Answer Posted / khushboo todi

BANK MSOD IS A KIND OF STATEMENT REQUIRED TO BE PREPARED BY THE BORROEWR FOR SUBMITING IT TO THE LENDER BANK.
BANK MSOD IS PREPARED BY FOLLOWING PRESCRIBED BANKING NORMS.

Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.

2135

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6. Your grandfather is 75 years old. He has total savings of Rs.80,000. He expects that he live for another 10 years and will like to spend his savings by then. He places his savings into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occurring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?

2255

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Unrealised profit will be debited to ?

1890

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Do you know what is icai?

1120

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Explain what are the rules for debit and credit for different accounts to increase the amount in your business accounts?

3844

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Explain me by saying, perpetual or periodic inventory system; what do we mean?

1138

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What is the difference between provision and reverse?

1092

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what is t code of all expences general legder?

2145

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Horizontal balance sheet versus Vertical balance sheet

2222

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Why does the accounting equation have to balance?

1018

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Hi, we are not a VAT register and raised not VAT bill to company for signage material. they are deducting WCT @4%, can anybody help me why they are deducting WCT while i am not a VAT register vendor, as i do not cross threshold limit.

1868

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Which forms in use in service Tax, Excise duty and Vat for the return.

2096

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Describe a time when you have not met your goal?

1029

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Define balancing in accounting?

942

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a cc. has balance Rs. 8,40,000 at the credit of profit and loss a/c this balance is used for redemption of debentures what will be the entry

1923

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