7/23/2019 b1 Accounting

1/3

THE PROFESSIONAL COLLEGE OF COMMERCEB.Com Part I Subject: Accountin

Time A!!o"e#: $ %r&. Ma'. Mar(&: )**Note: Attem+t an, -e /ue&tion&. A!! /ue&tion& carr, e/ua! mar(&. ) &t/ue&tion i& on!,0or t%e Saro#%a unier&it, &tu#ent& an# it i& com+u!&or,.1).

1) Defne intangible Assets.2) What do you mean by Mutual Accommodation?

3) What are a!ital "#!enditures?$) Defne the term De!reciation.%) What do you mean by &u!er 'roft?() Write don the *ormula *or determining the net !roft +nder ,et orth Method.-) What is the dierence beteen /ournal and 0edger?) Defne Worsheet.) Why 4eali5ation Account is !re!ared? 617) 'ass ad8usting entry *or +nearned ommission.

12. 9or their mutual accommodation6 Amar dras a bill *or 4s.176777 on :ilal o* three months:ilal acce!ts it and returns it to Amar. ;he !roceeds o* the bill arc to be shared by Amar and :ilalin the ratio o* 3

7/23/2019 b1 Accounting

2/3

de!reciating !lant and stoc at 27> and 17> res!ecti=ely and raising a reser=e o* 17> against

&undry Debtors. ;he ne !artner is to be alloed 1

7/23/2019 b1 Accounting

3/3

sold some o* his household *urniture *or 4s.2777 and !aid this into his business ban account. Gisca!ital at beginning o* the year as 4s.(76777.ra" u+ %i& &tatement o0 +ro-t an# !o&& o0 t%e ,ear en#e# $)&t ecember 2**6.