Smriti purchased a hand blender from an electronic store and got the cash memo Rs. 1500 which she paid for the blender. Later, she found that the actual price of the blender was Rs. 1200 but the shopkeeper had pasted a sticker of Rs. 1500 on the original price. Can Smriti recover the extra money that she paid ? What other options arfe available to her against the shopkeeper ?

Deepak purchased a book from a book-seller and got the cash memo of Rs. 400 which he paid for the book. Later, he found that the actual price of the book is Rs. 380 but the book-seller had put a sticker of Rs. 400 on the original price. Can Deepak recover the extra money that he paid? What other options are available to him against book-seller if he is refused to give the extra money he paid?

Tanya purchased some household goods from a 'General Store'. On reaching home, she found that one face cream, (Rs. 250) had not been billed. She became happy that, she got it without paying for. After checking the expiry date and other details, she started using it. Her face burnt due to the use of cream. (i) Where should Tanya file the complaint for the cream ? Justify. (ii) Which values have been violated here ?

A store is having a 25% discount sale. Sheela has a Rs 50 gift voucher and wants to use it to buy a board game marked for Rs 320. She is not sure how to calculate the concession she will get. The sales clerk has suggested two ways to calculate the amount payable. Method 1: Subtract Rs 50 from the price and take 25% off the resulting price. Method 2: Take 25% off the original price and then subtract Rs 50. a. Do you think both the methods will give the same result? If not, predict which method will be beneficial for her. b. For each method, calculate the amount Sheela would have to pay. Show your work. c. Which method do you think stores actually use? Why?

Mansi is runnin a general store. The store was insured against naturel disaster like flood, earthquake and fire from Hindustan General Insurance Conpany for the amount of Rs 50 lacs. Heavy raining in the city caused massive flood. This left the store without any security. The Store was looted by people which was caught on CCTV . She claimed from the insurance company the amount of damage of 13 lacs for the material and furniture spoiled from flood and also Rs 5 lacs for the loss of meterial by theft, she also claimed another Rs 25 lacs for now converting the store into fully AC and additional floor for more stroange space. Insurance after assessoing the damage to the property and stock dur to flood and seeing the CCTV footage accepted the claim of Rs 13 lacs. Mansi argued that as she has being paying premium for Rs 50 lacs she should be paid the full claim of Rs 43 lacs. 1. What is the fundamental principle of insurance? 2. Identify the value which motivates him/her to take an insurance? 3. Identify and explain the principles of insurance involved by insurance company by accepting the claim amount.

Pass the Journal entries to rectify the following errors detected during preparation of the Trial Balance: Purchase Book is undercast by Rs. 1,000. (ii) Wages paid for construction of office debited to Wages Account Rs. 20,000. (iii) A credit sale of goods Rs. 1,200 to Ramesh has been wrongly passed through the Purchases Book. (iv) Goods purchased for Rs. 5,000 were posted as Rs. 500 to the Purchases Account. (v) An amount of Rs. 2,000 due from Muhesh Chand which had been written off as a bad debt in previous year was unexpectedly recovered has been posted to the personal account of Mahesh Chand. (vi) A credit purchase of Rs. 1,040 from Ramesh was passed in the books as Rs. 1,400. (vii) Goods (Cost Rs. 5,000, Sales Price Rs. 6,000) distributed as free samples among prospective customers were not recorded anywhere. (viii) Goods worth Rs. 1,500 returned by Green & Co. have not recorded anywhere.

Mrs. Surabhi started business on April 01, 2016 with cash of Rs 50,000, furniture of Rs 10,000, goods of 2,000 and machinery worth 20,000. During the year she further introduced Rs 20,000 in her business by opening a bank account. From the following information extracted from her books, you are required to prepare final accounts for the ended March 31, 2017 Accounts from incomplete Records Receipt from debtors =Rs 57,500 Cash sales = Rs 45,000 Cash purchases =Rs 25,000 Wages paid =Rs 5,000 Salaries to staff =Rs 17,500 Trade expanses = Rs 6,500 Electricity bill of factory =Rs 7,500 Drawings of Surabhi = Rs 3,000 Cash paid to creditors = Rs 42,000 Discount allowed = Rs 1,200 Discount received = Rs 3,000 Bad debts written-off = Rs 1,300 Cash balance at end of year = Rs 20,000 Mrs. Surabhi used goods worth 2,500 for private purposes, which is not recorded in the books. Charge depreciation on furniture 10% and machinery 20% p.a. on March 31, 2017 her debtors were worth 70,000 and creditors Rs 35,000, stock in trade was valued on that date at Rs 25,000.