Solve this:

Solve this: l)cbil Note'? Que.2 What is Conn.' & ('ontpound Entry'! Que.3 of business Cash Purvhascd Cash Rs.60.000 and on Credit .50.000. (Marks 2) (Marks 2) (Marks 1) (Marks 5) Sold goods tor Cash costing Rs.40.000 at u profit of 20% and on Credit costing Rs.72,000 at a profit Of Rent (Marks 5) Que.S .loutn:.litc the li'llowing transactions:— „1' lisl price 01' at trade discount of 5%. Received full payment in Goods gi\cn away as charity Charge interest on capital Outstanding wages Its. 3,000. Rs.5.00() due li•om Sunny are now Rs.S0.0tj0 cash sales (of goods costing Rs.•10.000). Que.6 Record the following transactions in the Sales Book of Ganesh & Co., who deals in Furniture:— Junc 12 20 25 (Marks S) Sold to Gupta Furniture House, New Delhi:— 120 Chairs @ per Chair 20 ables (ey Rs.800 pcr Table Sold 'o Raia House. New Delhi:— 5 Almirahs @ each 10 Sleel Cabinets @ Rs.6,000 each Less: 'l rade discount of Sold old 'l Spewritcr I .5001" Mohan & Co. On Credit Sold 4 Soth each 10 Co. for cash Sold to New l'nrniturc House:— Sofa sets @ each 10 @ Rs,900 each PurÜhÄsed Lal & Co. credit— SO tliairs (g Rs. 150 each

Debit note: - It is a note which tells us the debit has been made on the party who is specified. It is generally made at the time of purchases return, if thee supplier has undervalued the products etc., 

Credit note: - It is a note which tells that credit has been granted to the mentioned party. It is prepared at the time of sales return or if the supplier is giving more discount etc,.

Contra entry - 
If in the cash book if one balance decreases and other balance increases for the same transaction in the equall amount is called as contra entry. For ex deposited cash in bank , in that the cash decreases and the bank account increases.
Compound entry- It can be defined as if in one journal if there are many debit aspects paired with one credit or many credit aspects paired with one debit then it is known as compound entry.

Generally accepted accounting principles


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