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Textbook of Financial Cost and Management Accounting

Periasami P.

Chapter 2

Double Entry System of Accounting - all with Video Answers

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Chapter Questions

Problem 1

What are the important system of accounting?

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10:42

Problem 2

What do you understand by Double Entry System?

Asma Venkitta
Asma Venkitta
Numerade Educator

Problem 3

Explain the advantages of Double Entry System.

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Problem 4

Explain the thrce important types of accounts.

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Problem 5

What do you understand by Accounting Rules?

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Problem 6

Write short notes on:
(a) Single Entry System
(b) Double Entry System
(c) Personal Accounts
(d) Nominal Accounts

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Problem 7

Classify the following under Personal Account, Real Account and Nominal Account:
(1) Cash Account. (2) Bank Account. (3) Capital Account. (4) Drawing Account. (5) Salaries Account. (6) Rent Account (7) Inventory Account. (8) William Account. (9) Goodwill Account. (10) Commission Account.

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05:48

Problem 8

Which account is to be debited and credited in the following transactions?
(1) Cash from Ramesh
(2) Rent paid in cash
(3) Goods purchased by cash
(4) Salary paid by cheque
(5) Bought furniture from Prem on credit
(6) Received cash from Kumar
(7) Cash paid to Ramesh
(8) Goods sold to Ramesh
(9) Cash paid in to Bank

Puneet Prajapati
Puneet Prajapati
Numerade Educator
04:47

Problem 9

What accounts should be debited and credited in the following transactions?
(1) Goods sold for cash
(2) Goods sold to Siva on Credit
(3) Cash paid to Ramesh
(4) Cash paid in to Bank
(5) Goods purchased for cash
(6) Goods purchased from Ram on Credit
(7) Interest received on investment
(8) Drew cash from bank for office use
(9) Paid rent in cash
(10) Discount received on sales
(11) Received cash from Ramesh

Puneet Prajapati
Puneet Prajapati
Numerade Educator