Question

I want the answers of these questions! Please! Help Me!

Answer 1

1. Financial transactions are the transactions in business between two parties which involve monetary transaction (in terms of money). Eg - buying raw material. 
Non-financial business transaction us transaction which does not involve monetary transfers. Eg - charging depreciation
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2. Wasting asset is an asset which value is reduced over time and loses its value at last. Eg - Machine
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3. Vouchers are of three types : Original and Collateral Voucher, Internal and External Voucher, Missing Voucher
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4. IFRS are the common accounting rules that define how economic transactions should be reported and what information should be disclosed in financial statements.
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5. Three objectives of AS :
i) It helps in dissemination of timely and useful financial information to all users.
ii) It helps to provide a set of standard accounting policies, valuation norms and disclosure requirement.
iii) It ensures disclosures of accounting principles and treatments, where important information is not otherwise statutorily required to be disclosed.
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6. Solved in attached image
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7. Solved in attached image
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8. General Reserve is a reserve created by transferring certain amount of undistributed profit for funding expansion, acquisition, paying dividends, discharging of liabilities, writing off losses, buyback etc.
Example - Reserve Fund. Every banking company incorporated in India is required to transfer atleast 25% of its profit to the reserve fund.
Specific Reserve is reserve which is created for special purpose and the funds are transferred to meet the requirements of the purpose. The funds cannot be used for some other purpose and the reserve fund is closed once the purpose is fulfilled. Example - Debenture redemption reserve. This specific fund is created to pay back debenture amount or interest. Funds out of profits are transferred to this reserve o meet the payments of debentures only.
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