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Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the payment from the customer. How can we account that?
Ans) At the time of sale
cash sales. Cash A/c-------Dr
to sales A/c
2. Credit sales
Customer Name A/c ----Dr
to sales A/c.
Q. Financial reporting about the economic resources? The third financial reporting should provide information about the economic resources of an enterprise the claims to those
OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under- 1. To recognize
Solution Manual
journal entry fire insurance claim received for previous year is 50% of its original claim
Common size Financial Statements: Below this process, the total of the tasks side and the total of the possessions side of a Balance Sheet are taken as 100 and each item in
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
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
Goods purchased from ranu p5000
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
Q. Complicated type of business? Your study of accounting began with service companies as instance because they are the least complicated type of business. You are at present r
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