Give a word/term or phrase for each of the following statements:(i) S

1.	Give a word/term or phrase for each of the following statements:(i) Source document on the basis of which Sales Return Book is prepared.(ii) Accounting entries passed in the journal proper in the beginning of the financial year.(iii) Accounting entries are passed in the journal proper at the end of the financial year.(iv) Bank’s refusal to pay the amount of cheque to the payee.(v) Book in which small payments are recorded.
Answer» (i) Credit Note (ii) Opening Entries (iii) Closing Entries (iv) Dishonour of Cheque (v) Petty Cash Book

Give a word/term or phrase for each of the following statements:(i) Source document on the basis of which Sales Return Book is prepared.(ii) Accounting entries passed in the journal proper in the beginning of the financial year.(iii) Accounting entries are passed in the journal proper at the end of the financial year.(iv) Bank’s refusal to pay the amount of cheque to the payee.(v) Book in which small payments are recorded.

Answer»

(i) Credit Note

(ii) Opening Entries

(iii) Closing Entries

(iv) Dishonour of Cheque

(v) Petty Cash Book

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Mr. Joseph started a trading business of selling readymade clothes. In the earlier period, he dealt only with cash, because he felt that would be riskfree. But, later on, he had to give credit period for his regular customers in order to retain them. For some customers, when they made bulk purchase, he offered them some discount. That brought him even more customers. But, some of his customers are not prompt in making the payment.He expanded his business and employed few staff. As the credit transactions were numerous, he found it difficult to maintain properly. One of his friends, who is a Chartered Accountant advised him to maintain subsidiary books.Discuss on the following points.(i) What could be the reason for Joseph’s feeling that dealing in cash is risk free?(ii) What type of discount is offered by Joseph?(iii) Suggest some ways to Joseph for making his customers to pay on time.
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