Your team has been humming along for a little over a week now. The conflicts that appeared last week seem to have subsided. However, your supervisor has just informed you that the deadline for completing your team’s goal has been moved up by two weeks. You now have less time to complete the same amount […]

Ramkumar having accepted the following bills drawn by his creditor Prakash Chand due on different dates approached his creditor to cancel them all and allow him to accept a bill for the payment of his entire liability on the average due date. You are requested to ascertain the total amount of the bill and its

For goods sold, Nair draws the following bills on Roy who accepts the same as per terms. On 18th March 2014, it is agreed that the above bills will be withdrawn and the acceptor will pay the whole amount in one lumpsum by a cheque, 15 days ahead of average due date and for this,

Mr. Neutral purchased goods from Mr. Positive on two month’s credit. The purchases were made on the following dates : ~ (a) 3rd March, 2014 750 (b) 13th April, 2014 500 (c) 8th May, 2014 700 (d) 5th June, 2014 1,000 (e) 20th July, 2014 600 He wishes to pay the total amount of ~

Sri Maynak has drawn the following bills of exchange on Sri Sanjay : For goods sold, Nair draws the following bills on Roy who accepts the same as per terms : On 18th March, 2015, it is agreed that the above bills will be withdrawn and the acceptor will pay the whole amount in one

The United Club closes its accounts on calendar year basis. It runs a pantry and general services. On 1st January, 2014 on the persuasion of some members, it laid a tennis court on the understanding that half of the cost of laying the court would be met by the said members individually and that the

The accounting records of the Happy Tickers Sports and Social Club are in a mess. You manage to find the following information to help you prepare the accounts for the year to 31 December, 2014. Notes: (1)      Ownership and all expenses of the motorised roller are agreed to be shared equally with the Carefree Convey-

The Comrades club makes up its account to 31st December in each year. On 31st December, 2014 the treasurer left the club premises and has not been seen since. An examination of the records showed that the books had not been written up for a considerable time, and it was decided to reconstruct the figures

The Income and Expenditure Account begins with : A debit balance B credit balance C no balance The Receipts and Payments Account records receipts and payments of : A. revenue nature only B. capital nature only C. revenue as well as capital nature A profit on the sale of furniture of a club will be

The following is the Receipts and Payments Account of Silver Streek Cricket Club for the year ended 31.12.2014. You are to prepare the Income and Expenditure Account for 2014 and Balance Sheet as at 31.12.2014 of the Club: Subscriptions : For 2013 (due as at 31.12.2013, ~ 1,500) received ~ 1,000; For 2015 advance ~