Bookkeeping - Accounting Cycle (Miniature Model)

 Bookkeeping  - Accounting Cycle

 (Miniature Model) 

Five Stages

1.       Transactions

2.       Journal Entries

3.       Ledger

4.       Trial Balance

5.       Final Accounts

 

1.        Transactions in ABC Ltd.

 

·         Started Business with Rs. 100

·         Cash Purchases – Rs. 50 (50 units)

·         Cash Sales  -  Rs. 60  (40 units)

·         Wages – Rs. 5

·         Salaries – Rs. 5

·         Furniture purchased – Rs. 20

·         Depreciation on Furniture – Rs. 5

·         Loan from Krishna – Rs. 20

·         Interest on Loan – Rs. 2

             Adjustments: Closing Stock – Rs. 10

2.       Journal Entries

Date	Particulars	LF	Dr	Cr
	Cash A/c Dr   To Capital		100	100
	Purchases A/c Dr   To Cash		50	50
	Cash A/c Dr   To Sales		60	60
	Wages A/c Dr   To cash		5	5
	Salaries A/c Dr   To Cash		5	5
	Furniture A/c Dr   To cash		20	20
	Depreciation A/c Dr   To Furniture		5	5
	Cash A/c Dr   To Krishna		20	20
	Interest A/c  Dr   To Cash		2	2

 

3.       Ledger

 

Capital A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Balance c/d		100			By Cash		100
	Total		100			Total		100
						By Balance b/d		100

 

Cash A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Capital		100			By Purchases		50
	To Sales		60			By Wages		5
	To Krishna		20			By Salaries		5
						By Furniture		20
						By Interest		2
						By Balance c/d		98
	Total		180			Total		180
	To Balance b/d		98

 

Purchases A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Cash		50
	Total		50

 

Sales A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
						By Cash		60
						Total		60

 

Wages A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To cash		5
	Total		5

 

Salaries A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To cash		5
	Total		5

 

Furniture A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Cash		20			By  Depreciation		5
						By Balance c/d		15
	Total		20			Total		20
	To Balance b/d		15

 

Depreciation A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Furniture		5
	Total		5

 

Krishna A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Balance c/d		20			By Cash		20
	Total		20			Total		20
						By Balance b/d		20

 

Interst A/c

Dr					Cr
Date	Particulars	JF	Amount		Date	Particulars	JF	Amount
	To Cash		2
	Total		2

 

 

4.       Trial Balance

                                                                                Trial Balance

SN	Particulars	LF	Dr	Cr
1	Capital			100
2	Cash		98
3	Purchases		50
4	Sales			60
5	Wages		5
6	Salaries		5
7	Furniture		15
8	Krishna			20
9	Depreciation		5
10	Interest		2
	Total		180	180

 

5.       Final Accounts

                                               Trading A/c of ABC ltd for the year ending______

Dr					Cr
SN	Particulars		Amount		SN	Particulars		Amount
	To Purchases		50			By Sales		60
	To Wages		5			By Closing Stock		10
	To Gross Profit (c/d to P & L A/c)		15
	Total		70			Total		70

 

                                                                  Profit & Loss A/c of ABC Ltd for the year ending____

Dr					Cr
SN	Particulars		Amount		SN	Particulars		Amount
	To Salaries		5			By Net Profit (b/d from Trading A/c)		15
	To Depreciation		5
	To Interest		2
	To Net Profit (C/d to Capital)		3
	Total		15			Total		15

 

 

 

 

 

                                                         Balance Sheet of ABC ltd as on 31^st March _____

Liabilities					Assets
SN	Particulars		Amount		SN	Particulars		Amount
	Capital	100				Furniture		15
	+ Net Profit	3	103			Cash		98
	Sundry Creditors		20			Closing Stock		10
	Total		123					123

 

 

 

 

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Appendix2 exam Question papers of Southern Railway - 2021 March

 

Click here for Appendix2 exam Question papers of SR - 2021 March

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Budget Order & Expenditure Order

 Budget Order: 

• Order by means of which was voted by Parliament & approved by President, communicated by Railway Board & Zonal Railway. 

Expenditure Order: 

• When orders are issued by the Railway Board authorising the Railway administrations to incur expenditure to a certain extent over and above the allotment sanctioned for them, they should be taken as Expenditure Order as distinct from “Budget Order”

Custody Stores

 Custody Stores

• Consists of items obtained for the Mechanical Dept for the construction of Rolling Stock sanctioned under RSP

• Received directly by Mechanical Dept.

• Payments made by the Workshop Accounts Officer

• Responsibility of proper numerical records of Receipts, Issues & balance are kept by the Mechanical Dept

• But Responsibility of safe custody of Custody Stores,  by the Stores Dept attached to the Production Unit /Workshop.

• Periodical check of Stock cards & Material Schedules is exercised by the ASVs with copies of receipts and issue notes received by them. 

Accountal 

• Debit to the cost to Work in question.

• Credit to the Purchase Suspense

On Receipt: 

• Receipt Notes - prepared in 4 foils printed on different color than those in use of Stores Dept for easy identification. 

• Distribution of 4 copies

• 1st copy  -  Office copy

• 2nd copy - Firm (who supplies the stores)

• 3rd copy - Workshop Accounts Office 

• 4th copy - Workshop Progress Office ( as an intimation that stores can be drawn when needed, when the particulars of receipt of stores are entered on the copy of Material Schedule. 

On Issue: 

• Authority: Pink Issue tickets/Pink Workshop Issue Notes signed by the Supervisor. 

• 4 copies

• 1st copy - Office copy

• 2nd, 3rd & 4th  -  Sent to DMS/DSK who checks them with Pink Issue Ticket, sign all 3 copies and return 3rd and 4th to Workshop SSE and retain 2nd copy as Stores Dept copy

• 3rd copy - Mechanical Dept

• 4th copy - Accounts Office. 

Note: However, due to computerization (iMMS), the above procedure may be simplified/customised accordingly.

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First Centralized AC Railway Terminal - Bangalore

First Centralized AC Railway Terminal - Bangalore

• India’s First Centralized Air Conditioned Railway Terminal

• At Bangalore ( Baiyappanahalli )

• Named after one of the foremost civil engineers, Bharat Ratna Sir  M. Visvesvaraya

•  To meet the ever increasing demand for new trains

• Sanctioned in 2015-16

• Cost - Rs. 300 Crores (Approx)

•  It decongest the existing Railway Stations at KSR Bengaluru and Yesvantpur.

• Airport like facade

•  State-of-the-art passenger amenities

• 4200 Sq Meters area

• Daily footfall - 50 thousand

• Can operate 50 trains daily

• Grand canopy over the Station Building concourse (like in Airports)

• Fully AC entrancy Lobby

• Good parking facility

• 7 Platforms (along with 8 stabling lines and 3 pit lines)

• Food courts, Escalators, Lifts, FOB, Subways

• Water recycling plant - 4 Lakh liters capacity per day