Types of Accounts
furniture Account drawings account capital account cash account sales account person account x &co account bank account purchase a/c electric fitting account air-condition account service ind account bank a/c printing charges account stationary account carriage account wages account rent account salaries account debtors account creditors account
building account machinery account bills receivable accounts bill payable accounts debtors accounts creditors accounts cash account Discount account commission account Repairs accounts insurance account
Wednesday, August 6, 2008
Bank Reconciliation Statement BRS
WHAT is Meant By Reconciliation?
if there is a dispute between two friends, ir they fail to agree about some matte, the disagreement may Temporarily end the friendship between them .when They became friends again we say they have reconciled With one another. Reconciliation is therefore , resuming of friendly relations as a result of reasonable explanation between them.
if there is any discrepancy between the balance of cash book and that if pass book ,the depositor prepares a statement to explain the causes of discrepancies and to reconcile the two balances. This statement of explanation is called "Bank Reconciliation Statement"
The idea of the bank reconciliation statement is to discover the various things the bank has done in the pass book which cashier was not aware of, put right anything that is wrong and draw up a logical explanation of remaining differences which are not wrong but are they delayed from being right by the time Lag.
if there is a dispute between two friends, ir they fail to agree about some matte, the disagreement may Temporarily end the friendship between them .when They became friends again we say they have reconciled With one another. Reconciliation is therefore , resuming of friendly relations as a result of reasonable explanation between them.
if there is any discrepancy between the balance of cash book and that if pass book ,the depositor prepares a statement to explain the causes of discrepancies and to reconcile the two balances. This statement of explanation is called "Bank Reconciliation Statement"
The idea of the bank reconciliation statement is to discover the various things the bank has done in the pass book which cashier was not aware of, put right anything that is wrong and draw up a logical explanation of remaining differences which are not wrong but are they delayed from being right by the time Lag.
NORMAL BALANCE IN ACCOUNTING Debit Credit
The normal balance of various accounts are illustrated Below.
Accounts pf assets normally have = Debit Balance
Accounts of Expenses normally Have = Debit Balance
Accounts of Revenue Normally Have =Credit Balance
Accounts of LiaBilities Normally have =Credit Balance
Accounts of owner (Capital)normally =Credit Balance
Accounts pf assets normally have = Debit Balance
Accounts of Expenses normally Have = Debit Balance
Accounts of Revenue Normally Have =Credit Balance
Accounts of LiaBilities Normally have =Credit Balance
Accounts of owner (Capital)normally =Credit Balance
Accounting Questions Answers About Ledger Balance Bank cheque crossed cheque endoresment
what is ledger?
The book in which all the transactions of a business concern are finally recorded in the concerned accounts in a summarized and classified form is called ledger.
Why is the ledger called ""king of all books""?
The ledger is called the king of all books of accounts becuse all the entries from the books of original entry must be posted to the various accounts in the ledger.
explain the term balance.?
The balance is an accounting term which means the difference between the two side of an account.
Explain the term blance.?
The process of equalizing the two sides of an acoount is known as balancing.
what are kind of ledger?
generally the following three kinds of ledger are maintained by organizations
Debtor ledger
creditors ledger
Define the term Bank?
A bank may be defined as an insitution which purchases and sells money,and transacts others financial business of like nature.
What are the Primary functions of a bank?
The primary functions of a bank are yo borrow money and to lend it bank borrow money in the shape of desposits and lend it in various ways.
define cheque?
A cheque is an unconditional order in writing ,drawn by a customer on his bank ,requesting to pay on demand a certain sum of money,to a person named in the cheque .
what is crossed cheque?
When two parallel lines are drawn across the face of a cheque it is to be a crossed cheque.
When a cheque will be dishonoured?
when rhe cheque is not paid by the drawee bank,it is said to be dishnoured.
Define the term endorsement?
it is a act of signing on the back of the cheque in order to tranfer it to someone else who is called endorsee.
What is a bank -draft?
bank draft is one of the means of transferring money from one place to another.
what is a hundis?
A hundi is exactly like a bank draft.it is drawn by one trading firm upon its branches.
