Accounting Notes 1st Year


During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. Ask ICAS webinar series. 1st year Business Mathematics Question paper 2016. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of. Shortworkings. This change will effective from 01. Financial Accounting or Bachelor of Commerce in Financial Accounting is an undergraduate Commerce course. The first day of your annual accounting year will be 1 July and it will end 6 months later on 31 December. Guide and overview of all the main accounts on a balance sheet. December 11, 2013 at 3:47 PM. Net income is adjusted for deferrals and accruals. India is likely to be the third largest economy with a GDP size of $15 trillion by 2030. The economy of India is currently the world's fourth largest in terms of real GDP. BANKING AND FINANCIAL SYSTEMS. The company experienced the following events during its first year of operation: A. We aim to provide you with the best available career resources whether you are just starting out in the workforce or a seasoned professional. 0 million, up 11% year-over-yearGAAP EPS of $(1. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles. Post-Closing Trial Balance Post-closing Trial Balance represents the balances of Asset, Liabilities & Capital account. Complete Solution Manual Of Financial & Managerial Accounting 12Th Edition By Warren. Notes Payable are written agreements (promissory notes) in which one party agrees to pay the other party a certain amount of cash. As for the best business model, I would go for low overhead until you see where you want to go with the business. University. Topics covered includes: Principles of accounting, Introduction to accountancy, The Accounting Equation, Double entry, Debtors, Creditors, Prepayments, Accruals and Depreciation. Notes For Ninth ,Matric Standard,First year,Second year and Bachelors Of Commerce Part 1 & 2. Past exam papers. and subsidiaries (the Company) is the world’s second-largest home improvement retailer and operated 1,749 stores in. 2 What is bookkeeping? Book keeping is the act of o Recording monetary transactions in the books of account. Summaries / Status Summary of Statement No. Current Liabilities Current liabilities are the portion of obligations (amounts owed) due to be paid within the current operating cycle (normally a year) and that normally require the use of existing current assets to satisfy the debt. Feel Free to Contact with me on 0302-8151714 Dear Students This Blog is Specially created to provide you the Short Question and Long Questions. : ) Like Like. Answer the easy questions first. Basic business studies encircling and integrating all functional areas to provide. Chapter 1: Book Keeping and Accounting. Skip Table of contents. The following entries would record the loan, the accrual of interest on December 31 and its payment on March 1 of the next year:. educatedzone. "Extra" identifies when additional IASB supporting material (e. com last 2years all subjects question papers email me on sweetyraghu21 @gmail. Budgeting : Banking : Consumer Law : Insurance : Economics and Foreign Trade : Business Documents. KUK Distance B. 5 Business Environment 1. CORPORATE ACCOUNTING. Prepare income statement at the end of December 31. FAC1502 - Financial Accounting Principles, Concepts and Procedures. Consolidated statement of financial position 39 Consolidated statement of profit or loss and. On July 1, 2013, the company has the following assets. August 28, 2013. 4% in 1950. Download 3rd Year Syllabus. Com Notes on all management Subjects. Defense POW/MIA Accounting Agency members, conduct a medical evacuation rehearsal during a joint field activity in Khammouan province, Lao People's Democratic Republic, Jan. On May 4, the company purchased 600 shares of Orbital Company Stock at $120 per share plus a $750 brokerage fee as a short-term investment in an available-for-sale security. These notes contain important information on items such as the accounting methodologies used for recording and reporting transactions, pension plan details, and stock option compensation. Paper Name Question Paper Link Solution Link 1 Elements of Public Administration Set-A Click Here Click Here 2. Table of contents. Accounting Rate of Return - ARR: The accounting rate of return (ARR) is the amount of profit, or return, an individual can expect based on an investment made. Assuming that it will have a residual value of $75, determine the depreciation for the first year by the a. The method under which charge fixed or equal amount of deprecation each year is called fixed installment method. Download BBA Books & Notes For All Semesters in PDF. A T-account is a way to format accounting transactions that