Mb0041-Financial and Management Accounting-4 Credits

Accounting concepts: Declarationing is the phraseology of affair.
Declarationing distinguishledge has to be conformably chronicled classified, summarised and introduceed. Declarationants incorporate the subjoined concepts in annalsing of declarations 1. Affair Entity concept The affair individual is treated as a disconnected and detached from the individuals who hypothecate it.Hence affair substances must be kept toagree disconnected from the not attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable-public affairs of the occupier this concept enables the occupier head verify the draw of a affair. 2. Going sympathy concept It is conjectured that the affair succeed purposeure coercion the advenient and substances are chronicled from this summit of sentiment. A stable is said to be a going sympathy when there is neither the intention nor the destiny to coil up its production.
In other suffrage, it lives to production at its introduce flake in coercioneseeable advenient. 3. Currency Measurement Concept All substances are explicit and interpreted in conditions of currency.Accounting history merely those substance, which are substance explicit in monetary conditions through quantitative history are so kept. 4. Declarationing age concept A affair is conjectured to live indefinitely. In regulate to verify the narrate of affairs of the affair at opposed gaps we bear to elect the gaps coercion verifying the financial comcompose and productional terminations at each such gap, which is unreserved as declarationing age.

5. Dual Countenance concept Each substance has two countenances. 1) Debit countenance. 2) Faith countenance. If a affair has adventitious an asfixed it must bear termination,There has been a acquisition immanent to an growth in the aggregate that the affair hypothecates to the occupier Declarationing Facultys: The double entrance regularity of declarationing is naturalized on a fixed of faculty which is denominated generally legitimate declarationing facultys. It incorporates the consent at a point space as to: •Which economic media and obligations should be chronicled as possessions and liabilities by financial declarationing, •Which changes in possessions and liabilities should be chronicled •When these changes are to be chronicled, •How the possessions and liabilities and changes in them should be measured, •What distinguishledge should be distinguishn and Which financial narratement should be willing. Q .
2 Pass Journal entries coercion the subjoined substances. Solution: Journal DateParticulars LfDebitFaith Currency A/C Dr To chief A/C (Substance Madan invested in affair) Dissipation A/c Dr To currency A/C (Substance faith dissipations) Drawing A/C Dr To currency A/C (Substance currency concave coercion particular authentication) Dissipation A/C Dr To currency A/C (Substance currency dissipation)Salary A/C Dr To currency A/C (Substance salary compensated)70000 14000 3000 12000 5000 70000 14000 3000 12000 5000 Q. 3Explain the several kinds of deceptions distinguishn by ordeal weigh Ans: Those deceptions that can be distinguishn by ordeal weigh can largely be located. As early as the ordeal weigh does not attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable agree, the declarationant can returns to discaggravate extinguished the spots where the deceptions agency bear been committed. The sum aggregate of dissent in the ordeal weigh is temporarily transmitted to a “Uncertainty Declaration “so that it can be powerless as and when the deception achieve rectified.Therefore the uncertainty declaration achieve debited or faithed as the fact may be on vindication of these kinds of deception. The subjoined are deceptions: a) Columning a wickedness aggregate; This strike may happen time columning an entrance from promotive size to ledger.
b) Columning to the wickedness interest of an declaration: This deception is committed time columning entries from promotive size to ledger. c) Wickedness sumling: Both subordinate casting and aggravate casting are detected by ordeal weigh. if any declaration is wickednessly sumled, it achieves reflected in the ordeal weigh. ) Omitting to column an entrance from promotive size to ledger: If an entrance made in the promotive size does not attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable achieve columned to ledger, the ordeal weigh does not attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable agree. e)Omission of an declaration totally from substance I shown in ordeal weigh. f) Columning an aggregate to a redress declaration further than once; This termination is imweigh in ordeal weigh. g) Columning an item to the identical interest of two opposed ledger declarations: If two declarations are debited/credited coercion the identical substance, this kind of deception happens.
Q. 4 From the subjoined weighs extracted from copy weigh, lay trading Declaration. Solution: The noncommunication supply at the purpose of the age is Rs. 6000 TRADING ACCOUNT FOR THE YEAR ENDING—— Dr Points Rs Cr Points Rs To supply on 1-1-200470700 To dissipation 102000 (-) Returns Extinguishedwards 3000 99000By sales 250000 (-)Returns Inwards 3000 247000 To gait inwards5000By noncommunication supply56000 To meaning duty6000 To purification charges7000 To Royalty10000 To Fire Insurance2000 To Salary8000 To Gas,electricity,water4000 To GROSS PROFIT91300 TOTAL303000TOTAL303000 Q. 5Differentiate Financial Declarationing and skillful-treatment declarationing. Ans: S. NoBasis of dissentFinancial declarationingSkillful-treatment Declarationing 1.
. 3. 4. 5. 6. Object Nature Subject substance Compulsion Precision ReportingTo annals several substance in regulate to distinguish the financial composition. It is beneficial to portion-extinguished holders, faithors, bankers awe.
It is chiefly sympathyed with the literal postulates. It is sympathyed with assessing the terminations of the undivided affair. It is involuntary in undeniable subordinatetakings Explicit figures are chronicled and there is no capacity coercion using abut figures It is willing to discaggravate extinguished acquisitionability and financial comcompose of the sympathy. It is authenticationful coercion extinguishedsiders. To aid the skillful-treatment in coercionmulating policies and plans.It deals with the propulsion of postulates coercion the advenient. It deals disconnectedly with opposed individuals, Department and absorb centres.
It is not attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable attributable involuntary No employee is fond to explicit figures. the abut figures are further authenticationful than the lawful figures It is merely coercion inside authentication. Q. 6 Subjoined is the Weigh fencing of M/s Srinivas Ltd. you are required to lay a investment run narratement.

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