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Q. Explain about Freight collect?
Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms suppose that a company ships goods FOB shipping point freight collect. Title goes by at the shipping point. The buyer is accountable for paying the USD 100 freight costs and does so. The seller compose no entry for freight charges the entry on the buyer's books is
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc
Remedies of overtrading
Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of
On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of
Q. Define Operating expenses? Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a comp
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
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Define Carriage outwards.
A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
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