Solution – JOURNAL 2. Enter the following transactions in the journal of Ram: Solution: Ram Journal 3. Record the following transactions in the Journal of Amitabh Solution – Amithabh Journal Compound Journal Entries:- 4. Pass necessary Journal entries for the…
Practical Problems Solution:- (i) Bought Computer Mouse (4 Nos.) vide cash memo no. 338 (ii) Wages paid for the month of December, 2024 (iii) Purchased two Desktop Computers from M/s Computech for cash vide Cash Memo No. 170 (iv) Paid…
Solution – Assets = Liabilities + capital (Cash+bank+stock) = (creditors) + capital 40,500+45, 00+11,200 = 11,200 + 45,000 56,200 = 56,200 2. Show the Accounting Equation for the following Transaction: Solution – Assets = Liabilities + capital …
2. Accrual Basis of Accounting – Under Accrual Basis of Accounting, unlike under Cash Basis of Accounting, income is recorded as income when it is earned or accrued. For example, credit sale is recognized as sale irrespective of the fact…
Accounting Principal Accounting Principal are the rules adopted by accountants universally while recording accounting transaction. They are the norms or rules which are followed in accounting of various items of assets, liabilities, expenses, income, etc. for example, Inventory (stock)…
Business Transaction ‘Business Transaction’ means a financial transaction or economic event entered into by two parties that initiates the accounting process of recording it in the books of account of an enterprise. It is an agreement between two parties…
Accounting is a process of identifying the events of financial nature, recording them in journal, classifying in their respective ledgers, summarizing them in Profit and Loss Account and Balance Sheet and communicating the results to the users of such…