Tell one entry that should be personal account,real
account,nominal account..
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Answer / kazi ashrafuddin
Issued chaque to creditor with discount..
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / raj kumar singh
Personal A/c Means-Debit the Received and Credit the Giver
Real A/c Means-Debit what comes in and Credit what goes out
Nominal A/c Means-Debit all expenses and losses and Credit all Income and Gains
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / b.naresh babu
Personal A/c means debit the receiver & credit the giver.
Nominal A/c means debit all expenses and losses & credit
all gains and incomes.
Real Account means-debit what comes in & credit what goes out
| Is This Answer Correct ? | 2 Yes | 4 No |
Answer / anil kumar prajapati
Personal A/c means debit the receiver & credit the giver.
Nominal A/c means debit all expenses and losses & credit
all gains and incomes.
Real Account means- Debit the Receiver Credit the Giver
| Is This Answer Correct ? | 10 Yes | 27 No |
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Manoj & Mahavir joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Manoj 90000 Withdrawals of Mahavir 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
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