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Q. Explain about Purchase returns and allowances?
Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer receives a decrease in the price of goods shipped a purchase allowance results. After that the buyer commonly uses a debit memorandum to notify the seller that the account payable with the seller is being reduced Accounts Payable is debited. The buyer may perhaps use a copy of a debit memorandum to record the returns or allowances or may wait for confirmation typically a credit memorandum from the seller.
Ask question Discuss the export financing under the deferred payment system.#Minimum 100 words accepted#
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Describe Exceptions to the realization principle? Exceptions to the realization principle: The following illustrations are instances when practical considerations may cause
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
Limitations of Funds Flow Statement : despite the a variety of uses of the announcement, it has convinced problems also. They consist of the subsequent i) It cannot substitute
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
Q. What is Asset cost and Estimated residual value? Asset cost: The asset cost is the sum that a company paid to purchase the depreciable asset. Estimated residual value:
Q. Explain about Gross margin method? The steps in computing ending inventory under the gross margin method are - Estimate gross margin based on net sales using the similar
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