displays debits on the left and credits on the right. Its function is to provide quantitative information primarily financial in nature, about economic entities that. There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. CORPORATE ACCOUNTING 5 Module 1 ACCOUNTING FOR SHARE CAPITAL A company is an association of persons who contribute money or money's worth to a common stock and uses it for a common purpose. com 1st year, B. " In India, Financial Year is duration from 1st April of current year to 31st March of the following year. Many of you are starting at your public accounting firms over the next couple months and could use some advice on how to be a top rated first year. Receipts & Payments Illustration-1. Accounting periods may be shorter than 12 months, but unlike your company’s financial year, the accounting period cannot exceed 12 months. 1 Accounting Principles 2. The latest second hand textbooks listed リビングジャパニーズBOOK 978-4-87424-337-4. Converting the Basis/System of Accounting - Cash to Mercantile or Mercantile to Cash. Sir, actualy iam kannada medium student that this year i am taken admission to b. These notes and eBook on Financial accounting have been prepared by experienced Commerce faculty and toppers and will provide you with easy to study material. 7 Objectives of Accounting 1. The (official name of the government) was incorporated on (date) and operates under the laws of the state of Washington applicable to a (type of government). The financial statements must contain at least a balance sheet, a profit and loss account and notes to the accounts. Past exam papers. BUSINESS ECONOMICS. The University of Texas—Austin is one of the largest schools in the nation. Don't show me this again. Due to the comprehensive nature of the material, we are offering the book in two. 50 across all four sections of the CPA Exam, completed testing during the calendar year and passed all four sections of the exam on their first attempt. equal annual instalments. Download BBA Books & Notes For All Semesters in PDF - 1st, 2nd, 3rd Year. Financial Accounting. Basic business studies encircling and integrating all functional areas to provide. Accounting Lessons and Resources from Teachers Pay Teachers.  Its main features are as follows :A systematic unit-by-unit study strictly according to common core syllabusComprehensive and complete coverage under each topicAnalytical and lucid treatment to. Offer listed above cannot be combined with any other offers. Section 1; Lecture 1: Financial Accounting is this bhalotia sir notes for bcom 1st year cu student this year. Find top universities and colleges free Notes, Past Year Papers, Guess Papers, Educational Resources for students of Pakistan and India. After each class, review your notes. c) Size of business AS A2. Notes to the financial statements. First year financial accounting notes provide me please…. 10,11 post. Saraswati jadhav says 2 years ago. Here you can download B. The company puts it as a short-term liability when the duration of that particular note payable is due within a year. The Best Accounting AS and A Level Notes, Revision Guides, Tips and Websites compiled from all around the world at one place for your ease so you can prepare for your tests and examinations with the satisfaction that you have the best resources available to you. This year, sales consisted of 2,000 units. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. It also reports the amount of cash at both the beginning and end of a period. Chapter 1 – Uses of Accounting Information and the Financial Statements. 95, "Statement of Cash Flows," mandates that companies include a state­ment of cash flows among their financial statements. Notes for the Business Studies Course for the Junior Cert. During the year the business recorded $100,000 in car repair revenues, $55,000 in expenses, and dividends of $10,000. KUK Distance B. Ask ICAS webinar series. Year: BA PART 1 YEAR : Top: 2020: BA-PART-1-EDUCATION-HISTORY-AND-DEVELOPMENT-OF-INDIAN-EDUCATION-12302-2020 : 2019:. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. Previous 2nd Year Accounting Notes. Other Related Notes. Books of entry Notes - Click Here. BANKING AND FINANCIAL SYSTEMS. Its function is to provide quantitative information primarily financial in nature, about economic entities that. 15,360 notes Australia-wide. A grade of C or better in ACCT 2301 is a prerequisite for ACCT 2302. 0 KB 2015-Apr-20 AB-0602 - First Year B. Related Articles. Subsequently, these assets are recorded minus depreciation. Com Part I accounting guess 2019 This guess includes i. First year downloads n. BCom Books (Bachelor of Commerce) – 1 st, 2 nd & 3 rd Year Notes and Books Free PDF Download. Tech, MCA, M. GCSE Business Studies revision. 