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Purchased trucks and office equipment for cash
Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks are assets because the company uses them to earn revenues in the future. Note that this transaction doesn't change the total amount of assets in the basic equation but only changes the composition of the assets. This transaction reduces cash and increased trucks and office equipment (assets) by the total amount of the cash decrease. Metro inward two assets and gave up one asset of equal value. Overall assets are still USD 36000 the accounting equation now is
Q. Define Auditing? Auditing A business in quest of a loan or attempting to have its securities traded on a stock exchange typically must provide financial statements to suppor
Q. Example of Unearned service fees? Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm
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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
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
“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.
on which shares pre acquisiton dividend received
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
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