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Type: Posts; User: Nazib
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I would like 2 know the answr then... if u morgaine
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It's the amt send to bank but not yet cleared.. So D. would be right choice
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Contra account refers to those entries in which only bank and cash accounts are involved... for e.g.. Cash deposited in bank is a contra entry... ie. Here bank is dr and cash is cr. No other...
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this equation will balance always bcoz... the assets are bought or they arise bcoz of a corresponding credit for liability.. for e.g.. Assume a furniture is bought for cash... then v will debit...
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All errors are coorected in the same journal... do you mean wer to put in any software you are using
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20000-(8000+3500) = Rs8500 will b the capital stock
Capital stock,retained earnings and liabilities are to b shown in liabiliy side of balance sheet and assets on assets side... so the diff...
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Vehicle account Dr. Rs 3582.86
Cash Cr. Rs 3082.86
Discount Cr. Rs 500.
If u need further details I'll b hapy...
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Accounting is the collection, recording and analysis of all financial transactions... it will help to draw many facts like the profit/loss, financial position.. etc.
But this is a vast branch...
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