Explain the postal order?
postal order like cheque are also written orders made by one post office on another .whenever the amount of money to be sent by one person to another is small postal orders serve the same purpose as bank draft.
define the bill of exchane ?
Bill of exchange:
A bill of exchange is an instrument in writting containing an unconditional order signed by maker of a certain person or to athe bearer of the instrument.
What are the main features of a bill of exchange?
1 it must be in writtting
2 it must be sign by the maker
3 it must be unconditional order to pay.
4 The maker must direct a certain person to pay a certain sum of money.
Define drawer?
The creditors who writes out the bill of exchange, is called the drawer.
Define drawee :
the debtors the persons a whom the bill is drawn who accepts the bill of exchange , is called the drawee.
payee:
The payee the person to whom the money is payable when bill of exchange is used as mean of settlement of two parties.
define promissory note?
an instrument in writting containing unconditional undertaking sign by the maker to pay a certain sum of money only to the order of a certain person or to the bearer of the instrument.
Parties involve in promissory note?
The maker?
who signs the note and agrees to pay the amount on due date
The payee to whom the amount is payable.\
Define the Subsidiary books?
The journal is sub-divided into different journals known as the subsidiary books ,which are recorded the details of transactions as they take place from day to day , in a classified manner?
What is cash book?
The cash book is a sub-division of the book of original entry recording transactions involving receipts or payment of cash.
define voucher:
voucher are documents containing evidences of payment and receipts.
Single column cash book.
The single column cash book makes a record of only cash transactions and it is just like ant other cash account. in the cash book , all cash receipt recorded on the left hand side and all cash payments on the right hand side.
double column cash book:
The cash book which cash and bank transactions involving receipt and payments cheques
Define the contra entry:
A transactions in which cash a/c and bank a/c are involved is recorded on both the sides of double column cash book it is called contra entry.
What is a bank reconciliation statement?
Bank reconciliation statement is a statement balances as per the cash book and bank statement.
The book in which all the transactions of a business concern are finally recorded in the concerned accounts in a summarized and classified form is called ledger.
Why is the ledger called ""king of all books""?
The ledger is called the king of all books of accounts becuse all the entries from the books of original entry must be posted to the various accounts in the ledger.
explain the term balance.?
The balance is an accounting term which means the difference between the two side of an account.
Explain the term blance.?
The process of equalizing the two sides of an acoount is known as balancing.
what are kind of ledger?
generally the following three kinds of ledger are maintained by organizations
Debtor ledger
creditors ledger
Define the term Bank?
A bank may be defined as an insitution which purchases and sells money,and transacts others financial business of like nature.
What are the Primary functions of a bank?
The primary functions of a bank are yo borrow money and to lend it bank borrow money in the shape of desposits and lend it in various ways.
define cheque?
A cheque is an unconditional order in writing ,drawn by a customer on his bank ,requesting to pay on demand a certain sum of money,to a person named in the cheque .
what is crossed cheque?
When two parallel lines are drawn across the face of a cheque it is to be a crossed cheque.
When a cheque will be dishonoured?
when rhe cheque is not paid by the drawee bank,it is said to be dishnoured.
Define the term endorsement?
it is a act of signing on the back of the cheque in order to tranfer it to someone else who is called endorsee.
What is a bank -draft?
bank draft is one of the means of transferring money from one place to another.
what is a hundis?
A hundi is exactly like a bank draft.it is drawn by one trading firm upon its branches.
Explain the postal order?
postal order like cheque are also written orders made by one post office on another .whenever the amount of money to be sent by one person to another is small postal orders serve the same purpose as bank draft.
define the bill of exchane ?
Bill of exchange:
A bill of exchange is an instrument in writting containing an unconditional order signed by maker of a certain person or to athe bearer of the instrument.
What are the main features of a bill of exchange?
1 it must be in writtting
2 it must be sign by the maker
3 it must be unconditional order to pay.
4 The maker must direct a certain person to pay a certain sum of money.
Define drawer?
The creditors who writes out the bill of exchange, is called the drawer.
