Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods‚ quality not matching the requirement for which the buyer purchased it‚ the buyer not needing the stock‚ etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
Premium Bookkeeping Asset Balance sheet
The man once an English diplomat‚ England’s main tobacco producer‚ and husband of Matoaka (also known as Pocahontas)‚ was none other than John Rolfe. In the time where the New World has been recently discovered‚ in the year of 1609‚ his journey set sailed from England to Jamestown‚ Virginia on the Sea Venture as part of a new charter from the organization of the Virginia Company. The ship‚ however‚ wrecked onto the Caribbean on one of the Bermuda islands from a hurricane. While stranded between
Premium
company issue a share having face value of Rs 10 at Rs 8 Give two examples of ‘Capital receipts’. Give two circumstances in which sacrificing ratio may be applied (1) (1) (1). (1) (1) Show how you would deal with the following items in the final accounts of a club: (3) Debit credit Prize fund Prize fund Investments 1‚20‚000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1‚20‚000 12000 A‚B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest
Premium Balance sheet Asset Stock
profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest in the core of the business to help pay off debts or to purchase a capital asset. The reasons why accountants and bookkeepers use different names for the same thing is because bookkeepers are the people
Premium Balance sheet Generally Accepted Accounting Principles Finance
duration of the show and for a short while after. Not only do reality shows tempt people with fame and fortune‚ but they also attract their... Read Full Essay Join Anti Essays to read full essay. Already a Member? Login Now Please upgrade your account to view
Free Reality television Television Television program
Transactions Show Journal entries to record the following transactions. Post them into appropriate Ledger Accounts and then extract a Trial Balance on 31st December‚ 2012: 2012 Jan 1st: Commenced business with cash Rs 1‚00‚000. Jan 10th: Bought office equipment worth Rs 40‚000. Jan 25th: Purchased goods worth Rs 25‚000; less 10% trade dis. on credit from Rahul. Feb 4th: Purchased office stationary worth Rs 500. Feb 9th: Paid premium for fire insurance Rs 5‚000 Feb 20th: Sold goods on
Premium Electric charge Electricity Bookkeeping
UNIVERSITI UTARA MALAYSIA UUM COLLEGEOF BUSINESS SCHOOL OF ACCOUNTANCY COURSE CODE : BKAL1013 COURSE : BUSINESS ACCOUNTING PRE-REQUISITE : NONE 1.0 COURSE SYNOPSIS This course is designed specifically for students from non-accounting disciplines. It is divided into two sections‚ i.e. financial accounting and management accounting. Students will be exposed to accounting concepts‚ principles and assumptions. They would be able to assess
Premium Financial statements Management accounting Balance sheet
Fixtures and fittings $000 $000 250 100 350 Current Assets Stock Debtors Cash Current Liabilities Creditors for supplies Accruals Bank 1540 820 3 2363 1210 192 203 1605 758 1108 25 910 Share capital – Ordinary shares Retained profits Loan accounts – Bracket Racket 104 69 173 1108 The company accountant resigned at the beginning of April 2002 and proper records were not kept for the six-month period 1 April to 30 September 2002. The following information is available for that six-month period
Premium Balance sheet
Individual Assignment Introduction to Financial Accounting (ACC106) Mega Lawa Trading is a sole proprietorship business owned by Milah Mela. Transactions below are the business activities for the month of December 2013. Date Transaction Effects of Transaction Principles of Double Entry 1 Started a business with a cash at bank for RM 15‚000 and cash in hand for RM 10‚000 3 Purchased machinery on credit from Happy Machine Supplies amounted to RM 90‚000 4 Bought inventories
Premium Double-entry bookkeeping system Sole proprietorship Bookkeeping
Why is Myrtle Beach So Popular? In most cases‚ when people hear the name South Carolina they instantly think Myrtle Beach. Myrtle Beach is probably one of the most popular places in South Carolina. Why is Myrtle Beach so popular? Myrtle Beach is popular because of its famous history‚ amusements‚ and entertainments‚ the best dining places‚ and most of all its beautiful weather especially in the summer. First of all‚ the history and background is always something that is great to know about a place
Premium Tourism Beach Shandong