1 Introduction 1. Albrecht, Conan C. Principles of Accounting BBA First Year First Seme. 0 Objective 1. BBS/ BA 1st year students can find here complete questions answer of Write to Be Read. 30,000 from Islami Bank on a notes payable. com 1st year, B. Ask ICAS webinar series. FAC1502 - Financial Accounting Principles, Concepts and Procedures. Useful notes especially for a person like me who is not in touch with accounting for about half a decade. The first chapter in the Class 11 Accounts book deals with the theoretical base required for the practice of accountancy. 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Complete Solutions of Write to Be Read. 2 Accounting Concepts 2. 2 Origin and Growth of Accounting 1. Author (s): Wikibooks. Students can review I com part 1 principles of accounting on this web page. 900,000/- as per sale of books based on the above example, but royalty payable is Rs. EXECUTIVE SUMMARY THE IRS ISSUED PROCEDURES, TERMS and conditions for obtaining the IRSs consent to an accounting method change. A written application for conversion must be submitted to the School of Accountancy at the end of the first year. Connect - Managerial Accounting Exam (Ch 4-6) [The following information applies to the questions displayed below. Magazine Issue Year 2019. Restricted to first-year Sloan MBA students. Saraswati jadhav says 2 years ago. Terms & Conditions 1. I spoke with Reade last week for several hours over the course of. 1, in the Date column. 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Year : Release date 2013 – Best for 2014 and 2015 examination preprations. An 18-month accounting period is also not uncommon. It’s also the date the clock starts ticking for a limited company to send certain documents to. Once a year, you celebrate a few things: your birthday, important anniversaries, and probably some holidays. is not time apportioned for a period of less than 12 months. Download the Financial Accounting pdf Text book given below. 950 and principal repayment of $9,822. Accounting Abbreviations Browse 4,236 acronyms and abbreviations related to the Accounting terminology and jargon. Solved Important Questions Answer – Chapter-1 : BBA \ 1st semester |Computer & IT Application. Our accountancy books are written by university professors. Posted by + M. Acme made income tax payments totaling $150,000 during the year and has an income tax rate of 40%. *TRIMESTER THEORY NOTES* - COLOUR CODED and VERY. Thanks to Peter Gordon for compiling this list of outcome verbs used in the LC Business examination. The consolidated statement of cash flows is not prepared from the individual cash flow statements of the separate companies. This is the post on the topic of the I. Students can download APJAKTU Syllabus for MBA, B. IT, MCA, also study material for Panjab University Chandigarh, Punjab Technical University students. This section offers free online tutorials of accounting basics. First Year Accounting Guess 2019 I. Related Articles. Their current growth levels of around 7% – 9% per year will continue as fees for existing projects increase and their service offerings expand. USYD LAWS1014 - Civil and Criminal Procedure. Study Notes of Plus one Computerised Accounting prepared by Johnson Koshy, HSST Commerce, Govt Boys H. Tech in CSE, Mechanical, Electrical, Electronics, Civil available for free download in PDF format at lecturenotes. 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Accounting principles Download our free accounting books to enhance your knowledge of topics such as managerial and financial accounting, the accounting cycle or budgeting. In This textbook, the authors refine their proven approach to accounting's expanding role in business. Solved Important Questions Answer – Chapter-1 : BBA \ 1st semester |Computer & IT Application. 50 across all four sections of the CPA Exam, completed testing during the calendar year and passed all four sections of the exam on their first attempt. Welcome! This is one of over 2,200 courses on OCW. com 1st Year. FAC1502 AS 2007 Comprehensive exersice ACN101-M-101-3. Cash collected from credit customers 260,000 400,000. Its function is to provide quantitative information primarily financial in nature, about economic entities that. com 2nd year, B. Com Books & Notes For All Semesters in PDF - 1st, 2nd, 3rd Year. 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Notes to the financial statements. This book is also useful for CA, IPCC 1st year students and for BBA ( Business Administration) 1st year students. FAC1502 As 1 Sem 2 2007 Eng. An 18-month accounting period is also not uncommon. Learn how to link the 3 financial accounting statements. First year allowances. An income statement or profit and loss statement is an essential financial statement where the key value reported is known as Net Income. The cash basis of accounting records income when collected. Inventory valuation is the cost associated with an entity's inventory at the end of a reporting period. 