Which of the following is not a liability?

Loans from bank

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Creditors for goods

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Cash

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Loan from a friend

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Solution

The correct option is C
Cash

All of the above are liabilities of the company except cash which is an asset of an enterprise.

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Journalise the following transactions in the books of Nana.

Debit balances on 1st April 2012:-

Cash in hand Rs 5,000; Cash at Bank Rs 95,000' Land & Building Rs 2,10,000; Furniture Rs 15,000; Debtors Rs 10,000.

Credit Balances on April 1, 2012:- Creditors Rs 10,000; Bank Loan Rs 28,000.

Transactions during the month of April 2012:-

2012 April	1	Purchased goods worth Rs 30,000 for cash less Trade Discount.
	3	Sold goods to Meena Rs 25,000.
	7	Purchased goods from Seema worth Rs 12,000.
	9	Goods costing Rs 1,100 distributed as free samples.
	12	Received an amount of Rs 1,500 from Vikram which was previously written off as bad.
	14	Purchased goods from Bhushan Rs 30,000 at 10% Trade Discount and paid him 1/3^rd amount in cash after getting 5% cash discount.
	20	Received cash gift Rs 10,000 from Father-in-law with which purchased shares of Infosis Co.
	24	Payment of Bank loan with interest Rs 6,000 [Interest amount Rs 1,500]
	28	Sold goods to Anil Rs 50,000 at 10% trade discount and received half the amount in cash, 5% cash discount allowed.
	29	Paid for Advertisement Rs 5,000.
	30	Withdrew cash Bank for personal purpose Rs 2,000.

Q. Identify the transactions as belonging to (i) Operating Activities, (ii) Investing Activities, (iii) Financing Activities and (iv) Cash and Cash Equivalents:

(a) Cash Sale of Goods	(b) Cash Received against Revenue from Services rendered
(c) Cash Purchase of Goods	(d) Cash Paid against Services Taken
(e) Patents Purchased	(f) Marketable Securities
(g) Bank Overdraft	(h) Proceeds from Issue of Debentures
(i) Purchase of Shares	(j) Repayment of Long-term Loan
(k) Commission Received	(l) Redemption of Debentures
(m) Interest on Debentures	(n) Interest on Investments
(o) Income Tax Paid	(p) Income Tax Paid on Gain of Sale of Asset
(q) Cash Received from Debtors	(r) Cash Paid to Creditors.

Q. Enter the following transactions in a Two Column Cash Book :−
(i) Commenced business with cash ₹50,000
(ii) Deposited in Bank 40,000
(iii) Received c ash from Mohan ₹950 in full settlement of a debt of ₹1,000
(iv) Bought goods for cash ₹10,000
(v) Bought goods by cheque ₹15,000
(vi) Sold goods for cheque for ₹20,000 and deposited in Bank on the same day
(vii) Paid to Arun by cheque ₹1,900 in full settlement of his account of ₹2,000
(viii) Drew from Bank for office use ₹1,000

From the following details, find the amount of Capital:

Particulars	Amount
Cash balance	10,000
Furniture	20,000
Stock	25,000
Creditors	10,000
Debtors	25,000
Loan from bank	10,000

Prepare a bank reconciliation statement from the following particulars on 31st March, 2016.
$\begin{matrix} Amt. (Rs.) (i) & Debit balance as per bank column of the cash book & 3, 72, 000 (i i) & Cheques issued to creditors but not yet presented to the bank for payment & 72, 000 (i i i) & Dividend received by the bank but not entered in the cash book & 5, 000 (i v) & Interest allowed by the bank & 1, 250 (v) & Cheques deposited into bank for collection but not collected by bank upto this date & 15, 400 (v i) & Bank charges & 200 (v i i) & A cheque deposited into bank was dishonoured but no intimation was received & 320 (v i i i) & Bank paid house tax on our behalf but no information received from bank in this connection & 350 \end{matrix}$

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Which of the following is not a liability?

The correct option is C Cash All of the above are liabilities of the company except cash which is an asset of an enterprise.

The correct option is C
Cash

All of the above are liabilities of the company except cash which is an asset of an enterprise.