28. Carriage on purchases should be
O A. Debited to Memorandum Trading Account
O B. Credited to Memorandum Trading Account
O C. Deducted from sales Fire Insurance Claims
D. Deducted from purchase
I want for this
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In case of fire, Memorandum Trading account is required to find the value of estimated Stock. It is prepared with the help of Gross Profit ratio of the last year, Opening Stock, Purchase, Sale, and Direct Expenses.An special account used to hold excess margin from an investor's margin account.
This type of account locks in unrealized gains and increases an investor's buying power. Also called special memorandum account.
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