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From the following information ascertain the closing balance of debtors:
Opening balance of debtors Rs. 32,600; total sales Rs. 1,03,000; cash collected from debtors Rs. 70,000 sales return Rs.1,500; discount on purchases Rs. 1,200; cash sales Rs. 43,000; bad debts Rs. 700:
Debtors a/c=Debit side in so opening debtors +credit sale -(cash received +sale return + bad debts) in credit side=closing debtors
32600+60000 - (70000+1500+700) =20400
After recording the transactions and events in journal and subsidiary books, they will be transferred to
Which of the following accounts may have a debit or a credit balance?
The process of transferring the debit and credit items from a Journal to their respective accounts in the ledger is termed as
Goods costing Rs. 5,000 given to a worker towards wages Rs. 5,000. Market price of goods is Rs. 6,000. Journal entry will be
Which of the following is known as “Principal Books of Accounts”?
'A' purchased a computer having MRP of Rs. 60,000 for Rs. 45,000 and was offered a cash discount of Rs.9,000. At what percentage he got trade discount on MRP before getting cash discount?
Market Price =Rs. 60,000
Less: Purchase Price =Rs. 45,000
Trade discount before discount =Rs. 15,000
Less: Cash Discount =Rs. 9,000
Trade discount after cash discount =Rs. 6,000
Percentage of Trade Discount= (15,000/60,000)*100
The next step after preparation of Ledger is the preparation of ________: