(A) Answer the following questions in one word or in one sentence only. [4x1=4]
(i) What do you mean by credit note?
(ii) What is suspense account?
(iii) What do you mean by scrap value of Assets?
(iv) Write any two types of double sided errors
Answers
Answer:
A credit note or credit memo is a commercial document issued by a seller to a buyer. Credit notes act as a source document for the sales return journal. In other words the credit note is evidence of the reduction in sales.
A suspense account is an account used temporarily or permanently to carry doubtful entries and discrepancies pending their analysis and permanent classification.
Scrap value is the worth of a physical asset's individual components when the asset itself is deemed no longer usable. The individual components, known as scrap, are worth something if they can be put to other uses.
(i) Machinery purchased recorded in the Purchases Book.
(ii) Old furniture sold recorded as sales of goods.
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Answer:
1. CREDIT NOTE
a receipt given by a shop to a customer who has returned goods, which can be offset against future
2. SUSPENSE ACCOUNT
A suspense account is an account used temporarily or permanently to carry doubtful entries
3. SCRAP VALUE OF ASSETS
Scrap value is the worth of a physical asset's individual components when the asset itself is deemed no longer usable.