Answer Posted / santy

Accounting standards are the principles and methods of
preparing and presenting financial data of any
organizations.
Here are the list of Accounting Standard :
AS 1-
Disclosure of Accounting Principles
AS 2-
Valuation of Inventories
AS 3-
Cash Flow Statements
AS 4-
Contingencies and Events Occurring After the Balance Sheet
Date
AS 5-
Net Profit or Loss for the Period, Prior Period Items and
Changes in Accounting Policies
AS 6-
Depreciation Accounting
AS 7 -
(Revised)
Construction Contracts
AS 8-
Accounting for Research and Development
AS 9-
Revenue Recognition
AS 10-
Accounting for Fixed Assets
AS 11 -
(Revised 2003)
The Effects Of Changes In Foreign Exchange Rates
AS 12-
Accounting for Government Grants
AS 13-
Accounting for Investments
AS 14-
Accounting for Amalgamations
AS 15-
(Revised 2005)
Employee Benefits [click here for related announcement]

AS 16-
Borrowing Costs
AS 17-
Segment Reporting
AS 18-
Related Party Disclosures
AS 19-
Leases
AS 20-
Earnings Per Share
AS 21-
Consolidated Financial Statements
AS 22-
Accounting for taxes on income
AS 23-
Accounting for Investments in Associates in Consolidated
Financial Statements
AS 24-
Discontinuing Operations
AS 25-
Interim Financial Reporting
AS 26-
Intangible Assets
AS 27-
Financial Reporting of Interests in Joint Ventures
AS 28-
Impairment of Assets
AS 29-
Provisions, Contingent Liabilities and Contingent Assets
AS 30-
Financial Instruments: Recognition and Measurement
AS 31-
Financial Instruments: Presentation
AS 32-
Financial Instruments: Disclosures

What is contract accounting?

2356

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2026

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What Are The Characteristics Of Modern Accounting?

4690

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Name the Accounting Concepts

2131

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What is meant by Revenue Loss

2101

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2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.

2247

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2140

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what is balance sheet, capital budgeting, financial statements, current ratio, profit maximization?

2332

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If income and expense both are equal then what it depicts

1944

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3078

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Questions on Purchase Book & sales Book .Balance sheet , Purchase & Sales Return

2518

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2397

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Define capital

4132

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Rs. 23.50 ( Rupes twenty three & paise fifty only) what is euro Conversion?

2145

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