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1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid?
Most Upvoted Answer
1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Sala...
Business Transactions Analysis:
1) Businesses started with cash 10 Lakhs:
- The business started with a cash amount of 10 Lakhs. This is the initial capital invested in the business.
2) Salary paid 30 thousand, Salary to be paid 20 thousand:
- The business paid a salary of 30 thousand to its employees. This is an expense incurred by the business for the services rendered by its employees.
- Additionally, there is a salary amount of 20 thousand that is yet to be paid. This is considered as an outstanding liability for the business.
3) Paid rent 10 thousand out of which 20 thousand is paid in advance:
- The business paid a rent of 10 thousand. Rent is an expense incurred for using a property or space for business operations.
- Out of the total rent paid, 20 thousand is considered as prepaid rent. Prepaid rent is an amount paid in advance for the future use of the property or space.
4) Commission paid 10 thousand and outstanding commission rs 5000:
- The business paid a commission of 10 thousand. Commission is an expense incurred for the services provided by agents or sales representatives.
- Additionally, there is an outstanding commission amount of 5000. This is considered as a liability for the business, as it is yet to be paid.
5) Insurance premium paid 12000 out of which 50% is prepaid:
- The business paid an insurance premium of 12000. Insurance premium is an expense incurred for insuring the business against potential risks or damages.
- Out of the total insurance premium paid, 50% is considered as prepaid insurance. Prepaid insurance is an amount paid in advance for the future coverage of insurance.
Summary:
- The business started with a capital of 10 Lakhs.
- It paid a salary of 30 thousand and has an outstanding salary of 20 thousand.
- The rent paid was 10 thousand, out of which 20 thousand is prepaid.
- The commission paid was 10 thousand and there is an outstanding commission of 5000.
- The insurance premium paid was 12000, out of which 50% is prepaid.
These transactions reflect the financial activities of the business and provide insights into its expenses, liabilities, and prepaid amounts. It is important for businesses to accurately record and analyze such transactions to maintain proper financial records and make informed decisions.
1) Businesses started with cash 10 Lakhs:
- The business started with a cash amount of 10 Lakhs. This is the initial capital invested in the business.
2) Salary paid 30 thousand, Salary to be paid 20 thousand:
- The business paid a salary of 30 thousand to its employees. This is an expense incurred by the business for the services rendered by its employees.
- Additionally, there is a salary amount of 20 thousand that is yet to be paid. This is considered as an outstanding liability for the business.
3) Paid rent 10 thousand out of which 20 thousand is paid in advance:
- The business paid a rent of 10 thousand. Rent is an expense incurred for using a property or space for business operations.
- Out of the total rent paid, 20 thousand is considered as prepaid rent. Prepaid rent is an amount paid in advance for the future use of the property or space.
4) Commission paid 10 thousand and outstanding commission rs 5000:
- The business paid a commission of 10 thousand. Commission is an expense incurred for the services provided by agents or sales representatives.
- Additionally, there is an outstanding commission amount of 5000. This is considered as a liability for the business, as it is yet to be paid.
5) Insurance premium paid 12000 out of which 50% is prepaid:
- The business paid an insurance premium of 12000. Insurance premium is an expense incurred for insuring the business against potential risks or damages.
- Out of the total insurance premium paid, 50% is considered as prepaid insurance. Prepaid insurance is an amount paid in advance for the future coverage of insurance.
Summary:
- The business started with a capital of 10 Lakhs.
- It paid a salary of 30 thousand and has an outstanding salary of 20 thousand.
- The rent paid was 10 thousand, out of which 20 thousand is prepaid.
- The commission paid was 10 thousand and there is an outstanding commission of 5000.
- The insurance premium paid was 12000, out of which 50% is prepaid.
These transactions reflect the financial activities of the business and provide insights into its expenses, liabilities, and prepaid amounts. It is important for businesses to accurately record and analyze such transactions to maintain proper financial records and make informed decisions.
Community Answer
1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Sala...
1) Cash a/c dr 10L
To capital a/c 10L
2) Salary a/c dr 50K
To cash a/c 30K
To outstanding salaries a/c 20K
3) Prepaid rent a/c dr
Rent a/c dr
To cash a/c (I think you've written wrong amount in this part)
4) Commission a/c dr 15K
To outstanding commission a/c 5K
To cash a/c 10K
5) Prepaid insurance premium a/c dr 6K
Insurance premium a/c dr 6K
To cash a/c 12K
I hope it helps you :)
To capital a/c 10L
2) Salary a/c dr 50K
To cash a/c 30K
To outstanding salaries a/c 20K
3) Prepaid rent a/c dr
Rent a/c dr
To cash a/c (I think you've written wrong amount in this part)
4) Commission a/c dr 15K
To outstanding commission a/c 5K
To cash a/c 10K
5) Prepaid insurance premium a/c dr 6K
Insurance premium a/c dr 6K
To cash a/c 12K
I hope it helps you :)
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1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid?
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1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid?.
1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1)Businesses started with cash 10 Lakhs 2)Salary paid 30 thousand Salary to be paid 20 thousand 3)Paid rent 10 thousand out of which 20 thousand is paid in advance 4)commission paid 10 thousand and outstanding commission rs 5000 5) Insurense prenium paid 12000 out of which 50% is prepaid?.
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