Question

Match the items given under ‘A’ with the correct items under ‘B’
(i) Closing stock is credited to $\hspace{0.5cm}$ (a) Trial balance
(ii) Accuracy of book of account is tested by $\hspace{0.5cm}$ (b)Trading account
(iii) On returning the goods to seller, the buyer sends $\hspace{0.5cm}$ (c) Credit note
(iv) The financial position is determined by $\hspace{0.5cm}$ (d) Balance sheet
(v) On receiving the returned goods from the $\hspace{0.5cm}$ (e) Debit note
buyer, the seller sends

Answer 1

Answer:

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Answer 2

Closing Stock is credited to the Trading account,

Accuracy of the book is tested by Trial balance,

On returning goods to seller, buyer sends Debit note,

Financial position is determined by Balance Sheet,

On receiving returned goods from the buyer, seller sends Credit note

Explanation:

• This is a basic question from Finance, which checks the concept of transaction in a Trading account.
• The net worth of the business is recorded in a balance sheet, where all transactions are recorded and details of liabilities and assets can be tracked down.

• Returning of a material from buyer to seller requires debit note and returning of materials from seller to buyer requires credit note.

To learn more:

what is balance sheet? -

https://brainly.in/question/4918849

What is credit note and debit note in accounting?

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