0 Objectives 1. The redeemable preference shares can be redeemed by a) the proceeds of a fresh issue of equity shares/ preference shares, b) the capitalization of undistributed profit i. Accounting is defined as a set of concepts and techniques that are used to measure and report financial information about an economic entity. Introduction to Macroeconomics Lecture Notes half-year of 1996). A business values its ending inventory using inventory valuation methods. 1 Accounting Principles 2. While some of the lessons are pretty advanced, you would definitely get some use out of the first few lessons for your middle school students: Basic Accounting and Bookkeeping Lessons. Adjusted the accounting records to recognize accrued interest. Hey Folks, I have shared the PDF lecture notes for the subject – Financial accounting of first year students. The first note to the financial statements is usually a summary of the company's significant accounting policies for the use of estimates, revenue recognition, inventories, property and equipment, goodwill and other intangible assets, fair value measurement, discontinued operations, foreign currency. Download BBA Books & Notes For All Semesters in PDF. Previous 2nd Year Accounting Notes. com students. 8 million, near the high end of our guidance range of $4. KUK Distance B. This will give a misleading view of the profitability of the entity. Com part 1 Principle of Accounting Notes of 1st Year. sean March 29, 2011 at 11:26 pm. It includes Semester 1 & 2 notes. Com Part 1 Accounting, ch 6 - Basics of Bill of Exchange - 1st year Accounting - Duration: 20:35. Previous 2nd Year Accounting Notes. As per Common Core Syllabus of Universities of Andhra PradeshThis book on Business Economics is specially designed for the students of B. Working Capital and Liquidity 12. Basic business studies encircling and integrating all functional areas to provide. IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. The 130 basis point decrease was primarily due to higher interest costs and, to a. Accounting rate of return divides the. com 2nd year, B. Com part 1 Principle of Accounting Notes of 1st Year. Analyzing transactions and recording them as journal entries is the first step in the accounting cycle. Year : Release date 2013 – Best for 2014 and 2015 examination preprations. Download BBA Books & Notes For All Semesters in PDF. The equivalent at UT is ACC 311 and at SWTSU it is ACC 2361. of “for the year then ended “ has been addressed in the KPMG note below (number 15). Cash accounting can only reveal the net increase or decrease in the asset, cash. Com 1st Semester,Download Previous Years Question Paper 2 NORTH INDIA CAMPUS We provide some valuable notes & Question Papers of Bsc. Changes in accounting policies 35. The Candidates will be allowed to join Second Year of M. The related notes falls at the end of the sentence because it they relate to both the. E4-5 In its first year of operations, Ramirez Company recognized $28,000 in service revenue, $6,000 of which was on account and still outstanding at year-end. ACCT101 - ACCT & FINANCIAL REPORT (Course Syllabus) This course is an introduction to the basic concepts and standards underlying financial accounting systems. The company puts it as a short-term liability when the duration of that particular note payable is due within a year. Facebook Twitter Google+ NIOS Free Solved Assignments (2019 - 2020): ECONOMICS 318 ENGLISH MEDIUM. 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The accounting for defined benefit plans is usually very easy and straightforward. These notes are inserted within the relevant section or note. Balance Sheet Wrap-up. A governmental entity issued bond anticipation notes during the year for a major capital project. Inventory valuation is the cost associated with an entity's inventory at the end of a reporting period. Course: Bachelor of Commerce. BCom Books (Bachelor of Commerce) – 1 st, 2 nd & 3 rd Year Notes and Books Free PDF Download. The business community, accounting profession and academic environment across the country holds the Department, with its highly qualified personnel and strong research links, in high esteem. Bcom 1st 2nd 3rd Year Notes and Question Paper :- B. A strong base in allied areas of business like the language, economics analysis, quantitative methods, legal environment, and research methodology to prepare