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audit papers
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Answer / guest
Audit working papers are the files of analyses, summaries,
comments and correspondence built up by an auditor during
the course of the field work of an audit engagement. These
papers contain essential facts about accounts under audit.
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Answer / lxmi1972
Auditors should prepare and organise their working papers
in a manner that helps the auditor carry out an appropriate
audit service. The auditor should avoid preparing or
accumulating unnecessary working papers, and should
therefore avoid making extensive copies of the client’s
accounting records. It is worth noting at this stage that
it is neither necessary nor practicable for the auditor to
document every matter considered during the audit.
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State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100
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Audit 
