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Let us understand how to make the respective entries in the single column cash book with the help of the given data.May 1 Cash in hand $50000May 1 Bank balance $160000May 4 Received a cheque from a customer “A” of $18000May 5 Deposited customer “A” cheque in Bank.May 8 Cash withdrawn from bank for business purpose is $15000May 11 Goods sold for cash $28000May 14 Goods bought for cash $53000May 19 Goods sold for cash $40000May 21 Paid Mr.B by cheque $16000May 25 Deposited into bank $18000May 30 Paid salary in cash $12000May 31 Paid rent by cheque $7500SolutionThe solution ... Read More
This is the final step in the accounting cycle. Reversing entries are made at the start of an accounting period to reverse the adjusting journal entries made at the end of the previous period.These are made because of last year’s accruals. Also, the prepayments which will be paid during the New Year are no longer needed to be recorded as liabilities and assets.These entries will make bookkeeping simple or simplify the bookkeeping. If the entry is not reversed, the amounts recorded in previous years are adjusted and account for the new portion. For new adjusted entries, the keeper can’t keep ... Read More
To annotate the maximum value in a Pyplot, we can take the following steps −Set the figure size and adjust the padding between and around the subplots.Create a new figure or activate an existing figure.Make a list of x and y data points.Plot x and y data points using numpy.Find the maximum in Y array and position corresponding to that max element in the arrayAnnotate that point with local max.To display the figure, use show() method.Exampleimport numpy as np import matplotlib.pyplot as plt plt.rcParams["figure.figsize"] = [7.50, 3.50] plt.rcParams["figure.autolayout"] = True fig = plt.figure() ax = fig.add_subplot(111) x ... Read More
A finance institution has loan portfolio and the respective details are as given below −Loan portfolio (%)31-12-15Rate to calculate (%)On schedule5286914Loan in arrearsFor first 30 days2851472Next 30 days17582322Next 30 days7525922Next 90 days6523153Next 180 days46327100360 days up25423100SolutionCalculations of provisions are as follows −Loan portfolio31-12-15Rate to calculate (%)On schedule528691400For first 30 days28514725702.94Next 30 days1758232238681.06Next 30 days752592216556.98Next 90 days652315334572.43Next 180 days4632710046327360 days up2542310025423Total5960124167263.41The journal entry for the provision expenses as per the above calculations is as follows −AccountDebitCreditProvision expenses Loan loss reserves167263.41167263.41
Following steps are followed while making entries in ledger account −Opening balance and closing balance in cash books are not posted in ledger accounts.Debit side entries of the cash book are posted in relevant accounts on the credit side in the ledger.Credit side entries of the cash book are posted in relevant accounts on the debit side in the ledger.Page numbers or account numbers of ledger accounts of respective entries are recorded and written in PR or posting reference columns of single column cash books.ExampleConsider an example for using the below cash book column to prepare general ledger (salaries)DebitCreditDateDescriptionVRPRAmountDateDescriptionVRPRAmountYYYY July ... Read More
Single column cash book is a T shaped cash book. It is called a single column cash book because; it has only a money column on both credit and debit sides and records cash transactions.It is divided into two parts having debit on the left hand side and credit on the right hand side.FormatThe format of a single column cash book is as follows −DebitCreditDateDescriptionVRPRAmountDateDescriptionVRPRAmountPurposeThe purpose of each column in single column cash book is explained below −DateIt records date, month and year of transaction (both receipts and payments). If more than one transaction happened in the same month and ... Read More
There is a lawsuit between company A and company B. Company A sued company B in violating patent rights of technology. Company A claimed $ 3 billion, when the lawsuit began in 2010 but in the final verdict in 2016, company A won $ 400 million. (Company B estimated contingent liability as $800 million in their books)SolutionPrepare journal entry for year end 2010 as shown below −ParticularsDebt (million $)Credit (million $)Lawsuit loss A/c To Lawsuit liability800800Being estimated amount of lawsuit losses recordedProbability of occurrenceIf the liability is not probable and will arise soon (journal entry is not passed)Disclosure is ... Read More
To color a Seaborn boxplot based on dataframe column name, we can take the following steps −Set the figure size and adjust the padding between and around the subplots.Make a Pandas dataframe with two columns, col1 and col2.Make a boxplot with horizontal orientation.Get the boxes artists.Iterate the boxes and set the facecolor of the box.To display the figure, use show() method.Exampleimport seaborn as sns import matplotlib.pyplot as plt import pandas as pd plt.rcParams["figure.figsize"] = [7.50, 3.50] plt.rcParams["figure.autolayout"] = True df = pd.DataFrame( [[2, 4], [7, 2] ], columns=['col1', 'col2']) ... Read More
To draw rounded line ends using matplotlib, we can use solid_capstyle='round'.StepsSet the figure size and adjust the padding between and around the subplots.Create random x and y data points using numpy.Create a figure and a set of subplots.Plot x and y data points using plot() method, with solid_capstyle in the method argument.To display the figure, use show() method.Exampleimport matplotlib.pyplot as plt import numpy as np plt.rcParams["figure.figsize"] = [7.50, 3.50] plt.rcParams["figure.autolayout"] = True x = np.random.randn(5) y = np.random.randn(5) fig, ax = plt. subplots() ln, = ax.plot(x, y, lw=10, solid_capstyle='round', color='red') plt.show()OutputRead More
To show date and time on the X-axis in Matplotlib, we can take the following steps −Set the figure size and adjust the padding between and around the subplots.Create a list of dates and y values.Get the current axis.Set the major date formatter and locator.Plot x and y values using plot() method.To display the figure, use show() method.Examplefrom datetime import datetime as dt from matplotlib import pyplot as plt, dates as mdates plt.rcParams["figure.figsize"] = [7.50, 3.50] plt.rcParams["figure.autolayout"] = True dates = ["01/02/2020", "01/03/2020", "01/04/2020"] x_values = [dt.strptime(d, "%m/%d/%Y").date() for d in dates] y_values = [1, 2, 3] ax ... Read More