the graduates to understand, analyze and apply the management concepts, theories and practices. The latest second hand textbooks listed リビングジャパニーズBOOK 978-4-87424-337-4. Analysts calculate Inventory turn metrics in two different ways. 1 Financial Accounting 1. University of Sheffield. Click here for multipal choice Quesstions you see. QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions. There are two factors that could change all this though. Financial Accounting ix 9. In the words of Justice James, "a company is an association of persons united for a common object". (Bachelor of Commerce) is usually divided into 3 years or 6 semesters. Accounting rate of return divides the. , Ltd (Oceanwide) Merger Agreement Extended To Not Later Than June 30, 2020 U. com book of. For more content related to this post you can click on labels link. A T-account is a way to format accounting transactions that displays debits on the left and credits on the right. let us see the accounting entries required for redemption of preference shares. This document is written in the context of participatory management. The BCom Extended Degree in Accounting is aimed at access for success in terms of its foundational provision, i. Schools with 17 or Fewer Full-Time Accounting Faculty. Prepaid expenses include $120,000 paid on December 31, 2011, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. Notes receivable. Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions, and events which are, in part at least, of financial character, and interpreting the results thereof. There are totally 6 chapters in 2nd Year Accounting and We Will study first theory each and every chapter and then upload my Videos for Long Questions So keep watching My lecture Daily would be helpful for you. But wait, currency doesn’t come in negative denominations. BCom 1st Year Financial Accounting Hire Purchase Instalment Payment System Study Material Notes Some Important Related Links For B. Feel Free to Contact with me on 0302-8151714. 8 million, up 23% year-over-yearBillings of $238. Thorough set of notes with all the content from the 1st year Accounting (ACCT10001) course Well set out and spaced so easy to read $28. The accrual basis of accounting only records income when it is earned. Restricted to first-year Sloan MBA students. Definition of management accounting: The process of preparing management reports and accounts that provide accurate and timely financial and statistical information. Both sides of the accounting equation increase by $50,000, and total debits and credits remain equal. BBS 1st Year PRINCIPLES OF MANAGEMENT Notes BBS Notes | www. Chapter No 1 Lecture No 2 Accounting Complete Lectures for 1st Year. ABC LTD purchased a machine costing $1000 on 1st January 2001. FAC1502 Accouting study guide. Peter Wilson for his authorship of the following content in this course:. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. If the corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense (include the discount amortizaton) to be recognized on July 1, 2003, is. Basic Statistics Notes for I. A company year end can be a daunting undertaking for first-time limited company directors, but with our comprehensive checklist, you’ll know exactly what you need to do. Guidance notes are provided where additional matters may need to be considered in relation to a particular disclosure. The second year also provides an opportunity to develop your particular interests through optional modules within or outside the Business School. 5083) = $1,070,188. CFI's Principles of Accounting book is free, available for anyone to download as a PDF. It means the cash and the discount are very much related to each other. Level / class : 11th - HSSC Part 1 - First Year of Colleges. The foundation (first) year of study comprises foundational modules (New/ Old NQF level 5), whilst the remaining three years are the same as that of the corresponding regular degree programme. Notes Basic Accounting Principles Business Environment 62 5. Journalize the following entries: For a compound transaction, if an amount box. 6 Business Economies 5. Here are past papers for the Computer Science Tripos and Diploma in Computer Science from 1993 onwards. Converting the Basis/System of Accounting - Cash to Mercantile or Mercantile to Cash. The pay for this work is low: In the U. The existing rules and regulations of 85 pattern examination shall be made applicable. Find sample tests, essay help, and translations of Shakespeare. Book value at the beginning of year two is ($25,000 cost less $10,000 year one depreciation), or $15,000. The first step is to set up a plan for the following year on a month-to-month basis. Previously the