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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.
Describe what journal entry pass in case of vat refundable and in case of vat payable? Ans) In case of vat payable: output vat Toinput vat To vat payable In case o
Explain the Terms of Payment Revolving charge plans are set up so that you can pay a percentage plus a finance charge on a monthly basis. Credit terms - allow purchaser a
Consistency Concept In practice, there are some manners to record an event or a transaction in the books of account. For illustration, the trade discount on raw material purch
Harry and Sally were divorced three years ago. In July of the current year, their son, Joe, broke his arm falling out of a tree. Joe lives with Sally and Sally claims him as a de
Q. Explain about Predictive value and feedback value? Several suggest using a different valuation basis such as current cost in reporting such assets. Predictive value and feed
Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course o
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
Illustrate about the matching principle This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a
The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
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