec. Balances: R R Bank overdraft 37 000 – Debtors 265 000 440 000 Creditors 75 000 97 500 Stock 85 000 95 000 Plant and machinery 100 000 100 000 Furniture and fittings 7 000 7 000Additional information: Provision must be made for: 1. Depreciation: 10% p.a. on plant and machinery (straight-line) 5% p.a. on furniture and fittings (straight-line) 2. Bad debts provision: 5% p.a. on sundry debtors Required (a) Draw up the income statement of N. Carroll for the year ended 31 December 2000. (b) Prepare the balance sheet of N. Carroll at 31 December 2000.
Describe the role and purpose of an internal auditor for a business.