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what will be the entry for credit purchases with discount
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Answer Posted / chandu
purchase A/c...........dr
To vendors A/c
To Discount A/c
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Explain me your track record in previous jobs, specifically speaking to any mistakes you may have made. There is little room for error in accounting?
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What is quality discount?????//// pls mail ur answers at my e - mail ID : kamalsodhi24@gmail.com
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Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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