Define drawee :
the debtors the persons a whom the bill is drawn who accepts the bill of exchange , is called the drawee.
payee:
The payee the person to whom the money is payable when bill of exchange is used as mean of settlement of two parties.
define promissory note?
an instrument in writting containing unconditional undertaking sign by the maker to pay a certain sum of money only to the order of a certain person or to the bearer of the instrument.
Parties involve in promissory note?
The maker?
who signs the note and agrees to pay the amount on due date
The payee to whom the amount is payable.\
Define the Subsidiary books?
The journal is sub-divided into different journals known as the subsidiary books ,which are recorded the details of transactions as they take place from day to day , in a classified manner?
What is cash book?
The cash book is a sub-division of the book of original entry recording transactions involving receipts or payment of cash.
define voucher:
voucher are documents containing evidences of payment and receipts.
Single column cash book.
The single column cash book makes a record of only cash transactions and it is just like ant other cash account. in the cash book , all cash receipt recorded on the left hand side and all cash payments on the right hand side.
double column cash book:
The cash book which cash and bank transactions involving receipt and payments cheques
Define the contra entry:
A transactions in which cash a/c and bank a/c are involved is recorded on both the sides of double column cash book it is called contra entry.
What is a bank reconciliation statement?
Bank reconciliation statement is a statement balances as per the cash book and bank statement.
Wednesday, July 30, 2008
Study
we always need to study but we always most of our time pass for only watch tv or in plays of some kind but its my thinking where all peopls are going
we need to search but question is that we can we search yes its a good question how can we learn new things
i have short answer for that I think we should read mostly books becuse books are only the one way to go to directly success..
we can achive a war without having guns without having planes knife
Answer is that we should Find the solotion in study and make our mind creative we can do anything...
we need to search but question is that we can we search yes its a good question how can we learn new things
i have short answer for that I think we should read mostly books becuse books are only the one way to go to directly success..
we can achive a war without having guns without having planes knife
Answer is that we should Find the solotion in study and make our mind creative we can do anything...
Accounting Design of Trading and profit and loss account
ACCounting
new accounting softwares are going so well you can esily find accounting softwares.in accounting there is Concepts
of accounting like matching concept all concept are shows expenses and income diffrences.
Income:
A person who received a money against is servies is called reveniew or income.
Final accounts
There is some starts in accounts of finals accounts.final accounts shows like this AT THE END OF THIS YEARS 2000
ACCounts are shows this balances.
the we draw rows and columns. TRADING AND PROFIT AND LOSS ACCOUT
after it we start to write like this
DEBIT SITE expenses Income Credit SIde
Opening stock
purchases Sales
purchases return sales return
wages
carriage inward clossing stock
This is an example of Trading account Now i show you profit and loss accout and Then we disscuss balance sheet
Expenses Income
gernal expense Gross profit
carriage outward discount receive
office expense commission receive
stationary
plaints
plant and michenry
deprication
repair
furniture
fan purchase
computer purchase
rent
office rent
cleaning charges
bank charges
commision NEt profit
discount
This is and example of profit and loss acount
Now we will discuss Balance sheet
ASSets Libilites
plant and michanry Bill payable
cash net profit
cash in hand Purchases return
cash at bank
bill reciveable
petty cash
building
clossing stock
balance Will came same balance will came same..
new accounting softwares are going so well you can esily find accounting softwares.in accounting there is Concepts
of accounting like matching concept all concept are shows expenses and income diffrences.
Income:
A person who received a money against is servies is called reveniew or income.
Final accounts
There is some starts in accounts of finals accounts.final accounts shows like this AT THE END OF THIS YEARS 2000
ACCounts are shows this balances.
the we draw rows and columns. TRADING AND PROFIT AND LOSS ACCOUT
after it we start to write like this
DEBIT SITE expenses Income Credit SIde
Opening stock
purchases Sales
purchases return sales return
wages
carriage inward clossing stock
This is an example of Trading account Now i show you profit and loss accout and Then we disscuss balance sheet
Expenses Income
gernal expense Gross profit
carriage outward discount receive
office expense commission receive
stationary
plaints
plant and michenry
deprication
repair
furniture
fan purchase
computer purchase
rent
office rent
cleaning charges
bank charges
commision NEt profit
discount
This is and example of profit and loss acount
Now we will discuss Balance sheet
ASSets Libilites
plant and michanry Bill payable
cash net profit
cash in hand Purchases return
cash at bank
bill reciveable
petty cash
building
clossing stock
balance Will came same balance will came same..
