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Q. Example of Net purchases?
Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanlon would receive a refund of cash. If the company take a discount at the time it paid the account only the net amount would be refunded. For example if a 2 percent discount had been taken
Hanlon's journal entry for the return would be as
Purchase allowances and returns is a contra account to the Purchases account and the income statement demonstrates it as a deduction from purchases. When both purchase returns and purchase discounts and allowances are deducted from purchases the result is net purchases.
explain the proceedure followed in government system of accounting in india
Remedies of overtrading
The balance sheet account as of July 31, 1995 for XYZ company are : Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery
The advent of management accounting was the subsequently logical step in the developmental method. The practice of utilizing accounting information like a direct aid to management
Periodic Review
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SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g
Question 1: What are the kinds of inventory? Transaction inventory Speculative inventory Precautionary inventory Question 2: Explain in brief the invent
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