Saved Bookmarks
| 1. |
From the following transctions, pass necessary Journal entries in the books of Mohan & Co., post them into their Ledger and prepare a Trial Balance: |
Answer» SOLUTION :    Notes : At the end of the year balance of Purchases A/c will be transferred to the debit of Trading A/c and balance of Sales A/c will be transferred to the credit of Trading A/c. 2. Balance of SalariesA/c will be transferred to the debit of Probit of Profit and Loss A/c and balance of Discount Received A/c will be transferred to the credit of Profit and Loss A/c. At the time of preparing final accounts NOMINAL accounts (e.g., Purchases A/c, Sales A/c, Discount Received A/c and SALARIES A/c) are closed by TRANSFERRING their balances to Trading and Profit and Loss A/c. |
|