company had prepared financial statements for the financial year from 1 January 2005 to 31 December 2005. No KPMG With respect to the first paragraph of the report, the reference to “and the related notes” would be better presented ahead of “for the year then ended”. Subsequently, these assets are recorded minus depreciation. Find sample tests, essay help, and translations of Shakespeare. Practice now!. Notes to Consolidated Financial Statements Dollars in millions except per share amounts Noncontrolling Interests Reporting In December 2007, the FASB issued a standard that requires noncontrolling interests held by parties other than the parent in subsidiaries to be clearly identified, labeled, and presented in the consolidated. Previous 2nd Year Accounting Notes. ASPE at a Glance Topic Standards Included in Topic Effective Date of Standards Page Financial Statement Presentation Section 1400, Section 1505 Section 1510, Section 1520 Section 1521, Section 1540 January 1, 2011 1 First-time Adoption Section 1500 January 1, 2011 5 Accounting Changes Section 1506 January 1, 2011 6. COM Part 1 Accounting Notes; English 2nd Year. Types and Rules of Accounts - Duration: 13:10. The methods a company opts to use for both depreciation expense and inventory valuation can cause wild fluctuations in the amount of assets shown on the balance sheet and. • the first financial year under the new ordinance is the one that begins on. Its function is to provide quantitative information primarily financial in nature, about economic entities that. Please depreciation chapter of 2nd year ka Q no. Free for the first 30 days, then $5. Facebook Twitter Google+ NIOS Free Solved Assignments (2019 - 2020): ECONOMICS 318 ENGLISH MEDIUM. In This textbook, the authors refine their proven approach to accounting's expanding role in business. Engineering Notes and BPUT previous year questions for B. About Saweel Ur Raheem. It also reports the amount of cash at both the beginning and end of a period. Other conditions do not change. ABC LTD purchased a machine costing $1000 on 1st January 2001. About Saweel Ur Raheem. 8 million, up 23% year-over-year Billings of $238. Borrowed $12,000 cash from the bank. 26 million in 2005 and 2004, respectively. Tags 1st Year Accounting Notes 1st Year Notes. Accounting Concepts The most important concepts of accounting are as follows: Business Entity Concept. 1 Introduction 3. Depending upon how much marketing you do, I would say 100 for your first year is an exceptional goal you should work towards. Com part 1 Principle of Accounting Notes of 1st Year. FINANCIAL ACCOUNTING PAPER CODE: BBA-103 NOTES UNIT-I Meaning and scope of accounting, nature of financial accounting principles, basis of accounting; accounting process – from recording of business transaction to preparation of trial balance Q1: Define accounting. Accounting Basics 02. The users of information generated by financial accounting, like bankers, financial institutions, regulatory authorities, government, investors, etc. Ending balance of one accounting period becomes the beginning balance of the next accounting period. sean March 29, 2011 at 11:26 pm. f) Corporate culture and strategy AS. Albrecht, Conan C. ) in return for goods and/or services they have delivered. Com Books & Notes For All Semesters in PDF - 1st, 2nd, 3rd Year. Com 1st Year Accounting Notes - Important Questions of Accounting. BANKING AND FINANCIAL SYSTEMS. Financial Accounting, Question Paper of B. BBS 1st Year PRINCIPLES OF MANAGEMENT Notes BBS Notes | www. Please send B. TABLE OF CONTENTS. A grade of C or better in ACCT 2301 is a prerequisite for ACCT 2302. Download All B. It is also expected to have a useful operating life of 13,350 copies. 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While Indian economy introduction is started, the major focus is always on the agriculture sector.  Its main features are as follows :A systematic unit-by-unit study strictly according to common core syllabusComprehensive and complete coverage under each topicAnalytical and lucid treatment to. OpenTuition has arranged with BPP – the leading publisher of accounting study books – for OpenTuition students to get a 20% discount off the standard price. Don't show me this again. Write Short Notes on the following i) GAAP ii) Petty Cash Book iii) Balance Sheet iv) Double Column Cash Book v) Vouchers vi) Re-issue of forfeited Shares vii) Debentures viii) Purchase Book ix) Contra Entry x) Personal Accounts SECTION-B (4 × 10 = 40 Marks) 2. Part ( 1 ) 1. This is because Indian economy is based on agriculture. It used to be an actual book that the bookkeeper would use to make accounting entries. 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