InterviewSolution
Saved Bookmarks
| 1. |
Pass entries in the firm’s journal for the following on admission of a partner: (i) Unrecorded Investments worth ₹ 20,000. (ii) Unrecorded liability towards suppliers for ₹ 5,000. (iii) An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back. |
|
Answer» A journal is a DETAILED account that RECORDS all the financial TRANSACTIONS of a business, to be used for FUTURE reconciling of and transfer to other official accounting records, such as the GENERAL ledger. |
|