Q1. Relate the Sarbanes-Oxley Act with global convergence of the financial reporting standards.

Q2. Sketch the concept of Debit and Credit in terms of accounting equations elements.

Q3. Summarize the following entries in Journal Ledger format.

1. Harish started business with cash Rs. 10000
2. Bought goods from Manohar 5000
3. Purchase fittings for cash Rs. 800
4. Sold goods to Charanjeet Rs. 1600
5. Paid Manohar Rs. 3000
6. Sold goods Vadva Ram Rs. 2000
7. Received from Charanjeet Rs. 1540 and allowed him discount Rs. 60
8. Paid wages Rs. 80
1. Bought goods for cash Rs. 600
10. Sold goods to Ramesh Rs. 3400
11. Purchase goods from Purchotam Ra. 2600
50. Paid Manohar in settlement Rs. 1900 and discount allowed by him Rs. 100
1000. Paid carriage from goods and sold Rs. 40
14. Paid wages Rs. 80
15. Bought goods Manohar Rs. 3000
16. Bought goods for cash Rs. 800
17. Sold goods Vadva Ram Rs. 3600
18. Vadva Ram paid on account Rs. 4000
19. Purchase goods from Harbans Rs. 1500
20. Sold goods for cash Rs. 1600