1. A firm buys stock for $100 by cheque and intends to
sell it for $200, so the double entry should be
a) Debit bank $100 and credit stock $ 100
b) Credit bank $ 200 and debit stock $ 200
c) Debit purchases $100 and credit sales $ 200
d) Debit purchases $ 100 and credit bank $ 100
- 3 Answers
- 7993 Views
- FactSet Systems, I also Faced
- E-Mail Answers
Answer Posted / mayur
c) Debit purchases $100 and credit sales $ 200
| Is This Answer Correct ? | 7 Yes | 5 No |
Post New Answer View All Answers
what is non stock?
Who is the maker of the promissory note
what is GL Balance
what are the accounting ratios
How does the ration analysis help in depicting profit and loss
why gross profit transfering to profit & loss account
Define Bill of Exchange
What is the Accounts Payable & Accounts Receivable ?
difference between office expense and miscelleanous expense with some examples
what is the difference between financial accouning and financial management?
1) why rbi charges more interest rate in d form of repo while borrowing from commercial banks, and lends at a lower interest rate(reverse repo) to d commercial banks? 2) Do cooperative banks need to maintain policy rates with rbi? 3) why rbi does'nt pay any interest rate on CRR?
what is an advance against expenses
is advance against FD or RD is treated as NPA .if EMI is not in scheduled . or classification of npa as per day is is made from sanction date or last payment date of repayment . please suggest me
How are fund-raising and publicity and management and administration costs apportioned over funds?
The Analysis of flow of funds through an organization can be very useful to the managment. Elucidate
