what is journal entry of following-
sold goods costing ₹150000 to asha ata profit of 30 percent on sale less 10 percent trade discount.paid cartage of 1250 to lie charged from asha.
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Answer from: Quest
answer:
Explanation:
Accumulated loss:A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit
Accumulated profit:a profit which is not paid as dividend but is taken over into the accounts of the following year
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Answer from: Quest
answer:
Motor van a/c Dr. 75000
To Bank a/c. 75000
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Answer from: Quest
answer:
Typewriter A/c. Dr 300
To purchases. 300
Explanation:
Real/asset rule -. Debit what's come in
and credit what's goes out
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