Question

1) Name the two types of discounts that are given on bulk purchase of goods.

2) Write the names of Accounts involved in the following transaction

Purchased Machinery for Rs 20,000.

3) Write names of any two subsidiary books of accounts.

4) Write down the names of various types of liabilities.

5) What is ledger?

6) What is Trial Balance ?​

Answer 1

Answer:

1) trade discount and cash discount

2 machinery a/c cash a/c

3 purchase book, sales book ,purchase return book,sales return book

4 creditors loan from bank credit purchase outstanding wages/salary/rent, etx

5 ledger is a book of accounts whichis essential to prepare trial balance

6 trial balance refers to the balances of assets and liabilities

Answer 2

Explanation:

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