Monday, July 14, 2008
accounting+notes+answer questions
free accounting notes accounting best notes in pakistan.
accounting accounting best ofxford notes
introduction:
best accounting notes realease in 2008 All Questions taken by MA GHANI and Sohail afzal and Imran bhatti book.
These question Mostly came in final examination
These question and answer sheet prepared by Pakistan Bord of Education Best award teachers and examination checkers
Note: Lahore Bord Register Accounting Notes
these accounting question answer make for all Candidates of I com B com M com BBA and all students who are reader of accounting
Q:1 what is book-keeping ?
Ans: book-keeping is the art of recording monetary transactions in the book of account in a proper manner.
Q:2Define term transactions:
ans: any dealing between two persons or things is a transations.
Q:3define the term business?
ans:any activity undertaken for the purpose of earning profit is called business.
Q:4what is the proprietors:
ans: propritor is the owner of business he invests his capitals, gives his time and attention to his business.
Q:5 explain the term drawings?
ans: the -cash or goods taken from business for his personal use are called his drawings.
Q:6 what is purchases?
ans: in accounting language the word "purchases" hs a speical meaning when saleable good are bought in a business,it is said that "purchases" have been made.
Q:7 what is sale?
ans: when the goods are sold to customer at a specific price.
Q:8 what is trade discount?
ans: it is a rebate or a allowance from granted by the seller to the buyer.
Q:9 what is meant by "commision.?
ans: it is a form of remuneration for services rendered by one person to another.
Q:10 what is meant by "expenditure"
ans:an expenditure takes place when assets or services is a acquired.
Q:11 define the term "expense"?
ans: it mean on expenditure whose benefit is finished or enjoyed immediately such salaries rent etc...
Q:12 explain the term accounts?
ans : a summarized record of transaction relating to a person or things is called account.
Q:13 define the term "debtor"?
ans: a person who owns money to another is a debtor?
Q:14 define the term creaditor?
ans: a person who payout something or to whom money is owning is called creditors.
Q:15 what is acccounting?
ans: the act of collecting processing ,reporting analyzng, interpreting and projecting financial information is called accounting.
Q:16 define the term assets?
ans: the properties and possessions of a business both tangible and intangible are called assets.
Q:17 what is liabilities?
ans: liabilities are the debts due by a business to its propritor and others.
Q:18 define the term merchandise:?
ans: it includes all merchandise commodities which are purchased by the business for selling.
Q:19 define the term "inventor"?
ans: goods or merchandise on hands that is good remaining unsold , is called stock stock -in-trades or inventory.
Q:20 what is Equity?
ans: a claim which can be enforced against the assets of the firm is called equity.
Q:21 name three branches of accounting?
ans: accounting has three main forms of branches , viz financial accounting ,cost accounting and management accounting.
Q:22 which systems accounting based ?name them.
ans: 1 cash system of accounting 2 accrual system of ccounting.
Q:23 Difference between the book-keeping and accounting ?
ans: book-keeping is art of recording of business data in the prescribed manner while the accountingis primarily concerned with the design of the system of record ,the preparation of reports and interpretation of reports.
Q:24 what is meant by term" concept of accounting?
ans: the term concept includes those basic assumptions upone which accounting is based.
Q:25 what is dual aspect concepts?
ans: dual aspect concept mayy be started as "for every debit, there is a credit.
Q:26 what is money measurement concept?
ans: according to this concept , accounting records only those transactions which can be expresssed in terms of money.
Q: 27 what is going concern concept?
ans: according to this concept, it is assumed that the business will exist for a long time to come.
