Page 80 - DCOM101_FINANCIAL_ACCOUNTING_I

Financial Accounting-I

Notes 9. Prepare the account of X & Co. from the following:

2006 `
Feb 1 Balance due from X & Co. 1,000
Feb 3 Cash sales to X & Co. 700
Feb 4 Bought furniture from X & Co. 250
Feb 6 Murthy returned goods to us 200
Feb 9 X & Co. Purchased goods from us 1,200

Feb 10 Return of goods from X & Co. 150
Feb 20 X & Co. settled his account by cheque and received discount 20
10. Why is ledger prepared?

Answers: Self Assessment

1. accounts 2. posting

3. Principal Book of Account 4. reference book
5. ledger accounts 6. True
7. True 8. False
9. True 10. True

7.8 Further Readings

Books Khan and Jain, “Management Accounting”.
M.P. Pandikumar, “Accounting & Finance for Managers”, Excel Books, New Delhi.
R. L. Gupta and Radhaswamy, “Advanced Accountancy”.

S. N. Maheswari, “Management Accounting”.
V. K. Goyal, “Financial Accounting”, Excel Books, New Delhi.

Online links http://www.globusz.com/
www.futureaccountant.com

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