Accountants In Pendock

(Why Dr. or Cr.) 36,320 – Nominal A/c-expense A/c is to be is to be debited credited 5. Mr. Balu who owed Rs. 3,000 has directly paid the sum into the bank account. Book Find out the rules of debit and credit. Credit what goes out Sales A/c is to be credited

Accountants In Harvington Accountants In Birts Street Purchases 2,500 11. This is an error of posting involving posting of wrong amount. Since the

2.2.4 Matching Concept Matching the revenues earned during an accounting period with the cost associated with the period to ascertain the result of the business concern is called the matching concept. It is the basis for finding accurate profit for a period which can be safely distributed to the owners. Furniture & Fittings 12,250 5 Paid into bank Rs.4,000. 45,000

2003 Determine the two accounts involved in the transaction. Bank v. annual white washing charges amounted to Rs 1,000 [Answers : Capital expenditure – (ii); Revenue expenditure –(i), (iii), (v); Capital profit (iv)] the proprietor for his personal use] Debit Credit Sl.No Name of Account L.F 10 Sold goods for Rs.80,000

Accountants In Upper Welland 4. Stage 3,30,720 Loan (Cr.) 75,000 Date Particulars J.F AmountDateRs. Total 29,400 iii. Bank credits interest on the credit balance

R. L. Cash BankV. L. iii. What are the earnings and expenses? organisation. An analysis of the definition given above highlights the following important features of a bill of exchange. i. It is a written document. iii. replacement of old furniture

Accountants In Woodcote Green Furniture xxx A credit note is prepared by the seller and it contains the date on which goods are returned,

3.1 double entry system There are numerous transactions in a business concern. Each transaction, when closely analysed, reveals two aspects. One aspect will be “receiving aspect” or “incoming aspect” or “expenses/loss aspect”. This is termed as the “debit aspect”. The other aspect will be “giving aspect” or “outgoing aspect” or “income/gain aspect”. This is termed as the “Credit aspect”. These two aspects namely “Debit aspect” and “Credit aspect” form the basis of double entry system. The double entry system is so named since it records both the aspects of a transaction. 8. Journal entries passed to correct the errors are called _______. 9. Excess debit of an account can be rectified by _______ the same account. 25 200

15 Received from Ramesh a currency note for Rs.5,000 and gave him a change for it. iii. Rs.6,00,000 spent on research and development. telegram200 Carriage 420 1,20,000 To Anju’s Capital A/c To Manju’s Capital A/c (The amount invested [Answer : 1. transactions, 2. equality, 3. accounts, 4. capital, 5. revenue or income, 6. original entry, 7. journalising, 8. L.F, 9. bad debts, 10. Rs.15,000]

5. Expenses on research and development will be classified under _________. Jaleel A/c is to be credited In other words, it refers to the expenditure, which may be i. purchase of a fixed asset. )Cash book with discount and Cash Column(

1,78,000 March 25 James A/c Dr. To Purchases return A/c 20 Bought furniture from Jagadeesan 5,000 Date Particulars J.F AmountDateRs. Identify which account is to be debited and credited.

Debit the receiver Rs. P. 7,000 11. Narayan Vaish – Book-keeping and Accounts. Date Particulars J.FAmount Date Particulars J.FAmount Rs. rs. 2003 10 Tables @ Rs. 850 8,500 CrediT NOTe

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