Q:28 state the fomula of accounting equation?
ans: The formula ,known as the accounting equcation is as follows:
Assets = liabilities+proprietorship
Q:29 define the term assits?
ans: the properties owned by a business are called equities
Q:30 define the term income?
ans: income is simple the amount by which "revenue"for a particular period of time exceed the expense"incurred to generate them.
introduction:
best accounting notes realease in 2008 All Questions taken by MA GHANI and Sohail afzal and Imran bhatti book.
These question Mostly came in final examination
These question and answer sheet prepared by Pakistan Bord of Education Best award teachers and examination checkers
Note: Lahore Bord Register Accounting Notes
these accounting question answer make for all Candidates of I com B com M com BBA and all students who are reader of accounting
Q:1 what is book-keeping ?
Ans: book-keeping is the art of recording monetary transactions in the book of account in a proper manner.
Q:2Define term transactions:
ans: any dealing between two persons or things is a transations.
Q:3define the term business?
ans:any activity undertaken for the purpose of earning profit is called business.
Q:4what is the proprietors:
ans: propritor is the owner of business he invests his capitals, gives his time and attention to his business.
Q:5 explain the term drawings?
ans: the -cash or goods taken from business for his personal use are called his drawings.
Q:6 what is purchases?
ans: in accounting language the word "purchases" hs a speical meaning when saleable good are bought in a business,it is said that "purchases" have been made.
Q:7 what is sale?
ans: when the goods are sold to customer at a specific price.
Q:8 what is trade discount?
ans: it is a rebate or a allowance from granted by the seller to the buyer.
Q:9 what is meant by "commision.?
ans: it is a form of remuneration for services rendered by one person to another.
Q:10 what is meant by "expenditure"
ans:an expenditure takes place when assets or services is a acquired.
Q:11 define the term "expense"?
ans: it mean on expenditure whose benefit is finished or enjoyed immediately such salaries rent etc...
Q:12 explain the term accounts?
ans : a summarized record of transaction relating to a person or things is called account.
Q:13 define the term "debtor"?
ans: a person who owns money to another is a debtor?
Q:14 define the term creaditor?
ans: a person who payout something or to whom money is owning is called creditors.
Q:15 what is acccounting?
ans: the act of collecting processing ,reporting analyzng, interpreting and projecting financial information is called accounting.
Q:16 define the term assets?
ans: the properties and possessions of a business both tangible and intangible are called assets.
Q:17 what is liabilities?
ans: liabilities are the debts due by a business to its propritor and others.
Q:18 define the term merchandise:?
ans: it includes all merchandise commodities which are purchased by the business for selling.
Q:19 define the term "inventor"?
ans: goods or merchandise on hands that is good remaining unsold , is called stock stock -in-trades or inventory.
Q:20 what is Equity?
ans: a claim which can be enforced against the assets of the firm is called equity.
Q:21 name three branches of accounting?
ans: accounting has three main forms of branches , viz financial accounting ,cost accounting and management accounting.
Q:22 which systems accounting based ?name them.
ans: 1 cash system of accounting 2 accrual system of ccounting.
Q:23 Difference between the book-keeping and accounting ?
ans: book-keeping is art of recording of business data in the prescribed manner while the accountingis primarily concerned with the design of the system of record ,the preparation of reports and interpretation of reports.
Q:24 what is meant by term" concept of accounting?
ans: the term concept includes those basic assumptions upone which accounting is based.
Q:25 what is dual aspect concepts?
ans: dual aspect concept mayy be started as "for every debit, there is a credit.
Q:26 what is money measurement concept?
ans: according to this concept , accounting records only those transactions which can be expresssed in terms of money.
Q: 27 what is going concern concept?
ans: according to this concept, it is assumed that the business will exist for a long time to come.
Q:28 state the fomula of accounting equation?
ans: The formula ,known as the accounting equcation is as follows:
Assets = liabilities+proprietorship
Q:29 define the term assits?
ans: the properties owned by a business are called equities
Q:30 define the term income?
ans: income is simple the amount by which "revenue"for a particular period of time exceed the expense"incurred to generate them.
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