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According to the Equation the assets must be equal to Liabilities
Hence
Assets 23000
Liabilities 11000
Retained earnings 4500...

Party a/c dr 773000
To sales 718890
To Sales tax payable 54110
(being sales tax collected on sales)

The equation for closing stock is
Opening stock+(purchases-closing stock)-slaes
Or
(Opening stock+purchases)-(sales+closing stock)

Mr nabelle your answer is no way related to the question
The true answer is
Trading a/c dr
To closing stock a/c
The inventory will be always on debit side it is the fundamental rule .To...

Trading a/c dr
To closing stock a/c
(Being stock on hand transferred to Trading account)

My income is for the financial year in India is Rs 485000/- Pl make a tax plan to pay lesser tax or Nil Tax. To avail the benefits what the things are to be the plans

The above question and answer are not clear. While returning goods to the seller the purchaser will return the goods along with a Debit Note. After receiving the returned goods the seller will pass a...

At the time you spent
Expenditure a/c dr
To Cash/bank a/c
(being spent)
While reversing the entry
Party a/c dr
To Expenditure a/c
(Being expenses debited to party)

While calculating HRA exemption take Basic salary+DA(if DA is considered while calculating pension)+ Commission on sales turnover

Define salary while calculating exemption part of HRA

Let me know the distinction between Revenue expenditure and capital Expenditure